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Turkmenistan Opens Its Doors to Crypto: Mining and Trading Officially Legal
Turkmenistan, known as one of the most closed economies in Central Asia, has made a remarkable shift in its approach to crypto assets. Cryptocurrency mining and trading have been officially legalized in the country under the new "Virtual Assets Law," which came into effect on January 1, 2026. This step is seen as a concrete demonstration of Turkmenistan's pursuit of digitalization and diversification, given its long-standing economic model based on natural gas revenues.The law was signed in NovemberSigned by President Serdar Berdimuhamedov at the end of November, the law includes crypto exchanges and mining companies within a licensing framework. The regulation envisages a system overseen by the Central Bank and authorized public institutions, while clearly defining the legal and economic status of crypto assets. Accordingly, cryptocurrencies are considered "digital property" under civil law; however, they are not recognized as a means of payment that can replace the national currency, the manat.This approach shows that Turkmenistan prefers to act cautiously while opening its doors to crypto. The new law offers a limited and state-controlled cryptocurrency market rather than a free one. Domestic and foreign companies and entrepreneurs wishing to mine or operate cryptocurrency exchanges are required to obtain licenses from the relevant authorities. Licensed activities are subject to continuous monitoring; unregistered or unauthorized mining is explicitly prohibited. One of the most striking aspects of the regulation is the strict compliance and transparency rules. KYC (Know Your Customer) and AML (Anti-Money Laundering) obligations are mandatory for all licensed entities. The use of anonymous wallets and privacy-focused transaction methods is prohibited, aiming to ensure that all transactions are traceable. This framework distinguishes Turkmenistan from more liberal cryptocurrency hubs while aligning it with countries that have more conservative financial regulations. Allowing cryptocurrency mining is also closely linked to the country's energy strategy. Turkmenistan possesses the world's fourth largest natural gas reserves. The state aims to leverage its low-cost energy advantage to integrate energy-intensive mining activities into the economy in a controlled manner. Mining facilities are required to meet technical and safety standards, register equipment, and operate in a way that does not harm the national electricity grid. This aims to both utilize excess energy capacity and limit infrastructure risks.The law also includes advertising and promotional restrictions aimed at protecting investors. Clear risk warnings are mandatory in crypto-related advertisements, and promising guaranteed returns is prohibited. Furthermore, the use of brands and advertisements containing state names, symbols, or official connotations is prevented, aiming to prevent the perception that crypto projects are under state protection.According to experts, this step taken by Turkmenistan aims not to promote decentralized finance, but to create a new economic sphere under state control. The fact that cryptocurrencies are not accepted as a means of payment and that internet access is still tightly controlled clearly reveals the limitations of this initiative. Nevertheless, the provision of a licensed and predictable framework could attract foreign capital, especially in the mining and institutional investment sectors.
Starting January 1st: China Takes Critical Step Towards Digital Yuan
China is preparing for one of the most critical steps yet in its digital yuan project. The country's central bank announced that a new framework allowing commercial banks to pay interest on digital yuan balances will come into effect on January 1, 2026. With this change, e-CNY will cease to be merely "digital cash" and will effectively become "digital deposit money." The announcement was made public through an article by Lu Lei, Vice President of the People's Bank of China, published in the state newspaper Financial News. According to Lu, this regulation is a natural result of pilot studies that have been ongoing for about a decade and a testing process that has accelerated in the last five years. Although China is considered one of the world's leading countries in terms of technical capacity and scale of implementation in the CBDC field, adoption rates have not yet reached the expected level.Under the new framework, interest can be paid on balances held in verified digital yuan wallets in accordance with existing deposit pricing agreements. Furthermore, digital yuan balances will have the same protection as traditional bank deposits under China's deposit insurance system. This significantly strengthens the status of e-CNY within the banking system.The regulation also provides banks with greater flexibility in terms of balance sheet and liquidity management. Digital yuan balances can be actively used in banks' asset and liability management. For non-bank payment institutions, digital yuan reserves will be treated the same as existing customer reserves and a 100% reserve requirement will apply.Digital yuan usage is quite widespreadAccording to official data, the use of digital yuan in China has reached significant volumes. As of the end of November 2025, a total of 3.48 billion transactions were carried out, with a cumulative transaction volume of 16.7 trillion yuan. While these figures show that the e-CNY infrastructure is widely operational, they also indicate that its adoption rate in daily life remains limited. One of the main reasons for this is the long-standing dominance of mobile payment platforms in China. WeChat Pay and Alipay have largely determined user habits. The digital yuan is struggling to compete with this established ecosystem. Furthermore, concerns about centralized monitoring and anxieties associated with the social credit system are leading some to approach e-CNY with caution. Therefore, it appears that the use of paper money has not completely disappeared. On the other hand, the Beijing administration is also taking steps to expand the international use of the digital yuan. The central bank is planning pilot studies with Singapore to increase the use of e-CNY in cross-border payments. In addition, CBDC-based payment systems are on the agenda with markets such as Thailand, Hong Kong, the United Arab Emirates, and Saudi Arabia. The e-CNY International Operations Center established in Shanghai is also seen as an important part of this global expansion. Despite all these developments, China maintains its strict stance on cryptocurrencies. Cryptocurrency trading and mining activities have been banned in the country since 2021. While the Chinese government adopts blockchain technology as a strategic infrastructure, it prioritizes the digital yuan model, which is entirely controlled by the central bank.
