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Regulatory Developments in Cryptocurrency Across Various Countries

1. Russia’s Stance on Cryptocurrencies

Anatoly Aksakov, who serves as the Chairman of the Russian State Duma Committee on Financial Markets, has made it unequivocally clear that cryptocurrencies such as Bitcoin and Ethereum are not to be regarded as legal tender in Russia. The mandate dictates that all domestic transactions should be conducted solely in rubles. This position reflects a broader legislative alignment supporting the Central Bank of Russia, which has persistently opposed the incorporation of cryptocurrencies into payment systems for individuals and businesses. Since 2020, this view has been codified into law, formally prohibiting the use of cryptocurrencies for domestic payment purposes. This stringent policy illustrates Russia’s cautious approach in regulating cryptocurrencies, prioritizing financial stability.

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2. Japan’s Upcoming Tax Framework for Crypto Assets

The government of Japan has announced plans to implement a separate taxation system for gains generated from crypto assets, scheduled to commence in January 2028. In a move to create a more streamlined framework, political insiders suggest that this new system will adopt a flat tax rate of 20%, aligning it with equity taxation. This new rule will replace the current classification of crypto profits as “miscellaneous income,” which has a top marginal rate reaching up to 55%. Initially, the market anticipated a 2027 rollout of this reform, coinciding with amendments to the Financial Instruments and Exchange Act (FIEA). However, officials opted to delay the changes to better assess market conditions and improve investor protection measures in tune with the revised regulatory environment.

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3. India’s Regulatory Approach to Stablecoins

The Reserve Bank of India (RBI) has expressed its firm intention not to adopt regulatory models akin to the U.S. GENIUS Act or G7 frameworks for stablecoin regulation, as stated by Deputy Governor T. Rabi Sankar. The RBI posits that stablecoins, particularly those pegged to the U.S. dollar, pose a significant risk to India’s monetary sovereignty and overall financial stability. Concerns were raised regarding potential currency substitution, commonly termed “dollarization,” which could compromise the effectiveness of India’s monetary policy. The central bank underscored that India’s existing payment systems are sufficiently robust, thereby diminishing the need for stablecoin integration. The emphasis remains on developing a centrally controlled Central Bank Digital Currency (CBDC), referred to as the digital rupee.

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4. North Korea’s Cybercrime Activities

According to Chainalysis’ Crypto Crime Report in December 2025, North Korean state-sponsored hackers managed to siphon off approximately $2.02 billion in cryptocurrency, marking a staggering 51% increase from $1.3 billion in 2024. This monumental theft brings North Korea’s total crypto theft to around $6.75 billion. The report noted that the DPRK was responsible for 59% of global crypto-related thefts, with high-profile incidents such as the $1.4 billion hack of Bybit—which represented a significant portion of their total gains—highlighting a strategic shift towards fewer yet more significant attacks.

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5. Norway’s Sovereign Wealth Fund Backing Cryptocurrency Initiatives

Norway’s sovereign wealth fund, managed by Norges Bank Investment Management (NBIM), has recently expressed its support for Metaplanet’s Bitcoin treasury strategy. This endorsement comes ahead of an Extraordinary General Meeting (EGM) set for December 22. NBIM holds approximately 0.3% of Metaplanet’s shares and has approved all proposals laid out by the management, including the introduction of preferred shares aimed at institutional investors. The focus on raising approximately $150 million for Bitcoin acquisitions signifies a growing trend toward cryptocurrency investments within traditionally conservative financial institutions.

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6. Coinbase’s Minority Stake in CoinDCX Approved

The Competition Commission of India has greenlit Coinbase Global’s bid to acquire a minority stake in DCX Global Limited, the parent company of Indian cryptocurrency exchange CoinDCX. Although the specifics of the shareholding ratio remain undisclosed, Coinbase initially unveiled its investment plans in October 2025, valuing CoinDCX at roughly $2.4 billion. This regulatory approval is a significant step for Coinbase, although the company has denied any intentions for a full acquisition at the reported $1 billion figure.

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7. Japan’s Yen Stablecoin Initiative

SBI Holdings has signed a memorandum of understanding with Startale Group, aiming to launch a regulated Japanese yen stablecoin designed for global settlements and institutional applications. The financial infrastructure will facilitate issuance and redemption, with Shinsei Trust & Banking overseeing the process. The project aligns with Japan’s new stablecoin regulatory framework, which aims to launch in the second quarter of 2026.

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8. Sberbank’s Testing of DeFi Products

Sberbank, the largest bank in Russia, has commenced testing various DeFi products in response to rising customer interest in cryptocurrency asset trading. Bank Vice Chairman Anatoly Popov indicated a collaborative effort with regulators to advance digital asset services, emphasizing the future integration of traditional finance with decentralized finance. Focus areas include asset tokenization and enhanced DeFi platform connectivity.

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9. Do Kwon’s Possible Extradition

After serving a 15-year prison term in the United States for his role in the TerraUSD and LUNA collapse, Do Kwon may face extradition to South Korea for an additional trial. Prosecutors in South Korea indicate that if convicted of violations such as breaching the Capital Markets Act, he could face an extended sentence surpassing 30 years. The situation is particularly severe for the estimated 200,000 domestic victims who collectively suffered roughly 300 billion won in losses.

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10. Pilot Program for "China Stablecoin Scheme"

In a recent article, Zhao Zhongxiu, the President of the University of International Business and Economics, proposed piloting a stablecoin regulatory framework within China’s free trade zones. The objective is to explore stablecoin applications, setting up structures like a "Cross-Border FinTech Laboratory" and establishing a whitelist system for stablecoins. These initiatives aim to enhance the financial applications of on-chain stablecoins and tackle financing challenges facing technology-intensive enterprises.

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Navigating new financial technologies can be complex and legally ambiguous. The AI legalese decoder offers a way to understand the proposed regulations and their potential impact, empowering businesses and regulatory bodies to strategize effectively.

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For those involved in the dynamic world of cryptocurrencies, staying updated and compliant is critical. Employing tools such as the AI legalese decoder can significantly assist in understanding legal terminology and regulatory implications, ensuring informed decision-making in this fast-evolving landscape.

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