Cryptocurrencies in the News: Global Insights on Regulations and Developments

Cryptocurrencies have steadily become a topic of significant interest and debate worldwide. From government regulations to hacking incidents, the landscape continues to shift dramatically. This article explores the latest developments across different countries, shedding light on various regulations, scandals, and innovations in the cryptocurrency realm.

1. Russia’s Firm Stance on Cryptocurrencies

Anatoly Aksakov, the Chairman of the Russian State Duma Committee on Financial Markets, recently emphasized that cryptocurrencies such as Bitcoin and Ethereum will never be considered legal tender in Russia. According to Aksakov, all domestic payments must be settled exclusively in rubles. This assertion is part of a larger narrative within Russia, where authorities back the Central Bank in opposing the use of cryptocurrencies for transactions by individuals and businesses. The formal prohibition of crypto payments has been in place since 2020, reflecting Russia’s cautious approach to digital currencies.

2. Japan’s 2028 Tax Reform for Crypto Assets

Japan has set its sights on a novel taxation system for crypto assets, expected to roll out in January 2028. The government is preparing to implement a separate self-assessment tax regime for gains generated from cryptocurrency investments. The proposed flat tax rate of 20% aims to align tax treatment of crypto with that of equities, a significant change from the current classification that considers crypto profits as “miscellaneous income.” The delay in implementation from an initially planned 2027 launch is attributed to heightened concerns around market conditions and investor protections.

3. India’s Unique Stablecoin Position

The Reserve Bank of India (RBI) has a clear stance: it will not adopt stablecoin regulatory models like the U.S. GENIUS Act or the G7 framework. Deputy Governor T. Rabi Sankar articulated the bank’s position, viewing stablecoins—especially those pegged to the U.S. dollar—as threats to India’s monetary sovereignty. The RBI argues that existing payment infrastructures like UPI and NEFT are robust enough, rendering the need for stablecoins unnecessary. Instead, the focus remains on promoting the Central Bank Digital Currency (CBDC), specifically the digital rupee.

4. North Korea’s Cybercriminal Ventures

In a shocking report from Chainalysis, North Korean state-sponsored hackers are said to have stolen approximately $2.02 billion in cryptocurrencies via cyberattacks in 2025. This staggering amount reflects a 51% increase from the previous year, placing North Korea at the forefront of global crypto theft. Notably, the February hack of Bybit contributed significantly to this total, illustrating a trend towards higher-value, targeted attacks rather than numerous smaller incursions.

5. Norway’s Wealth Fund Backs Bitcoin Strategy

Norway’s sovereign wealth fund, Norges Bank Investment Management (NBIM), has backed Metaplanet’s innovative Bitcoin treasury strategy ahead of its Extraordinary General Meeting scheduled for December 22. Holding a 0.3% ownership stake in Metaplanet, NBIM approved plans that include introducing perpetual preferred shares aimed at institutional investors, potentially raising around $150 million for further Bitcoin investments. This move indicates growing institutional interest in adopting crypto assets as part of diversified investment strategies.

6. Coinbase’s Entry into India

In an encouraging sign for the Indian cryptocurrency landscape, Coinbase’s acquisition of a minority stake in CoinDCX received the green light from local regulators. The Competition Commission of India approved this investment, which was announced in October 2025. Though the exact shareholding ratio remains undisclosed, this approval signifies a strengthening partnership between Coinbase and Indian exchanges, hinting at future growth in the Indian crypto market.

7. Regulated Yen Stablecoin Initiative

In Japan, SBI Holdings is collaborating with Startale Group to introduce a regulated yen stablecoin aimed at global settlements and institutional applications. Scheduled for launch in 2026, this initiative showcases Japan’s strategic approach toward merging cryptocurrency with traditional financial frameworks. The new stablecoin will be issued by Shinsei Trust & Banking, and its development will include robust measures to ensure regulatory compliance, catering to both local and international markets.

8. Sberbank Embraces DeFi Innovations

Sberbank, Russia’s largest bank, is testing various decentralized finance (DeFi) products, responding to an increasing demand for cryptocurrency asset trading among its customers. The bank’s management anticipates that traditional finance and DeFi will converge, highlighting a transformative moment in finance. Sberbank’s focus on asset tokenization and collaboration with regulators signifies its commitment to integrating digital finance solutions into its existing services.

9. Do Kwon’s Legal Troubles

Do Kwon, the founder of Terraform Labs, faces a complex legal situation. After receiving a 15-year prison sentence in the United States over the collapse of TerraUSD and LUNA, he may face additional charges in South Korea. Prosecutors indicate that if convicted of violations related to the Capital Markets Act, Kwon could face a maximum additional sentence of over 30 years. This development is a stark reminder of the ongoing scrutiny surrounding cryptocurrency projects and the legal ramifications for their founders.

10. A Novel Approach to Stablecoins in China

Zhao Zhongxiu, President of the University of International Business and Economics in China, has proposed a pilot "China Stablecoin Scheme" to be trialed in free trade zones such as Hainan. This initiative aims to establish a regulatory framework for stablecoins, allowing for innovation in digital asset applications. The proposal includes several measures aimed at optimizing regulatory conditions for stablecoin use, particularly facilitating cross-border transactions and financing.

These developments showcase the evolving landscape of cryptocurrencies, reflecting varying regulatory approaches and market responses across different countries. As digital currencies continue to gain acceptance, the interplay between regulation, innovation, and security will reshape the future of finance globally.