New Crypto Tax Rules in The EU Will Come into Effect on January 1st
The European Union is preparing to implement a new measure that significantly tightens its oversight of the crypto asset market. The long-debated European Union Digital Tax Transparency Regulation (DAC8), adopted by the Union, will come into effect on January 1, 2026. With this regulation, crypto exchanges, brokerage firms, and crypto asset service providers will be obligated to report comprehensive data on their users and transactions to national tax authorities.In an official announcement on December 24th, it was emphasized that the new transparency rules only cover digital assets and create a fundamental change in existing crypto review methods. DAC8 expands the scope of the Directive that already regulates information sharing on tax matters between member states, including crypto assets in the system. Thus, crypto transactions will be placed within a reporting framework similar to traditional financial instruments such as bank accounts and securities.What do the new rules in the EU cover?According to the new rules, crypto exchanges and brokers will be required to collect details such as user credentials, transaction history, transfers, and wallet movements and transmit them to their respective national tax authorities. This data will then be shared with other EU member states. The aim is to monitor cross-border crypto activities more transparently and reduce the risk of tax evasion.DAC8 has also brought about significant debate within the crypto ecosystem. While some sector representatives find the regulation too harsh, EU sources argue that this step fills a long-standing gap. It was previously pointed out that some crypto activities remained outside standard tax reporting systems, and the new regulation aims to make digital asset transactions clearly traceable.On the other hand, DAC8 works together with MiCA, another key EU regulation for crypto, but focuses on different areas. MiCA, approved in April 2023, regulates issues such as the licensing of crypto companies, the protection of customer assets, and market behavior; while DAC8 mainly covers tax compliance and reporting obligations. In short, MiCA aims for market regulation, while DAC8 aims for financial transparency.The transition process to the new regime has also become clear. Crypto companies are required to update all their systems, from reporting infrastructure and internal control mechanisms to customer verification processes, by July 1, 2026. After this date, companies that fail to fulfill their obligations will face penalties according to the national legislation of the relevant country. The situation is also quite clear for individual investors. Tax authorities can cooperate with their counterparts in other EU countries in cases of possible tax evasion or underreporting. DAC8 allows for the freezing or seizure of crypto assets linked to unpaid taxes. Moreover, this authority will be valid even if the assets are held outside the investor's country of residence. The legal basis of DAC8 rests on the Administrative Cooperation Directive, approved by the Council of the 27 EU member states on May 16, 2023. This framework aims to integrate crypto asset service providers into the existing tax reporting system. The regulation is also designed to be compatible with the Crypto Asset Reporting Framework (CARF) and the Common Reporting Standard (CRS) developed by the OECD. According to authorities, the uncontrolled growth of the cryptocurrency market posed a significant obstacle to global tax transparency. With DAC8 and CARF, this sector is planned to be brought under stricter control. While tax years will be subject to reporting from 2026 onwards, individual investors will be required to submit their initial declarations by January 31, 2027. These dates are seen as the beginning of a new era for cryptocurrency taxation in the EU.
The Crypto Era Begins in Russia: Giant Exchanges Are Ready
Russia is preparing for a significant shift in its long-standing cautious and restrictive approach to the cryptocurrency market. The country's two largest exchanges, Moscow Exchange (MOEX) and St. Petersburg Exchange (SPB), have announced they are technically ready to launch cryptocurrency trading. Both exchanges state they can activate digital asset services once the legal framework is clarified.Significant crypto step in RussiaAt the heart of the prepared regulatory framework is a two-tiered market model designed by the Bank of Russia. This structure, spearheaded by the Bank of Russia, aims to legally recognize crypto assets while simultaneously controlling investor access with strict rules. The model makes a clear distinction between unqualified individual investors and professional, high-net-worth investors.The rules for individual investors are quite strict. Accordingly, unqualified investors will be able to invest a maximum of 300,000 rubles (approximately $3,300–$3,800) annually in cryptocurrencies. Furthermore, these investors will be required to pass a mandatory exam measuring their knowledge and risk awareness before entering the crypto markets. Transactions will only be possible through a single licensed brokerage firm, and access will be limited to the most liquid cryptocurrencies such as Bitcoin and Ethereum. Qualified investors, however, will have greater freedom. Professional investors and high-net-worth individuals will not face any transaction limits and will have access to a wider range of crypto assets. However, privacy-focused cryptocurrencies will remain inaccessible even to this group. Additionally, all investors, regardless of their status, will be required to pass risk awareness tests. The timeline for the regulation is also becoming clearer. According to the planned schedule, all necessary legal regulations are targeted to be completed by July 1, 2026. MOEX and SPB are expected to launch crypto trading operations throughout 2026, with the system fully operational and sanctions against unlicensed activities implemented by July 2027. Pilot applications are also being considered as early as March 2025. Statements by Russian Finance Minister Anton Siluanov also reveal that this transformation has political support. Siluanov stated that a cryptocurrency exchange for "super-qualified investors" will be established in cooperation with the Central Bank, and that cryptocurrency transactions will be brought under a legal framework to reduce the informal economy. However, it is specifically emphasized that these transactions will not be permitted for use in daily payments within the country.Under the new regulation, cryptocurrencies will be recognized as "tradable monetary assets." Nevertheless, their use for payments for goods and services within Russia will remain prohibited.
