US lawmakers have taken a major step towards scrapping the controversial ‘DeFi broker rule,’ which would require digital asset brokers to report transactions to the Internal Revenue Service. The House Ways and Means Committee passed a resolution to repeal the regulation, arguing it is unworkable and threatens the country’s leadership in financial innovation. If the resolution clears the House and Senate, it will then go to President Donald Trump for approval.
Set to take effect in 2027, the rule would force decentralised exchanges to report gross proceeds from crypto sales, including taxpayer details. Critics say this would place an undue burden on DeFi platforms, which do not collect such data, whilst giving foreign crypto firms an unfair advantage. Miller Whitehouse-Levine of the DeFi Education Fund called the rule an ‘unlawful and unconstitutional overreach’ that must be overturned to protect financial freedom.
Ways and Means Committee Chairman Jason Smith condemned the regulation, stating it was pushed through during former President Joe Biden’s final days in office and would create excessive paperwork the IRS cannot manage. With a Republican-led Congress and growing pro-crypto sentiment in Washington, industry leaders believe the US government could soon become more supportive of digital assets. The recent dismissal of multiple SEC cases against crypto firms suggests a shift towards a more crypto-friendly regulatory environment.
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Many young Indians are turning to cryptocurrency trading to supplement their income, as slow wage growth and limited job opportunities push them towards alternative financial avenues. Many, like Ashish Nagose, a 28-year-old flower shop owner from Nagpur, are dedicating time to learning the intricacies of crypto trading. Previously involved in stock options trading, Nagose switched to digital assets after tighter regulations made equity derivatives trading less accessible.
The surge in interest has led to a sharp rise in trading volumes, with India’s four largest crypto exchanges seeing a twofold increase to $1.9 billion in late 2024. Experts attribute this momentum to global factors, including optimism surrounding former US President Donald Trump’s pro-crypto stance, alongside growing interest in smaller Indian cities. Non-metro areas such as Jaipur, Lucknow, and Pune have emerged as key centres of crypto activity, with projections suggesting India’s digital assets market could expand from $2.5 billion in 2024 to over $15 billion by 2035.
Despite the enthusiasm, Indian authorities remain cautious. The Reserve Bank of India (RBI) has raised concerns about the risks of widespread crypto adoption, and stringent tax policies continue to pose challenges for traders. While domestic exchanges have regained momentum following a ban on offshore platforms, the government has upheld its strict tax regulations, rejecting calls to lower the tax-deducted-at-source (TDS) rate. However, this has not deterred young investors like Sagar Neware, a 25-year-old mechanical engineer, who hopes crypto trading will enable him to revive his father’s business.
With rising crypto education demand, training centres are thriving across the country. Institutions such as Thoughts Magic Trading Academy in Nagpur claim to have trained thousands of students eager to navigate the market. While regulatory uncertainty lingers, India’s crypto landscape evolves rapidly, driven by a generation determined to carve out new financial opportunities.
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Dubai is tightening its regulations on cryptocurrency transparency, with new rules aimed at exposing the identities of major token holders, often referred to as “crypto whales.” The move is part of the emirate’s strategy to combat market manipulation and provide more clarity in the growing digital asset sector. Matthew White, CEO of the Virtual Assets Regulatory Authority (VARA), stated that the regulations will require crypto businesses to disclose the ownership structures of large token holders to improve market transparency and reduce manipulation risks.
While the rules aim to enhance investor confidence, the challenge lies in the pseudonymous nature of cryptocurrency transactions. Most crypto transactions are recorded under wallet addresses rather than real names, making it difficult to trace individuals behind significant holdings. Despite these obstacles, White believes blockchain technology will help regulators track large asset movements and identify potential market manipulation, even if real identities are not fully revealed.
In addition to crypto whale disclosures, VARA is working on other regulations to improve market stability, such as requiring asset issuers and crypto service providers to disclose reserve compositions and undergo independent audits. These measures are designed to prevent sudden market crashes and boost investor confidence, with White confirming that implementing these regulations is a priority for VARA.
Dubai continues to position itself as a global hub for the crypto industry, attracting major firms and issuing licences to crypto businesses. VARA’s efforts are part of the emirate’s broader vision to become a leading financial and technology hub by 2030, and with clear regulations in place, Dubai hopes to provide regulatory certainty that will encourage market growth and stability.
