SEC Guidance Turns USD Stablecoins Into Tradable Cash Equivalents

India's crypto regulatory gap sparks a rights protection dilemma: courts reject investors' claims, and fund freeze disputes escalate

February 25 News, the Delhi High Court recently dismissed a lawsuit filed by a group of cryptocurrency investors against a certain crypto platform. Judge Prushaindra Kumar Kaurav pointed out that the platform is a private company and does not meet the definition of a "state" entity under Article 12 of the Constitution, therefore it cannot be subject to judicial intervention under Article 226. The petition lacks a legally admissible basis. The lawsuit was initiated by investors such as Rana Handa and Aditya Malhotra, requesting the court to strengthen regulation of the crypto platform, and to direct the CBI or a special investigation team to intervene, as well as to unfreeze the user funds that are reportedly restricted. However, the court explicitly stated that ordering a criminal investigation is an extremely exceptional circumstance, and some complaints have not even completed the FIR process, which is insufficient to trigger a mandatory investigation mechanism.

Hong Kong advances the implementation of the tokenized bond platform and connects with the regional tokenization center. Stablecoin license issuance begins in March.

February 25 News, Hong Kong is accelerating the development of core infrastructure for digital assets. Financial Secretary Paul Chan announced in the 2026-27 fiscal budget that Hong Kong will establish a brand-new digital asset platform within the year to support the issuance and settlement of tokenized bonds. The platform will be built and operated by CMU OmniClear Holdings, a subsidiary of the Hong Kong Monetary Authority, marking the official transition of tokenized bonds from pilot phase to a market-level infrastructure system. This platform will gradually expand to include more categories of digital assets and achieve interoperability with regional tokenization platforms, forming a cross-market tokenized financial network. This move is seen as an important step to strengthen Hong Kong's position as a digital asset hub in China, while also improving on-chain settlement efficiency and asset liquidity. As post-trade infrastructure becomes part of the official financial system, the issuance mechanism for tokenized bonds is evolving toward standardization and institutionalization.

California's new DFAL crypto license will take effect in July, forcing a quarter of all US crypto companies to face a major decision

California Enacts the Digital Financial Assets Law (DFAL), requiring all individuals or companies providing crypto asset services to California residents to obtain a license or meet exemption criteria by July 1, 2026, or face enforcement actions. The DFAL license application will open on March 9, 2026, covering multiple types of digital asset businesses and including consumer protection provisions. This legislation marks a new phase in state-level crypto regulation in the United States and could drive the unification of compliance standards nationwide.

Hong Kong issues the first stablecoin license in March, with legislation to regulate trading firms and custodians accelerating compliance within the year

On February 25, it was announced that Hong Kong's Financial Secretary, Paul Chan, revealed in the 2026-27 fiscal budget that Hong Kong will issue the first batch of fiat-backed stablecoin licenses next month, marking the substantive implementation phase of the stablecoin regulatory framework. The regulatory authorities will continue to assist licensed issuers in exploring applications of stablecoins in payments, cross-border settlements, and real asset digitization in a compliant and risk-controlled manner, strengthening Hong Kong's institutional advantages in the digital asset regulatory system. At the policy level, it was also confirmed that Hong Kong plans to introduce new legislation later in 2026 to establish a licensing system covering crypto asset exchanges and custodial service providers. The scope of regulation will be expanded from platforms and stablecoins to key areas such as over-the-counter trading and custody, further improving the compliant virtual asset ecosystem. Meanwhile, the Hong Kong Securities and Futures Commission will take measures to enhance market liquidity, expand the categories of crypto financing and derivative products available to professional investors, and promote compliant innovation and market depth through the establishment of an innovation accelerator.

Bitcoin Depot Requires ID for Every Crypto ATM Transaction

Bitcoin Depot has implemented a new policy mandating identification for every transaction at its ATMs to enhance compliance and reduce fraud. This change extends previous ID checks and responds to increased regulatory scrutiny and fraud concerns, notably following lawsuits from various states.

Putin classifies cryptocurrencies as "intangible property"! Russian court obtains legal basis for seizing Bitcoin

Russian President Putin has signed a new law amending the Criminal Code, officially recognizing cryptocurrencies as "intangible property," and granting courts the legal authority to seize crypto assets during criminal investigations. The regulation also requires law enforcement agencies to provide detailed information such as the type of tokens, quantity, and wallet addresses when applying for confiscation.