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Japan’s Liberal Democratic Party Pushes for Cryptocurrency ETF Legalization and Promotion of Yen-Backed Stablecoins in Asia
According to Cryptopolitan, Japan’s Liberal Democratic Party (LDP) Blockchain Promotion Group recently submitted a proposal to Finance Minister Kayoko Shiozawa, calling for the establishment of a legal framework for cryptocurrency ETF trading and promoting the yen-pegged stablecoin as a payment instrument in Asian markets. The proposal states that cryptocurrency ETFs are easier to operate than direct holdings of crypto assets and should receive formal recognition in the Japanese market. Meanwhile, LDP member Junichi Kanda expressed hopes of promoting the yen-pegged stablecoin policy during the 2027 Asian Development Bank Annual Meeting, which will be hosted in Tokyo. Currently, Japanese startup JPYC launched Japan’s first licensed yen-pegged stablecoin in October 2025, while Mitsubishi UFJ Financial Group, Sumitomo Mitsui Banking Corporation, and Mizuho Financial Group have jointly initiated a stablecoin pilot project. Previously, Japan’s Cabinet approved reclassifying cryptocurrencies as financial products, laying the groundwork for implementing the ETF framework.
Former Hodlnaut CEO Zhu Juntao Charged with Six Fraud Counts Over Alleged False Statements Related to Terra
According to Cryptopolitan, Zhu Juntao, former CEO of Singapore-based crypto lending platform Hodlnaut, has been charged with six counts of fraud—each carrying a maximum penalty of 20 years’ imprisonment, a fine, or both—for allegedly making false statements regarding exposure to TerraUSD (UST). Prosecutors allege that Hodlnaut invested $317 million in user funds into Terra’s Anchor Protocol without disclosing this to users, resulting in losses of $189.7 million following the UST collapse in May 2022. Zhu Juntao has pleaded not guilty to all charges; a pre-trial conference is scheduled for June 2026.
Kenya Proposes 10% Consumption Tax on Crypto Trading Platforms
Kenya's 2026 Finance Bill proposes a 10% consumption tax on Virtual Asset Service Providers (VASPs).The bill also requires crypto companies to pay a one-time licensing fee of 150 million Kenyan shillings and an annual renewal fee of 2 million Kenyan shillings before operating locally. Additionally, they must submit annual reports containing user and transaction details to the Kenya Revenue Authority.Analysts suggest this move could push some crypto platforms and users to relocate to countries more favorable to the crypto industry, potentially weakening Kenya's position in the African crypto market.Furthermore, Gen Z-led protests have resumed in cities like Nairobi, opposing rising taxes on digital services, cryptocurrencies, mobile phones, and financial transactions. (Cryptopolitan)
German Bundestag Rejects Proposal to Increase Crypto Tax
the Finance Committee of the German Bundestag has rejected a cryptocurrency tax reform proposal put forward by the Green Party.The proposal originally aimed to abolish the policy that exempts capital gains tax on cryptocurrencies sold after being held for more than one year. Under current German law, individuals are exempt from capital gains tax when selling crypto assets held for over a year.The Green Party argued that crypto assets should be subject to the same tax rules as other investment assets. However, opponents pointed out that the proposal could result in a higher tax burden for crypto investors compared to ordinary stock investors. The Green Party estimated that scrapping the relevant tax exemption could generate an additional approximately €11.4 billion in tax revenue annually for Germany. (Cryptopolitan)
Senator: Large Banks Are Blocking Crypto Regulatory Legislation Due to Inability to Compete
According to Cryptopolitan, U.S. Senator Cynthia Lummis told CNBC in an interview that large banks are attempting to block legislation aimed at clarifying cryptocurrency regulation because they cannot compete with the crypto industry. She emphasized that Bitcoin’s adoption is unstoppable: “This will become the financial system of the future.”
