E-commerce and trade

EU fines Google €890 million under Digital Markets Act

The European Commission has fined Alphabet’s Google €890 million for breaching the Digital Markets Act (DMA), marking one of the bloc’s most significant enforcement actions under its new competition framework for digital platforms.

The Commission imposed a €460 million fine after finding that Google favoured its own services in search results, including shopping, hotels, transport and sports, contrary to the Digital Markets Act (DMA) requirements for fair treatment of competing services.

A separate €430 million fine addressed restrictions within Google Play that prevented app developers from directing users to potentially cheaper offers available through alternative app stores or external websites.

Google has been given 60 days to comply with the European Commission’s decision by treating competing services more fairly and allowing developers greater freedom to direct users outside Google Play.

The company criticised the ruling and indicated it may challenge the decision before the EU courts, arguing that the required changes could reduce the usefulness of Search features and weaken security protections on Google Play.

The Commission nevertheless noted progress in Google’s broader DMA compliance efforts, including ongoing tests that modify how its shopping, hotel and flight services appear in search results, alongside changes affecting advertising, sports and other content.

The Commission also indicated that the principles established by the decision could extend to Google’s AI-powered services, including AI Overviews and AI Mode, signalling that DMA obligations will apply not only to traditional search results but also to emerging generative AI interfaces.

Why does it matter?

The decision represents one of the clearest demonstrations yet of how the Digital Markets Act is being enforced in practice. Rather than focusing solely on financial penalties, the Commission is requiring structural changes to how large digital platforms present services, interact with business users and compete with rivals.

The reference to AI Overviews and AI Mode also suggests that the DMA will increasingly shape the design of AI-powered search services. As generative AI becomes more deeply integrated into online platforms, regulators appear determined to ensure that new interfaces remain subject to the same competition principles as traditional digital services.

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Vietnam sets penalties under new crypto market rules

Vietnam has introduced a new enforcement framework for cryptocurrency markets, establishing penalties for investors, service providers and token issuers as the country prepares to launch a regulated digital asset market through a pilot programme.

Under Decree No. 284/2026/NĐ-CP, which takes effect on 1 September, investors using unapproved crypto platforms could face fines, while companies offering unauthorised digital asset services may be subject to larger penalties. The framework also introduces sanctions for breaches involving customer verification, reporting obligations, token issuance and the handling of crypto account data.

The measures support Vietnam’s strategy of shifting crypto activity from offshore platforms to licensed domestic exchanges. Authorities are developing a limited number of approved trading platforms through a pilot programme intended to strengthen regulatory oversight, improve compliance and enhance investor protection in one of the world’s most active cryptocurrency markets.

Why does it matter?

Vietnam’s new enforcement framework illustrates how governments are increasingly moving beyond debating whether to regulate cryptocurrencies towards determining how they should be supervised. Licensing regimes, compliance obligations and enforcement mechanisms are becoming central elements of national digital asset policies as authorities seek to balance innovation with financial stability and consumer protection.

The pilot programme could also provide a model for other emerging markets with high levels of crypto adoption. If successful, it may demonstrate how jurisdictions can encourage digital asset innovation while bringing trading activity under domestic regulatory oversight rather than relying on offshore platforms.

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Nigeria’s digital banking growth highlights fintech opportunities

Nigeria’s digital banking sector is continuing to expand, driven by rapid fintech growth, increasing smartphone adoption and wider agent banking networks that are helping extend financial services to more people across the country, according to Prof. Uche Uwaleke, President of the Capital Market Academics of Nigeria (CMAN).

Despite this progress, Uwaleke said unreliable infrastructure, cybersecurity risks, limited digital literacy and concerns over service reliability continue to hinder wider adoption. Network outages, electricity disruptions and delays in resolving transaction disputes remain important challenges affecting user confidence in digital financial services.

Looking ahead, Uwaleke said stronger collaboration between banks and fintech companies will be essential to sustain growth. He expects AI, open banking and digital lending to play a larger role, while emphasising that stronger regulation, improved cybersecurity and greater consumer awareness will be needed to support long-term development.

Why does it matter?

Nigeria’s experience reflects a broader trend across emerging economies, where digital banking and fintech are expanding access to financial services for individuals and small businesses that have traditionally been underserved by conventional banking. Mobile technologies and agent banking networks are increasingly becoming key drivers of financial inclusion.

At the same time, the sector’s long-term success will depend on more than technological innovation. Reliable digital infrastructure, effective cybersecurity, consumer protection and proportionate regulation will be critical to maintaining trust and ensuring that rapid fintech growth translates into sustainable and inclusive financial development.