Access to 50 crypto platforms, including Coinbase, is blocked in an Asian country
Cryptocurrency market controls in the Philippines have entered a new phase. Internet service providers (ISPs) in the country have begun blocking access to some major global cryptocurrency exchanges in accordance with instructions from regulatory bodies enforcing local licensing rules. For example, Coinbase and Gemini platforms are inaccessible throughout the Philippines.Restrictions on 50 Crypto Platforms in the PhilippinesAccording to a report in the Manila Bulletin, these blocks were implemented following an official instruction sent by the Philippine National Telecommunications Commission (NTC) to internet service providers. The NTC requested the restriction of access to approximately 50 online cryptocurrency trading platforms that were found to be operating without authorization by the Bangko Sentral ng Pilipinas (BSP), which acts as the central bank of the Philippines.The BSP did not share an official list containing all the blocked platforms. However, with this step, practices that have long been carried out with de facto tolerance in the country are now being replaced by direct control and enforcement. In the current situation, compliance with local licensing requirements stands out as the main criterion for access to the Philippine market. The blocking of Coinbase and Gemini is seen as a continuation of similar steps taken previously in the country. The Philippines made its first serious move against unlicensed cryptocurrency exchanges in December 2023. At that time, Binance was given a 90-day period to comply with local regulations. The Philippine Securities and Exchange Commission (SEC) stated that this period was given to allow investors to withdraw their funds. After the period expired, on March 25, 2024, the NTC instructed local internet providers to block access to Binance. Approximately a month later, the SEC requested Apple and Google to remove the Binance app from their app stores. Following the implementation of the bans, the SEC also announced that it could not officially support any method for users to recover their funds. Recently, the Philippine SEC publicly announced 10 more cryptocurrency exchanges that it deemed operating without licenses. This list included globally known platforms such as OKX, Bybit, and KuCoin. These developments reveal that access to crypto in the country is increasingly tied to a stricter regulatory framework. On the other hand, while the Philippines is cracking down on unlicensed platforms, it is not completely closing the doors to compliant companies. On the contrary, local and international players operating in compliance with regulations continue to launch new crypto products. On November 19, licensed crypto exchange PDAX partnered with payroll service provider Toku to allow remote workers to receive their salaries in stablecoins. This system aims to convert earnings directly to Philippine pesos and reduce remittance fees and delays. Also, on December 8, digital bank GoTyme launched crypto services in the country as part of a partnership with US-based fintech company Alpaca. Thanks to this step, users can buy and store 11 different crypto assets through the bank's mobile application.
SEC files lawsuit against 7 crypto platforms: Allegations of $14 million fraud
The U.S. Securities and Exchange Commission (SEC) has filed charges against seven different entities for a wide-ranging cryptocurrency fraud targeting retail investors. The SEC alleges that these entities collected over $14 million from investors through an organized investment scam conducted via social media and messaging applications.Three cryptocurrency platforms and four investment “clubs” are involved.The lawsuit, filed Monday in Colorado District Court, alleges that three so-called cryptocurrency trading platforms and four investment clubs acted together to implement a scheme described as “investment trust fraud.” According to the SEC, this scheme aimed to gain the trust of investors, particularly through social media advertisements and closed messaging groups. The so-called trading platforms named in the lawsuit are Morocoin Tech Corp., Berge Blockchain Technology Co., Ltd., and Cirkor Inc.; while the investment clubs are AI Wealth Inc., Lane Wealth Inc., AI Investment Education Foundation Ltd., and Zenith Asset Tech Foundation. The regulator argued that these structures did not actually engage in any legitimate activity. According to the SEC, the fraudulent activity took place between January 2024 and January 2025. In the first phase of the process, users were invited to groups under the name "investment club" through advertisements on popular social media platforms. These groups were primarily managed via WhatsApp. Group administrators established trust with participants through one-on-one and group chats, presenting themselves as financial experts or professional investment advisors. In these chat rooms, investors encountered investment advice that, according to the SEC, gave the impression of being AI-powered. The aim of this content was to increase the clubs' credibility by creating the perception of regular and stable earnings. Investors were then asked to open accounts on platforms called Morocoin, Berge, and Cirkor and transfer funds to these accounts. However, according to the regulator, these platforms were entirely fake, and no real trading transactions took place. It was also alleged that the platforms' claims of offering state-licensed and legal cryptocurrency trading services were untrue. In the later stages of the fraud, investors were offered fake "security tokens." The SEC stated that both these tokens and the companies allegedly issuing them were fictitious. When investors tried to withdraw their money, they encountered a new obstacle. Allegedly, the suspects further increased the losses by demanding additional and upfront fees for withdrawals. The SEC announced that at least $14 million in total was misused through these methods, and that the funds were channeled through bank accounts and cryptocurrency wallets abroad. Laura D’Allaird, Head of the SEC's Cyber and Emerging Technologies Division, emphasized in a statement that this case highlights a widespread fraud pattern targeting retail investors. On the same day, the agency also issued an investor warning, reminding investors to be cautious about investment offers presented through social media and group chats. The SEC recommended that investors verify the offers and individuals they receive through Investor.gov.
