As the crypto landscape continues to evolve at a rapid pace, key regulatory shifts, project launches, and token unlocks are set to shape market dynamics in early July 2025. From Singapore tightening its regulatory grip to major exchanges rolling out new financial instruments, this week’s developments underscore the growing maturity—and scrutiny—of the digital asset ecosystem.
🔹 June 30: Regulatory Tightening and Market Expansion
Singapore Mandates Shutdown of Unlicensed Offshore Crypto Operations
In a decisive move to reinforce financial oversight, the Monetary Authority of Singapore (MAS) has directed all crypto firms operating physical teams in Singapore but serving offshore clients to cease operations by June 30, 2025. This applies specifically to entities providing services related to digital payment tokens or capital market products without holding a valid license.
The directive affects a small number of platforms, including Bitget and Bybit, both of which are reportedly restructuring their regional teams. Bitget is relocating staff to Dubai and Hong Kong, while Bybit is evaluating similar adjustments. These changes could impact hundreds of jobs and reflect broader challenges in defining jurisdictional boundaries for globally distributed crypto businesses.
MAS emphasized that this enforcement is an extension of the 2022 Financial Services and Markets Act, aimed at mitigating money laundering risks and ensuring regulatory clarity. Only providers offering services to Singapore-based clients remain fully compliant under existing rules. Entities focusing solely on offshore clients must now either obtain a license or wind down operations.
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CME Group Launches Spot-Quoted Futures for Bitcoin, Ethereum, and Major U.S. Indices
The Chicago Mercantile Exchange (CME Group) is expanding its institutional-grade offerings with the introduction of spot-quoted futures contracts for Bitcoin (BTC), Ethereum (ETH), and four major U.S. equity indices—S&P 500, Nasdaq-100, Russell 2000, and Dow Jones Industrial Average.
These contracts, pending regulatory approval, allow investors to hold positions for up to five years without roll-over, enhancing long-term hedging and investment strategies. This development signals growing institutional confidence in crypto assets as viable components of diversified portfolios.
Aptos Transitions to Fungible Asset (FA) Standard
Aptos is executing a seamless migration from its legacy Coin framework to the upgraded Fungible Asset (FA) standard starting June 30. The FA standard enhances security, composability, and functionality—critical for DeFi and payment applications.
Key highlights:
- New accounts have used FA since June 20.
- APT balances will be automatically migrated starting June 30.
- Other on-chain tokens will follow between June 18–22.
- Gas fees are pre-paid by the ecosystem; no user action required.
This upgrade, led by Aptos Labs, leverages batch transaction tools to ensure smooth adoption across the network.
Bybit’s New DEX Project Byreal Launches Testnet on Solana
Byreal, the first decentralized exchange incubated by Bybit, goes live on testnet on June 30 within the Solana ecosystem. Designed to unify fragmented liquidity, Byreal combines CEX-level performance with DeFi transparency.
Featuring a RFQ + CLMM routing model, it offers low-slippage swaps with MEV protection. The mainnet launch is scheduled for Q3 2025.
🔹 Upcoming Events & Token Unlocks (June 30)
Notable Token Unlocks on June 30
| Project | Tokens Unlocked | % of Circulating Supply | Value |
|---|---|---|---|
| Optimism (OP) | ~31.34M | 0.67% | ~$17.4M |
| Kamino (KMNO) | ~229M | 10.44% | ~$13.8M |
| Across Protocol (ACX) | ~100M | 22.61% | ~$13.5M |
High unlock volumes—especially for ACX—may exert short-term selling pressure, warranting close monitoring by traders.
🔹 July 1: Innovation and Compliance Milestones
Argentina Finalizes VASP Regulations
Argentina’s securities regulator has finalized rules for Virtual Asset Service Providers (VASPs), requiring compliance by key deadlines:
- Registered individuals: July 1
- Domestic firms: August 1
- Foreign-registered firms: September 1
Requirements include:
- Segregation of client and corporate funds
- Monthly reporting to CNV
- Annual audits
- Cybersecurity protocols
Non-compliant entities risk deregistration or court-ordered shutdowns.
