Cryptocurrencies

UK sets course for comprehensive crypto regulation

The UK government has announced plans to bring cryptoassets firmly within the regulatory perimeter, aiming to support innovation while strengthening consumer protection and attracting long-term investment into the sector.

From 2027, cryptoasset firms will be regulated by the Financial Conduct Authority under rules similar to those governing traditional financial products, such as stocks and shares. The move is intended to provide legal clarity and increase confidence among consumers and businesses.

Ministers say that proportionate regulation will support innovation, ensure competitive markets, and strengthen the UK’s position as a global hub for digital assets. Enhanced oversight will boost transparency, aid sanctions enforcement, and help detect and tackle illicit activity.

The initiative forms part of a broader strategy to shape global crypto standards, including ongoing cooperation with the United States through the Transatlantic Taskforce, as the UK seeks to secure its role in the future of digital finance.

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Russia rejects crypto as money but expands legal recognition

Russian lawmakers have reiterated that cryptocurrencies will not be recognised as money, maintaining a strict ban on their use for domestic payments while allowing limited application as investment assets.

Anatoly Aksakov, head of the State Duma Committee on the Financial Market, emphasised that all payments within Russia must be conducted in rubles, echoing the central bank’s long-standing stance against the use of cryptocurrencies in internal settlements.

At the same time, legislative proposals point to a more nuanced legal approach. A bill submitted by United Russia lawmaker Igor Antropenko seeks to recognise cryptocurrencies as marital property, classifying digital assets acquired during marriage as jointly owned in divorce proceedings.

The proposal reflects the growing adoption of cryptocurrency in Russia, where digital assets are increasingly used for investment and savings. It also aligns family law with broader regulatory shifts that permit the use of crypto in foreign trade under an experimental framework.

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YouTube offers creators payments in PayPal stablecoin

YouTube has introduced a new payment option for US-based creators, allowing them to receive earnings in PayPal’s stablecoin, PYUSD. The move adds another major tech company experimenting with crypto-linked payments, while simplifying the process for content creators.

PayPal manages the conversion and custody of the stablecoin, meaning YouTube does not directly handle any crypto. The feature uses YouTube’s existing payout system and follows PayPal’s broader PYUSD rollout earlier this year.

Stablecoins have gained attention among tech firms following the signing of the GENIUS Act in July 2025, which provides a federal framework for these assets. Stripe and Google are exploring stablecoins for faster settlements, reflecting rising interest in regulated digital payments.

PYUSD, which reached a market capitalisation of nearly $4 billion, is already integrated into several PayPal products, including Venmo and merchant tools. For now, the payout option is limited to US creators, with no timeline announced for expansion to other regions.

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Swiss city deepens crypto adoption as 350 businesses now accept Bitcoin

The Swiss city of Lugano has advanced one of Europe’s most ambitious crypto-adoption programmes, with more than 350 shops and restaurants now accepting Bitcoin for everyday purchases, alongside municipal services such as pre-school childcare.

The city has distributed crypto-payment terminals free to local merchants, part of its Plan B initiative, launched in partnership with Tether to position Lugano as a European bitcoin hub.

Merchants cite lower transaction fees compared to credit cards, though adoption remains limited in practice. City officials and advocates envision a future ‘circular economy,’ where residents earn and spend bitcoin locally.

Early real-world tests suggest residents can conduct most daily purchases in Bitcoin, though gaps remain in public transport, fuel and utilities.

Lugano’s strategy comes as other national or city-level cryptocurrency initiatives have struggled. El Salvador’s experiment with making Bitcoin legal tender has seen minimal uptake, while cities such as Ljubljana and Zurich have been more successful in encouraging crypto-friendly ecosystems.

Analysts and academics warn that Lugano faces significant risks, including bitcoin’s volatility, reputational exposure linked to illicit use, and vulnerabilities tied to custodial digital wallets.

Switzerland’s deposit-guarantee protections do not extend to crypto assets, which raises concerns about consumer protection. The mayor, however, dismisses fears of criminal finance, arguing that cash remains far more attractive for illicit transactions.

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Norges Bank says digital krone not required for now

Norway’s central bank has concluded that a central bank digital currency is not needed for now, ending several years of research and reaffirming that the country’s existing payment system remains secure, efficient, and widely used.

Norges Bank stated that it found no current requirement for a digital krone to maintain confidence in payments. Cash usage in Norway is among the lowest globally, but authorities argue the present system continues to serve consumers, merchants, and banks effectively.

The decision is not final. Governor Ida Wolden Bache said the assessment reflects timing rather than a rejection of CBDCs, noting the bank could introduce one if conditions change or if new risks emerge in the domestic payments landscape.

Norges Bank continues to examine both retail and wholesale models under the broader EU AI Act framework for digital resilience. It also sees potential in tokenisation, which could deliver efficiency gains and lower settlement risk even if a full CBDC is not introduced.

Experiments with tokenised platforms will continue in collaboration with industry partners. At the same time, the bank prepares a new report for early next year and monitors international work on shared digital currency infrastructure, including a possible digital €.

