Nigeria is set to amend its digital asset regulations to introduce taxes on cryptocurrency transactions, a move the government believes could generate significant revenue. A bill currently before the National Assembly aims to provide a legal framework for taxing transactions on regulated exchanges, with expectations for its adoption this quarter.
The Nigerian Securities and Exchange Commission (SEC) is also working on expanding crypto licensing, allowing exchanges to be monitored for tax compliance. The SEC issued its first exchange licence in August 2024 and has since taken steps to regulate unlicensed platforms.
With Nigeria ranked second in global crypto adoption, many citizens have embraced cryptocurrencies, especially stablecoins like Tether and USD Coin, to protect their wealth against the country’s high inflation and depreciating currency. In the last year, Nigeria received $21.8 billion in stablecoin transactions, leading the Sub-Saharan region.
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Hong Kong has hinted at the growing acceptance of cryptocurrencies as proof of wealth for its New Capital Investment Entrant Scheme (New CIES). While cryptocurrencies are not listed as approved investment assets, a local accountant disclosed that bitcoin and ether were used successfully in two cases to demonstrate applicants’ wealth.
Authorities stated there were no specific restrictions on asset types for applications, leaving the door open for virtual assets.
The investment scheme, relaunched in March 2024, requires applicants to control assets worth at least HK$30 million (£3.9 million) and invest them in approved options to gain residency.
Competition with regional rivals like Singapore and Dubai has intensified Hong Kong’s efforts to attract capital. Analysts noted that the scheme excludes mainland Chinese applicants but revealed workarounds, such as securing permanent residency in third countries like Guinea-Bissau.
Data showed that nearly 80% of over 250 recent applicants were from Guinea-Bissau or Vanuatu, highlighting an emerging trend.
Cryptocurrency advocates praised Hong Kong’s openness, seeing it as a critical move in recognising digital assets on par with traditional ones. The development signals a potential shift in how virtual wealth is perceived globally and could boost Hong Kong’s appeal to investors.
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President of Argentina, Javier Milei, is facing impeachment calls from opposition lawmakers after promoting a little-known cryptocurrency that crashed shortly after his endorsement. Late on Friday, Milei posted on X recommending the crypto coin $LIBRA, causing its price to surge to nearly $5 before plummeting below $1 within hours.
Critics accused the president of irresponsibility, with some suggesting the incident could be a “rug pull” scam designed to manipulate investments.
Lawmaker Leandro Santoro, a member of the opposition coalition, called the incident an international embarrassment and announced plans to seek Milei’s impeachment.
Argentina’s fintech chamber acknowledged the possibility of fraudulent activity, adding to concerns about the president’s involvement. Local media reported that Milei’s post remained online for a few hours before being deleted.
After learning more, he removed the post to avoid further publicity. Despite his explanation, the controversy has intensified political tensions, with opposition figures questioning his judgment and calling for accountability.
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World Network has officially launched in the Philippines, bringing its digital identity service, World ID, to one of the world’s most active online communities. Already adopted by over 23 million users globally, World ID allows people to verify their identity securely and anonymously. Initially introduced in Bulacan, the service is now expanding nationwide to help users protect themselves from online fraud, deepfakes, and digital misinformation.
With fraud linked to deepfakes surging by 4,500% in the Philippines over the past year, World ID’s biometric verification aims to set humans apart from AI-driven bots. The platform arrives when nearly all Filipinos use social media, making it a prime market for digital identity solutions. By scanning a person’s iris, World ID offers a safer way for individuals to prove their humanity in an increasingly AI-driven world.
However, the initiative has faced significant backlash due to privacy concerns over biometric data collection. Governments in Kenya, France, Portugal, and several other countries have raised legal challenges, fearing data misuse and lack of transparency. World Network insists it safeguards users’ information through privacy-focused technology, but critics remain sceptical, particularly in regions with weaker data protection laws.
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Argentine President Javier Milei has denied endorsing the LIBRA meme coin, which recently surged in value before collapsing, leaving investors with heavy losses. He stated that he merely shared information about the token and never encouraged people to buy in. According to Milei, only a few Argentine investors were affected, with most traders coming from China and the US. He disputed reports that 44,000 people lost money, insisting the real number was closer to 5,000, primarily experienced traders who understood the risks.
Milei explained that Hayden Davis, one of LIBRA’s backers, had proposed a financial structure to support entrepreneurs struggling to secure funding. Seeing potential in the idea, he simply helped spread awareness. However, after facing political backlash, Milei admitted he must be more cautious about his public statements, acknowledging that he still acts as he did before becoming president and needs to be less accessible.
The controversy has rattled Argentina’s political and financial landscape, with opposition leaders accusing Milei of misleading the public and calling for his removal. The anti-corruption office has launched an investigation, alongside a legal probe led by Federal Judge María Servini. Meanwhile, Argentina’s financial markets took a hit, with the S&P Merval stock index dropping by 5%. Despite Milei’s insistence that he acted in good faith, scrutiny of his administration continues to intensify.
