Russia has introduced a bill in the State Duma to criminalise the operation of unregistered cryptocurrency services. The proposed law would penalise people and organisations who engage in cryptocurrency-related operations without the consent of the nation’s central bank.
Offenders could face fines and up to 4 years in prison, with harsher penalties of up to 7 years for organised or large-scale operations. The bill aims to bring tighter control over digital asset activity by targeting both small operators and larger networks operating outside regulatory oversight.
Understanding proposed legislation
A broad definition of “unlicensed crypto activity” is provided under the proposed legislation in Russia. It includes payment gateways, brokerage services, exchanges, trading platforms, and custody providers that deal with digital assets. This definition would include even serving as a middleman in the unauthorised purchase, sale, or transfer of cryptocurrency. The goal is to make sure that all companies involved in cryptocurrency follow proper licensing regulations.
The Central Bank of Russia is the primary authority in this framework. Any entity wishing to operate legally in the crypto sector must obtain the bank’s approval. Financial reporting, operational transparency, Know Your Customer procedures, and anti-money laundering inspections are all expected components of compliance.
Penalties and legal consequences
For unlicensed cryptocurrency activity, the draft law suggests fines and jail time. Unregistered digital currency providers risk fines of up to 300,000 roubles (about $4,000 USD) and up to four years in jail. Fines might reach one million roubles (approximately 13,000–13,500 USD) if the action is planned or involves substantial amounts of money. Larger operations and coordinated efforts are the focus of these actions.
By legally adding unlawful the digital currency activity to the criminal code, the measure shifts violations from a regulatory grey area into criminal law and imposes tougher penalties. Coordinated operations that produce substantial revenue or cause serious harm are subject to harsher penalties. In certain situations, criminals may be sentenced to seven years in jail, five years of forced labour, and additional fines.
Why Russia is tightening crypto regulations
Russia’s attempts to preserve its financial independence and international sanctions are intimately linked to its push for stricter cryptocurrency regulation. Digital assets have emerged as a substitute method of transferring money outside of conventional channels due to restricted access to international systems such as SWIFT.
Recent data shows that state-driven crypto transactions surged by 694% in 2025, highlighting how digital assets are being used as a substitute for conventional banking. While this growth underscores their usefulness, it also raises concerns about misuse and illegal activities. In response, the government is moving to bring cryptocurrencies under a clearer legal framework and increase oversight.
The rise in criminality associated with digital assets is another element motivating legislation. Cases of fraud, money laundering, and darknet activities have demonstrated how cryptocurrency may be abused. The scope of the issue was highlighted by platforms like Hydra, which enabled billions of illegal transactions before being shut down.
Russia’s broader crypto policy in 2026
A larger effort to regulate the bitcoin industry includes this new regulation. Russia passed legislation outlawing illicit cryptocurrency mining earlier in 2026, with fines and a maximum five-year prison sentence as punishments. When taken as a whole, these actions demonstrate a clear and intentional attempt to increase control over various facets of the cryptocurrency ecosystem, including as mining, trading, and associated services.
Instead of completely banning cryptocurrency, Russia is taking a different approach by tightening regulations and allowing transactions only through authorised intermediaries. Retail investors can still buy digital assets, but they must do so via approved channels. Overall, the focus is on controlling and regulating the market rather than shutting it down entirely, with clear rules about who can participate and how transactions should take place.
Russia’s approach to cryptocurrency legislation is still uncertain because lawmakers are still debating how to govern digital assets. Legislative review is still influencing the general direction of policy, even though authorities have stated that they will take a stronger stance against unauthorised activity. Changes are expected as the bill moves through parliament before it becomes law.
Pakistan has ended a seven-year restriction on banks working with cryptocurrency businesses, marking a significant shift in the country’s approach to digital assets. The move, approved by the State Bank of Pakistan (SBP), allows banks and financial institutions to offer services to licensed crypto firms, opening the door to regulated access for millions of users across the country.
Banks will still not be permitted to trade, invest in, or hold cryptocurrencies themselves under the new arrangement, which places present cryptocurrency activity under legal oversight. The goal, according to officials, is to reduce risks like fraud and money laundering while allowing the sector to operate within predetermined parameters.
“Subject to strict compliance with the conditions outlined herein, SBP Regulated Entities (REs) may open bank accounts of entities duly licensed by PVARA as Virtual Asset Service Providers (VASPs),” the State Bank of Pakistan said.
Pakistan’s 2018 crypto ban
In 2018, Pakistan banned banks from managing cryptocurrencies. The SBP enacted regulations that forbade financial institutions from supporting Bitcoin transactions due to concerns about volatility and a lack of oversight. Consequently, official banking systems were effectively shut off from the industry. Despite the constraints, individual trading continued to grow. Businesses, meanwhile, were left in a legal uncertainty and without access to banking infrastructure. Uncertain restrictions hindered the industry’s ability to expand safely.
By 2026, the global landscape will have shifted. Adoption of digital assets has expanded, regulatory frameworks have matured, and blockchain technology has found uses beyond speculation. Pakistan introduced the Virtual Assets Act and created a dedicated regulatory authority for digital assets. The new framework seeks to bring these activities into the formal economy under clear rules.
Understanding the 2026 virtual assets act
Pakistan’s Virtual Assets Act 2026, which replaces the nation’s prior cryptocurrency ban with a formal legislative framework, represents a significant turning point. By establishing precise compliance standards and operational guidelines and restricting participation to registered companies, the Act guarantees that fraud and illegal activity are kept firmly in check.
The law provides control and legitimacy for a sector that had previously functioned in uncertainty by establishing a structured mechanism that transfers cryptocurrency activity from an unofficial setting into the legitimate economy.
