E-commerce and trade

Ghana sets framework for safe cryptocurrency trading and Bitcoin adoption

Ghana has formally legalised Bitcoin and cryptocurrency trading after parliament approved the Virtual Asset Service Providers Bill, 2025, closing a long-standing regulatory gap in the country’s digital asset market.

The legislation establishes a licensing and supervisory regime for crypto businesses under the Bank of Ghana. The central bank will oversee the sector, prioritising consumer protection and financial stability, while unlicensed operators may face sanctions or closure.

Under the new framework, individuals can trade crypto legally, while companies must meet reporting and compliance requirements. Officials say the law responds to fraud and money laundering risks while acknowledging the scale of crypto adoption nationwide.

Around 3 million Ghanaians have used cryptocurrency, with transactions totalling roughly $3 billion by June 2024. Licensing rules will be introduced gradually in 2026, as Ghana aligns with a broader African shift toward formal crypto regulation.

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xAI could reach AGI by 2026 as the AI race intensifies

Elon Musk has told xAI employees that the next two to three years will determine whether the company survives and emerges as a leading force in artificial general intelligence.

Speaking during a company-wide meeting, Musk argued that endurance during such a period could position xAI at the forefront of the AGI race.

Musk suggested that AGI could be achieved by xAI as early as 2026, pointing to rapid advances in the Grok model family. He has previously offered shifting timelines for AGI development, underscoring both technological momentum and persistent uncertainty surrounding the field.

The remarks come as competition across the AI sector intensifies, with OpenAI accelerating model releases and Google unveiling new iterations of its Gemini system. Against larger incumbents, xAI is positioning itself as a challenger focused on speed, scale and aggressive execution.

Central to that strategy is the Colossus project, which has already deployed around 200,000 GPUs and plans to expand to one million.

Musk also highlighted operational synergies with Tesla and SpaceX, while floating longer-term concepts such as space-based data centres, reinforcing xAI’s ambition to differentiate through scale and unconventional infrastructure.

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Hedge funds and banks drive growth in crypto-ETF trading

The US crypto market saw a significant shift in 2024 as the Securities and Exchange Commission authorised the first crypto-asset-backed exchange-traded funds (ETFs).

Regulated ETFs allowed institutional investors, including hedge funds and banks, to invest in Bitcoin and Ether, with assets reaching USD 115 billion and USD 17 billion, respectively, by November 2025.

Nearly 2,000 institutional investors gained exposure to Bitcoin ETFs in 2024, accounting for approximately 30% of the market by year-end. Hedge funds and asset managers led investments, while major banks acted as market makers and asset managers, boosting crypto-ETF growth.

The SEC’s 2025 authorisation of direct crypto-asset exchanges between broker-dealers and ETF issuers also enhanced market efficiency. Institutions increasingly use futures contracts to leverage positions and arbitrage between spot ETFs and futures markets.

Hedge funds often hold short positions in futures to profit from price differences, while asset managers and pension funds maintain net long positions. ETFs provide greater liquidity and lower transaction costs compared with direct crypto holdings.

Systemic risk concerns grow as a few custodians, including Coinbase with 80% of crypto-assets, dominate the market. Volatility, liquidity gaps, and concentrated custody could transmit crypto shocks to the wider financial system, underscoring the need for regulatory oversight.

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Ripple transforms cross-border payments with XRP

Cross-border payments have long struggled with delays and high costs, but networks like SWIFT could be transformed by systems that leverage blockchain. Ripple, launched by Ripple Labs in 2012, enables faster, more transparent, and cost-effective international transfers.

RippleNet, the company’s unified payment network, connects multiple banks via the interledger standard, removing intermediaries and enabling near-instant settlement. XRP, Ripple’s digital token, acts as a bridge currency to provide liquidity, though transactions can occur without it.

XRP boasts low fees, high scalability, and settlement times of just a few seconds.

Since its creation, Ripple has evolved from individual protocols to the unified RippleNet platform, supported by the XRPL Foundation. Unlike Bitcoin, XRP is premined and relies on a select group of validators, offering a different governance model and centralisation approach.

The network also supports broader financial applications, including central bank digital currencies, DeFi, and NFTs.

Despite its potential, investing in Ripple carries risks typical of crypto assets, including volatility, lack of regulation, and complexity. Investors are advised to research thoroughly and limit high-risk exposure to ensure a diversified portfolio.

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EU sets course for digital euro adoption

The Council of the European Union has agreed on its negotiating position on legislation enabling a digital euro while reinforcing the legal status of euro cash.

An initiative that aims to strengthen the resilience of the EU payments system and support strategic autonomy by ensuring public money remains central in a rapidly digitising economy.

Under the proposal, the digital euro would complement cash, rather than replace it, offering a public payment option backed by the European Central Bank. It would function both online and offline, allow payments with a high degree of privacy, and operate in conjunction with private cards and applications.

Limits on holdings would apply to reduce risks to financial stability, with core services provided free to consumers.

The Council position also clarifies compensation rules for payment service providers and requires fair access to mobile device hardware and software. Interchange and merchant fees would be capped during a transitional period, with future pricing linked to actual operational costs.

At the same time, the Council has moved to strengthen the role of cash by safeguarding acceptance across the € area and guaranteeing access for citizens.

Member states would be required to monitor cash availability and prepare contingency measures for situations where electronic payments are disrupted.