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SwissBorg unveils Mastercard-powered crypto card

SwissBorg has formed a strategic partnership with Mastercard to launch the SwissBorg Card, a crypto debit card designed to facilitate everyday digital-asset spending.

Users can spend crypto at over 150 million Mastercard locations worldwide, making digital assets more practical for everyday use.

The card provides real-time crypto-to-fiat conversion via SwissBorg’s Meta-Exchange, which finds the best rates across centralised and decentralised platforms. Users can select a primary asset with backups, and transactions are settled in local currencies such as CHF, GBP, or EUR.

The programme introduces a cashback system that returns up to 90% of exchange-related fees in BORG, with rewards increasing as users progress through SwissBorg’s loyalty ranks. Additional benefits include boosted yields, airdrops, and priority access to selected investment opportunities.

The SwissBorg app lets users manage cards, reorder assets, freeze or block cards, and track conversions. The virtual version will launch in Q1 2026 across 30 countries, with physical cards and expanded features planned for subsequent releases.

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Argentina weighs letting banks offer crypto services

Argentina may soon shift its digital-asset policy as the central bank considers rules allowing banks to offer crypto trading and custody services. The proposal marks a move towards integrating a market that has largely operated through exchanges and fintech platforms.

Industry sources say approval could arrive by April 2026 if the process stays on schedule.

Crypto usage in Argentina remains far above regional averages, driven by years of inflation and strict currency controls. Many households use digital assets as a store of value, and regulated banks could provide clearer safeguards and easier access for everyday users.

Regulators are still debating sensitive issues such as custody requirements, capital treatment and which tokens banks would be permitted to handle.

The conversation continues in the shadow of the Libra meme-coin scandal, which left thousands of Argentines with steep losses and highlighted the risks of politically amplified speculation.

Regulators are weighing custody, capital, and token rules while aiming to formalise the market without boosting volatility.

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ASEAN weighs efficiency against sovereignty as e-CNY spreads

The digital yuan’s planned 2025 expansion marks a shift in Asia’s financial plumbing, linking new regional payment channels to settle transactions faster than legacy systems and reduce reliance on the US dollar.

Usage data points to broader ambitions. Renminbi settlements in cross-border trade are rising, signalling that e-CNY has moved beyond domestic trials and is now a tool for currency internationalisation.

Beijing’s strategy becomes clearer in Southeast Asia, where the system promises efficiency while embedding influence. Deeper integration could narrow ASEAN monetary policy options and increase dependence on infrastructure controlled by China.

Responses across the region are uneven. Some states pursue national digital currencies or alternative payment projects, while others engage selectively, reflecting diverging priorities around efficiency, sovereignty and innovation.

Analysts warn that, without coordination, widespread e-CNY adoption could create a structural reliance. ASEAN faces a choice between fragmented pragmatism and collective action to shape its digital financial future.

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Polish parliament upholds presidential veto on crypto bill

Poland’s Sejm has upheld President Karol Nawrocki’s veto of the cryptoassets bill, blocking plans to place the digital asset market under the Financial Supervision Authority in line with EU MiCA rules. The attempt to override the veto failed to reach the required three-fifths majority.

Prime Minister Donald Tusk condemned the decision, warning that gaps in regulation leave parts of the cryptocurrency sector exposed to influence from Russian and Belarusian actors, organised crime groups and foreign intelligence networks.

He argued that the bill would have strengthened national security by giving authorities better tools to oversee risky segments of the market.

The president’s advisers defended the veto as protection against excessive, unclear regulation and accused the government of framing the vote as a false choice involving criminal groups.

President Nawrocki later disputed the government’s claims of foreign intelligence threats, saying no such warnings were raised during earlier consultations.

Tusk vowed to submit the bill again, insisting that swift regulation is essential to safeguard Poland’s financial system. He stated that further delays pose unnecessary risks and urged the opposition and the president to reconsider their stance.

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UK government confirms crypto as protected personal property

A significant shift in property law has occurred in the United Kingdom, as digital assets are gaining formal recognition as personal property.

The Property Digital Assets Act has received Royal Assent, giving owners of cryptocurrency and non-fungible tokens clearer legal rights and stronger protection. Greater certainty over ownership aims to reduce disputes and strengthen trust in the sector.

The government aims to boost the country’s position as a global centre for legal innovation, rather than merely reacting to technological change. The new framework reassures fintech companies that England, Wales and Northern Ireland can support modern commercial activity.

As part of a wider growth plan, the change is expected to stimulate further investment in a legal services industry worth more than £ 40 billion annually.

Traditional law recognised only tangible items and legal rights, yet digital assets required distinct treatment.

The Act creates a new category, allowing certain digital assets to be treated like other property, including being inherited or recovered during bankruptcy. With cryptocurrency fraud on the rise, owners now have a more straightforward path to remedy when digital assets are stolen.

Legal certainty also simplifies commercial activity for firms handling crypto transactions. The move aligns digital assets with established forms of property rather than leaving them in an undefined space, which encourages adoption and reduces the likelihood of costly disagreements.

The government expects the new clarity to attract more businesses to the UK and reinforce the country’s role in shaping future digital regulation.

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