Pakistan has taken an important step toward formalising its virtual asset ecosystem.
Following the enactment of the Virtual Assets Act, 2026, the State Bank of Pakistan has issued BPRD Circular Letter No. 10 of 2026, enabling regulated entities to open and maintain bank accounts… pic.twitter.com/cuUhwSiCfS
— Pakistan Virtual Assets Regulatory Authority (@PakistanVARA) April 14, 2026
Oversight by PVARA
The Pakistan Virtual Assets Regulatory Authority (PVARA) is the body responsible for supervising the country’s crypto sector. It oversees licensing, compliance, and enforcement across exchanges, wallet providers, and other digital asset businesses.
A licence from PVARA is required for any business looking to function as a Virtual Asset Service Provider (VASP). Checks on operational openness, security systems, and financial integrity are all part of the process.
Licensed companies are required to follow Anti-Money Laundering (AML) and Know-Your-Customer (KYC) regulations. These measures act as a filter, ensuring that only trustworthy, law-abiding businesses are allowed to enter the market. By setting strict licensing and compliance standards, PVARA is working to build an environment where risks are minimised and both users and investors can feel genuinely secure.
What banks can and cannot do
The new regulations allow Pakistani banks to offer regulated cryptocurrency companies basic services. Account opening, transaction processing, and meeting operational requirements are all included in this. Crypto companies can now operate within regulated channels since they have access to the legitimate banking system for the first time.
Banks are still prohibited from using their own money or client deposits to invest in, trade, or keep cryptocurrencies notwithstanding this access. The division guarantees that the volatility of digital assets is not directly linked to the risks associated with traditional banking.
Pakistan’s strategic crypto initiatives
Pakistan has signed an agreement with Binance to explore tokenising up to $2 billion in assets, including bonds and commodities. The initiative focuses on testing how tokenisation could change the way assets are traded and managed within regulated channels. The government is also examining stablecoin-based systems for cross-border transactions. The aim is to lower remittance costs and improve access for overseas Pakistanis sending money back home.
Around 40 million people in Pakistan, about 17 per cent of the population, are engaged in crypto trading. This level of participation shows that digital assets have moved beyond niche use and are now part of mainstream financial activity. Pakistan ranks third, ahead of Germany and Japan, in terms of retail activity in Bitcoin marketplaces. This degree of adoption shows the country’s growing role in the global digital financial scene, with new laws aimed at integrating this activity into the formal economy.
During the ongoing ceasefire with the United States, Iran will require ships transiting the Strait of Hormuz to pay a cryptocurrency fee equivalent to $1 per barrel of oil carried, according to Hamid Hosseini, a spokesperson for Iran’s Oil, Gas and Petrochemical Products Exporters’ Union, as reported by the Financial Times.
The Strait of Hormuz, which handles around 20 per cent of global oil supply, was heavily disrupted during the recent conflict, pushing oil prices above $100 per barrel and impacting major importers such as India, China, and Japan. While the ceasefire has stabilised flows, the new transit fee and ongoing uncertainty continue to affect global energy markets and supply chains.
Iran’s new policy explained
Iran has implemented a new policy that would impose a $1 fee on each barrel of oil shipped via the Strait of Hormuz. This may result in fees of about $2 million every trip for a supertanker hauling up to 2 million barrels. A substantial new expense in international energy trading would result from laden ships paying the full cost while empty vessels would not.
The plan’s demand that payments be made in Bitcoin is a noteworthy feature. Iran lessens the impact of sanctions by utilising bitcoin instead of relying on conventional financial institutions and the US dollar. According to analysts, this might change how energy is traded internationally and pose a threat to the established petrodollar system.
How payment system works
Iran’s new payment mechanism for oil exports through the Strait of Hormuz requires vessels to follow a certain reporting and authorisation process. Captains are required to email Iranian officials’ information about their cargo, especially the amount of oil on board. Officials review the data to verify compliance and search for aspects that are forbidden before permitting travel.
Hosseini told FT, “Once the email arrives and Iran completes its assessment, vessels are given a few seconds to pay in bitcoin, ensuring they can’t be traced or confiscated due to sanctions. Everything can pass through, but the procedure will take time for each vessel, and Iran is not in a rush.”
Once approval is given, ships must make the payment in Bitcoin within a very short time window. The narrow timeframe is intended to prevent transactions from being tracked or blocked under international sanctions.
Strategic motives behind Iran’s move
Iran has wider geopolitical goals behind its new policy of charging $1 per barrel for oil exports over the Strait of Hormuz. Iran is directly opposing the long-standing petrodollar system, in which oil has historically been traded in US dollars, by demanding payment in Bitcoin.
The strategy also shows how to evade Western sanctions. Because cryptocurrency transactions avoid conventional banks and financial intermediaries, they are more difficult to stop or track. For Iran, this approach provides greater financial independence while reinforcing its control over one of the world’s most critical energy routes. The combination of revenue generation and sanction resistance highlights the dual purpose behind the shift.
Cryptocurrency’s new role in global trade
Iran’s decision to link oil transit fees in the Strait of Hormuz to Bitcoin highlights how cryptocurrency is being tested in global trade. The decentralised nature of Bitcoin makes it harder to block or censor, which is why Iran views it as a way to bypass sanctions.
However, using cryptocurrencies for oil transactions carries several dangers. Price volatility, liquidity problems, and regulatory ambiguity could hinder its wider adoption. It is difficult to sustain a broad reliance on Bitcoin in the energy sector because of these factors.
Iran’s action raises the prospect of a slow transition to alternate payment methods. If more countries follow this path, the global economy could become more fragmented, with multiple currencies competing for influence in energy and trade.
