Japan's Financial Services Agency is advancing a regulatory reform to reclassify digital assets as financial products under the Financial Instruments and Exchange Act, according to Asahi Shimbun. The proposal would require exchanges to disclose detailed information on 105 approved tokens and subject crypto to insider trading rules for the first time. The FSA plans to present the legislative package to parliament in 2026.

Japan's Financial Services Agency is drafting regulations to reclassify 105 domestically traded cryptocurrencies, including Bitcoin and Ethereum, as financial products subject to insider trading laws. The proposal would reduce the tax rate on cryptocurrency profits from a progressive structure reaching 55% to a flat 20%, matching the treatment of stock trading gains. The reforms aim to align digital asset regulation with traditional securities markets.

Major South Korean cryptocurrency exchanges are experiencing financial strain as trading volumes decline amid a broader market downturn. Dunamu reported operating profits of 235.3 billion won ($161.7 million) in the third quarter, reflecting a 180% year-over-year increase, while Bithumb recorded operating profits of 70.1 billion won, an eightfold rise. Industry officials warn that heavy reliance on trading fees exposes platforms to market volatility.

The US Commodity Futures Trading Commission will authorize leveraged spot cryptocurrency trading on regulated domestic exchanges beginning December 2025. Acting Chair Caroline Pham disclosed that the agency is finalizing discussions with CME Group, Cboe, ICE Futures, Coinbase Derivatives, Kalshi, and Polymarket to establish margin and financing products under existing commodities regulations.

Circle issued an additional $1 billion USDC in multiple $250 million tranches, contributing to $13.25 billion in combined stablecoin issuance by Circle and Tether since the recent market downturn. Tokenized gold has reached $3.9 billion in market capitalization, with XAUT holding approximately $2.1 billion and PAXG accounting for roughly $1.3 billion. The category has grown nearly 50-fold since mid-2021, reflecting sustained demand for blockchain-based precious metal products.

The Federal Reserve Bank of New York held meetings with primary dealers this week to assess short-term funding conditions and Standing Repo Facility performance. Officials reviewed rising overnight borrowing costs and increased facility usage as quantitative tightening continues reducing banking system reserves. Participants discussed Treasury bill auction dynamics and money market rate movements.

Binance recorded $1.77 billion in combined Bitcoin and Ethereum outflows over a seven-day period, while stablecoin deposits reached $1.58 billion during the same timeframe. The data shows $1.1 billion in Bitcoin and $670 million in Ethereum left the exchange, with USDT contributing approximately $900 million and USDC $680 million to stablecoin inflows. Analysts view this divergence as potential accumulation behavior by long-term holders.

Market expectations for a 25-basis-point Federal Reserve rate cut in December have declined to 44.4%, down from 94.2% in mid-October, according to CME Group data. Fed Chair Jerome Powell indicated that uncertainty persists regarding the December policy decision. The probability of maintaining current rates has risen to 55.6%.