Welcome to the February 2026 edition of The Monthly Crypto Map — your monthly wrap of the developments reshaping the global crypto landscape.

This month, one of crypto’s oldest ghosts returned.

A former CEO of Mt. Gox, a now defunct crypto exchange based in Tokyo, proposed a hard fork to Bitcoin code to retrieve 79,956 BTC that were stolen from the exchange in 2011. The private keys for that address are held by the hacker (or lost), and therefore, the funds have sat untouched for 15 years. A hard fork would create a permanent divergence in the blockchain network forcing all users to choose between accepting the new fork or the older blockchain.

This along with developments related to international sanctions, new regulations, pardons and other mix-ups make it an interesting read for crypto enthusiasts.

United States

CFTC revises stablecoin definition to include national trust banks
The Commodity Futures Trading Commission (CFTC) announced on Feb. 6 that its Market Participants Division reissued CFTC Staff Letter 25-40, revising the payment stablecoin definition to allow national trust banks to qualify as permitted issuers under the staff’s no-action position.

SEC Commissioner Uyeda: Tokenized securities 'no longer theoretical'
The SEC Commissioner Mark T. Uyeda said that tokenization has moved beyond theory into early-stage reality, with traditional securities being tested how they can be issued, held and transferred on the blockchain.

OCC issues 376-page proposed rule implementing GENIUS Act on stablecoins
The Office of the Comptroller of the Currency (OCC) has proposed new regulations to implement the Guiding and Establishing National Innovation for US Stablecoins Act (GENIUS Act) for issuing payment stablecoins. The bureau stated that it would establish a payment stablecoin framework and update other OCC regulations.

Trump-Linked crypto firm announces global remittance platform
World Liberty Financial, a crypto venture backed by the family of U.S. President Donald Trump, said it plans to launch a new foreign exchange and remittance platform aimed at offering simpler services at lower cost. Speaking at the Web3 conference Consensus in Hong Kong, co-founder Zak Folkman said the platform, called World Swap, will roll out soon.

Senate democrats ask Treasury and DOJ to probe Binance
Nine Democrats in the US Senate sent a letter to Secretary of the Treasury Scott Bessent and Attorney General Pam Bondi requesting an investigation into illicit financial activity at Binance, the world's largest cryptocurrency exchange. The platform came under fire after a report by Bloomberg stated that Binance fired employees who were investigating the movement of funds from the exchange to sanctioned entities.

UK and Europe

Gemini exits UK, EU, and Australia
New York-based cryptocurrency exchange Gemini has decided to cut 25% of its global workforce and end operations in the United Kingdom (UK), European Union (EU) and Australia.

Polish President vetoes MiCA implementation bill for second time
Poland's President Karol Nawrocki vetoed the country's second attempt at legislating Bill 2064, which aims to align domestic digital asset rules with the European Union's Markets in Crypto-Assets (MiCA) regulation. MiCA (Markets in Crypto-Assets Regulation) is the European Union’s legal framework designed to bring crypto into a unified, regulated system.

FCA selects four firms for stablecoin regulatory sandbox cohort
The United Kingdom's top financial regulator Financial Conduct Authority (FCA) chose four companies to participate in a stablecoin sandbox to trial stablecoin-related products in real world conditions. Monee Financial Technologies, ReStabilist, Revolut and VVTX were selected out of 20 applicants.

UK Gambling Commission explores how to keep bettors on licensed sites
The United Kingdom Gambling Commission wants to discourage licensed betting operators from resorting to unlicensed sites for accepting crypto payments. The move aligns with forthcoming U.K. crypto rules that would bring digital assets under the FCA's oversight, with a new regime expected to start in October 2027.

Germany's AllUnity issues regulated stablecoin tied to safe haven Swiss franc
AllUnity, a joint venture between DWS, Galaxy, and Flow Traders, expanded its stablecoin lineup with CHFAU, a Swiss franc-pegged stablecoin on Ethereum backed 1:1 by CHF reserves. It is aimed at institutional payments, settlements and treasury use.

India

India tightens grip around crypto reporting
The 2026 Indian Union Budget introduced a two-tier penalty system for crypto exchanges and platforms in regard to incorrect or delayed reporting. There are no changes in tax rates under the current budget for stakeholders. The new penalty for crypto exchanges will come into force from April 1, 2026.

India to begin cross-border crypto data sharing from April 2027
India will reportedly begin exchanging transactions related to cross-border cryptocurrency data with other countries from April 1, 2027. India has already started to work on the detailed sharing format which will be out before April this year. The move comes amid concerns that a significant share of crypto trading by Indian users is happening on overseas platforms.

Exchanges begin delisting privacy coins
Indian crypto exchanges started delisting privacy-focused tokens following tighter anti-money-laundering rules. Privacy coins make transactions harder to trace, and regulators worry they can be used for illicit activities. The move signals increasing compliance pressure on exchanges operating in India.

