More than 600 Russian crypto mining firms and infrastructure operators have now registered with the country’s Federal Tax Service (FTS), according to an official report. This includes 518 miners and 91 other operators, such as hosting services and data centres. By November 2024, all mining firms using over 6,000 kWh of electricity per month will be required to register with the FTS.
Although crypto mining is not yet taxed in Russia, the government is preparing a bill that would impose levies on miners’ incomes. The FTS has also reminded miners using over 6,000 kWh monthly to report the cryptocurrency they have mined, signalling that some have yet to comply.
The registration process has been described as running smoothly, with FTS officials stating that miners signing up would ensure safer operations. The register also requires firms to report detailed information, including their mined crypto, transaction data, and wallet addresses.
Experts estimate that the top Russian crypto mining companies generated over 20 billion rubles in revenue in 2023, amounting to approximately $223.9 million.
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The Swiss National Bank (SNB) has rejected the idea of adding Bitcoin to its reserve assets, with President Martin Schlegel citing concerns over volatility, liquidity, and security risks. He argued that Bitcoin’s price fluctuations make it unsuitable for Switzerland’s monetary policy needs, as reserves must remain highly liquid for rapid deployment.
The stance contradicts efforts by the Swiss Bitcoin think tank 2B4CH, which is pushing for a referendum to mandate Bitcoin as part of the SNB’s reserves. The initiative, launched in late 2023, needs 100,000 signatures by mid-2026 to move forward. Despite growing interest in institutional adoption, Schlegel dismissed Bitcoin as a ‘niche phenomenon’ and insisted it poses no threat to the Swiss franc.
While Switzerland remains hesitant, other countries are embracing Bitcoin reserves. El Salvador continues to accumulate the asset, and the US, Czech Republic, and Hong Kong are considering similar moves. Meanwhile, several US states are introducing legislation to support Bitcoin adoption, even as Switzerland maintains a cautious approach.
Bitcoin is currently trading at around $86,000, with analysts watching key price levels for a potential rally. Despite the SNB’s resistance, Switzerland remains a major hub for crypto innovation, particularly in Lugano, where Bitcoin adoption continues to expand.
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The cryptocurrency market saw a massive $300 billion boost after Donald Trump reaffirmed his commitment to making the US the world’s crypto leader. His latest executive order establishes a national crypto reserve, set to include Bitcoin, Ethereum, XRP, Solana, and Cardano.
Bitcoin surged past $93,000, jumping 8% in a day, while Ethereum climbed 11%. Altcoins rallied even harder—Cardano skyrocketed 66%, Solana rose 20%, and XRP soared 28%, overtaking USDT to become the third-largest cryptocurrency. Despite the market’s enthusiasm, the Crypto Fear & Greed Index remains in the ‘Fear’ zone at 33.
Trump’s plan signals a shift from simply holding Bitcoin to actively building a strategic reserve. While some welcome the move as a push for US dominance in digital assets, others argue government control could destabilise the dollar or become subject to political shifts.
Investors are now eyeing the upcoming crypto summit, where key policy details will be revealed. With expectations high, the market awaits clarity on regulations and the long-term impact of the reserve.
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Colombian lawmakers have launched a fresh bid to regulate the nation’s growing cryptocurrency industry, aiming to provide legal clarity and consumer protection. The proposed bill, backed by Senator Gustavo Moreno and Congress Representative Julián López, seeks to create rules that safeguard users while encouraging investment. Lawmakers warn that the current lack of regulation leaves the sector vulnerable to fraud, financial crime, and uncertainty.
With over five million Colombians using crypto and transactions reaching $6.7 billion in 2024, concerns over scams and illicit activities have intensified. The Superintendencia Financiera de Colombia has been working on crypto-related pilots since 2021, but no solid regulatory framework has emerged. The bill proposes a licensing system for Virtual Asset Service Providers (VASPs), ensuring compliance with anti-money laundering and counter-terrorist financing laws.
Supporters argue that clear regulations will boost investment and integrate crypto into the national financial system. However, critics caution against excessive restrictions that could push businesses abroad. Some investors stress the importance of fair taxation, warning that heavy tax burdens could discourage crypto adoption rather than support its growth.
The bill, covering areas such as consumer protection, marketing rules, education, and taxation, aims to create a balanced approach. While debates continue, Colombia faces a crucial decision—whether to foster innovation or risk falling further behind in the global crypto market.
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The US Securities and Exchange Commission (SEC) has clarified that meme coins do not qualify as securities under federal law, providing long-awaited regulatory guidance for the speculative crypto niche. According to a statement from the agency’s Division of Corporation Finance on 27 February, meme coins fail to meet the legal definition of an ‘investment contract’ under the Howey test, which determines whether an asset falls under securities regulations.
