Beosin has published its 2025 Virtual Asset AML Annual Report, arguing that 2025 became a “watershed” year for crypto regulation — and a tougher year for AML teams as crime gets more cross-border, organized, and tech-driven. The report is initiated by Beosin and co-authored with ACAMS and the Association of Blockchain Compliance Professionals (ABCP).
At a high level, the message is simple: regulators are moving from “we’re watching” to “here are the rules,” while illicit actors keep professionalizing their playbooks — often using stablecoins, OTC routes, mixers, and cross-chain pathways as the connective tissue.
Regulation is tightening — and getting more specific
The report frames 2025 as the point where major jurisdictions started closing the loop on market entry rules, consumer protection, and technical standards, not just financial crime controls.
It points to several “big framework” moves:
- United States: The report says the GENIUS Act established a federal framework for payment stablecoins, with provisions including 1:1 reserves (cash or U.S. Treasuries within 93 days), stronger KYC/AML and consumer protection, and requirements around foreign issuers.
- Hong Kong: It highlights the SFC’s ASPIRe roadmap and the passage of a Stablecoin Ordinance (effective August 2025 per the report), plus consultation work around OTC and custody licensing.
- European Union: It describes MiCA’s stablecoin regime and claims the rules pushed major exchanges to delist USDT for European users from late 2024 into early 2025 due to licensing expectations for issuers.
The report also cites eye-catching post-MiCA euro-stablecoin growth figures (including a claim that major euro stablecoins’ market cap grew 102% within 12 months of MiCA implementation, and that EURC saw 1139% transaction-volume growth).
Where the crime pressure shows up: stablecoins, mixers, and “guarantee” platforms
The report’s AML lens focuses less on “one big hack” narratives and more on how funds actually move once they’re dirty.
One section points to Huione Guarantee (later renamed “Haowang Guarantee”), described as a Telegram-based “online guarantee platform” tied to cyber black/grey market activity, and references claims about USDT flows linked to the platform and allegations of laundering assistance.
Another case study, DGCX Xinkangjia, is presented as a platform that used USDT for participation and settlement and collapsed in June 2025. The report claims that within 48 hours before the collapse, the platform transferred 1.8 billion USDT via mixers to a Cayman Islands shell company — and that tracing investor funds is difficult.
There’s also a broader enforcement thread: the report references OFAC sanctions against 146 targets linked to a transnational criminal organization and a DOJ civil forfeiture action involving 127,271 bitcoins valued at about $15 billion at the time, described as the largest-ever U.S. virtual currency seizure.
New “risk surfaces”: stablecoin-specific chains and prediction markets
A less typical part of an AML annual report is its focus on emerging infrastructure trends — and what they might mean for compliance.
On stablecoin infrastructure, the report discusses the rise of stablecoin-specific blockchains, naming projects such as Circle ARC, Stripe Tempo, Tether Plasma, and Tether Stable as examples of “infrastructure specialization.” It frames these as purpose-built settlement layers that could reshape crypto financial plumbing — and potentially pressure existing stablecoin-heavy networks over time.
On prediction markets, the report uses Polymarket as a case study, describing how prediction markets translate real-world event outcomes into token markets — and why their risk profile includes oracle manipulation, smart contract vulnerabilities, mechanism design flaws, and regulatory issues.
Why it matters for crypto
- Compliance is becoming a market-access requirement, not a checkbox. The report’s through-line is that jurisdictions are building “closed loop” regimes that will decide who can operate — and who gets pushed out.
- Stablecoins sit at the center of both adoption and abuse. The case studies repeatedly use USDT-style rails for movement, settlement, and laundering, which keeps stablecoin monitoring in the spotlight.
- MiCA-style rules can reshape liquidity fast. Whether or not every exchange decision plays out exactly as described, the report’s point is that issuer licensing and marketing rules can force real product changes in major markets.
- New onchain primitives create new AML headaches. Prediction markets and specialized settlement chains widen the surface area for monitoring, attribution, and cross-chain tracing.
What to watch next
- How stablecoin licensing regimes converge (or don’t). The report highlights divergent approaches across the U.S., EU, and Hong Kong — watch for practical interoperability rules and enforcement patterns.
- Pressure on mixers and OTC cash points. The DGCX Xinkangjia case leans on mixers; Hong Kong’s OTC/custody licensing push shows where regulators think the “entry points” are.
- Whether stablecoin-specific chains actually gain traction. The report frames ARC/Tempo/Plasma/Stable as a new phase — the signal will be real usage, liquidity, and integration with TradFi workflows.
- Oracle and market-integrity scrutiny on prediction markets. If prediction markets keep growing, expect more attention on oracle design, dispute resolution, and jurisdictional compliance.