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Tether has signed an agreement with the government of Guinea to support economic growth and digital transformation through blockchain and peer-to-peer technology. The memorandum of understanding focuses on education, innovation, and sustainable technology, with Tether aiming to promote blockchain adoption in both public and private sectors. The partnership may also involve the City of Science and Innovation in Guinea.
Paolo Ardoino, CEO of Tether, stated that the initiative reflects the company’s commitment to helping nations build strong digital economies. He emphasised that blockchain solutions could play a key role in Guinea’s technological development, paving the way for economic progress.
Tether has been actively expanding its global presence through similar partnerships. It recently relocated its headquarters to El Salvador, the first country to adopt Bitcoin as legal tender, and has also collaborated with governments and organisations in Switzerland, Turkey, Uzbekistan, and Georgia. Additionally, the company has launched educational programmes in several countries to encourage broader blockchain adoption.
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The European Securities and Markets Authority (ESMA) has proposed new guidelines to ensure crypto asset service providers meet strict competence and knowledge standards under the EU’s Markets in Crypto-Assets Regulation (MiCA). The regulator is seeking public feedback on the requirements, which aim to improve investor protection and strengthen trust in crypto markets.
Under the proposal, staff at crypto firms must demonstrate a clear understanding of blockchain technology, market operations, pricing mechanisms, and regulatory frameworks. The guidelines also recommend minimum qualifications, previous experience, and continuous professional development to ensure staff remain well-informed. Companies would be required to review staff competence annually, supervise unqualified employees, and keep detailed records of training and qualifications.
The consultation remains open until 22 April, with final guidelines expected in the third quarter of the year. Meanwhile, major crypto exchanges such as OKX, Crypto.com, and Bybit are working towards compliance with MiCA regulations to secure their operations in Europe.
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Germany’s central bank chief, Joachim Nagel, has reinforced his scepticism towards Bitcoin, dismissing it as unsuitable for central bank reserves. Speaking at an event hosted by the London School of Economics, Nagel argued that Bitcoin is not a genuine currency but rather an asset class lacking liquidity and security. He also criticised the pro-crypto stance of former US President Donald Trump, particularly proposals to establish a strategic Bitcoin reserve. Comparing Bitcoin to the Dutch Tulip Mania of the 17th century, he warned of its speculative nature and volatility.
In contrast, Nagel is a strong advocate for the digital euro, highlighting its potential to strengthen Europe’s financial sovereignty. He cautioned that reliance on private sector payment solutions, particularly from US firms, could expose Europe to geopolitical risks. While the long-term effects of central bank digital currencies (CBDCs) on interest rates remain uncertain, he emphasised their importance in ensuring a resilient financial system.
Meanwhile, the US is shifting its regulatory approach to cryptocurrency. Under Acting SEC Chair Mark Uyeda, new policies have allowed banks to re-enter the crypto custody sector. The SEC recently replaced its restrictive guidance, paving the way for regulated financial institutions to hold digital assets. As these developments unfold, Bitcoin is currently trading at $96,318, marking a slight decline over the past week.
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CEX.IO has expanded its services in the United Kingdom, launching spot trading for UK-based customers. The move provides local users with access to over 100 cryptocurrencies, including Bitcoin, top altcoins, and popular meme coins such as Dogecoin and PEPE. The new feature brings UK customers in line with CEX.IO’s offerings for European Union users.
The addition of spot trading aims to improve liquidity in the UK market, allowing traders to execute transactions without significantly impacting prices. This will lead to a more cost-effective and healthier trading environment, according to Rich Evans, managing director of CEX.IO in the UK.
The launch follows the exchange’s reentry into the UK market in September 2024 after a brief exit due to regulatory pressures. CEX.IO had paused its operations in October 2023 while complying with new regulations set by UK authorities. The introduction of spot trading further demonstrates CEX.IO’s commitment to adhering to the Financial Conduct Authority’s anti-money laundering standards.
The expansion of services in the UK comes as exchanges across Europe work to meet evolving regulatory requirements, such as the Markets in Crypto Assets (MiCA) regulation, which allows providers to offer services across EU jurisdictions once approved.
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Russian brokerage Finam is set to launch structured notes linked to BlackRock’s iShares Bitcoin Trust ETF (IBIT), providing qualified investors in Russia with exposure to Bitcoin ETFs. The new investment product, available from 17 February, will be one of the first IBIT-based structured notes with a six-month maturity period.
The IBIT bond will be denominated in Russian roubles, with returns calculated in dollar equivalents based on the Bank of Russia’s exchange rate. Investors stand to earn up to 20% in returns if the ETF price at maturity exceeds the initial launch price by at least one basis point. The minimum investment is 200,000 roubles ($2,200), and the brokerage will charge a 1% commission.
Finam’s move comes amid regulatory uncertainty in Russia. While there is no explicit ban on crypto ETFs as underlying assets for structured bonds, the legal framework remains ambiguous. The country has, however, been warming to Bitcoin, with the Finance Minister confirming in December 2024 that Russian legislation permits foreign trade using Bitcoin and other digital financial assets.
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