SEC Announces Crypto Custody Requirements: 5 Critical Rules
The Trading and Markets Division of the U.S. Securities and Exchange Commission (SEC) has released new guidance aimed at reducing uncertainty regarding the custody of crypto asset securities. The statement clarifies how the “physical possession or control” requirement applicable to client assets by broker-dealers applies to tokenized assets residing on the blockchain. Focusing specifically on the physical possession requirements under Rule 15c3-3, the guidance details the conditions under which brokerage firms dealing with crypto assets can be considered compliant. The SEC statement defines “crypto asset securities” as tokenized representations of shares or debt instruments recorded on distributed ledger technology. This definition encompasses a rapidly growing area recently, with the migration of traditional financial products to the blockchain. The Trading and Markets Division emphasizes that the guidance aims to provide greater clarity on the application of existing federal securities laws to crypto assets. It also explicitly states that the guidance was prepared as a temporary step in response to requests from market participants. The new statement targets paragraph (b)(1) of Rule 15c3-3 under the Securities Exchange Act of 1934. This provision requires broker-dealers to immediately establish physical possession or control of fully paid and over-collateralized securities held in client accounts. The SEC states that the published guidance does not redefine the concept of control in general terms, but only offers an opinion on the physical possession aspect. It is also specifically emphasized that the statement is not a binding regulation, does not impose new obligations, and does not have legal enforcement.Five special cases listedThe most important element that stands out in the SEC's guidance is the listing of five special cases in which crypto assets can be considered within the scope of physical possession. Accordingly, for a broker-dealer to be able to offer direct custody services, they must first have immediate access to the relevant crypto asset and be technically capable of making transfers on the blockchain. This condition implies exclusive control over the private keys. The second condition requires brokerage firms to conduct comprehensive assessments of the blockchain network at reasonable intervals before and after commencing custody services. These assessments highlight elements such as network reliability, transaction speed and capacity, scalability, resilience to potential failures, and security features. The consensus mechanism, code transparency, maintenance complexity, and documentation quality are also among the considerations. Governance processes such as protocol updates, hard forks, airdrops, and token exchanges are also expected to be closely monitored. The third condition stipulates that the broker-dealer cannot claim physical possession if they are aware of serious security vulnerabilities or operational weaknesses in the blockchain they are custodians of. The fourth condition requires the implementation of strong policies and controls, consistent with industry best practices, to protect private keys against theft, loss, or unauthorized use. The fifth and final condition requires the existence of pre-planned procedures to be activated in the event of blockchain failures, network attacks, or similar disruptions. These plans also cover compliance with legal demands such as asset freezing, seizure, or token burning in accordance with court orders. SEC official Hester M. Peirce welcomed the guidance, which was released in a separate statement. Peirce stated that the text provides important clarity, especially for broker-dealers who want to offer crypto asset custody services. Noting that the emphasis on protecting private keys is consistent with established industry best practices, Peirce urged the Trading and Markets Division to promptly submit proposals to the Commission to update Rule 15c3-3 to fully cover crypto asset custody.
