Banco de Investimentos Globais (BiG), one of Portugal’s largest banks, has started blocking fiat transfers to cryptocurrency platforms. The decision, revealed in a notification shared by Delphi Labs co-founder José Maria Macedo, comes as part of BiG’s efforts to comply with guidelines from the European Central Bank (ECB), the European Banking Authority (EBA), and the Bank of Portugal. These regulations focus on the risks linked to digital assets, particularly money laundering and terrorism financing.
BiG, which reported assets under management of nearly €7 billion in 2023, justified the move as necessary to align with Portugal’s legal framework. However, this action appears to be limited to BiG for now, as users have reported that fiat transfers to crypto platforms remain unaffected when using Portugal’s largest bank, Caixa Geral de Depósitos.
Macedo criticised BiG’s decision, claiming that such measures would drive more people to decentralised platforms, declaring, ‘Crypto is inevitable, banks are dead, and these abuses of power will only red pill more ppl into moving their wealth on-chain.’ His comments reflect a growing frustration with traditional financial institutions as they respond to increasing pressure from regulators.
This decision aligns with a broader, mixed stance within the EU regarding digital assets. While some ECB officials, like Jürgen Schaaf, have raised concerns over Bitcoin’s volatility and environmental impact, others, such as Piero Cipollone, advocate for the adoption of digital assets to help tackle market fragmentation. The future of cryptocurrency regulations in Europe remains uncertain, with ongoing debates about the potential benefits and risks.
Hong Kong is advancing its Stablecoins Bill as the government seeks to establish a clear regulatory framework for digital assets. The proposed legislation was published on 6 December and entered the Legislative Council for its first reading on 18 December. Before becoming law, the bill requires three readings and approval from the region’s chief executive.
The bill outlines key regulations, including mandatory licensing for stablecoin issuers through the Hong Kong Monetary Authority. Issuers must meet strict requirements, such as maintaining stable reserves and mechanisms to ensure the value of their coins. Only regulated entities will be authorised to market or offer stablecoins to the public, with robust consumer protections included.
If enacted, this legislation could reshape the stablecoin market in Hong Kong, potentially mirroring Europe’s experience under MiCA regulations. In Europe, compliance-driven issuers have thrived while others exited the market, paving the way for a more regulated digital asset landscape.
Japan’s Prime Minister Shigeru Ishiba stated that his government lacks sufficient information about Bitcoin reserve strategies being considered by the US and other nations. The remarks followed questions in the House of Councilors about whether Japan should explore adding Bitcoin to its foreign exchange reserves, a proposal supported by Councilor Satoshi Hamada. However, Ishiba clarified that crypto assets like Bitcoin do not fall under Japan’s foreign exchange framework.
The debate comes amid global discussions on Bitcoin’s role in national reserves. In Brazil, a recent bill seeks to establish a sovereign Bitcoin reserve, while in the US, speculation has emerged about potential executive action to adopt Bitcoin as a reserve asset. These developments have reignited interest in digital assets as part of national financial strategies.
Meanwhile, Japan continues to show promise in the stablecoin market. Ripple CEO Brad Garlinghouse highlighted the growing interest in a yen-based stablecoin and praised Japan’s proactive approach to cryptocurrency regulation. Despite being considered a conservative market, Japan’s regulatory clarity positions it as a leader in the digital asset space.
Russia has announced a six-year ban on cryptocurrency mining across 10 regions, beginning January 2025. This move, approved by the government, aims to address energy concerns and follows new laws on crypto mining signed earlier this year. The ban, effective until March 2031, applies to individual miners and mining pools in territories such as Dagestan, Chechnya, and the Donetsk and Lugansk People’s Republics.
Additionally, seasonal restrictions will be imposed in key Siberian regions like Irkutsk, Buryatia, and Zabaikalsky. These limits aim to prevent winter energy shortages, initially running from January to mid-March in 2025, with longer periods planned for future years.
The decision reflects a shift in strategy, as earlier proposals considered bans in 13 regions, including Irkutsk, a hub for major mining firms like BitRiver. While the Irkutsk region has been spared a blanket ban, the restrictions may still impact operations reliant on its low-cost energy. Industry stakeholders have yet to comment on the implications of these measures.
Despite curbs in specific areas, Russia continues to refine its approach to cryptocurrency regulation, balancing the sector’s economic potential with energy stability.
The Philippine Securities and Exchange Commission (SEC) has unveiled a draft of its ‘SEC Rules on Crypto-Assets Service Providers’ to regulate the country’s booming crypto market. The new proposal aims to establish clear guidelines for service providers involved in activities like trading, custody, and public offerings of crypto-assets, which are defined as digital representations of value using distributed ledger technology.
As the Philippines continues to attract a growing number of cryptocurrency users, especially among its tech-savvy population, the SEC’s rules focus on mitigating risks like fraud and market manipulation while promoting innovation. Under the draft rules, service providers must register with the SEC and comply with the standards outlined in the Financial Products and Services Consumer Protection Act. They will also face strict capital requirements and must submit detailed disclosure documents before marketing crypto-assets to the public.
The proposal also places heavy emphasis on cybersecurity and anti-money laundering measures. Service providers will need to align their systems with the National Cybersecurity Plan and undergo regular audits. Additionally, practices to prevent insider trading and market manipulation will be closely monitored.