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Report highlights crypto’s growing economic footprint in the US

A report commissioned by the National Cryptocurrency Association (NCA) estimates that the US cryptocurrency industry could support around 232,000 jobs and contribute more than US$55 billion to the economy in 2026, highlighting the sector’s growing efforts to demonstrate its broader economic impact.

According to the analysis, crypto companies directly employ around 34,000 full-time workers, with software, blockchain and data engineering accounting for the largest share of jobs, followed by compliance, finance, business operations and management.

The report estimates that the average annual wage across supported employment is about US$133,000, with California, New York and Texas hosting the largest concentrations of crypto-related jobs.

The report estimates that every direct crypto job supports around six additional roles across sectors such as cloud computing, legal services, insurance, housing, transport and hospitality. It argues that recent layoffs at individual crypto firms do not significantly alter the broader economic picture because the findings are based on economy-wide modelling rather than company headcounts.

Why does it matter?

The report reflects a broader effort by the cryptocurrency industry to demonstrate its economic significance as policymakers continue to debate regulation, taxation and investment frameworks. Estimates of employment and GDP contributions can strengthen the sector’s case for supportive policies, although such projections should be considered alongside their underlying assumptions and methodology.

The findings also illustrate how digital asset industries increasingly generate demand beyond blockchain companies themselves, supporting legal, financial, cloud computing and other professional services. As crypto markets mature, their economic footprint is becoming more relevant to wider discussions about digital innovation, employment and industrial policy.

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Cyprus leads euro area in digital card payments

Cyprus has recorded the highest share of card payments in the euro area, reflecting the country’s continued shift towards digital payments and the growing adoption of electronic payment technologies.

Cards accounted for the majority of non-cash transactions, driven by demand for faster and more convenient payment methods. By value, however, credit transfers remained the dominant payment instrument, underlining their continued importance for higher-value transactions, particularly in the business sector.

The CBC also reported rapid growth in instant payments following recent EU regulatory changes, with Cyprus exceeding the euro area average in adoption. While welcoming the expansion of digital payments, the central bank stressed the need to improve digital literacy, strengthen cybersecurity and ensure that vulnerable groups are not excluded from increasingly digital financial services.

Why does it matter?

Cyprus’s experience reflects a broader European shift towards faster, digital-first payment systems supported by regulatory initiatives such as the EU’s framework for instant payments. As electronic transactions become increasingly common, payment infrastructure is evolving alongside changing consumer expectations for speed, convenience and interoperability.

The findings also highlight that expanding digital payments requires more than technological adoption alone. Building trust through strong cybersecurity, improving digital skills and ensuring that vulnerable groups continue to access financial services will remain essential as Europe moves towards a more cashless economy.

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Russia advances regulated crypto market with new bill

Russia’s State Duma has approved legislation establishing a regulatory framework for digital asset markets moving the country closer to creating a licensed cryptocurrency ecosystem under the supervision of the Bank of Russia.

The bill would move cryptocurrency activity into regulated channels while maintaining restrictions on domestic crypto payments. Licensed financial institutions would be able to provide digital asset services, while Russian companies could use cryptocurrencies for certain cross-border trade transactions. Retail investors would face annual investment limits unless they qualify for higher access categories.

Major Russian banks and financial institutions have already begun preparing custody and trading services in anticipation of the new framework. If enacted, the rules are expected to take effect from September 2026, followed by a transition period allowing firms to obtain licences and adapt their operations.

The bill must still be approved by the Federation Council before being submitted to President Vladimir Putin for signature.

Why does it matter?

The legislation reflects a broader international trend towards bringing cryptocurrency markets under formal regulatory oversight. Rather than prohibiting digital assets outright, governments are increasingly introducing licensing regimes, prudential requirements and supervisory frameworks aimed at integrating crypto activities into the wider financial system.

Russia’s approach is also notable for distinguishing between domestic payments and cross-border transactions, illustrating how cryptocurrencies are increasingly being viewed as strategic financial infrastructure in international commerce. At the same time, the proposed framework raises wider questions about investor protection, financial stability and the interaction between digital asset regulation and international sanctions.

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Movement Labs files for Chapter 11 after MOVE token turmoil

MVMT Labs, the former developer of the Movement blockchain, has filed for Chapter 11 bankruptcy protection in the US Bankruptcy Court for the District of Delaware.

The company submitted a voluntary petition on 15 July under Subchapter V, a streamlined restructuring process available to qualifying small businesses.