Russian State Duma Passes Digital Currency Bill in First Reading, Central Bank to Control Market Access and Transaction Regulation
Odaily News The Russian State Duma (the lower house of parliament) has passed the "Digital Currency and Digital Rights Bill" in its first reading, marking a crucial step towards the legalization of crypto assets in the country. According to the bill, the Bank of Russia will become the core regulatory body for the crypto market, responsible for issuing licenses, approving or prohibiting related transactions, and defining the legality of transactions.The bill intends to recognize cryptocurrencies as "property" but explicitly prohibits their use as a means of payment within the country, with the ruble remaining the sole legal tender. However, against the backdrop of Western sanctions, crypto assets can be used for cross-border trade settlements, including scenarios such as service payments and intellectual property transfers.Furthermore, the bill allows Russian residents to legally invest in crypto assets through licensed institutions, but will implement an investor classification system, setting up tests and annual investment quota limits (with a suggested cap of 300,000 rubles) for ordinary investors. Initially, only high-market-cap mainstream assets like Bitcoin and Ethereum will be permitted for trading, with a whitelist to be established by the central bank.The bill is expected to be formally passed and take effect no later than July 2026. However, some lawmakers and banking industry figures have criticized it for being overly strict in regulation, potentially affecting market activity and even leading to funds remaining in the gray market. Simultaneously, supporting legislation is also planned to introduce criminal penalties, with illegal crypto transactions potentially punishable by up to 7 years in prison. (Cryptopolitan)
“Godfather” cryptocurrency kidnapping case mastermind pleads guilty, faces up to 35 years in prison
According to Cryptopolitan, Adam Iza—a 25-year-old cryptocurrency entrepreneur from California, nicknamed “The Godfather”—formally pleaded guilty on June 1 to orchestrating the kidnapping of a couple from Connecticut. The incident stemmed from the couple’s son, Veer Chetal, who allegedly stole 4,100 bitcoins (valued at approximately $245 million) via social engineering. In response, Iza planned to kidnap Chetal’s parents to recover the stolen funds. On August 25, 2024, the criminal group staged a rear-end collision near Danbury High School, forcibly abducted the victims, and assaulted them. However, the operation quickly unraveled after multiple witnesses called the police and nearby FBI agents intervened; all six participants were apprehended and have since pleaded guilty. Additionally, in a separate case in California, Iza also pleaded guilty to charges including wire fraud, tax evasion, and directing law enforcement officers to conduct illegal surveillance for extortion purposes. California prosecutors are separately seeking a 35-year prison sentence.
North Korean hacker group Lazarus Group deploys fileless RemotePE Trojan to target cryptocurrency firms and banks
According to Cryptopolitan, the North Korea–linked hacker group Lazarus Group has been found deploying the fileless remote access Trojan RemotePE, primarily targeting banks, cryptocurrency exchanges, and fintech companies. This malware runs entirely in memory and employs process hollowing, anti-analysis detection techniques, and encrypted C2 communications—making it difficult for traditional antivirus and forensic tools to detect. The report states that attacks typically begin with Telegram-based social engineering: attackers impersonate employees of trading firms and lure victims into installing malicious software using forged Calendly and Picktime links, ultimately executing the payload without touching the file system.
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“Godfather” cryptocurrency kidnapping case mastermind pleads guilty, faces up to 35 years in prison
According to Cryptopolitan, Adam Iza—a 25-year-old cryptocurrency entrepreneur from California, nicknamed “The Godfather”—formally pleaded guilty on June 1 to orchestrating the kidnapping of a couple from Connecticut. The incident stemmed from the couple’s son, Veer Chetal, who allegedly stole 4,100 bitcoins (valued at approximately $245 million) via social engineering. In response, Iza planned to kidnap Chetal’s parents to recover the stolen funds. On August 25, 2024, the criminal group staged a rear-end collision near Danbury High School, forcibly abducted the victims, and assaulted them. However, the operation quickly unraveled after multiple witnesses called the police and nearby FBI agents intervened; all six participants were apprehended and have since pleaded guilty. Additionally, in a separate case in California, Iza also pleaded guilty to charges including wire fraud, tax evasion, and directing law enforcement officers to conduct illegal surveillance for extortion purposes. California prosecutors are separately seeking a 35-year prison sentence.