Artificial intelligence (AI) is being quickly incorporated into business operations, but worries about possible legal repercussions are mounting. Raj Kapoor, Founder of the India Blockchain Alliance (IBA), spoke exclusively at AIBC Eurasia 2026 in Dubai, cautioned that businesses could suffer large financial losses if AI systems use unreliable data or break copyright and intellectual property regulations.
Kapoor highlighted that many risks remain unnoticed until legal action is taken, at which point the impact can be severe. He emphasised the need for stronger compliance and oversight as AI adoption accelerates across industries.
Two technologies, one spine
Walk into any tech conference and the question seems to find you before you even take your seat: is artificial intelligence coming for blockchain, or are the two quietly building something together? The debate has been loud and persistent, fuelled by AI’s dominance of headlines and investor attention. But Kapoor is quick to dismiss the idea. For him, the tension is overstated, and the narrative of rivalry misses the bigger picture of how the two technologies are increasingly positioned to complement, rather than compete with, one another.
“AI is the brain, blockchain is the spine,” he said. “They can’t work without each other. They have to coexist.”
Just as blockchain rose to mainstream consciousness on the back of Bitcoin’s rebellious energy, generative AI found its moment in the sun with ChatGPT. Both technologies, Kapoor pointed out, have been around far longer than most people realise.
“Machine learning and AI have been there for 40, 50, 60 years, almost. But ChatGPT, generative AI, and now agentic AI made it very palatable,” he said.
But beyond the hype, Kapoor sees intrinsic value in both and, more importantly, in how they complement each other. AI moves fast and processes at scale. Blockchain keeps it honest. “While AI can go random, blockchain keeps it in check.”
Trust layer businesses need
For businesses rushing to adopt AI, Kapoor has a word of caution wrapped inside an opportunity. Many companies jump onto the AI bandwagon without stopping to ask: Are we violating any laws, any copyrights, any intellectual property rights?
“They start creating AI products. And then all the millions of dollars they put into the system become zero because somebody’s filed a lawsuit,” he warned.
This is exactly where blockchain steps in. According to Kapoor, blockchain audits every step of the AI process, from where the data came from, to how it was used to train large language models, to the veracity of the information fed into the system.
“It’s like an auditor. It keeps that check,” he said. “If businesses incorporate both of these, they will be much better off because then one balances the other. There are checks and balances in place.”
Without that balance, he believes both technologies remain dangerously opaque. “It’s the Wild West for both of them. Both technologies don’t have many rules and regulations, clarity, both are opaque, people can have a ball.”
Source: AIBC World/YouTube.
Saving oceans with data
Blockchain is one of the climate debate’s most contradictory technologies. A United Nations University-backed analysis found Bitcoin mining used about 173 terawatt hours of electricity in 2020–2021 and generated roughly 85.89 million tonnes of CO2, with 67 per cent of that electricity coming from fossil fuels. Yet the same underlying tech is also being used to support climate accountability, with the European Commission pointing to blockchain’s potential to improve emissions tracking, transparency and traceability across supply chains.
Ethereum shows how quickly the picture can change. After moving to proof-of-stake, the network cut its energy use by about 99.95 per cent, highlighting that blockchain’s environmental impact depends heavily on design choices. When the conversation turned to sustainability, Kapoor did not offer platitudes. He offered a project. The world’s seas and oceans, he said bluntly, are on a 12-to-15-year countdown if current trends continue.
His response? A citizen scientist platform called Sea. Earth, which he describes as a trifecta of blockchain, AI, and analytics. Blockchain ensures the data is tamper-proof and traceable. AI processes what would otherwise be hundreds of terabytes of information in minutes.
“Had this been there maybe 15, 20 years back, we would not have ice melting and weather patterns changing the way they are,” Kapoor reflected. “Maybe now there may be a way of stopping them.”
India’s blockchain moment
Kapoor’s concern for the planet does not stop at the ocean’s edge. Back home in India, the stakes are just as high, and the problems are far older. India has long struggled with systems that were never built for the scale they now serve. Land disputes drag through courts for decades. Documents get forged. Middlemen thrive in the gaps. Kapoor sees blockchain not as a futuristic fix but as an overdue correction, and he is already in the thick of it.
He points to three areas where the technology is beginning to move the needle, starting with the one that costs ordinary Indians the most. Land records have long been a legal minefield in the country, particularly in Tier 2 and Tier 3 cities and rural areas where documentation is thin and oral inheritance is common. According to India’s Supreme Court, property disputes account for an estimated 66 per cent of all civil cases in the country. The World Bank’s Ease of Doing Business Index has historically ranked India at 154th in the “registering property” category.
“This has been happening for hundreds of years,” Kapoor said. “There is no clarity on who owns what. Somebody’s father has a farm, and he’s passed it on to his sons. There’s no transparency in titleship.”
The shift is already underway. Andhra Pradesh, in collaboration with blockchain firm Zebi, implemented a pilot project that reportedly reduced land disputes by 50 per cent and improved transaction efficiency by 30 per cent. More recently, the Dantewada district in Chhattisgarh announced the digitisation of over 700,000 land documents dating back to the 1950s, now secured on the Avalanche blockchain.
The idea is simple but powerful: a land passport, immutable and individual, sitting on a blockchain. “It’s just like your own passport. It’s yours. Nobody else’s. You can’t fake it.”