Zama Launches FHE-Powered Privacy Testnet
Privacy-focused blockchain protocol Zama launches its testnet on July 1 after securing a $57 million Series B round at a $1 billion+ valuation. Using Fully Homomorphic Encryption (FHE), Zama enables confidential smart contracts across chains.
With support for 20 TPS (scalable via hardware accelerators), and compatibility with Ethereum Virtual Machine, Zama aims to bring privacy to mainstream DeFi. Future integration with Solana is planned.
Ledn Shifts Focus Exclusively to Bitcoin Lending
Crypto lending platform Ledn is exiting Ethereum-based yield products and transitioning fully to Bitcoin-backed loans starting July 1. The new "Custodial Bitcoin Loan" model eliminates third-party credit risk and aligns with Bitcoin’s original vision of sound money.
This reversal comes just over a year after launching ETH lending in February 2024.
StarkWare Initiates STRK Delegation Program
To accelerate Starknet’s decentralization, StarkWare has launched a STRK token delegation program, with initial registration open until July 1. Eligible validators must meet strict criteria:
- Active node status
- KYC/KYB compliance
99% uptime
- ≤10% commission rate
Delegated STRK tokens will help secure the network and reward participants ahead of Staking V3’s expected 2025 launch.
🔹 July 2–4: Exchange Actions and Economic Data
South Korean Exchanges Delist WEMIX Token
Five major South Korean exchanges—Upbit, Bithumb, Coinone, Korbit, Gopax—will terminate WEMIX withdrawals by July 2 following a joint decision by the Digital Asset Exchange Association (DAXA). The delisting stems from unresolved concerns about Wemade Foundation’s transparency and asset safety.
Sui (SUI) Unlocks $122.8M in Tokens on July 1
On July 1 at 8:00 AM Beijing Time, approximately 44 million SUI tokens will be unlocked—equivalent to 1.3% of circulating supply and valued at around $122.8 million. While not massive in scale, the unlock may influence short-term price action depending on holder behavior.
U.S. Jobs Report and Market Reactions
The June nonfarm payrolls report, released on July 3, showed employment growth slowing to 129,000 jobs, below May’s 139,000. Unemployment held steady at 4.2%. Despite softer data, risk assets remained stable—highlighting resilient investor sentiment.
ETH maintained strength near its 200-day moving average, with ETH/BTC hovering around 0.025, indicating relative outperformance.
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🔹 Key Project Updates on July 4
- Binance Delists 5 Tokens: ALPHA, BSW, KMD, LEVER, LTO removed from spot trading.
- **OGN DAO Begins $3M+ Buyback**: First $100K phase starts before July 4; rewards flow directly to xOGN stakers.
- Grok 4 Release Imminent: Elon Musk confirms AI model progress, targeting post-July 4 launch.
- Senate Votes on Fiscal Bill: The “Big Beautiful Bill” proposal includes full tax relief for R&D and manufacturing hubs.
✅ Frequently Asked Questions
Q: Why is Singapore requiring unlicensed crypto firms to shut down by June 30?
A: To enforce compliance with anti-money laundering laws and ensure only licensed entities serve local or offshore markets from within Singapore. Firms without proper DTSP licenses must cease operations due to high regulatory risk.
Q: How will the Aptos FA standard upgrade affect users?
A: Most users won’t need to take action—the migration is automatic and gas-free. However, developers should update dApps to support the new FA standard for full compatibility.
Q: What impact could large token unlocks have on prices?
A: Significant unlocks—like ACX’s 22.6% supply increase—can create sell pressure if recipients liquidate holdings. However, long-term impact depends on project fundamentals and market conditions.
Q: Is the CME’s spot-quoted futures launch bullish for crypto?
A: Yes. It enhances institutional access and reduces rollover friction, making crypto derivatives more attractive for long-term investment strategies.
Q: Why did Ledn drop Ethereum lending?
A: To refocus on Bitcoin as a core asset with lower counterparty risk, aligning with its mission to promote sound monetary principles through full-reserve Bitcoin lending.
Q: How can I participate in StarkWare’s STRK delegation program?
A: Validators must register by July 1 and meet technical and compliance requirements. Selected participants will receive delegated STRK tokens to help secure Starknet.
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