The public has until 18 January 2025, to provide feedback on the draft rules, marking an important step in shaping the future of the crypto industry in the Philippines.
President-elect Donald Trump has named Stephan Miran, a former Treasury official and economist, as Chair of the Council of Economic Advisors (CEA). Known for his pro-crypto stance, Miran has advocated for reforming US crypto regulations to foster innovation. He has also been a vocal critic of Federal Reserve Chair Jerome Powell’s policies.
Trump’s recent appointments signal a strong commitment to his pledge of making the US the “crypto capital of the planet.” Paul Atkins, a former SEC Commissioner under George W. Bush, will lead the Securities and Exchange Commission, further reinforcing the administration’s pro-crypto agenda.
Additionally, Trump appointed Bo Hines as Executive Director of the Presidential Council of Advisers for Digital Assets. Hines will work closely with David Sacks, the incoming ‘Crypto Czar,’ to implement strategies aimed at advancing the US as a global crypto leader. Despite lacking a history in crypto advocacy, Hines is set to play a key role in shaping the administration’s digital asset policies.
Binance founder Changpeng Zhao has stirred a debate about cryptocurrency adoption in the UAE by claiming the nation holds $40 billion in Bitcoin. This figure, shared in a tweet, quickly captured the attention of industry professionals, including crypto lawyer Irina Heaver, who questioned the claim’s validity, suggesting it may be AI-generated content lacking credible evidence. Zhao acknowledged the uncertainty but suggested the number could be plausible, given the region’s wealth and the growing number of high-net-worth individuals.
The conversation also highlighted the UAE’s expanding cryptocurrency ecosystem, especially in Dubai. Zhao reflected on the city’s rapid transformation from hosting only a few crypto firms in 2021 to now becoming a hub for thousands of blockchain-based businesses. Dubai’s favourable regulatory frameworks, such as the Dubai Multi Commodities Center’s Crypto Center, have been key in attracting global crypto companies.
While the exact value of the UAE’s Bitcoin holdings remains unverified, the ongoing debate underscores the country’s increasing prominence in the cryptocurrency space.
US President-elect Donald Trump announced on Sunday that Bo Hines, a former congressional candidate from North Carolina, will serve as executive director of the Presidential Council of Advisers for Digital Assets. The council, a newly formed body under Trump’s administration, will focus on shaping US policy on cryptocurrencies and digital assets. It will be chaired by David Sacks, a prominent venture capitalist and tech entrepreneur who has been dubbed the incoming administration’s ‘crypto czar.’
Hines, a political newcomer who gained attention during his congressional campaign, has been a vocal supporter of blockchain technology and its potential to revolutionise finance. In his new role, Hines will work closely with Sacks to advise the administration on regulatory frameworks, market opportunities, and the integration of digital assets into the broader economy. The appointment signals a potential shift in federal policy toward a more active and structured approach to managing the growing influence of cryptocurrencies.
David Sacks, known for his extensive experience in the tech sector and his advocacy for decentralised finance, is expected to play a leading role in the council’s direction. His appointment reflects the administration’s interest in fostering innovation while addressing concerns about security, fraud, and market stability. Together, Sacks and Hines will oversee a team of experts tasked with navigating the complexities of the digital asset landscape, aiming to position the United States as a global leader in the rapidly evolving sector.
Trump’s creation of the council underscores the importance of cryptocurrencies and blockchain in the modern economy. As the sector continues to expand, the administration’s policies could have far-reaching implications for innovation, financial regulation, and the global competitiveness of the US digital asset industry.
Botswana’s central bank has stated that while the country’s local crypto markets are still underdeveloped, they pose minimal risks to financial stability. However, the bank cautioned that as crypto becomes more interconnected with the broader financial system, it may present future systemic risks. The bank emphasised the need for regulatory frameworks to address potential risks as the sector evolves.
While the risks from crypto assets are currently low, the Bank of Botswana acknowledged ongoing concerns about misconduct in the sector. To safeguard the financial system, regulators must develop oversight mechanisms to prepare for future growth in digital assets.
The central bank also flagged digital payment instruments as a significant security risk, particularly in relation to money laundering and terrorist financing. The anonymity offered by these platforms increases the potential for illicit financial activities, prompting the need for enhanced market surveillance and cooperation with law enforcement.
The Hong Kong Securities and Futures Commission (SFC) has granted conditional licences to four virtual asset trading platforms, including Accumulus GBA Technology, DFX Labs, Hong Kong Digital Asset EX, and Thousand Whales Technology. However, the platforms must meet certain regulatory conditions before they can begin fully operating.
These licences follow the SFC’s risk-based inspections, which were introduced in June to assess compliance with the region’s virtual asset regulations. The inspections are aimed at ensuring investor protection while promoting growth in the cryptocurrency sector.
The platforms must undergo third-party vulnerability assessments and penetration tests to address any potential security risks. The SFC will oversee the process, ensuring the platforms meet all necessary requirements before expanding their operations.
The SFC has also issued a roadmap to streamline the licensing process, providing clear guidance to ensure that licensed platforms maintain the highest security and compliance standards, safeguarding user funds and preventing fraud.