E-notaries are the second front. Through a project with Knapp Books Limited, Kapoor’s team is working to put India’s notary system entirely on the blockchain, a direct response to historical scams like the Telgi stamp paper fraud, in which government documents were forged and misused on a massive scale. This is part of a broader national push: India’s National Blockchain Framework, launched in September 2024 with an initial budget of ₹64.76 crore, provides a unified architecture for deploying blockchain solutions across government services, with land records, public distribution, and document verification all on the roadmap.
With more than 55 per cent of India’s economy rooted in agriculture, Kapoor sees blockchain as the missing link between a farmer’s field and a consumer’s table. According to Future Market Insights, India is projected to grow at a 45 per cent CAGR in blockchain agriculture adoption over the next decade.
Meanwhile, according to market data cited by Straits Research, the global blockchain agriculture and food supply chain market was valued at just under $400 million in 2024 but is expected to reach over $8 billion by 2033, a trajectory that reflects just how seriously governments and agribusinesses are beginning to treat traceability as a non-negotiable. For India, where a mango’s origin or a grain’s authenticity can mean the difference between a fair price and a fraudulent one, that shift cannot come fast enough.
The UK Government will ban cryptocurrency donations to political parties as part of a wider effort to tackle foreign interference in British democracy, Prime Minister Keir Starmer has confirmed.
The move follows a review led by senior civil servant Philip Rycroft, which examined the risks posed by overseas money entering UK politics. As reported by the BBC, ministers have accepted key recommendations, including a prohibition on crypto donations and a cap on contributions from British citizens living abroad.
Crypto donations seen as high risk
According to ministers, cryptocurrency transactions pose a particular threat because of their potential anonymity. Speaking in Parliament, Steve Reed said such donations could make it easier to obscure the true source of funds.
He warned that this creates “a clear route” for illicit money to enter the political system, undermining public confidence in elections. The ban on crypto donations will apply to contributions of any amount and will remain in place until stronger regulatory safeguards are introduced.
Cap introduced for overseas donors
Alongside the crypto ban, the government will limit political donations from British citizens living abroad to £100,000 per year. Any donations exceeding this threshold will need to be returned within 30 days once the rules take effect, or parties could face criminal penalties.
The new cap will apply across all UK elections, including upcoming local and devolved votes. Ministers plan to implement the changes through amendments to the Representation of the People Bill.
Reform UK and Farage respond
The issue has drawn particular attention because Reform UK is the only Westminster party known to have explored cryptocurrency donations. Its leader, Nigel Farage, previously said the party would accept Bitcoin contributions and confirmed it had already received a small number of such donations.
Farage criticised the government’s decision, arguing it risks excluding younger voters who are more likely to hold digital assets. He said cryptocurrencies are owned by around 25 percent of people under 30 and questioned whether the policy would limit democratic participation.
The party maintains that all its donations comply with existing rules, including checks on contributions over £500 to ensure they come from permissible sources.
Wider concerns over foreign influence
The review was commissioned following a series of high-profile cases involving foreign interference in UK politics. These included the conviction of former MEP Nathan Gill and an earlier security alert linked to alleged influence operations.
The report concluded that the threat from foreign money is “real and persistent”, highlighting the need for stronger safeguards. Additional proposals, such as banning foreign-funded online political advertising, are still under consideration by ministers.
Political tensions over funding rules
Recent donation data has intensified the debate. Electoral Commission figures show Reform UK received a record £9 million contribution from businessman Christopher Harborne, a British national based overseas. Fresh Electoral Commission data confirmed that it is the largest single donation ever made by a living individual to a UK political party.
Critics within Reform UK argue the government is moving quickly to restrict funding channels used by political rivals. Party figures have accused ministers of limiting lawful donations under the guise of reform.
Next steps for legislation
Starmer said the government would act “decisively” to protect the integrity of UK elections. While not all recommendations from the Rycroft review have been adopted yet, the crypto ban and overseas donation cap mark the first concrete steps in tightening political finance rules.
This comes after UK lawmakers pushed for a ban on crypto political donationsas they raise questions about transparency and security. Cryptocurrency transactions, unlike typical bank transfers, can be quick, cross-border, and difficult to track, making it harder to verify whether contributions actually originate from reputable UK donors.
The chair of the United Kingdom’s national security committee, Matt Western, called for a temporary ban on cryptocurrency donations to political parties in February. After examining political financing issues, the committee, which consists of peers and MPs, concluded that the current security measures would not be sufficient to manage cryptocurrency transactions.
Vietnam is moving to establish its first licensed cryptocurrency exchanges as authorities seek to regulate trading in one of the world’s most active crypto markets. The government plans to launch a pilot programme for locally operated digital-asset platforms, with five companies—including affiliates of Techcombank, VPBank, LPBank, VIX Securities, and Sun Group. Having passed an initial qualification round, according to a Finance Ministry document reported by Reuters.
Sun Group and VPBank have confirmed they have applied for licences, while the other firms have yet to respond to requests for comment. A Finance Ministry spokesperson said authorities are continuing to review the process but declined to comment on individual applicants.
Government’s move toward regulation
Earlier on January 20, 2026, Vietnam launched a pilot programme for licensed cryptocurrency exchanges as part of efforts to regulate its fast-growing digital asset market. The framework, overseen by the State Securities Commission with licensing rules set by the Ministry of Finance, is designed to run for five years and initially allows around five exchanges to operate under strict supervision, aiming to improve oversight, limit capital outflows, and strengthen consumer protection.
Key players competing for licences
Several important Vietnamese organisations are contesting cryptocurrency trading licences. The entry of Techcombank, one of the largest private banks in the country, suggests that traditional finance is starting to show more interest. Its strong background in digital banking could help with the incorporation of bitcoin services if approved.