Fed Gives Green Light to Crypto: 2023 Restrictions Lifted
The US Federal Reserve (Fed) has withdrawn its 2023 guidance limiting interaction with crypto assets, marking a significant shift in its approach to innovation within the banking system. This decision allows banks under Fed supervision, particularly uninsured state banks, to operate more flexibly with cryptocurrencies and similar digital financial products. This move comes as US regulators have recently adopted a more positive stance towards digital assets, making it a closely watched development for the sector.What did the 2023 guidance cover?The guidance, published in 2023, stipulated that uninsured banks would be subject to the same rules as banks with federal deposit insurance. Based on the principle that "like pays like pays," this approach effectively prevented uninsured banks from conducting activities not permitted for national banks, such as crypto services. This created significant restrictions, particularly for crypto-focused banks, in terms of Fed membership and access to central bank systems. The Fed cited significant changes in the financial system over the past two years and the institution's evolving understanding of innovative products as reasons for withdrawing the guidance. The statement read, "The 2023 policy statement is no longer appropriate and has therefore been withdrawn." According to the Fed, the current framework is outdated in the face of rapidly evolving financial technologies. One of the first reactions from the sector came from Caitlin Long, CEO of the crypto-friendly Custodia Bank. In a post on social media, Long reminded that the 2023 guidance was used as the primary reason for rejecting her bank's application to open a "master account" with the Fed. A master account allows a financial institution to hold an account directly with the Fed and access the central bank's payment systems without the need for an intermediary. Long argued that the Fed used the guidance as a basis for the Custodia decision even before it officially came into effect, claiming this was illegal. The Fed's new move was not limited to simply revoking the old guidance. The institution also released a new policy framework for “innovative activities” for both insured and uninsured state banks under Fed supervision. This framework allows banks to launch products and services based on new technologies, such as cryptocurrencies, provided they meet specified risk management and compliance standards. Fed Vice Chair for Supervision Michelle Bowman emphasized that the goal of the new approach is to keep the banking sector both safe and modern. According to Bowman, when implemented responsibly, new technologies increase efficiency for banks and enable them to offer better products to customers. The Fed's goal is to encourage innovation without compromising the principles of financial stability and soundness. However, the decision was not unanimous within the Fed. Fed Board Member Michael Barr dissented, arguing that maintaining the principle of level treatment among banks is critical to preventing regulatory arbitrage. He stated that the new policy could encourage banks to adopt looser regulations, creating incentives incompatible with financial stability. Barr has been associated with the “Operation Chokepoint 2.0” debates in the past, which aimed to exclude crypto companies from the banking system, but he has also served as an advisor at Ripple and is known for supporting responsible stablecoin regulation.
Coinbase Launches Stock Trading with USDC
Coinbase has launched a comprehensive transformation in the financial services sector, moving beyond its identity as a crypto exchange. The company announced the official rollout of in-app stock trading for eligible users in the US. Thanks to this new feature, users can buy US stocks and select ETFs directly through the Coinbase app using USDC. This step stands out as one of the most concrete moves towards Coinbase's long-held vision of being "a single platform to buy and sell everything."Stock purchases with USDC are now possible on CoinbaseAccording to information shared by Coinbase, stock transactions are conducted in USDC. With this structure, the company aims to lay the foundation for a 24/7 trading market infrastructure that traditional exchanges still cannot fully offer. Settlement through the digital dollar creates a critical foundation for tokenized stocks and on-chain financial products in the future. CEO Brian Armstrong describes this process as the first step in the convergence of traditional assets with blockchain technology. In addition to stocks, Coinbase is significantly expanding its product range. The platform is adding futures, perpetual contracts, and outcome-oriented prediction markets. The prediction markets are being implemented in collaboration with Kalshi, a regulated entity in the US. Users can access contracts for thousands of different scenarios, ranging from economic data and political developments to sports and macroeconomic events. According to Brian Armstrong, prediction markets are not just a trading platform. Armstrong argues that these markets have become a powerful tool for measuring public expectations and perceptions. In statements to CNBC, he said that many users follow these markets not as an investment vehicle, but to "see the general expectation of what will happen in the coming month." Armstrong also emphasized that prediction markets could eventually function as an alternative information and sentiment barometer to traditional media.Coinbase's entry into this space comes amidst an increasingly competitive environment. DraftKings is acquiring its own prediction exchange, FanDuel is partnering with CME, and Polymarket is entering the US market through a newly regulated entity. Robinhood has also placed LedgerX at the center of its derivatives strategy. Armstrong describes this competition as "a race between regulated infrastructures and crypto-native liquidity." Tokenization is central to the company's long-term plans. In this context, Coinbase announced a new institutional product suite called Coinbase Tokenize. This platform allows companies and institutions to bring their real-world assets, even their own shares, onto the blockchain. Armstrong explicitly states that stock trading is only the beginning of this journey, and the ultimate goal is tokenized shares. According to him, this structure can increase global reach and make capital markets more inclusive. Coinbase is also expanding its API infrastructure for institutional clients and developers. The new API suite, covering custody, payment, trading, and stablecoin services, reflects the company's goal of going beyond retail users. Coinbase Business service is also being opened to eligible customers in the US and Singapore. In addition, private-branded stablecoins for businesses and a new payment standard called x402, which enables automated payments, are being introduced.
