This report summarizes key developments in tax, accounting, and regulation across the global crypto asset industry during the second half of May 2026.
On the tax front, in South Korea, a national petition to repeal the 22% crypto asset tax scheduled to take effect in 2027 surpassed 50,000 signatures, triggering mandatory National Assembly review; bipartisan members of the U.S. Congress reintroduced the PARITY Act, directing the U.S. Treasury and the IRS to study a de minimis tax exemption for small crypto transactions.
On the regulatory front, the U.S. CFTC approved the first compliant Bitcoin perpetual futures contract (Kalshi BTCPERP); the U.S. Treasury announced cumulative seizure of approximately USD 1 billion in Iranian crypto assets; the U.S. SEC approved a Paxos subsidiary as the first blockchain-native central securities depository; Italy's Banca Sella became the first Italian bank authorized to provide crypto asset services under MiCA; New Hampshire legislators reached a compromise on the "Blockchain Basics" bill protecting crypto payment and mining rights; the U.K. for the first time directly designated crypto exchanges (including HTX) on its Russia sanctions list; and the EU Commission launched a public consultation on the MiCA framework review.
A national petition urging South Korea to repeal the 22% crypto asset tax set to take effect on January 1, 2027, had drawn more than 53,000 signatures by May 22. Backers argue the tax will impose tax and reporting burdens on investors, hurt social mobility for younger Koreans, and erode the country's standing in the global crypto market. Under South Korea's petition system, the National Assembly's Strategy and Finance Committee must formally review the petition within 90 days and report its findings to the plenary session. Read the original article
Democratic Representatives Steven Horsford and Suzan DelBene, alongside Republican Representatives Max Miller and Mike Carey, jointly introduced the PARITY Act (the Digital Asset Protection, Accountability, Regulation, Innovation, Tax, and Yield Act). The bill would give the Treasury and the IRS 180 days to deliver an assessment on exempting small crypto transactions from tax, weighing the impact on taxpayer compliance and the tax base, along with potential abuse risks. Read the original article
The U.S. Commodity Futures Trading Commission (CFTC) approved KalshiEX LLC's spot Bitcoin perpetual futures contract, ticker BTCPERP, under Section 5c(c)(4) of the Commodity Exchange Act, making it the first compliant Bitcoin perpetual futures contract to trade on a CFTC-registered exchange. The CFTC found that the contract meets applicable laws, agency rules, and the core principles governing "Designated Contract Markets," and will subject it to ongoing oversight. Read the original article
Speaking at the 2026 Reagan National Economic Forum and in a Fox Business interview, U.S. Treasury Secretary Scott Bessent said the United States has now seized about USD 1 billion in Iranian crypto assets under "Operation Economic Fury" — the running total since the operation began in March 2025. Read the original article.
The U.S. Securities and Exchange Commission (SEC) approved Paxos Securities Settlement Company, LLC's registration as a clearing agency under Section 17A of the Securities Exchange Act of 1934, making it the first blockchain-native firm cleared to act as a central securities depository in the United States. The approval marks the culmination of seven years of engagement with the SEC, dating back to the no-action letter Paxos received in 2019 and the same-day settlement pilot it ran in 2020. Read the original article
The Bank of Italy (Banca d'Italia) formally authorized Biella-based Banca Sella to provide crypto asset services under the EU's Markets in Crypto-Assets Regulation (MiCA) — the first Italian bank to receive such authorization. Once that notification is in place, Banca Sella plans to roll out custody, receipt, and transfer services for select corporate and institutional clients during 2026.Read the original article
The New Hampshire House and Senate reached a compromise on HB639, the "Blockchain Basics" bill, which would expressly protect the right to use cryptocurrency for payments, to run blockchain nodes, and to mine cryptocurrency under state law, and would shield those activities from state money transmitter licensing. The compromise keeps the draft's core safe harbor for node operators and miners while leaving DeFi, staking, and stablecoin rules to future legislation. Read the original article
The U.K. Foreign, Commonwealth and Development Office, acting under Regulation 17A of the Russia (Sanctions) (EU Exit) Regulations, for the first time placed crypto asset exchanges directly on its Russia sanctions list, naming 18 entities and individuals, including HTX (Huobi Global S.A.), the ruble-pegged stablecoin A7A5, and its issuer A7 LLC. British authorities assessed that HTX has funneled more than USD 1.5 billion to Russian channels through direct transfers and by providing off-ramp services for the previously sanctioned Garantex/Grinex. Read the original article
The European Commission opened a public consultation on the MiCA framework, with a dedicated section asking whether the core accounting and disclosure rules for stablecoins under the Markets in Crypto-Assets Regulation (MiCA) need to be revised. The consultation raises a number of issues for consultation: which assets qualify for stablecoin reserves and in what mix; liquidity requirements; redemption rights and timelines; how often and in what detail reserves should be disclosed; the threshold for treating a token as "significant" and the extra prudential requirements that follow; and whether MiCA's current ban on stablecoin issuers paying interest or interest-like returns should be maintained or adjusted. Read the original article
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