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As the global crypto landscape sharply diverges between "dollar substitute" and "tax haven," a long-ambiguous giant in the crypto field has finally revealed its hand.
On December 24, 2025, the Central Bank of Russia officially announced a proposed regulatory framework, planning to complete legislation by July 2026, aimed at legalizing and regulating individual and institutional cryptocurrency transactions. This marks Russia's shift in attitude toward cryptocurrencies, from past wavering and restrictions to a systematic "institutionalization."
However, this multi-year policy brewing is not simply an embrace. It is more like a carefully constructed "walled garden" amid geopolitical pressure, the reality of capital outflows, and financial sovereignty demands.
A five-year history of policy evolution
Russia's attitude toward cryptocurrency regulation has gone through a path from "strict prohibition

Yesterday, Bitcoin spot ETF had a total net outflow of $175 million, including a net outflow of $91.37 million from BlackRock ETF IBIT and a net outflow of $24.62 million from Grayscale ETF GBTC. Currently, the total net asset value of Bitcoin spot ETFs is $113.833 billion, with an ETF net asset ratio of 6.51%.

Mars Finance reports that, according to Castle Labs statistics, L1 tokens have generally performed poorly this year, including: TON down 73.8%, AVAX down 67.9%, SUI down 67.3%, SOL down 35.9%, ETH down 15.3%, HYPE down 6.5%, only BNB and

Hong Kong Legislative Council member Wu Jiejzhuang stated that the SAR government is conducting legislative consultations on digital asset trading and custody services, aiming to clarify regulations and respond to market demands. This initiative will establish the legality of related services, help combat fraudulent activities, and encourage industry participation in providing feedback.

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Author: Micah Zimmerman
Translation: AididiaoJP, Foresight News
In Q4 2025, Bitcoin experienced significant turbulence. Especially in December, the price dropped nearly 9%, and volatility surged to its highest level since April 2025. However, VanEck noted in its mid-December "ChainCheck" report that market liquidity is improving, and speculative leverage appears to be resetting, providing cautious optimism for long-term holders.
VanEck's digital asset analysts painted a complex picture in the report: despite continued weakness in on-chain activity, the liquidity environment is improving, and speculative leverage is gradually being unwound, offering a glimmer of hope for long-term investors.
The report particularly emphasizes the behavioral differences among various investor groups. Digital

Mars Finance News, on December 25th, the XRP treasury entity Evernorth Holdings supported by Ripple executives is experiencing an unrealized loss of over $220 million. According to data tracked by CryptoQuant, Evernorth holds approximately 389 million XRP with an acquisition cost of about $947 million. At the current XRP price of $1.86, its market value is approximately $724 million, resulting in a significant unrealized loss for the company. (Cryptobriefing)

Suspected insider whale Garrett Jin posted on X platform that platinum, palladium, and silver prices are retreating, while Bitcoin and Ethereum are beginning to rebound. The precious metals market is overly crowded with funds, increasing risks, and investors may shift towards undervalued assets.

Recently, ETH prices rebounded after falling to the average holding cost of whale groups. Whale wallets saw a surge in buying volume when the price reached this cost, accumulating over 4.8 million ETH. If this support level breaks, market support will drop to $2,300, which is below the breakeven price and may be attractive to investors.

According to a Gallup survey, Federal Reserve Chairman Powell received the highest approval among 13 American leaders, with a support rate of 44%, surpassing Trump's 36%. The survey shows that Trump's support is highly polarized along party lines, while Powell's support is comparatively broader. The survey reflects public dissatisfaction with national leadership.

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Original author: Lawyer Shao Jiadian
Introduction
Many RWA projects, when consulting a lawyer for the first time, almost always say the same thing:
“We are not securities, just a functional RWA token.”
“We simply put real assets on the chain, without financing attributes.”
“We are a utility token, not a security token.”
Honestly, I’ve become numb to these statements.
But the problem is—regulation is never determined by how you “call yourself,” but by “what you are actually doing.”
And an extremely important point is:
The gray buffer zone of “functional RWA tokens” has been gradually squeezed out by real case law in major regulatory jurisdictions worldwide.
Today, I will do only one thing in this article:
No abstract legal provisions, no vague theories, only real

The Marshall Islands launched the National Basic Income (ENRA) program through Stellar, covering all citizens. The funding comes from trust fund investment income, with diversified distribution methods. The program aims to ensure fair wealth distribution without income or employment thresholds.