FCA Regulation of Crypto in the UK: Eyes on 2027
The United Kingdom is preparing to take a significant step to bring the crypto asset sector under a broader framework. According to a statement from the Treasury, crypto companies operating in the country will come under the direct supervision of the Financial Conduct Authority (FCA) from 2027. The new regulation aims to treat digital assets similarly to traditional financial products, while strengthening consumer protection and maintaining London's ambition to be a global crypto hub.Crypto mobility in the UKThe rapid increase in crypto asset ownership in the UK is among the main reasons for this step. According to official data, approximately 12% of the adult population in the country already owns cryptocurrency. This rate makes crypto no longer a niche area for regulators, but a financial activity affecting a wide audience. The government believes that the need for regulation is not a choice, but a necessity.Under the new framework, crypto exchanges, brokerage platforms, and companies offering digital wallet services will be subject to FCA oversight. These companies will be expected to meet similar standards to traditional financial institutions in areas such as transparency, operational resilience, and consumer rights protection. Officials believe this approach provides a clear roadmap for serious and long-term players operating in the sector, while also helping to push fraud and malicious activities out of the system. Consumer safety is central to the regulatory plan. Recently, there has been a significant increase in fraud cases and financial losses related to crypto investments in the UK. The government aims to mitigate these risks and restore investor confidence by bringing the crypto sector under official supervision. Chancellor of the Exchequer Rachel Reeves emphasized that the rules to be introduced will both protect consumers and support responsible innovation. The regulatory process is not limited to this development in 2027. The FCA and the Bank of England are already working on detailed regulations on issues such as crypto trading, custody services, token issuances, and market manipulation. It is stated that a separate framework is under consideration, especially for stablecoins, and that regulations in this area are considered critical for financial stability. Authorities plan to clarify most of these rules by the end of 2026. Meanwhile, the UK has also taken steps to strengthen the legal status of crypto assets. New regulations recognize Bitcoin and similar digital assets as property, making them inheritable and legally recoverable. This provides crypto asset owners with a more solid legal foundation. Internationally, London aims to increase cooperation with the US. The planned "Transatlantic Task Force" aims to ensure regulatory alignment between the two countries and support innovative projects. On the other hand, a ban on crypto-related political donations is also on the agenda due to concerns about transparency and ownership.
SEC Gives Green Light to DTCC: Stocks and Bonds Moving to Blockchain
Depository Trust & Clearing Corporation (DTCC), considered the backbone of the US securities markets, has crossed a critical threshold in the field of tokenization. In a statement, the institution announced that its subsidiary, Depository Trust Company (DTC), received a "no-action letter" from the US Securities and Exchange Commission (SEC). This letter signifies a three-year authorization for the tokenization and offering of certain real-world assets (RWAs) on blockchains. Important Approval from the SECThis approval is not a direct license from the SEC, but rather an official opinion stating that no sanctions will be applied to the proposed activity. However, its impact on the market is significant. This step paves the way for the controlled tokenization of certain stocks, exchange-traded funds (ETFs), and Treasury bonds in the US for the first time. According to information shared by DTCC, the authorization will allow the tokenization of shares of companies included in the Russell 1000 index, ETFs tracking major US indices, and US Treasury bills, bonds, and long-term debt instruments. DTC plans to offer this service through its ComposerX platform on pre-approved Layer-1 and Layer-2 blockchain networks. The service is expected to be rolled out gradually in the second half of 2026. Tokenization refers to the creation of digital representations of traditional financial assets on the blockchain. The aim is to speed up exchange processes, reduce operational costs, and increase liquidity. DTCC specifically emphasizes that these tokenized assets will carry the same investor rights, ownership structure, and legal protections as their traditional counterparts. In other words, the resulting tokens are not merely technical representations but are financial instruments with legal backing. DTCC President and CEO Frank La Salla states that this development is a significant milestone in the transition to digital markets. According to La Salla, tokenization can only scale up if the legal certainty and security standards provided by existing market infrastructures are maintained. Brian Steele, Head of Clearing & Securities Services, states that this initiative aims to bring the operational resilience and security built over the years to the digital asset world. The inclusion of DTCC in the system shows that tokenization will no longer be limited to experimental projects or limited pilot studies. The institution is responsible for the clearing and custody of trillions of dollars worth of transactions in the US and global markets. According to 2025 data, DTC alone handles the custody and asset services of over $100 trillion worth of securities. Therefore, this step signals a structural change in terms of market architecture, collateral management, and liquidity flows. This development is also seen as part of a broader shift in the regulatory climate in Washington. Recently, both the SEC and the Commodity Futures Commission (CFTC) have adopted a more flexible and technology-open approach to digital assets. Tokenization initiatives by institutions such as JPMorgan, BlackRock, Coinbase, and Kraken also support this transformation. DTCC states that stablecoin distributions or tokenized deposit-like structures could be integrated into the system in later stages, but this would require additional regulatory approvals.
