Rwanda has introduced a draft law to regulate virtual assets, aiming to provide legal clarity and oversight for the growing digital finance sector. The proposed regulations, released on 6 March, appoint the Capital Markets Authority (CMA) as the industry’s main regulator and set out licensing requirements for businesses offering virtual asset services.
Authorities say the move addresses concerns from the Financial Action Task Force (FATF) over the potential use of virtual assets for money laundering. Carine Twiringiyamana, CMA’s manager of licensing and approvals, emphasised that the framework is designed to mitigate risks while fostering innovation. The draft law confirms that virtual assets will not be recognised as legal tender, nor can they be used for payments within Rwanda.
The proposal also bans crypto mining, virtual asset cash machines, and mixer or tumbler services. Previously, the National Bank of Rwanda had warned financial institutions against engaging in crypto-related transactions, but regulators now hope that this framework will pave the way for safer industry development. Once approved, the CMA will take charge of oversight and fraud investigations, a role currently handled by the Rwanda Investigation Bureau.
For more information on these topics, visit diplomacy.edu.
The reporting system for crypto scams in the US is fragmented and needs to be unified, according to Coinbase’s chief security officer, Philip Martin. Speaking at the SXSW conference, Martin explained that victims often struggle to know where to report scams, with different organisations handling cases in a disjointed manner. He called for a single reporting system that would help track the scale of the issue and improve coordination between organisations.
Martin pointed out that victims of crypto scams often feel frustrated, as many reports seem to go unnoticed, especially with platforms like the FBI’s Internet Crime Complaint Centre (IC3). He suggested that a more centralised approach would provide better visibility for victims and more effective resources to address the problem.
In addition, Martin noted that many crypto scams originate from outside the US, making it harder for law enforcement to take action. He advocated for stronger international cooperation to ensure scammers have no safe havens. Meanwhile, California’s financial regulator reported over 2,600 complaints last year, revealing new types of scams in the crypto space.
For more information on these topics, visit diplomacy.edu.
The US Senate Banking Committee is set to vote on the updated GENIUS Act, a Republican-led stablecoin bill, on 13 March.
The bill, which aims to regulate US dollar stablecoin issuers with market caps over $10 billion, was updated following bipartisan discussions with Democrats.
The revised version includes significant improvements in areas such as consumer protection, risk mitigation, and transparency.
The bill, co-sponsored by Republican Senators Bill Hagerty, Cynthia Lummis, and Tim Scott, alongside Democrats Kirsten Gillibrand and Angela Alsobrooks, introduces higher standards for foreign stablecoin issuers, including stricter reserve requirements and anti-money laundering checks.
The changes are expected to give US-based stablecoins, such as Circle’s USDC, a competitive edge.
Although the bill has made significant progress, it still needs to pass the Senate Banking Committee vote before moving to the full Senate and then the House.
If it clears these hurdles, the bill will head to President Trump for approval or veto.
For more information on these topics, visit diplomacy.edu.
Kraken has secured an Electronic Money Institution licence from the UK’s Financial Conduct Authority, allowing it to issue electronic money and offer faster deposits and withdrawals for British customers.
The move strengthens Kraken’s ability to partner with traditional financial institutions and expand its crypto services across the UK.
Bivu Das, Kraken’s UK General Manager, highlighted the growing demand for crypto-based financial services, stating that the UK is on the verge of mass adoption.
Recent research from the FCA shows that 12% of UK adults now hold crypto, with trading volumes in sterling continuing to rise.
The approval follows Kraken’s recent regulatory success in the EU, where it gained permission to offer regulated derivatives.
With compliance secured in both the UK and Europe, Kraken is positioning itself as a bridge between crypto and traditional finance, with plans to launch new products in the coming months.
For more information on these topics, visit diplomacy.edu.
The acting head of the US Securities and Exchange Commission (SEC) has directed staff to explore scrapping a plan that would have imposed stricter rules on cryptocurrency firms.
The proposal, introduced in 2022, aimed to classify certain crypto firms as alternative trading systems, subjecting them to increased oversight.
However, SEC Acting Chairman Mark Uyeda now considers this move a mistake, particularly as it was tied to Treasury market regulations.
Uyeda argued that linking government securities regulation with the crypto sector created unnecessary burdens. Speaking to bankers, he stressed the importance of separating the two and has asked SEC staff to revisit discussions with financial regulators about the original Treasury market plans.
The shift comes amid a broader change in the SEC’s approach to crypto under Republican leadership. In January, the agency formed a dedicated crypto task force and has begun pausing or dropping lawsuits against crypto firms, signalling a major policy shift towards a more industry-friendly stance.
For more information on these topics, visit diplomacy.edu.
Michael Saylor has unveiled an ambitious cryptocurrency strategy at the White House Digital Assets Summit, arguing that the US could unlock up to $100 trillion in economic value over the next decade.
He called for clear regulations, the removal of barriers to innovation, and a strategic acquisition of bitcoin to strengthen the financial system.
