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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Montana’s House of Representatives recently voted 41-59 against a proposal that would have established a Bitcoin reserve in the state. House Bill No. 429 aimed to create a special revenue account for investing in digital assets, including Bitcoin, alongside precious metals and stablecoins. However, many lawmakers expressed concerns that the bill would allow the state to speculate with taxpayer funds, with some describing the proposal as too risky.
While some representatives, like Bill Mercer, opposed the bill on the grounds of financial prudence, others saw potential benefits. Representative Lee Demming argued that the state should aim to maximise returns for taxpayers, suggesting that the bill could have achieved that goal. Curtis Schomer, the bill’s sponsor, emphasised that not passing the bill would limit the state’s investment opportunities and reduce purchasing power.
Despite the proposal’s rejection, Montana is not alone in considering a Bitcoin reserve. Twenty-four states have introduced similar legislation, with Utah making the most progress. While Montana’s bill is effectively dead for now, it could be reintroduced in the future.
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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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The United Arab Emirates saw a sharp rise in cryptocurrency app downloads in 2024, with a total of 15 million installations recorded. According to data from AppsFlyer, this marked a 41% increase compared to the previous year, with the biggest surge occurring in December when downloads hit 2.8 million.
Analysts attribute this spike to several factors, including growing interest in digital assets and global political shifts. The US presidential election in November, won by Donald Trump, was seen as a boost for the crypto industry due to his pro-crypto stance. His launch of a meme coin in January further fuelled global interest, drawing new investors into the market.
While adoption continues to grow, retaining users has proven to be a challenge. AppsFlyer reported that aggressive marketing campaigns contributed to 60% of downloads, yet one in five crypto apps was uninstalled within 30 days. Despite this, January saw another record high, with 3.5 million downloads in the UAE alone, setting the stage for what could be a record-breaking year for the industry.
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The Czech National Bank (CNB) is exploring Bitcoin’s potential as part of its reserve management strategy, according to Governor Aleš Michl. He emphasised that Bitcoin should not be dismissed outright and urged central bankers to study its underlying technology. While the CNB has not committed to buying Bitcoin, its board has approved an analysis of new asset classes, including the cryptocurrency.
Michl acknowledged Bitcoin’s extreme volatility and clarified that this initiative is not an endorsement but an effort to understand its risks and benefits. If CNB were to allocate even a small portion of its €140 billion reserves to Bitcoin, it could become the first Western central bank to invest in the asset publicly. However, sources suggest that potential exposure would be minimal, likely below 1% of total reserves.
Other European central bankers remain sceptical despite Michl’s openness to financial innovation. German central bank governor Joachim Nagel compared Bitcoin to the 17th-century tulip bubble, calling it neither safe nor liquid. European Central Bank President Christine Lagarde also dismissed Bitcoin as a reserve asset, stating that it fails to meet the ECB’s criteria for stability and transparency. However, Michl remains committed to diversifying CNB’s investments, including increasing its holdings in US stocks.
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The European Union has approved ten stablecoin issuers under its Markets in Crypto-Assets (MiCA) framework, allowing them to operate within the region. Notable names include Circle, Crypto.com, and Societe Generale, with issued stablecoins pegged to both the euro and the US dollar. However, Tether, the issuer of USDT and the world’s largest stablecoin, has been left out, raising concerns over regulatory barriers limiting market participation.
With MiCA rules coming into full effect, some crypto platforms have already delisted USDT for EU users, cutting access to non-compliant stablecoins. Tether criticised these moves as premature and unnecessary, arguing that the regulatory framework remains unclear. Critics warn that the EU’s strict approach may discourage foreign firms from entering the market while pushing local crypto businesses to relocate elsewhere.
Regulatory experts suggest that while the MiCA framework provides clarity, it could come at the cost of innovation and competitiveness. Some argue that excessive red tape is hindering economic growth, with firms possibly looking beyond the EU for more favourable conditions. However, uncertainty in the UK’s crypto regulations makes it unclear where companies might seek new opportunities.
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Google is working on a major initiative to simplify Bitcoin usage for billions of users, according to Kyle Song, a Web3 specialist at the company. Speaking at the Hong Kong Bitcoin Tech Carnival on 18 February, he revealed that Google has been exploring ways to integrate Bitcoin into its ecosystem, aiming to lower entry barriers for mainstream users.
The plan includes embedding Bitcoin wallets directly into Google accounts, allowing users to access them as seamlessly as any other Google service. The company is also working on making crypto payments as intuitive as existing Web2 payment methods. Security remains a top priority, with Google looking to deploy Zero-Knowledge Proofs or similar encryption technology to ensure trust between on-chain and off-chain systems.
Although Song’s comments were not an official announcement, the impact of such an integration could be transformative. If Google successfully integrates Bitcoin with Google Pay, crypto adoption could accelerate like never before. Billions of users might suddenly find themselves with an easy and secure way to buy, exchange, and spend Bitcoin.
However, not all ambitious tech projects succeed. Facebook and Telegram both attempted to integrate cryptocurrencies in 2020 but were forced to abandon their plans due to regulatory pressures. The environment in 2025 is different, with Bitcoin ETFs already approved and crypto adoption more widely accepted. If Google follows through, it could mark a new chapter for digital assets, bridging the gap between traditional finance and decentralised money.
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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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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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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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