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Dubai charities open doors to crypto donations

Dubai charities now accept donations in cryptocurrencies and virtual assets through a new service launched by the Islamic Affairs and Charitable Activities Department. The move signals a shift towards modernised fundraising channels across the emirate.

The service supports Dubai’s wider digital transformation strategy and aims to improve efficiency within the charitable donation ecosystem. Donors can now use globally recognised payment options, highlighting the rising use of virtual assets as valid financial tools.

Regulation remains central to the initiative, with IACAD introducing clear policies to protect donors, enhance transparency, and ensure compliance with approved standards. Introductory workshops have also been organised to guide charities through operational and procedural requirements.

Officials stressed that charities need preliminary authorisation to ensure donations are processed securely and in accordance with regulations. The initiative further reinforces Dubai’s ambition to lead in innovative and technology-driven humanitarian work.

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Japan’s mobile competition law forces Apple to adjust iOS app payments

Apple has announced changes to how iOS apps are distributed and monetised in Japan, bringing its platform into compliance with the country’s Mobile Software Competition Act. The updates introduce new options for alternative app marketplaces and payment methods for digital goods.

Under the revised framework, developers in Japan can distribute apps outside the App Store and offer alternative payment processing alongside the In-App Purchase. Apple said the changes aim to meet legal requirements while limiting new risks linked to fraud, malware, and data misuse.

Safeguards include app notarisation, authorisation rules for alternative marketplaces, and baseline security checks for all iOS apps. The measures are aimed at protecting users, including children, even as apps outside the App Store receive fewer protections.

Safeguards include app notarisation, authorisation rules for alternative marketplaces, and baseline security checks for all iOS apps. Apple said the measures aim to protect users, including children, even as apps outside the App Store receive fewer protections.

Additional controls are being rolled out with iOS 26.2, including browser and search engine choice screens, new default app settings, and expanded developer APIs. Apple said it will continue engaging with Japanese regulators as the new framework takes effect.

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PwC automates AI governance with Agent Mode

The global professional services network, PwC, has expanded its Model Edge platform with the launch of Agent Mode, an AI assistant designed to automate governance, compliance and documentation across enterprise AI model lifecycles.

The capability targets the growing administrative burden faced by organisations as AI model portfolios scale and regulatory expectations intensify.

Agent Mode allows users to describe governance tasks in natural language, instead of manually navigating workflows.

A system that executes actions directly within Model Edge, generates leadership-ready documentation and supports common document and reporting formats, significantly reducing routine compliance effort.

PwC estimates weekly time savings of between 20 and 50 percent for governance and model risk teams.

Behind the interface, a secure orchestration engine interprets user intent, verifies role based permissions and selects appropriate large language models based on task complexity. The design ensures governance guardrails remain intact while enabling faster and more consistent oversight.

PwC positions Agent Mode as a step towards fully automated, agent-driven AI governance, enabling organisations to focus expert attention on risk assessment and regulatory judgement instead of process management as enterprise AI adoption accelerates.

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Crypto theft soars in 2025 with fewer but bigger attacks

Cryptocurrency theft intensified in 2025, with total stolen funds exceeding $3.4 billion despite fewer large-scale incidents. Losses became increasingly concentrated, with a few major breaches driving most of the annual damage and widening the gap between typical hacks and extreme outliers.

North Korea remained the dominant threat actor, stealing at least $2.02 billion in digital assets during the year, a 51% increase compared with 2024.

Larger thefts were achieved through fewer operations, often relying on insider access, executive impersonation, and long-term infiltration of crypto firms rather than frequent attacks.

Laundering activity linked to North Korean actors followed a distinctive and disciplined pattern. Stolen funds moved in smaller tranches through Chinese-language laundering networks, bridges, and mixing services, usually following a structured 45-day cycle.

Individual wallet attacks surged, impacting tens of thousands of victims, while the total value stolen from personal wallets fell. Decentralised finance remained resilient, with hack losses low despite rising locked capital, indicating stronger security practices.

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US platforms signal political shift in DSA risk reports

Major online platforms have submitted their 2025 systemic risk assessments under the Digital Services Act as the European Commission moves towards issuing its first fine against a Very Large Online Platform.

The reports arrive amid mounting political friction between Brussels and Washington, placing platform compliance under heightened scrutiny on both regulatory and geopolitical fronts.

Several US-based companies adjusted how risks related to hate speech, misinformation and diversity are framed, reflecting political changes in the US while maintaining formal alignment with EU law.

Meta softened enforcement language, reclassified hate speech under broader categories and reduced visibility of civil rights structures, while continuing to emphasise freedom of expression as a guiding principle.

Google and YouTube similarly narrowed references to misinformation, replaced established terminology with less charged language and limited enforcement narratives to cases involving severe harm.

LinkedIn followed comparable patterns, removing references to earlier commitments on health misinformation, civic integrity and EU voluntary codes that have since been integrated into the DSA framework.

X largely retained its prior approach, although its report continues to reference cooperation with governments and civil society that contrasts with the platform’s public positioning.

TikTok diverged from other platforms by expanding disclosures on hate speech, election integrity and fact-checking, likely reflecting its vulnerability to regulatory action in both the EU and the US.

European regulators are expected to assess whether these shifts represent genuine risk mitigation or strategic alignment with US political priorities.

As systemic risk reports increasingly inform enforcement decisions, subtle changes in language, scope and emphasis may carry regulatory consequences well beyond their formal compliance function.

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