Court records show that MVMT Labs reported less than $1 million in assets, between $1 million and $10 million in liabilities and between 200 and 999 creditors. Creditors have until 14 September to submit claims.

The filing follows prolonged controversy surrounding the launch of the MOVE token and a disputed market-making arrangement.

Binance said an authorised market maker sold approximately 66 million MOVE tokens shortly after the token was listed, with few corresponding buy orders. The exchange later removed the market maker and froze proceeds intended for user compensation.

Movement Labs and the Movement Network Foundation said they had not been aware of the market maker’s conduct and opened an investigation into the arrangement.

Coinbase subsequently suspended MOVE trading after concluding that the asset no longer met its listing standards.

The bankruptcy applies to MVMT Labs rather than Move Industries, which took over development and operations of the Movement ecosystem in late 2025 and says the network continues to operate.

The case remains open, with MVMT Labs seeking to restructure under court supervision.

Why does it matter?

The filing shows how controversial token distribution and market-making arrangements can create prolonged governance, reputational and financial risks for blockchain companies. It also highlights the distinction between a decentralised network and the corporate entities involved in developing it, as the bankruptcy concerns MVMT Labs while another company continues operating the Movement ecosystem.

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Visa explores hybrid future for AI-driven payments

Visa has outlined a future in which traditional card networks and stablecoins play complementary roles in AI-driven commerce. A joint report by Visa and blockchain analytics firm Artemis examines how AI agents are beginning to make payments, drawing on live on-chain data and emerging payment protocols.

The report divides agentic commerce into two broad categories.

In macro-commerce, AI agents act on behalf of people in transactions such as travel bookings, subscriptions or other consumer purchases. Visa says those payments resemble ordinary e-commerce and remain well-suited to card networks.

In micro-commerce, software systems make small and frequent payments to other software systems, often for API access or computing resources.

The report argues that these transactions are often too small for traditional card fees, while newer blockchain rails can support settlement costs of fractions of a cent.

Visa says stablecoins are unlikely to replace cards. Instead, it expects both systems to be used across different parts of the same agentic commerce workflow.

The report also highlights legal and trust challenges.

Existing rules on liability, disputes and payment authorisation were designed for human-controlled transactions, not AI agents that may act on delegated authority and process large numbers of transactions independently.

Visa says payment providers will need infrastructure that combines card-based trust and authorisation with machine-native settlement as agentic commerce develops.

Why does it matter?

Agentic payments could change online commerce by letting AI agents buy services, data, compute and products without constant human approval. Visa’s report suggests that existing card networks may remain useful for larger consumer-facing purchases, while stablecoins and blockchain settlement could support very small, automated machine-to-machine payments. The shift raises unresolved questions over liability, fraud, dispute resolution and consumer protection when autonomous agents act on delegated authority.

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Japan recognises crypto as financial products

Japan has passed amendments that move cryptoasset regulation closer to traditional financial-market oversight.

The changes shift core cryptoasset rules from the Payment Services Act to the Financial Instruments and Exchange Act, treating cryptoassets more like investment products than payment instruments.

The reforms create a clearer legal category for cryptoassets under financial-market rules while introducing stronger investor protection and market-integrity requirements.

They include insider-trading rules for crypto transactions, disclosure obligations for certain cryptoasset issuers and tougher penalties for unregistered businesses.

The legislation also lays the groundwork for separate tax treatment of crypto gains, with a future tax regime expected to reduce the rate to around 20% and allow investors to carry losses forward for three years.

Those tax changes are expected to apply from 2028, depending on implementation rules.

The amendments also create a legal basis for domestic spot cryptocurrency exchange-traded funds, although final approval of specific products has not yet been confirmed.

Implementation will depend on future cabinet ordinances, regulatory guidelines and supervisory practice.

The reforms form part of Japan’s wider effort to align digital assets more closely with financial-market regulation while supporting Web3, investment and digital-asset innovation.

Why does it matter?

Japan’s reforms are significant because they move crypto further into the mainstream financial regulatory framework rather than treating it mainly as a payment-related activity. Insider-trading rules, issuer disclosures and stronger supervision could improve investor protection and market integrity. At the same time, tax and ETF changes may make the market more attractive to institutional and retail investors. The approach also reflects a wider global shift: major economies are increasingly trying to integrate digital assets into regulated financial markets rather than leaving them in a separate or lightly supervised category. Japan’s implementation will be watched closely because it combines stricter oversight with measures that could support market growth.

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