Visa expands, China issues major rules

In this week’s edition of the weekly recap, Visa partnered with Aquanow for regional stablecoin settlement expansion, China reinforced its prohibition on crypto, and the UK introduced comprehensive reporting requirements for cryptocurrency traders.

Visa extends stablecoin settlement across emerging markets

• The payments giant partnered with cryptocurrency infrastructure provider Aquanow to expand stablecoin settlement services across Central and Eastern Europe, the Middle East, and Africa regions.
• The integration allows Visa’s regional issuer and acquirer network to process transactions using approved stablecoins like USDC with continuous 365-day settlement capabilities.

Chinese central bank reinforces crypto prohibition

• The People’s Bank of China reaffirmed following Friday’s multi-agency meeting that digital asset operations remain illegal within the country, specifically highlighting stablecoin usage risks.
• The central bank stated that “virtual currencies do not have the same legal status as fiat currencies, lack legal tender status, and should not and cannot be used as currency in the market.”

UK implements mandatory cryptocurrency trader disclosures

• The government confirmed in its 2025 Budget that new regulations will require cryptocurrency traders to provide personal information to trading platforms beginning January 1, 2026.
• The Cryptoasset Reporting Framework, introduced through international OECD agreements, mandates that service providers share customer data including transactions and tax reference numbers with HM Revenue & Customs.

Tether withdraws from Uruguayan mining operations

• The stablecoin issuer announced cessation of Bitcoin mining activities in Uruguay, citing prohibitive energy costs as the primary factor for the strategic withdrawal.
• Local media reported that El Salvador-based Tether confirmed to Uruguay’s Ministry of Labor and Social Security it would lay off 30 of 38 employees in the country.

Upbit addresses security vulnerability following theft

• The South Korean exchange discovered and remediated a serious internal wallet system vulnerability during emergency investigation of a $30 million theft earlier this week.
• Following November 26 detection of abnormal Solana-based outflows including SOL, ORCA, RAY, and JUP tokens, Upbit immediately halted withdrawals and transferred remaining assets to cold storage.

Animoca Brands prioritizes stablecoin and RWA initiatives

• The major crypto and web3 investor plans to emphasize stablecoin development and real-world asset tokenization in the coming year according to chief strategy officer Keyvan Peymani.
• Peymani stated in a CNBC interview that the company will “launch into the stablecoin initiative in a major way” while introducing an RWA marketplace representing “a whole new sector for us.”

Do Kwon requests five-year sentence cap

• Terraform Labs founder petitioned the U.S. District Court for the Southern District of New York to limit his prison term to five years.
• The November 26 filing presented a 23-page argument from Kwon’s legal team asserting that a five-year prison term would constitute sufficient punishment.

Australia advances crypto licensing legislation

• The government introduced the Corporations Amendment (Digital Assets Framework) Bill 2025 to parliament Wednesday, requiring financial licenses for cryptocurrency platforms.
• Following September consultation on the draft bill, Treasury submitted the legislation which received first reading and advancement to second reading consideration.

Securitize gains dual-market regulatory approval

• The BlackRock and Ark Invest-backed tokenization specialist received full European Union regulatory approval to operate a digital trading and settlement system.
• With this authorization, Securitize claims to be the only firm licensed to operate tokenized securities infrastructure in both the EU and United States.

Binance launches ultra-wealthy client services

• The largest cryptocurrency exchange by volume unveiled Wednesday a new offering targeting ultra high-net-worth individuals through Binance Prestige.
• The service addresses specific needs of family offices, private funds, and asset allocators seeking professional digital asset management approaches.

MoonPay secures New York Trust Charter

• The crypto payments firm obtained regulatory approval to safeguard customer digital assets following receipt of a New York Trust Charter according to Tuesday’s announcement.
• The charter authorizes MoonPay to hold digital assets on behalf of customers and facilitate over-the-counter trades occurring directly between parties outside centralized exchanges.

Polymarket receives CFTC regulatory approval

• The prediction market platform obtained an Amended Order of Designation from the Commodity Futures Trading Commission, enabling fully regulated U.S. operations.
• The Monday approval, announced Tuesday, permits Polymarket to offer intermediated access allowing participation through futures commission merchants and traditional brokerage channels.

Japan proposes exchange liability reserves

• The Financial Services Agency plans a 2026 parliamentary submission of legislation requiring cryptocurrency exchanges to maintain reserves for customer compensation.
• The proposed requirements would mandate exchanges to set aside funds covering potential losses from cyberattacks or security incidents according to Nikkei reporting.

Monad blockchain launches with token airdrop

• The layer-1 blockchain went live Monday accompanied by MON token distribution to eligible participants.
• The development team described Monad as a “high-performance network” supporting DeFi, payments, stablecoins, and institutional high-frequency finance applications.

JPMorgan closes Strike CEO accounts

• Banking giant JPMorgan Chase abruptly terminated the bank accounts of Bitcoin-focused payments firm Strike CEO Jack Mallers in September without explanation.