In an effort to establish itself early in a market that it believes has long-term promise, VPBank has also verified its application. Several banks are hesitant to remain on the sidelines, as evidenced by LPBank’s participation as well, but nothing is known about its strategy.
Beyond banking, VIX Securities is applying its experience in trading and investor behaviour, while Sun Group, a major conglomerate, has also stepped in. Sun Group’s participation reflects how crypto is drawing attention from diverse sectors, not just financial institutions, as companies look to expand into digital finance.
World’s fourth-most active crypto market
Despite the lack of legal infrastructure up until now, Vietnam has become the fourth most active cryptocurrency market in the world, with yearly transactions topping $200 billion. As more individuals interact with digital assets, activity keeps increasing, and the emergence of licensed exchanges—which provide a controlled environment—is anticipated to provide additional momentum.
In contrast to economies where institutions predominate, a large portion of this increase is driven by retail investors. A substantial portion of participants are professionals, students, and small business owners who see cryptocurrency as a means of accumulating wealth. This broad participation has accelerated adoption, but it also emphasises the need for more regulation and education to shield people from dangers like fraud and financial loss.
Advantages of local exchanges
Domestic exchanges in Vietnam are being positioned as an alternative to global platforms. Supporters argue they provide stronger regulatory oversight, better security, and easier integration with local banking systems, while also keeping transaction fees and profits within the country.
However, there are still difficulties. At first, local exchanges could have trouble with liquidity and lack some of the sophisticated features provided by global platforms. Successful domestic exchanges might boost state revenue and foster the expansion of Vietnam’s digital economy, according to Phan Duc Trung, chairman of the Vietnam Blockchain and Digital Assets Association. Additionally, he issued a warning that the legal system is still lacking, especially in areas like risk management, taxation, and oversight.
Vietnam’s cryptocurrency market is expected to keep expanding, and future developments will likely be greatly influenced by regulations. If clear policies are implemented, the country might become a regional leader in digital finance.
Crypto trading and lending firm BlockFills has filed for Chapter 11 bankruptcy protection in the United States following weeks of financial turmoil and a temporary halt on client withdrawals.
Reliz Ltd., the entity that operates BlockFills, submitted a voluntary petition to restructure under Chapter 11 of the U.S. Bankruptcy Code at the U.S. Bankruptcy Court for the District of Delaware on Sunday. Three related entities also filed alongside the company as part of the restructuring process.
According to court filings, the firm listed estimated assets between $50 million and $100 million. Its liabilities were significantly higher, ranging from $100 million to $500 million. The figures highlight the scale of the financial difficulties faced by the company.
In a statement released on Sunday, BlockFills said the restructuring process was the most responsible option after discussions with investors, clients and creditors.
The company said the Chapter 11 process would allow it to implement an orderly restructuring while maintaining transparency under court supervision. BlockFills added that the goal is to stabilise the business, pursue additional sources of liquidity and explore possible strategic transactions while prioritising client interests.
Liquidity pressures triggered the crisis
The bankruptcy filing comes after weeks of mounting challenges for the Chicago based firm. In February, BlockFills suspended client deposits and withdrawals as it attempted to address liquidity shortages and ongoing negotiations with stakeholders.
The company said at the time that the move was necessary due to recent market and financial conditions affecting its operations. The suspension raised concerns among clients and investors about the firm’s financial position.
BlockFills provides a range of services to institutional clients including liquidity provision, trade execution and crypto lending. The company operates in more than 95 countries and serves over 2,000 institutional clients globally.
Despite the recent crisis, the firm had reported strong activity in the previous year. According to its 2025 review, BlockFills processed more than $61 billion in transaction volume during the year. This represented a 28 percent increase compared with the previous year.
Legal dispute adds further pressure
Legal challenges also intensified the company’s difficulties. Earlier this month, a US federal judge issued a temporary restraining order against BlockFills in a lawsuit filed by Dominion Capital.
The order temporarily froze certain assets connected to the dispute. Dominion Capital accused BlockFills of misappropriating customer funds and refusing to return millions of dollars worth of crypto assets that had been stored on the BlockFills platform.
According to a court filing dated 27 February, Dominion claimed the assets were held on the platform for custody and trading purposes but were not returned when requested.
The legal action added to the pressure on the firm as it attempted to address liquidity issues and negotiate with stakeholders.
Investors and next steps
BlockFills has received backing from several well known financial investors. These include Susquehanna Private Equity Investments and the venture arm of CME Group.
The company said the Chapter 11 process will allow it to evaluate strategic options while maintaining operations under court supervision. Such processes are commonly used by US companies seeking to restructure debts and continue operating while negotiating with creditors.
The filing marks a significant development for the firm, which built a presence in the institutional crypto trading market over recent years. The outcome of the restructuring will determine whether BlockFills can stabilise its operations and recover from the liquidity crisis that forced it into bankruptcy protection.
South Korea is facing a digital asset custody crisis after several incidents revealed weaknesses in how public institutions handle cryptocurrency. Concerns around security and oversight were raised in early 2026 by issues ranging from police losing access to substantial quantities of Bitcoin to tax officials releasing wallet data. These mistakes have undermined public trust and brought attention to the difficulties governments encounter in handling the technological requirements of digital assets.
Deputy Prime Minister and Finance Minister Koo Yun-cheol has acknowledged the shortcomings and promised reforms to improve how agencies secure, audit, and manage digital holdings. The situation reflects broader questions about how governments worldwide will adapt to the complexities of crypto oversight.
What triggered reform push
Koo Yun-cheol has become a central figure in the country’s response to its digital asset custody problems. On 1 March, he announced plans for urgent reviews and reforms across public institutions that hold or manage cryptocurrency seized through enforcement actions.