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Illinois Senator Dick Durbin has introduced new legislation to tackle fraud at cryptocurrency cash machines, which have become a growing target for scammers. The Crypto ATM Fraud Prevention Act would impose transaction limits and introduce stronger consumer protections, particularly for older adults vulnerable to financial scams. The bill proposes capping new users at $2,000 per day and $10,000 over 14 days, while also requiring ATM operators to contact first-time users making transactions over $500. Victims who report fraud to the police within 30 days would be entitled to full refunds.
Durbin warned that fraudsters are using intimidation tactics to pressure victims into depositing large sums at cryptocurrency cash machines, often impersonating government officials to demand payments for fictitious fines. Reports of such scams have surged, with the Federal Trade Commission recording losses of $114 million linked to these machines in 2023 alone. A shop owner in Springfield, Illinois, even removed a crypto ATM after witnessing elderly customers making large deposits while seemingly being coerced over the phone.
Similar concerns have led several states, including Minnesota, California, and Vermont, to introduce daily transaction limits on cryptocurrency ATMs. Durbin’s bill would allow state-level regulations to remain in place as long as they are not weaker than federal standards. The proposed law would also require ATM operators to establish fraud prevention policies and submit them to the Financial Crimes Enforcement Network. Companies failing to comply could face daily fines of $10,000.
With cryptocurrency cash machines rapidly expanding across the US, lawmakers are pushing for stricter oversight to combat scams and protect consumers. If passed, Durbin’s bill could establish a nationwide framework for regulating these machines and reducing fraudulent activity.
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The European Union has introduced its 16th package of sanctions against Russia, marking three years since the Ukraine conflict began. The measures include financial restrictions, trade bans, and stricter oversight of digital assets linked to Russian entities. A total of 83 new listings have been added, targeting individuals and organisations accused of undermining Ukraine’s sovereignty, including those involved in cryptocurrency transactions used to bypass previous sanctions.
These new restrictions extend to Belarus, adding trade controls and tighter regulations on crypto wallets and financial services. The EU has also blacklisted 74 vessels accused of circumventing oil price caps and imposed stricter controls on banks using Russia’s SPFS messaging system. Further trade limitations target companies in China, India, Kazakhstan, Türkiye, and other nations allegedly supporting Russia’s defence sector.
Beyond direct economic impact, these sanctions highlight the growing role of digital assets in geopolitical conflicts. While regulators push for greater oversight, Russia continues exploring alternative financial systems, including its digital rouble. The effectiveness of these measures remains uncertain, as decentralised networks and emerging payment systems present ongoing challenges for policymakers.
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In Nagpur, India, flower shop owner Ashish Nagose is one of many young Indians turning to cryptocurrency trading as a way to supplement their income. With regulations tightening around equity derivatives in India, Nagose hopes that trading in crypto assets like Bitcoin and Ethereum can provide stability during slower months for his family-owned flower business. His efforts reflect a broader trend among young Indians who are increasingly looking to cryptocurrencies as a source of income, with the crypto market in India growing rapidly.
The surge in cryptocurrency trading volumes on Indian exchanges has been remarkable, more than doubling in the last quarter of 2024. As of now, young retail traders, particularly in smaller cities like Jaipur, Lucknow, and Pune, are driving much of the interest in crypto. Many of these individuals are seeking opportunities to earn more in a country where job growth has not kept pace with the economy. With India’s crypto market projected to grow to $15 billion by 2035, local platforms like CoinSwitch are seeing increasing numbers of users.
However, this rise in crypto interest is not without challenges. The Indian government has imposed steep taxes on crypto trading and has issued warnings about the risks and volatility of these digital assets. Despite these concerns, young traders like Sagar Neware are determined to make a living through crypto, aiming to restart their family’s business with the money they earn from trading.
The surge in crypto trading in India is also drawing attention to the need for regulatory oversight. While the government has yet to adopt comprehensive regulations for cryptocurrencies, it has warned of potential risks to macroeconomic stability. Despite the central bank’s caution, India’s young crypto enthusiasts are undeterred, continuing to learn and trade in hopes of a more prosperous future.
