Call it coincidence or a calculated move, but governments worldwide are clearing up the crypto fog just as markets hit record highs.
From Russia to Nigeria, regulators are rolling out rules that could shape the next wave of crypto growth — or stifle it.
Russia
Russia’s finance minister, Anton Siluanov, has confirmed Bitcoin is already being used under a new framework in foreign trade, a public position that could act as a catalyst for such financial activity.
The statement to Russia 24 TV confirms what was broadly expected but remained obscure since the country introduced an “experimental regime” in mid-2024.
With western sanctions biting hard, crypto has become a key tool for sidestepping these restrictions.
Siluanov wants to expand its use in 2025, with details of the regime expected in January, Anti Danilevski, an industry executive who has been closely engaging with regulators, tells MONIIFY.
But it’s not all bullish for crypto in Russia. The country has also partially banned mining of crypto, restricting it in 10 regions for six years. It’s trying to strike a balance between energy consumption concerns and requirements of the crypto industry, local media has previously reported.
Read more: Trump’s crypto promises have Asia’s Gen Z hooked
Israel
Israel, another country entangled in conflict, approved as many as six Bitcoin mutual funds last week. These will be available for investors on 31 December, Israeli outlet Calcalist reported on Christmas.
If the US’ $35 billion crypto ETF splash since earlier this year is any indicator, expect a similar frenzy in Tel Aviv.
Turkey
President Recep Tayyip Erdogan recently announced the implementation of anti-money-laundering rules, requiring anyone transacting more than about $425 via crypto to share identification with crypto exchanges.
The change may look restrictive on the face of it but there’s more to this.
First, the rule is in line with the EU’s crypto regime, which comes into play at the turn of the year, making it easier to transact between the two territories.
It’s also a trust play — giving hesitant Turks a nudge toward crypto trading.
Read more: Bitcoin’s in deep freeze as $20 billion showdown looms
Elsewhere…
The Philippines is refining its crypto rulebook, releasing draft legislation for public feedback. It’s the first step toward clarity in a market that has been flying mostly blind to date.
Nigeria’s Securities and Exchange Commission wants crypto platforms to get licensed before promoting digital assets. The new rules, set to take effect in June, could send influencers to jail for undeclared promotions.
And down south in Africa, Botswana’s central bank is asking for regulators to come up with crypto rules, despite the sector posing minimal risks to its economy.
It’s unclear if an impending global battle to win crypto business is spurring such moves, especially since comeback-man Donald Trump moves toward fulfilling his promise of making the US the crypto capital of the world.
But one thing is true: The projection of clearer rules could be the spark that powers the next wave of crypto adoption.
Edited by Ankush Chibber and Azar Zaidi. If you have any tips, ideas or feedback, please get in touch: talk-to-us@moniify.com