One of the key triggers for South Korea’s push to reform digital asset management was a serious mistake by the National Tax Service. In a press release highlighting the seizure of delinquent taxpayer assets, officials accidentally published wallet recovery details, including a seed phrase tied to a seized crypto wallet.
최근 국세청의 디지털자산 정보 유출 사건과 관련하여, 정부는 금융위•금감원 등 관계기관과 함께 체납자로부터 압류 등으로 보유•관리하고 있는 정부•공공기관의 디지털자산 현황 및 관리 실태를 점검하고, 디지털자산 보안 관리강화 등 재발 방지 방안을 조속히 마련•시행하겠습니다.
The mistake happened when pictures of seized goods were circulated, and one picture showed the handwritten seed phrase and a hardware wallet. The vulnerability instantly jeopardised the contents of a wallet because seed words grant complete access to it. Blockchain data revealed that about 4 million Pre-Retogeum (PRTG) tokens had been removed from the wallet in a matter of hours. The incident demonstrated how vulnerable public organisations might be when managing cryptocurrencies without stringent controls, even though the tokens had low liquidity.
Details of Gangnam case
Another major incident involved 22 Bitcoins, valued at about $1.4 million, disappearing from police custody. Although they were unable to hold the private keys, detectives in the Gangnam case kept the confiscated Bitcoin in a cold wallet. The police never had the seed phrase since the wallet was linked to third-party possession. An outsider was able to access and move the Bitcoin to a different address because of this error.
Suspects linked to the crime were later detained by the authorities, but the incident brought to light a crucial flaw: keeping a hardware wallet is useless if the keys are not secured. The case raised more general questions about internal procedures and the government’s capacity to properly handle digital assets.
Broader crypto sector failures
Other shortcomings in South Korea’s cryptocurrency industry, in addition to the improper management of confiscated funds, increased calls for reform. Regulators were criticised earlier in 2026 for failing to notice a significant internal problem at Bithumb, one of the biggest exchanges in the nation, even after the Financial Supervisory Service and the Financial Services Commission conducted many reviews. The event raised worries about oversight gaps throughout the system by implying that institutions and regulators lacked the technical know-how required to supervise vital crypto infrastructure.
Joint review with FSS and FSC
The Financial Supervisory Service (FSS) and the Financial Services Commission (FSC) have joined forces with the South Korean government to conduct a joint evaluation of public institutions’ digital asset management practices. The evaluation will examine agency-wide storage, monitoring, and security policies, paying particular attention to any gaps in staff training, technology, procedures, and risk management.
Weaknesses including the use of third-party custodians without stringent access controls, the reliance on single-party seed storage rather than multi-signature wallets, and the lack of hardware security modules or transparent governance structures have previously been identified by experts. These flaws have resulted in actual monetary losses and sparked questions about the state’s capacity to adequately protect digital assets.
Future of digital asset oversight
In response to recent custody breaches, South Korea is drafting legislation to improve monitoring of digital assets. Although specifics are still being worked out, experts anticipate that improvements will include frequent audits with staff training, required use of multi-signature wallets and secure hardware, and uniform custodial procedures across public institutions.
In addition to technical solutions, the government is considering changing the regulatory structure to include more precise roles and harsher sanctions for mismanaging state-owned cryptocurrency. These actions are intended to close loopholes that have already resulted in monetary losses and reputational harm while also bringing oversight closer to international standards.
Global cryptocurrency adoption reached a major milestone in 2025, with the number of digital asset holders rising to 741 million, according to Crypto.com’s latest Crypto Market Sizing Report. The 12.4 percent increase from the previous year signals crypto’s transition from a niche technology to a firmly established part of mainstream finance, driven by clearer US regulations and growing institutional interest.
A new milestone for global adoption
Global crypto adoption reached a new peak in 2025, with 741 million people worldwide owning digital assets, up from 659 million the year before, a 12.4 percent increase. Numerous factors contributed to the surge, including political developments such as US President Donald Trump‘s executive order in March 2025 establishing a Strategic Bitcoin Reserve, which provided digital assets with a more formal policy framework. Later, states such as Texas, Arizona, and New Hampshire revealed their own plans for digital reserves, indicating that the government was paying closer attention.
Throughout 2025, there were noticeable fluctuations in the use of cryptocurrencies, influenced by corporate and political events. Owing to expectations of a pro-crypto US government, January saw a 3.4 percent increase, with Ethereum recording an 8.9 percent gain.
Adoption increased once again in March as a result of the Strategic Bitcoin Reserve’s announcement, which brought digital assets back into the spotlight. A further rise of 1.9 percent in September was attributed to businesses integrating digital assets into their treasury plans, reflecting an increase in institutional engagement.
Bitcoin’s path to a strategic national asset
With a global ownership increase of 8.3 percent to 365 million units, or almost half of all cryptocurrency users, Bitcoin maintained its dominant position in 2025. The United States’ announcement of plans for a Strategic Bitcoin Reserve, which would have integrated the asset into a broader national strategy rather than viewing it as merely a speculative investment, marked a significant policy move for the year. The action suggested greater government participation in the industry, as did growing state-level discussions about creating digital reserves.
With a 22.6 percent increase in global ownership to 175 million users, or about a quarter of all cryptocurrency holders, Ethereum experienced significant growth in 2025. The fact that Ethereum remains a key platform for decentralised finance, smart contracts, NFTs, and other tokenisation initiatives helped to drive this increase. Furthermore, a number of businesses integrated Ethereum into their Digital Asset Treasury plans; in September 2025, there was a noticeable rise in these corporate allocations.
