On 31 Dec 2025, California advanced a 2026 ballot initiative to impose a one-time 5% wealth tax on residents with net worth above $1 billion, including unrealized gains as of 1 January 2026. The levy would be payable in 2027 and would cover digital asset holdings, potentially affecting large crypto positions. Crypto leaders such as Jesse Powell and Hunter Horsley warn the measure could push high net worth founders and investors to leave the state.

On 30 Dec 2025, Sberbank said it extended Russia's first corporate loan secured by Bitcoin to miner Intelion Data. The pilot used Intelion's mined digital currency as collateral, with the assets held via Sberbank's Rutoken custody system. The bank did not disclose the loan size, term, rate, or detailed risk parameters.

A major Russian bank, working with the Ministry of Finance and the Bank of Russia, supports a tiered framework to let non‑qualified investors enter crypto under tests and strict limits. Draft terms include a knowledge exam and an annual cap of around 300,000 rubles per intermediary. The Bank of Russia targets 1 July 2026 for the core legislation.

On 18 December 2025, India's Enforcement Directorate raided 21 locations across Karnataka, Maharashtra, and Delhi in a money laundering case linked to 4th Bloc Consultants. Authorities allege the group ran a crypto investment fraud using 26 fake trading platforms, including goldbooker.com and cryptobrite.com, that promised extremely high returns. Officers seized digital devices, property documents, and bank and cryptocurrency account details as they continue tracing funds and potential victims.

The Bank of Lithuania set 31 December 2025 as the final deadline for crypto-asset service providers to obtain MiCA authorisation. After that date, unlicensed operations will be deemed illegal financial activity and can be punished by up to four years of imprisonment. More than 370 firms are registered, around 120 are active, and about 30 have applied for licences.

On 24 Dec 2025, Spain confirmed it will apply the EU's Markets in Crypto-Assets framework from July 2026 instead of the earlier December 2025 target. Crypto-asset service providers will have up to 18 months from the main MiCA start date in late 2024 to obtain authorisation or cease serving Spanish clients. The revised timetable aligns Spain with the maximum transition period allowed under supervisory guidance.

On 24 Dec 2025, China Properties Investment Holdings Limited (0736.HK) approved a plan to buy BNB with internal funds and keep it as a strategic reserve. Purchases will be made on the open market in batches under Hong Kong rules and internal controls, with no impact on daily operations, and are framed as portfolio diversification.

On December 19, Rep. Max Miller and Steven Horsford introduced a bipartisan discussion draft that would exempt regulated stablecoin payments under $200 per transaction from capital gains tax. The Digital Asset PARITY Act also proposes allowing taxpayers to defer income recognition on staking and mining rewards for up to five years, with those rewards later taxed as ordinary income at fair market value.

On 19 December 2025, the Council of the European Union agreed on a negotiating mandate for the digital euro that requires both online and offline payment options. The framework confirms the European Central Bank as issuer, introduces holding limits and basic free services, and outlines a path toward pilots in 2027 and potential issuance in 2029. The move diverges from earlier European Parliament ideas centered on offline-only use and opens inter‑institutional negotiations on the CBDC’s legal design.