1. Russia: Cryptocurrencies Like Bitcoin and Ethereum Will Never Become Legal Tender, Only Used as Investment Tools link
Anatoly Aksakov, Chairman of the Russian State Duma Committee on Financial Markets, has stated that all domestic payments in Russia must be settled exclusively in rubles. Cryptocurrencies such as Bitcoin and Ethereum will never become legal tender in Russia; they are permitted solely as investment vehicles. Legislative authorities back the Central Bank of Russia in opposing the use of cryptocurrencies for payments by individuals and businesses, a stance codified since 2020 when Russia formally prohibited using crypto as a means of domestic payment.
2. Japanese Government Plans to Implement “Separate Declaration Taxation” System for Crypto Assets in January 2028 link
Japan’s government plans to implement a separate self-assessment tax regime for crypto asset gains starting January 2028, as per political insiders. The new framework will impose a flat 20% tax rate — aligned with equity taxation — replacing the current rule that taxes crypto profits as “miscellaneous income” (blended with wages, etc., with a top marginal rate of 55%). While the market initially expected the tax reform to launch in 2027 alongside the amended Financial Instruments and Exchange Act (FIEA), the government has opted for a delay to first assess market conditions and strengthen investor protection under the revised regulatory framework.
3. RBI: Will Not Copy U.S. GENIUS Act or G7 Stablecoin Regulatory Models link
The Reserve Bank of India (RBI) has explicitly stated it will not replicate the U.S. GENIUS Act or G7 models for stablecoin regulation, as articulated by Deputy Governor T. Rabi Sankar. The central bank deems stablecoins, especially USD-pegged ones, an inherent threat to India’s monetary sovereignty and financial stability, warning they could trigger currency substitution, “dollarization,” and weaken monetary policy transmission. It argues India’s existing payment infrastructure (UPI, RTGS, NEFT) is sufficiently efficient, negating the need for stablecoins, and emphasizes prioritizing the centrally controlled Central Bank Digital Currency (CBDC) — the digital rupee — over private stablecoins.
4. DPRK Stole Approximately $2.02 Billion in Crypto via Cyberattacks in 2025 link
Per Chainalysis’ December 18, 2025 Crypto Crime Report, North Korean state-sponsored hackers stole a record $2.02 billion in cryptocurrency in 2025 — up 51% from $1.3 billion in 2024 — pushing their cumulative theft to $6.75 billion. The DPRK accounted for 59% of global crypto theft ($3.4 billion total) and 76% of service-level compromise value in 2025. The February $1.4–1.5 billion Bybit hack alone made up 70% of its 2025 haul, underscoring a shift to fewer but high-value attacks.
5. Norway’s Sovereign Wealth Fund Backs Metaplanet’s Bitcoin Treasury Strategy link
Norges Bank Investment Management (NBIM), the manager of Norway’s sovereign wealth fund, has cast its supporting votes for Metaplanet’s Bitcoin treasury strategy ahead of the company’s Extraordinary General Meeting (EGM) scheduled for December 22. NBIM, which holds approximately 0.3% of Metaplanet’s shares, approved all five proposals put forward by the management. The relevant proposals include introducing perpetual preferred shares (MARS, MERCURY), expanding authorized share capital and capital flexibility to support the continuous non-dilutive accumulation of Bitcoin. Among them, the MERCURY preferred share offering is targeted at institutional investors, with the goal of raising approximately $150 million for Bitcoin purchases.
6. Indian Regulators Approve Coinbase’s Acquisition of Minority Stake in CoinDCX link
The Competition Commission of India has approved Coinbase Global’s acquisition of a minority stake in DCX Global Limited, the parent company of Indian cryptocurrency exchange CoinDCX, with the specific shareholding ratio remaining undisclosed. The approval stems from the investment plan disclosed by Coinbase in October 2025, when it stated that it would invest in CoinDCX at a post-money valuation of approximately $2.4 billion, but denied reports of an overall acquisition of the company for $1 billion. Paul Grewal, Chief Legal Officer of Coinbase, confirmed the regulatory approval on the X platform without disclosing transaction details.
7. Japan’s SBI Holdings and Startale Group Plan to Launch Regulated Yen Stablecoin link
Japan’s financial group SBI Holdings has signed a memorandum of understanding with Startale Group, planning to launch a regulated Japanese yen stablecoin for global settlement and institutional-grade applications. The stablecoin will be issued and redeemed by Shinsei Trust & Banking, with SBI VC Trade, a licensed cryptocurrency exchange, responsible for circulation management, and Startale taking charge of blockchain technology, smart contract and security development. The project will be advanced under the new stablecoin regulatory framework and sandbox mechanism of the Financial Services Agency (FSA) of Japan, targeting a launch in the second quarter of 2026.
8. Russia’s Largest Bank Sberbank Is Testing Multiple DeFi Products link
Sberbank, Russia’s largest bank, stated that it is testing a number of DeFi products to meet the rapid growth in customer demand for cryptocurrency asset trading and holdings. Anatoly Popov, Vice Chairman of Sberbank’s Management Board, said that the bank will cooperate with regulators to advance digital asset-related businesses and believes that traditional finance and decentralized finance will tend to converge in the future. Popov noted that Sberbank is focusing on asset tokenization and connectivity with DeFi platforms, and has shown interest in public chain solutions with mature infrastructure and smart contract capabilities such as Ethereum. Sberbank currently has a market capitalization of approximately $83 billion and serves around 109 million retail customers.
9. Do Kwon May Be Extradited to South Korea for Separate Trial After Serving Time in U.S. link
After Do Kwon, founder of Terraform Labs, was sentenced to 15 years in prison in the United States over the collapse of TerraUSD and LUNA, he may still be transferred to South Korea to face a separate trial after serving part of his sentence. South Korean prosecutors stated that if he is convicted of charges such as violating the Capital Markets Act, he could face an additional maximum sentence of over 30 years. South Korean authorities estimate that there are approximately 200,000 domestic victims, with losses amounting to around 300 billion won (approximately $204 million).
10. President of University of International Business and Economics: Propose Piloting “China Stablecoin Scheme” in FTZs Like Hainan link
Zhao Zhongxiu, President of the University of International Business and Economics, and other authors have written an article titled “Global Stablecoin Regulation Takes Shape; A ‘Chinese Approach’ Can Be Piloted in Free Trade Zones”. The article points out that efforts should be made to explore and establish a stablecoin regulatory framework and suggests piloting stablecoin applications in free trade zones, such as the Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone in Shenzhen adjacent to the Hong Kong Special Administrative Region and the Hainan Free Trade Port. Specific measures include setting up a “Cross — Border FinTech Laboratory”, establishing a stablecoin “whitelist” system, launching an offshore RMB stablecoin innovation pilot, promoting digital trade and intellectual property financing, and strengthening the construction of blockchain infrastructure. Free trade zones can explore financial applications based on on-chain stablecoins (such as USDT, USDC, and RMB — pegged stablecoins), including on-chain bill settlement and credit certificate settlement. This can unlock enterprises’ intangible assets and address the financing difficulties faced by technology — intensive enterprises with light assets.
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