In 2025, Ethereum introduced two major network upgrades that contributed to its continued development. The Pectra upgrade, released in May 2025, enhanced validator performance and made the network more efficient for users. Later in the year, the Fusaka upgrade focused on expanding scalability to support growing demand from tokenisation and other applications. These technical improvements helped strengthen confidence among developers and institutions, leading to increased activity and investment across the Ethereum ecosystem.
Spot ETFs open floodgates
Both institutional and individual investors can now acquire digital assets through standard brokerage accounts without the need for wallets or private keys thanks to the US government’s approval of spot crypto ETFs. According to estimates, between 300,000 and 1.3 million new investors entered the market by July 2025, with Bitcoin ETFs holding approximately $11.8 billion and Ethereum ETFs holding approximately $42.3 million.
Approximately $4.5 billion was managed by banks, advisers, and brokerage firms in these products, indicating a shift away from treating cryptocurrency as a purely speculative asset and towards incorporating it into broader portfolio strategies.
Portfolio diversification trends
More crypto users today are spreading their investments across different assets, with over 43 percent of Bitcoin holders also owning Ethereum. Many investors also rely on several platforms—an average of 3.36 exchanges—to balance risk and reduce costs. At the same time, around 42 percent of users choose neither Bitcoin nor Ethereum, instead exploring a variety of alternative digital assets built for specific use cases. These trends show a maturing market where diversification and broader participation have become the norm.
Cryptocurrency is also becoming more integrated into everyday financial life. Digital assets now appear in political discussions, financial planning, and corporate strategy, while digital wallets are becoming more common alongside traditional bank accounts. The industry is continuing to evolve from a specialised alternative to a well-established component of the financial system as institutions become more involved, reflecting how the function and significance of digital assets are continually changing.
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Germany’s online entertainment market has grown sharply in recent years, driven by the convenience of streaming, gaming and other digital services. Many people have embraced platforms that are quick to access and easy to use. But for a long time, customers have also been wary of what can go wrong online, from fraud to privacy risks.
German regulators have moved to address that anxiety. Authorities and oversight bodies have made consumer protection a priority, tightening rules in areas such as content moderation, data privacy and financial safeguards. What stands out is how the system has tried to balance security with the speed users expect, and how widely businesses have adapted to the new requirements.
How Germany is regulating digital media
A recent German study suggested a broader problem behind the digital shift: distrust. Around half of those surveyed expressed dissatisfaction with major companies they deal with. The concern was not limited to online services, but it has shaped how regulators approach the digital market. For officials, figures like these have helped underline the need for tougher rules and clearer standards.
Germany’s digital regulations have not only influenced domestic platforms. They have also had an effect internationally, particularly in heavily regulated areas where trust is crucial. One example in the iGaming sector is Neobet, which has positioned itself as a platform that follows German standards on fraud prevention and verification while still managing to offer fast transactions.
The regulatory push is sometimes discussed in broad terms, but the details matter. A number of specific laws and requirements are designed to help businesses keep services convenient while making them safer for users. Below are some of the measures that have shaped how digital media is regulated in Germany.
Content moderation reduces harm
Germany’s content moderation rules, especially those aimed at hate speech, have attracted criticism. Even so, supporters say they have helped maintain an online environment that places more emphasis on tolerance and safety, particularly in spaces tied to entertainment communities.
A central part of this approach is the Network Enforcement Act, known as NetzDG. It requires platforms to remove unlawful content within a tight timeframe once it has been reported. In cases where content is clearly illegal, removal is expected within 24 hours of a complaint. For other illegal material, platforms are expected to act within a week.
NetzDG was designed with large platforms in mind, applying to services with more than two million users in Germany. While smaller sites fall outside its scope, the law has become one of the best-known examples of Germany’s attempt to push faster enforcement online.
Informed user consent is important in Germany
Germany has also strengthened its rules around privacy and user consent. The Telecommunications Digital Services Data Protection Act (TDDDG), passed four years ago, is intended to give users clearer protections around data storage and tracking. Its core requirement is straightforward: businesses must inform users about the data they store and the access they want to have, so people know what they are agreeing to.
The law was introduced as part of an effort to align German rules with the European Union’s ePrivacy framework. Over the past decade, concerns about tracking and the erosion of anonymity online have become more prominent, particularly as targeted advertising and data collection have expanded.
That debate helps explain why some users have turned to alternatives that promise greater privacy, including cryptocurrency. The appeal has persisted even as the market has faced turmoil, including periods when falling Bitcoin prices led some crypto liquidity providers to pause deposits and withdrawals.
It would be unrealistic to expect tracking and data storage to disappear altogether. But the German approach is often presented as a practical step: ensuring that users are at least aware of what they are consenting to before they click through privacy notices.
Crypto and other digital assets in Germany
Cryptocurrency has become a regular feature of discussions about online entertainment and digital payments. Bitcoin and its offshoots are no longer limited to private trading communities. In Germany, banks and some government-owned companies have begun exploring crypto-related services in response to rising interest.
Here too, regulators have focused on safety. Germany’s financial watchdog has built a framework intended to make cooperation between traditional banks and crypto providers more secure, with licensing and compliance requirements designed to reduce fraud and protect consumers.
For online entertainment platforms, the relevance is partly practical. Many services have offered crypto deposits and withdrawals for years, even as users are warned about the volatility of assets such as Bitcoin and Ethereum. The draw for customers is often speed: transactions can be quicker than some conventional methods. In that sense, crypto is sometimes presented as one way platforms try to meet demand for rapid payments while operating within a stricter security environment.
German digital entertainment is at an all-time high. People across the country are more willing than ever to embrace streaming and online gaming. A swift regulatory response to this surge in interest has helped Germany build an industry that is both safe and strong. And, if current trends continue, the next chapter of the country’s digital sector looks set to be even more interesting.
