Today’s crypto news includes major regulatory developments in Europe and Asia, alongside strong growth in artificial intelligence infrastructure.
Hungary has removed mandatory third-party approval requirements for certain cryptocurrency conversions. Meanwhile, South Korea’s financial regulator is preparing a consolidated digital asset bill covering stablecoins and crypto businesses. In the United States, Core Scientific reported a sharp increase in quarterly revenue as AI colocation became its largest business segment.
Hungary Removes Mandatory Crypto Validation Rules
Hungary is reversing some of its strict cryptocurrency regulations as the country’s digital asset market begins to recover.
The Hungarian Parliament voted to abolish the country’s crypto validator requirement. The rule previously required certain cryptocurrency transactions to receive approval from an independent third party.
According to Hungarian tax and legal publication Ado.hu, lawmakers approved the repeal after the regulation caused significant disruption across the local crypto industry.
Several crypto service providers had suspended or completely ended their operations in Hungary because of the earlier requirements.
Finance Minister Kármán András said the government decided to remove the validation system after recognizing its negative effect on the market. He added that Hungary’s cryptocurrency sector is now showing early signs of recovery.
At the same time, CoinCash is preparing to restart its services after securing authorization under the European Union’s Markets in Crypto-Assets regulation, commonly known as MiCA.
The development could help restore confidence among cryptocurrency companies operating in Hungary.
South Korea Prepares Consolidated Stablecoin Legislation
South Korea’s Financial Services Commission, or FSC, is reportedly working with the ruling Democratic Party on a consolidated Digital Asset Basic Act.
The proposed legislation would establish a government-backed regulatory framework for stablecoins and the wider cryptocurrency market.
According to a report from Edaily, the FSC informed South Korea’s National Assembly of its plans ahead of an upcoming policy briefing.
The bill is expected to address several important areas, including:
- Stablecoin issuance and circulation
- Rules for digital asset businesses
- Entry requirements for cryptocurrency exchanges
- Investor disclosures
- Internal control procedures
- Technology and system-resilience standards
A consolidated proposal could simplify negotiations between the government and lawmakers. Currently, 10 separate cryptocurrency and stablecoin bills are pending in South Korea’s Parliament.
However, disagreements have delayed progress on the country’s second phase of digital asset legislation.
One major issue is whether issuers of stablecoins linked to the South Korean won should be majority-owned by banks. Lawmakers are also debating whether ownership restrictions should apply to the country’s largest cryptocurrency exchanges.
The FSC has not yet confirmed when the consolidated bill will be formally introduced.
Opposition Pushes to Remove Crypto Taxes
The regulatory discussion comes as opposition politicians continue to push for changes to South Korea’s cryptocurrency tax policy.
Although the consolidated bill is expected to provide clearer rules for digital assets, lawmakers must still resolve several political and financial disagreements before the framework can move forward.
The final legislation could have a major effect on stablecoin issuers, crypto exchanges and investors operating in South Korea.
Core Scientific Revenue More Than Doubles
Core Scientific reported strong second-quarter revenue growth as its artificial intelligence and high-performance computing colocation business expanded rapidly.
The digital infrastructure company generated $164.2 million in quarterly revenue. This was more than double the $78.6 million recorded during the same period one year earlier.
Colocation revenue increased sharply to $136.7 million, compared with only $10.6 million in the previous year.
As a result, AI and high-performance computing colocation became Core Scientific’s largest business segment.
The company’s gross profit also climbed to $70 million from $5 million a year earlier.
Accounting Charge Leads to $1.15 Billion Loss
Despite its revenue growth, Core Scientific reported a net loss of $1.15 billion during the quarter.
However, the loss was mainly caused by a non-cash accounting charge connected to the rising value of the company’s outstanding warrants.
As Core Scientific’s share price increased, the accounting value of those warrants also rose. This resulted in a significant charge, even though it did not represent a direct cash expense for the company.
Core Scientific Expands AI Partnership With AMD
Core Scientific also announced a major partnership with chipmaker AMD to support the development of artificial intelligence infrastructure.
The initial agreement includes 15-year contracts covering 530 megawatts of capacity across several locations in the United States. Operations under the contracts are expected to begin in 2027.
The partnership could eventually expand to 2.5 gigawatts of leasable data center capacity.
Core Scientific estimates that the wider agreement could generate more than $14 billion in contracted base revenue.
The deal highlights the company’s continuing shift away from relying primarily on cryptocurrency mining. Instead, Core Scientific is expanding into AI computing and data center services, where demand continues to grow.
Crypto Regulation and AI Infrastructure Take Center Stage
The latest developments show how the cryptocurrency industry is evolving across several regions.
Hungary is reducing regulatory barriers after strict rules disrupted its domestic crypto market. South Korea is working toward a unified legal framework for stablecoins and digital asset companies. Meanwhile, Core Scientific is benefiting from growing demand for AI and high-performance computing infrastructure.
Together, these stories demonstrate how regulation, stablecoins and artificial intelligence are becoming increasingly important forces within the wider digital asset industry.