Saylor proposed a four-part framework for digital assets, categorising them into digital tokens, securities, currencies, and commodities like Bitcoin.
His plan aims to reduce regulatory uncertainty, ensure the US dollar remains dominant in global trade, and integrate cryptocurrencies into mainstream finance.
He also urged the government to support major banks in holding and trading Bitcoin while ending what he described as ‘hostile’ tax policies towards the industry.
The summit, seen as a shift towards a more crypto-friendly stance under Trump’s administration, gathered industry leaders from Coinbase, Ripple, Kraken, and others.
A key part of Saylor’s vision includes a US Bitcoin reserve, with the country acquiring 5% to 25% of the total Bitcoin supply by 2035. He projected this could generate up to $81 trillion by 2045, offering a long-term solution to national debt challenges.
For more information on these topics, visit diplomacy.edu.
Christine Lagarde, President of the European Central Bank (ECB), has confirmed the bank’s target to finalise preparations for the digital euro by October 2025. However, the project’s actual launch remains uncertain, as it hinges on legislative approvals and cooperation from various stakeholders. Despite the urgency, the ECB is facing delays due to the complexity of the legislative process.
The digital euro will consist of two components: a retail version for public use and a wholesale version for financial institutions. The retail version promises privacy protections, free transactions, and offline functionality, while the wholesale arm aims to streamline interbank settlements and cross-border payments. Although preparations are underway, experts predict that a full launch may not occur until 2028.
Privacy concerns and potential impacts on commercial banks are among the challenges the ECB is addressing. To reassure the public, the ECB has committed to strong privacy standards and is exploring blockchain technologies like Ethereum to underpin the digital euro. The project comes as global competitors, such as China’s digital yuan and the rise of US stablecoins, intensify the pressure on Europe to maintain its monetary sovereignty.
While the ECB is making significant strides, the final approval and launch of the digital euro will depend on future legislative decisions and overcoming technical hurdles. The timeline remains uncertain, but the ECB’s preparations signal that the eurozone is keen to remain competitive in the digital currency space.
For more information on these topics, visit diplomacy.edu.
Mark Carney has been elected as Canada’s new prime minister, succeeding Justin Trudeau. Carney, a former central banker and long-time critic of Bitcoin, made headlines in 2018 when he called the digital currency’s fixed supply a ‘serious deficiency.’ He argued that recreating a global gold standard like Bitcoin would be a ‘criminal act of monetary amnesia,’ highlighting the speculative risks of the cryptocurrency market.
Carney’s stance on Bitcoin is at odds with some political figures, including former Prime Minister Trudeau, who also expressed scepticism about the crypto market. Carney has instead championed central bank digital currencies, seeing them as a tool to increase financial inclusion and combat economic crime. He also served as a board member for Stripe, a payments company that embraced crypto solutions between 2022 and 2024.
In his victory speech on 9 March, Carney also focused on addressing US tariffs, condemning President Donald Trump’s trade policies. Carney vowed that Canada would continue to retaliate with tariffs, asserting that the country would never be part of the US, no matter the circumstances.
For more information on these topics, visit diplomacy.edu.
FIFA President Gianni Infantino has suggested that the organisation may develop its cryptocurrency to engage with football fans worldwide. Speaking at President Trump’s White House Crypto Summit, Infantino shared FIFA’s interest in launching a digital token, emphasising its potential to connect with the sport’s five billion supporters.
While no official plans or timelines were revealed, the idea signals FIFA’s growing interest in blockchain technology as a tool for fan interaction and financial growth. Trump responded enthusiastically, joking that such a coin could one day be worth more than FIFA.
Following the announcement, a cryptocurrency unrelated to FIFA named ‘FIFA’ skyrocketed by 357,000% due to market confusion, briefly reaching a valuation of $8.2 million. Meanwhile, the summit introduced key crypto policies, including a US Strategic Bitcoin Reserve, indicating a shift in regulatory approach under Trump’s administration.
As FIFA prepares for the 2026 World Cup in North America, Infantino’s statement highlights the growing intersection of cryptocurrency and football, suggesting that digital assets could play a significant role in the sport’s future.
For more information on these topics, visit diplomacy.edu.
Spanish banking giant BBVA has received approval from the country’s financial regulator to offer Bitcoin and Ether trading to its clients.
The lengthy process, which began years ago, is now complete after the bank awaited clear regulations under the EU’s MiCA framework.
BBVA initially explored launching crypto services in Switzerland due to its established regulatory environment, but with MiCA now fully in effect, the bank has secured approval in Spain.
BBVA’s recent expansion into crypto trading in Turkey through a local subsidiary led to this development.
Other major European banks have also entered the crypto space, with Deutsche Bank developing an Ethereum rollup and Société Générale launching a euro stablecoin. BBVA’s move signals the growing institutional adoption of digital assets globally.
For more information on these topics, visit diplomacy.edu.