ED probes crypto links in cybercrime
India’s Enforcement Directorate said it is investigating 234 cybercrime cases involving cryptocurrencies, including scams, online gambling and fraudulent investment schemes. Some cases reportedly involve cross-border links with Chinese entities. The probe highlights the growing role of crypto in digital financial crime investigations.

Asia

SFC issues new rules for crypto margin financing and perpetual contracts
Hong Kong's securities regulator Securities and Futures Commission (SFC) announced policy changes to allow licensed brokers to offer virtual asset financing and introduce rules for perpetual contracts. The move indicates intent for greater institutional integration of digital assets.

Victory Fintech (VDX) receives VATP license — first new license since June 2025

Hong Kong's SFC granted a crypto license to Victory Fintech (VDX) bringing the number of approved crypto firms in the SFC's registry to 12. It is the first addition to Hong Kong's registry of crypto firms since June 2025.

Other countries

Brazil's central bank full VASP authorization regime goes live
Brazil's Central Bank Banco Central do Brasil's (BCB) new regulations on virtual asset service providers (VASP) came into effect on 2 February. The monetary authority will now supervise the authorization process and the operation of VASPs.

CIRO introduces new digital asset custody framework
Canada's investment watchdog Canadian Investment Regulatory Organization (CIRO) launched a new framework bringing stricter rules for holding crypto assets and strengthening investor protection. The Digital Asset Custody Framework is designed to respond more quickly to risks, including hacking, fraud, governance and insolvencies, CIRO said.

Global Market Developments

After a turbulent month, crypto market stabilises near $2.2 trillion
The crypto market ended the month in a volatile but stabilizing phase, with Bitcoin trading roughly between $65,000 and $69,000 after a sharp correction earlier in the month. The overall crypto market cap stood near $2.2 trillion, while investor sentiment remained cautious as macro uncertainty, ETF flows, and geopolitical tensions drove swings in derivatives trading and liquidations.

Corporate Developments

Coinbase faces civil action in Nevada over prediction markets
The Nevada Gaming Control Board filed a civil enforcement action against cryptocurrency platform Coinbase to block it from offering event-based contracts on sports and elections without state gaming licenses. The regulator said that Coinbase's operations create 'a massive and unfair competitive advantage' over licensed sportsbooks that must pay licensing fees, taxes, and comply with consumer protection requirements.

SEC drops charges against CryptoFed DAO
The United States Securities and Exchange Commission (SEC) has dropped its investigation charges against American CryptoFed DAO stating that recent regulations have changed registration procedure for crypto assets. The SEC had initiated formal proceedings against the company in 2022 for not providing audited financial statements while filing registrations for its tokens Ducat and Locke.  

Morgan Stanley files for national trust bank charter for crypto custody
$9 trillion banking giant Morgan Stanley has applied for a national trust bank charter to provide direct cryptocurrency custody for its institutional clients.

Crypto.com receives OCC conditional approval for national trust bank
Crypto.com has received conditional approval from the Office of the Comptroller of the Currency for a national trust bank charter, paving the way for the digital assets firm to become a federally regulated custodian.

Paradigm pivots from crypto to AI, robotics, raising up to $ 1.5 billion
Venture capital firm Paradigm is preparing a new $1.5 billion fund aimed at artificial intelligence, robotics and other emerging technologies, marking its clearest push beyond the crypto sector. It had previously launched a $2.5 billion flagship fund in November 2021, at the time the largest dedicated crypto fund, and followed it in 2024 with an $850 million vehicle focused on early-stage blockchain projects.

Security & Fraud

Former Mt. Gox CEO Mark Karpeles proposes bitcoin hard fork and gets swiftly rejected

Defunct Tokyo-based crypto exchange Mt. Gox's former CEO Mark Karpeles proposed a rewrite of bitcoin's code to direct coins that have remained untouched since 2011. This was meant to compensate past users of Mt. Gox who were victims of fraud.

OFAC sanctions two crypto exchanges including Zedcex
The United States Treasury's Office of Foreign Assets Control (OFAC) has sanctioned two exchanges registered with the United Kingdom, Zedcex and Zedxion, for facilitating financial transactions for Iran's Islamic Revolutionary Guard Corps (IRGC). The exchanges were associated with Babak Zanjani, a financier who was previously imprisoned for misappropriating oil revenues in Iran. He had also helped the Iran regime move money using crypto infrastructure.

OFAC sanctions Russian firm 'Operation Zero' for crypto-funded stolen U.S. tech
The United States Department of the Treasury's Office of Foreign Assets Control (OFAC) has sanctioned the Russian company Operation Zero following the guilty plea of an Australian national who admitted to stealing proprietary software for the firm in exchange for millions of dollars in cryptocurrency.

Tether freezes billions linked to crime
Stablecoin issuer Tether revealed it has frozen about $4.2 billion worth of USDT connected to illicit activity over the years, including scams and sanctioned entities. The move highlights growing law-enforcement collaboration but also renewed debate about crypto’s role in financial crime and regulatory oversight.