Crypto Exchange Gemini Receives License From CFTC: The Era Of Prediction Markets Begins
Gemini has obtained a Designated Contract Market (DCM) license from the US Commodity Futures Commission (CFTC), granting it the right to offer regulated prediction markets in the US. Announced on December 10, 2025, this decision marks the official completion of the five-year licensing process that began in March 2020. This step is critical for Gemini to expand its business model and establish a more robust revenue structure to meet expectations.Prediction markets meet with customersThe new license allows its subsidiary, Gemini Titan, to offer binary event contracts, also known as binary prediction contracts. These contracts operate on clear, yes-or-no questions such as, "Will Bitcoin close the year above $200,000?" The scope of the authorization is not limited to prediction markets; the company can also expand into a wider range of derivative products such as crypto futures, options, and perpetual contracts if it so chooses. This move means Gemini has established a fully compliant structure that will allow it to directly compete with emerging forecasting platforms like Kalshi and Polymarket in the US. The sharp increase in interest in forecasting markets, particularly during the US election cycle, strengthens the demand for a regulated and overseen platform. In the last two years, Kalshi and Polymarket have reached record volumes, and the CFTC's previously more cautious approach has softened significantly under Acting Chair Caroline Pham. Pham argues that forecasting markets could become an economically significant sector "as large as mainstream finance," and is taking steps to encourage innovation among industry players. The timing of the license is also noteworthy for Gemini. The company's shares have experienced a significant decline in value since its IPO in September 2025; opening at $37, the share closed at $11.36 on December 10th. Therefore, opening up to regulated derivatives and forecasting markets stands out as a strategic shift aimed at increasing revenue diversification and supporting long-term growth. Tyler Winklevoss's recent inclusion on the CFTC's CEO Innovation Council also signals a strengthening dialogue between Gemini and regulatory bodies.Market conditions make this strategy even more necessary. Bitcoin and Ethereum have experienced wide-ranging fluctuations in the last year, while networks frequently attracting institutional attention, such as Solana, have seen sharp pullbacks. This volatility is accelerating Gemini's desire to expand its product portfolio during a period of drastic changes in investor behavior.Despite renewed interest, Gemini is not the first US exchange to enter this space. Crypto.com is developing joint prediction platforms with different brands, while test code for a prediction module integrated into Coinbase's wallet is noteworthy. Furthermore, Robinhood becoming a large distribution partner, sometimes accounting for more than half of Kalshi's volume, demonstrates the rapidly increasing competition in the sector.Gemini's DCM license places the company among the limited number of platforms that can offer regulated prediction and derivatives markets in the US. This license is not unique to Gemini; This is also significant as a symbolic step indicating a shift in the CFTC's approach to digital assets and predictive products towards a more innovation-friendly era.
Banks in the US Have Been Given Full Authority to Handle Cryptocurrency Transactions
A long-awaited breakthrough has occurred in the US banking system. The Office of the Comptroller of the Currency (OCC), in a letter dated December 9th, authorized banks to act as intermediaries in cryptocurrency transactions. This officially removes one of the biggest uncertainties surrounding the entry of traditional financial institutions into the crypto market.The OCC's announcement allows banks to operate using a "riskless principal" model. In this model, banks match buy and sell orders on behalf of their clients, but do not add the asset to their own balance sheets. Thus, they are not exposed to price volatility. In other words, banks will function as a kind of crypto intermediary; offering a regulated, fast, and more secure alternative for clients.In the last few years, particularly during the 2021-2024 period, both the Fed and the OCC had adopted a very cautious approach to crypto assets. Liquidity risks and volatility warnings were prominent, and banks' crypto initiatives were limited to strict supervision and temporary pilot programs. Now, this approach is undergoing a radical transformation. The letter explicitly states that banks can now move towards full-scale integration and that crypto transactions will be conducted under OCC oversight.With this authorization, the OCC emphasized that enabling customers to access crypto through a regulated bank is critical for both security and transparency. It is expected to create an alternative, especially to unregulated or poorly supervised exchanges. By having banks act as a bridge between the customer and the counterparty, the risk of investors being exposed to unknown exchanges or anonymous trading markets will be reduced.This transformation creates a new business model not only for customers but also for banks. Traditional financial institutions will be able to offer crypto brokerage services within their own structures; trading infrastructures can be integrated into the banking system. Thus, the long-discussed "crypto trading through banks" model is truly becoming a reality in the US. This step is expected to facilitate access to crypto assets for millions of Americans.14 banks have appliedOCC Chairman Jonathan Gould stated at a blockchain conference that the technological transformation of banks is inevitable. “Custody and electronic custody services have been conducted digitally for decades. There’s no reason for us to view digital assets differently,” said Gould, emphasizing that the banking system has the capacity to evolve from the telegraph to the blockchain era. Gould also noted that they received 14 new bank applications this year, some of which were digital asset-focused. This figure is almost equal to the total for the last four years. According to the OCC, this indicates that crypto-integrated banking models could rapidly become widespread. Despite some objections from industry representatives, the OCC is clear: a crypto-compatible banking structure will both provide better service to customers and support local economies. Moreover, the OCC has been overseeing crypto-focused national trust institutions like Anchorage Digital for years. Therefore, it sees no risk in managing these new processes.