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Crypto exchange Bybit has seen a dramatic drop in reserves, losing over $6 billion in just two days. The mass withdrawals came after a $1.4 billion exploit on 21 February, sparking panic among users. Data shows that Bybit processed $2.5 billion in withdrawals on 22 February and another $3.26 billion the following day, bringing its total assets down from $16.9 billion to $10.8 billion.
The biggest outflows were in stablecoins and Bitcoin, with users withdrawing more than $2.3 billion in USDT and over $1.5 billion in BTC. Some of these funds were reportedly transferred to Binance and over-the-counter (OTC) platforms, raising speculation over whether Bybit sold Bitcoin or used it as collateral to cover Ethereum withdrawals.
Despite the turbulence, the exchange managed to process all withdrawals without major disruptions. Bybit’s CEO, Ben Zhou, reassured users that the platform had resolved its Ethereum shortfall and maintained full backing of customer assets on a 1:1 basis. However, the incident has reignited concerns about security and liquidity in the crypto industry.
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Dubai’s financial regulator has officially recognised Circle’s USDC and EURC stablecoins, marking a major milestone for digital assets in the region. The Dubai Financial Services Authority (DFSA) has approved both tokens under the new regulatory framework of the Dubai International Financial Centre (DIFC), an independent economic zone.
The DIFC, operating since 2004, enforces strict rules on digital assets, permitting only officially recognised tokens for financial services. With this approval, Circle becomes the first stablecoin issuer to receive regulatory clearance in Dubai, strengthening its presence in the global crypto market.
Circle’s success in Dubai follows recent regulatory approvals in the European Union and Canada, where the company has secured compliance with new crypto asset laws. Meanwhile, rival stablecoin issuer Tether has also expanded in the UAE, gaining approval for USDT in the Abu Dhabi Global Market in late 2024.
This recognition underlines Dubai’s growing influence in the regulated digital asset space, positioning the city as a key hub for blockchain innovation and stablecoin adoption.
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KuCoin’s European subsidiary has applied for a Markets in Crypto-Assets (MiCA) licence in Austria, aiming to expand its services across the European Economic Area. The move aligns with the exchange’s efforts to comply with EU regulations and strengthen its position in the European market. If approved, KuCoin will operate as a regulated crypto-asset service provider, offering secure and compliant digital asset services.
The company has chosen Vienna as its regional headquarters, citing Austria’s strong regulatory framework and access to skilled professionals in the crypto and fintech sectors. KuCoin CEO BC Wong called the MiCA application a major milestone in the company’s global strategy, emphasising its commitment to compliance and transparency. Two industry veterans, Oliver Stauber and Christian Niedermüller, have been appointed to oversee KuCoin EU’s operations.
Austria has emerged as a key player in Europe’s evolving crypto landscape, attracting major exchanges due to its structured regulatory approach. The MiCA framework, set to be fully implemented by the end of 2024, provides a single licensing system for crypto firms to operate across all EEA member states. With several international exchanges securing licences, KuCoin’s application is part of a broader trend as crypto companies race to establish a foothold in the European market.
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Nigeria has filed a lawsuit against cryptocurrency giant Binance, demanding $79.5 billion in damages for alleged economic losses and $2 billion in unpaid taxes. The case, brought by Nigeria’s Federal Inland Revenue Service (FIRS), claims that Binance’s unregistered operations in the country have negatively impacted its currency and evaded significant tax obligations.
The lawsuit also seeks penalties and interest on the unpaid taxes, pushing the total amount even higher.
Authorities allege that Binance played a role in destabilising Nigeria‘s naira by becoming a primary platform for local currency trading. In 2024, two Binance executives were detained as part of a broader crackdown on cryptocurrency platforms.
The FIRS argues that Binance holds a “significant economic presence” in Nigeria, making it liable for corporate income tax for 2022 and 2023, plus a 10% penalty and a 26.75% interest rate on unpaid sums.
Binance, which has stopped trading in the naira and is contesting the charges, is also facing four counts of tax evasion, including non-payment of value-added tax and aiding users in tax avoidance. Separate money laundering charges have been filed by Nigeria’s anti-corruption agency, which Binance has denied.
The exchange previously stated that it is working with Nigerian authorities to address potential historic tax issues.
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