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

March 2026 saw limited regulatory movement globally, including in the US, amid the backdrop of the West Asia conflict.

While the SEC did issue guidance clarifying how it views certain crypto activities, the bigger legislative push through the CLARITY Act remained stuck, underscoring the lack of consensus. Europe moved incrementally on oversight while the UK moved to ban crypto donations in politics, and parts of Asia continued experimenting with blockchain use cases, but there was no clear breakthrough anywhere.

In India, the situation remained similar, with crypto still taxed and monitored but without a formal framework. Conversations around regulation continued to build, even as a few fraud cases surfaced during the month.

Read on:

US

CLARITY ACT remains stuck even as tentative agreement reached
The Digital Asset Market Structure CLARITY Act remained stuck in March as negotiations in Washington hit another impasse. The bill, which aims to create a clear regulatory framework for crypto markets, has been delayed in the Senate due to disagreements—particularly around whether stablecoins should be allowed to offer yield. The deadlock, driven largely by opposition from banks, has raised doubts about whether the legislation can pass in its current form despite earlier momentum. However, around March 20, US Senators Thom Tillis and Angela Alsobrooks reached a tentative agreement on stablecoin yield provisions, addressing a key sticking point that had slowed progress on the CLARITY Act.

US SEC issues long-awaited guidance on crypto assets
On March 17, the US Securities and Exchange Commission issued long-awaited guidance explaining how it views crypto assets under securities law, marking a shift from years of ambiguity. The regulator clarified that not all cryptocurrencies are securities and addressed grey areas such as staking, mining and airdrops, indicating these may fall outside its remit depending on how they are structured. The move offers a clearer framework for the industry, but stops short of formally classifying specific tokens or creating binding rules, leaving some uncertainty in place.

EU & UK

EU pushes for centralized supervision of crypto firms
Six of the EU’s largest economies, including Germany and France, backed a move to centralise oversight of financial markets, including crypto-asset providers. The proposal would shift supervision of major cross-border players away from national regulators toward a more unified EU-level authority, signalling a push to reduce fragmentation under the bloc’s evolving crypto framework.

UK moves to ban crypto donations in politics
The UK government announced plans to ban cryptocurrency donations to political partiesas part of broader reforms to curb foreign influence. The move follows concerns that crypto’s pseudo-anonymity could be used to channel illicit or overseas funds into UK politics. The proposal also includes caps on foreign donations, signalling a stricter stance on how digital assets intersect with political financing.

India

Regulatory vacuum persists, pressure builds for framework
A growing chorus of legal and policy voices in India pushed for clearer crypto regulation during March, with reports highlighting how the absence of a comprehensive framework is creating uncertainty for investors, startups, and capital flows. While crypto is taxed and monitored, the lack of a formal law continues to hold back institutional participation and long-term growth.

Crypto-related fraud cases continued to surface across India in March, with multiple police crackdowns exposing organised networks promising high returns through fake investment platforms. In one case, investors were duped of tens of lakhs via USDT-linked schemes, highlighting how scams are evolving alongside global crypto adoption. The trend underscores the lack of investor protection in an already loosely regulated market.

CoinDCX pledges Rs 100 crore for cyber safety after founder arrest episode
Crypto exchange CoinDCX has committed Rs 100 crore to build a “Digital Suraksha Network” aimed at tackling rising online fraud, days after its co-founders were arrested in a case later linked to an impersonation scam. The founders were granted bail, with the court noting no direct involvement by the company.

Asia

Bank of Japan explores blockchain for core financial plumbing
The Bank of Japan said it will experiment with using blockchain to settle reserves held by financial institutions, as part of a broader sandbox project. The move is significant because it brings distributed ledger technology into the core of central banking operations, including interbank and securities settlement.

Hong Kong edges closer to first stablecoin licences for major banks
Hong Kong moved closer to launching its regulated stablecoin regime in March, with banks like HSBC and Standard Chartered expected to be among the first recipients of licences, according to a local media report. The approvals, initially targeted for late March, are part of the city’s push to position itself as a global digital asset hub under a tightly controlled framework.