Unlike traditional securities, meme coins are typically purchased for entertainment and social engagement rather than as structured investments, the SEC explained. The agency compared them to collectables, noting that their prices are driven by market sentiment rather than centralised management or pooled investor funds. However, it warned that fraudulent activities involving meme coins could still face enforcement actions under other financial laws.
This clarification marks a potential shift in the SEC’s regulatory approach, as meme coins have long existed in a legal grey area despite their growing popularity in online trading. While the statement does not carry legal weight, experts believe it signals a more nuanced stance on speculative digital assets. Even with this regulatory relief, the SEC reaffirmed that new variations of meme coins designed to sidestep securities laws would still face scrutiny.
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The hacker behind the $1.4 billion Bybit exploit has already laundered more than half of the stolen Ethereum, primarily swapping it for Bitcoin via THORChain. Blockchain analysts report that over $614 million has been moved in just five days, pushing THORChain’s daily transaction volumes from an average of $80 million to an astonishing $580 million. On 26 February alone, swaps reached a record $859 million.
The US Federal Bureau of Investigation has officially linked the attack to North Korean state-sponsored hackers, identifying it as part of a wider cybercrime operation. Security experts confirmed that Bybit’s core infrastructure remained intact, with the breach traced back to a compromised developer machine that injected malicious code into the Gnosis Safe UI. While the attack targeted Bybit’s cold wallet, the platform’s smart contracts were not affected.
In response, Bybit has launched a dedicated website to track the movement of stolen funds and is offering a bounty to exchanges that assist in their recovery. The incident underscores a growing trend where hackers are shifting focus from exchanges themselves to the infrastructure providers that support them.
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Texas is moving closer to establishing a state-managed Bitcoin reserve after the Senate Banking Committee unanimously backed a new bill on 27 February. The proposed legislation, known as Senate Bill 21 (SB-21), would allow the Texas Comptroller to acquire and manage Bitcoin and other cryptocurrencies as part of the state’s financial reserves.
Supporters argue that adding Bitcoin to state holdings could shield Texas against inflation and economic instability. The bill was originally focused solely on Bitcoin but was later amended to include other digital assets, bringing it in line with a recent federal push to assess the feasibility of a national digital asset reserve. Advocates emphasise Bitcoin’s transparency and resilience as key advantages for public financial management.
Texas joins a growing number of states exploring similar initiatives, with over 20 introducing proposals to invest public funds in Bitcoin and other cryptocurrencies. While states such as Oklahoma and Arizona have moved forward with similar bills, others like Montana and Wyoming have rejected the idea due to concerns over volatility. If approved, Texas’ move could set a precedent for wider government adoption of Bitcoin in financial strategies.
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Japan is considering reclassifying digital assets, moving them from payment methods to financial products. This proposal, introduced by Japan’s Financial Services Agency (FSA), aims to tackle the rise in investment scams, as the country’s digital asset market has grown to around JPY 4.5 trillion (US$30.11 billion). Under this new framework, digital assets would be placed under the Financial Instruments and Exchange Act, similar to how company shares are regulated.
The proposed change would significantly increase disclosure requirements for issuers and subject them to more rigorous regulations. Currently, digital assets in Japan fall under the Payment Services Act, which treats them as payment methods rather than investments. It means they are subject to looser regulations compared to traditional financial products.
The FSA’s move comes amid growing concerns over crypto scams, with more than 11.8 million crypto trading accounts now active in Japan. Scammers have targeted unsuspecting investors with promises of quick profits, some involving fake or worthless assets. The new regulatory approach seeks to curb such fraudulent schemes and increase consumer protection in the rapidly growing crypto market.
If implemented, the change would help bring Japan’s regulatory stance closer to other global markets, like the US, where digital assets are already considered as property or securities.
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The US Securities and Exchange Commission has closed its investigation into the crypto exchange Gemini without taking enforcement action, marking another regulatory retreat in the ongoing battle over digital assets. Gemini co-founder Cameron Winklevoss welcomed the decision but argued the damage had already been done, with the exchange losing millions in legal costs and productivity. He criticised the SEC’s aggressive stance, which he claims has stifled innovation and economic growth.
The case stemmed from the SEC’s allegations that Gemini’s ‘Earn’ programme constituted an unregistered securities offering. While the regulator has now dropped its probe, it warned that this does not prevent future action. The move follows a pattern, with the SEC also abandoning cases against Coinbase, OpenSea, Uniswap Labs, and Robinhood Crypto in recent weeks.
Winklevoss has called for legislative reform to prevent baseless investigations, suggesting that regulators responsible should be held accountable. His remarks come amid a shifting political landscape, with former SEC Chair Gary Gensler stepping down as Donald Trump began his second presidential term. Many in the crypto industry see these developments as a turning point, though Winklevoss insists the fight is far from over.
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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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