Japan’s Liberal Democratic Party Pushes for Cryptocurrency ETF Legalization and Promotion of Yen-Backed Stablecoins in Asia
According to Cryptopolitan, Japan’s Liberal Democratic Party (LDP) Blockchain Promotion Group recently submitted a proposal to Finance Minister Kayoko Shiozawa, calling for the establishment of a legal framework for cryptocurrency ETF trading and promoting the yen-pegged stablecoin as a payment instrument in Asian markets. The proposal states that cryptocurrency ETFs are easier to operate than direct holdings of crypto assets and should receive formal recognition in the Japanese market. Meanwhile, LDP member Junichi Kanda expressed hopes of promoting the yen-pegged stablecoin policy during the 2027 Asian Development Bank Annual Meeting, which will be hosted in Tokyo. Currently, Japanese startup JPYC launched Japan’s first licensed yen-pegged stablecoin in October 2025, while Mitsubishi UFJ Financial Group, Sumitomo Mitsui Banking Corporation, and Mizuho Financial Group have jointly initiated a stablecoin pilot project. Previously, Japan’s Cabinet approved reclassifying cryptocurrencies as financial products, laying the groundwork for implementing the ETF framework.
Former Hodlnaut CEO Zhu Juntao Charged with Six Fraud Counts Over Alleged False Statements Related to Terra
According to Cryptopolitan, Zhu Juntao, former CEO of Singapore-based crypto lending platform Hodlnaut, has been charged with six counts of fraud—each carrying a maximum penalty of 20 years’ imprisonment, a fine, or both—for allegedly making false statements regarding exposure to TerraUSD (UST). Prosecutors allege that Hodlnaut invested $317 million in user funds into Terra’s Anchor Protocol without disclosing this to users, resulting in losses of $189.7 million following the UST collapse in May 2022. Zhu Juntao has pleaded not guilty to all charges; a pre-trial conference is scheduled for June 2026.
Kenya Proposes 10% Consumption Tax on Crypto Trading Platforms
Kenya's 2026 Finance Bill proposes a 10% consumption tax on Virtual Asset Service Providers (VASPs).The bill also requires crypto companies to pay a one-time licensing fee of 150 million Kenyan shillings and an annual renewal fee of 2 million Kenyan shillings before operating locally. Additionally, they must submit annual reports containing user and transaction details to the Kenya Revenue Authority.Analysts suggest this move could push some crypto platforms and users to relocate to countries more favorable to the crypto industry, potentially weakening Kenya's position in the African crypto market.Furthermore, Gen Z-led protests have resumed in cities like Nairobi, opposing rising taxes on digital services, cryptocurrencies, mobile phones, and financial transactions. (Cryptopolitan)
North Korean hacker group Lazarus Group deploys fileless RemotePE Trojan to target cryptocurrency firms and banks
According to Cryptopolitan, the North Korea–linked hacker group Lazarus Group has been found deploying the fileless remote access Trojan RemotePE, primarily targeting banks, cryptocurrency exchanges, and fintech companies. This malware runs entirely in memory and employs process hollowing, anti-analysis detection techniques, and encrypted C2 communications—making it difficult for traditional antivirus and forensic tools to detect. The report states that attacks typically begin with Telegram-based social engineering: attackers impersonate employees of trading firms and lure victims into installing malicious software using forged Calendly and Picktime links, ultimately executing the payload without touching the file system.
German Bundestag Rejects Proposal to Increase Crypto Tax
the Finance Committee of the German Bundestag has rejected a cryptocurrency tax reform proposal put forward by the Green Party.The proposal originally aimed to abolish the policy that exempts capital gains tax on cryptocurrencies sold after being held for more than one year. Under current German law, individuals are exempt from capital gains tax when selling crypto assets held for over a year.The Green Party argued that crypto assets should be subject to the same tax rules as other investment assets. However, opponents pointed out that the proposal could result in a higher tax burden for crypto investors compared to ordinary stock investors. The Green Party estimated that scrapping the relevant tax exemption could generate an additional approximately €11.4 billion in tax revenue annually for Germany. (Cryptopolitan)