Standard Chartered has reduced its end of year price target for XRP by 65 percent following February’s sharp crypto market selloff. The British investment bank now expects XRP to reach $2.80 by the end of 2026, down from its earlier forecast of $8, according to DL News.
Geoffrey Kendrick, the bank’s global head of digital assets research, said recent price action across digital assets has been challenging. He added that the bank expects further near term declines and has lowered forecasts across the asset class.
Crypto market faces sharpcorrection
The revision comes amid one of the worst crypto market downturns in almost four years. Bitcoin fell 28 percent over the past month, dropping to a low of $60,000 before staging a partial rebound. Other major tokens recorded similar losses during the same period.
XRP briefly fell to $1.16, its lowest level in 15 months. Although the token has since recovered from that low, it remains around 28 percent down over the past month.
The correction has also affected investor flows. Data from crypto analytics platform SoSoValue shows that assets under management in XRP exchange traded funds peaked at $1.6 billion on 5 January. As of 13 February, that figure had declined to just over $1 billion, marking a drop of about 40 percent.
Forecasts lowered across major tokens
Standard Chartered did not limit its revisions to XRP. The bank cut its end of year target for Bitcoin from $150,000 to $100,000. It also reduced its forecast for Ethereum from $7,000 to $4,000 and for Solana from $250 to $135.
Kendrick said the bank expects XRP to keep pace with Ethereum over the medium term. He noted that both assets could benefit from continued growth in stablecoins and tokenised real world assets.
Earlier this year, XRP had shown strong momentum. The token rose 25 percent in the first week of 2026, supported by ETF inflows and regulatory developments. However, the broader market downturn reversed much of those gains.
Clarity Act seen as potential catalyst
Market participants are closely watching developments in the United States, where lawmakers are considering the Clarity Act, a wide ranging crypto market structure bill currently moving through the Senate.
US Treasury Secretary Scott Bessent said on Thursday that the passage of the Clarity Act would support recovery in the crypto market. The bill aims to provide clearer regulatory rules for digital assets and market participants.
Last month, Katherine Dowling, president of Bitcoin Standard Treasury Company, told that XRP stands to gain significantly if the legislation passes. She said clearer rules could improve institutional participation and investor confidence, according to DL News.
Progress on the bill slowed after banking leaders and crypto executives disagreed on certain provisions. However, discussions appear to have resumed.
On 10 February, Stuart Alderoty, chief legal officer at Ripple, said he held a productive session at the White House and called for swift action on crypto legislation. He stated that bipartisan support remains for sensible crypto market structure rules and urged lawmakers to move forward while momentum remains.
For now, Standard Chartered’s revised outlook reflects caution across digital assets. The bank expects near term volatility to continue as investors assess macroeconomic conditions, regulatory developments and capital flows within the crypto market.
Thailand is advancing plans to integrate cryptocurrencies into its regulated derivatives market, marking a significant step in the country’s broader digital asset strategy.
The Securities and Exchange Commission (SEC) of Thailand recently announced it will expand the range of permissible underlying assets under its derivatives framework to include digital assets and carbon credits. The move follows Cabinet approval of proposals aimed at aligning Thailand’s derivatives market with international standards, while maintaining strong supervision, risk management and investor protection.
Crypto recognised as eligible underlying asset
Under the proposed changes, digital assets, including cryptocurrencies, will be formally recognised as legitimate investment asset classes capable of underpinning regulated derivatives products.
The reform could pave the way for futures, options and other structured contracts linked to assets such as bitcoin, potentially traded on platforms including the Thailand Futures Exchange (TFEX).
“The expansion of permissible goods and variables under the Derivatives Act aims to support new forms of goods and variables,” said SEC Secretary-General Pornanong Budsaratragoon. “This development will help promote more inclusive market growth, facilitate diversification and more effective risk management, and expand investment opportunities for a broader range of investors.”
The inclusion of carbon credits alongside digital assets reflects Thailand’s broader push towards sustainable finance and emerging asset classes.
Regulatory framework and next steps
The SEC confirmed it will begin drafting supporting regulations, including amendments to derivatives business licences. These amendments would allow licensed digital asset operators to offer contracts referencing cryptocurrencies and other digital assets.
In parallel, the regulator will review licensing and supervisory frameworks governing derivatives exchanges and clearing houses to ensure they can accommodate crypto as a new class of underlying products.
The SEC also said it will work closely with TFEX to finalise contract specifications for digital asset-linked products, ensuring they are structured to support effective risk management and real-world market participation.
Part of broader digital economy ambitions
The integration of crypto into Thailand’s derivatives market forms part of the country’s wider ambition to position itself as a regional hub for the digital economy.
Earlier this year, the SEC outlined plans to introduce comprehensive regulations covering digital asset-related products and activities, including crypto exchange-traded funds (ETFs).
Crypto payments for tourists
Last year, Thailand launched TouristDigiPay in August to help the country’s tourism sector, which faced headwinds due to a sharp decline in Chinese visitors and a sluggish global recovery in travel. TouristDigiPay enables foreign tourists to convert cryptocurrency into Thai Baht for local spending. The initiative aimed to revitalise tourism through alternative payment options.
Thailand took a cautious approach to cryptocurrency-based travel payments. The Bank of Thailand regulates e-money providers, the Securities and Exchange Commission (SEC) oversees bitcoin exchanges, and the Anti-Money Laundering Office (AMLO) will ensure that AML regulations are followed. Authorities are overseeing the TouristDigiPay programme’s deployment and managing any potential risks.