CFTC Launches Critical Pilot Program for Bitcoin, ETH, and USDC
The U.S. Commodity Futures Trading Commission (CFTC) has taken one of the most concrete steps toward bringing crypto assets to the center of regulated finance. The agency has officially launched its "digital asset pilot program," which opens the door to the use of Bitcoin, Ether, and USDC as collateral in derivatives markets. The program both demonstrates the regulatory body's transformation in its approach to crypto and focuses on the integration of tokenized assets into traditional finance. The announcement came from Caroline Pham, the CFTC's de facto Chair. Pham has long been a prominent figure within the agency in updating the framework for crypto assets; she previously launched the "Crypto Sprint" initiative and last week announced that Bitnomial was the first exchange to list regulatory-approved spot crypto products.Pham summarized the goal of the new program as "maintaining the global leadership of U.S. markets by embracing responsible innovation." According to her, the ability to use tokenized assets as collateral will help market participants manage capital more efficiently and enhance the real-time monitoring capacity of regulators. The pilot program is initially limited to Bitcoin, Ether, and USDCAccording to the framework announced by the CFTC, futures brokers (FCMs) will be able to accept only BTC, ETH, and USDC for the next three months. Participating institutions will report the total amount of digital assets held in their client accounts to the CFTC weekly. Furthermore, any operational issues, disruptions, or system errors that could affect digital assets used as collateral will be required to be immediately reported to the regulator.This framework allows the CFTC to monitor market behavior in a gradual and controlled manner while also generating valuable data on how the use of tokenized collateral works in practice.The CFTC also released new guidance jointly prepared by its three divisions on the same day. These guidances clarify how real-world assets, such as tokenized U.S. bonds and money market funds, are valued under the current regulatory framework. Topics such as custody, segregation, valuation shards, and operational risk have been redefined. The agency also withdrew its staff advisory, issued in 2020, which restricted FCMs from accepting virtual currencies as collateral. The CFTC stated that this guidance was outdated with the enactment of the GENIUS Act. The GENIUS Act, passed this summer, specifically sharpened the framework for stablecoin use.Strong support from the industry: "A milestone for the US"Leading figures in the crypto industry welcomed the move. Coinbase Chief Legal Officer Paul Grewal said the decision "proves once again that digital assets provide real benefits in terms of speed, cost, and risk management in payments." Circle President Heath Tarbert emphasized that the use of regulated stablecoins will improve settlement processes and support 24/7 trading.Crypto.com CEO Kris Marszalek described the decision as "a significant step toward making the US a global hub for crypto innovation." Ripple CEO Jack McDonald also stated that recognizing tokenized assets as collateral will increase capital efficiency and strengthen the competitiveness of US financial markets.
Critical Victory for Ondo (ONDO): SEC Closes File
The U.S. Securities and Exchange Commission (SEC) has closed its two-year investigation into Ondo Finance without recommending any charges. This development marked a significant turning point for both ONDO and the future of the US tokenization space. The investigation, which began in October 2023, assessed whether Ondo's processes for tokenizing US Treasury securities were compliant with existing securities laws and whether ONDO tokens should be classified as a security.According to a company spokesperson, Ondo received official notification at the end of November that the investigation was fully closed. This development confirmed a significant shift in the agency's approach to crypto-related filings since the SEC's new Chairman, Paul Atkins, took office. The withdrawal or dismissal of several high-profile cases filed during the Biden administration, along with the easing of pressure on companies like Coinbase, Ripple, and Kraken, all indicate that the US regulatory landscape is shifting more pro-crypto.The closure of the investigation also paved the way for Ondo to pursue a more robust expansion strategy within the US. The company recently registered as an investment advisor and acquired Oasis Pro Markets, an SEC-registered broker-dealer, ATS operator, and transfer agent. This structure provides Ondo with a regulatory-compliant operating space for the tokenization of real-world assets and a more comprehensive infrastructure for institutional investors.Meanwhile, the SEC has transformed tokenization from a mere monitoring agency to an active policy area. At last week's Investor Advisory Committee meeting, the agency discussed the potential impact of tokenization on the issuance, trading, and settlement of publicly traded stocks. Chairman Atkins emphasized in his remarks that distributed ledger technology could be a "transformative force" in the capital markets.ONDO price risesAmid these developments, the ONDO price has also been experiencing significant market volatility. According to a screenshot of the coin, the token is trading at $0.4966 today, demonstrating a significant increase in investor interest over the past 24 hours. Looking at the price changes:• 5.32% increase in the last hour,• 7.30% increase in the 24 hours,• 8.12% increase in the 7 days. In contrast, the 30-day price performance remains weak at -25.99%. This chart suggests that despite the short-term recovery, investors have not fully moved past the correction experienced over the past month.How Ondo's momentum unfolds from now on will largely depend on the company's plans to expand its US operations and the new tokenization solutions to be announced at the Ondo Summit in New York in February.