South Korea’s ruling party confronts crypto exchanges over tax policy
South Korea’s ruling People Power Party held a high-stakes meeting with the country’s top crypto exchange CEOs to address the proposed virtual asset tax, set for implementation in 2025. The discussions reflect growing political pressure to revisit or delay the tax, amid concerns it could hurt market activity and push capital offshore. The meeting signals how crypto taxation has become a central policy issue in one of Asia’s most active digital asset markets.

Hong Kong and South Korea launch Web3 policy alliance to align regulation
Hong Kong and South Korea have launched a cross-border Web3 policy alliance aimed at coordinating digital asset regulation and infrastructure development. Initiated by lawmakers from both regions, the platform will focus on areas such as stablecoin frameworks, blockchain connectivity, artificial intelligence integration and regulatory standards. The alliance marks one of Asia’s first structured attempts at policy-level cooperation in Web3, signalling a shift from fragmented national approaches toward greater regional alignment.

Other regions

Dubai’s crypto sector continues to operate despite regional conflict
Dubai’s crypto industry has continued operating with minimal disruption despite escalating geopolitical tensions in the Middle East, highlighting the sector’s resilience. With cloud-based infrastructure and globally distributed teams, many crypto firms have been able to maintain operations even as travel disruptions and security concerns rise.

Latin America’s crypto adoption surges
The region saw transaction volumes jump about 60% to $730 billion, per report by crypto firm Lemon, as users increasingly turned to crypto, especially stablecoins, for everyday payments, remittances, and protection against inflation and currency volatility. Large markets like Brazil continue to dominate activity, while countries facing economic instability are accelerating grassroots adoption, positioning Latin America as a key engine of future global crypto growth.

Markets

Bitcoin ended March at around $66,364, down over 22% for the quarter. Sentiment stayed fragile, with the Fear & Greed Index hovering in “Extreme Fear” for much of the month. Nearly half of all Bitcoin holdings were in loss by the end of March, reflecting how broad the downturn was.
The bigger shift was the narrative that Bitcoin failed to act as a safe haven during the Iran Strait of Hormuz tensions. At the same time, the Federal Reserve’s decision to hold rates steady, with just one cut expected in 2026, kept risk appetite subdued.

Corporate

Mastercard to buy BVNK for $1.8 billion in major stablecoin bet
Mastercard has agreed to acquire stablecoin infrastructure firm BVNK for up to $1.8 billion, including $300 million in contingent payments, as it accelerates its push into blockchain-based payments.

Crypto platform Abra to go public via $750 million SPAC Deal
Crypto wealth management firm Abra plans to go public through a merger with blank-check company New Providence Acquisition Corp III, in a deal valuing the company at around $750 million, signalling renewed investor appetite for digital asset firms.

Kraken becomes first crypto bank with Fed master account
Payward, the financial infrastructure platform behind Kraken, announced that its Wyoming-chartered bank, Kraken Financial, has been granted a Federal Reserve master account. The approval makes it the first digital asset bank in the US to gain direct access to the Fed’s payment system.

Binance tightens market maker rules, pushes for transparency
Binance tightened its rules for market makers on March 25, requiring token issuers to disclose their market-making partners, including identities and contract terms, in a push for greater transparency. The exchange also banned profit-sharing and guaranteed return arrangements between projects and market makers, targeting practices that can distort prices and create artificial liquidity.

Zama becomes confidentiality layer for T-REX Ledger
T-REX Network and Zama have launched an institutional-grade confidentiality infrastructure in Paris for Real World Asset (RWA) tokenization, integrating Zama's Fully Homomorphic Encryption (FHE) into the T-REX Ledger. This collaboration aims to provide onchain privacy, compliance, and security, enabling secure, private, and regulatory-compliant tokenized asset management.

Sony Bank ties up with JPYC to explore yen-denominated stablecoins
Sony Bank has partnered with stablecoin issuer JPYC to explore the use of yen-denominated stablecoins within its banking ecosystem. The two signed a memorandum of understanding to study real-time purchases of JPYC directly from bank accounts, aiming to integrate stablecoins more seamlessly into everyday financial and digital services.

Pendle explores tokenised finance hub in Vietnam
DeFi protocol Pendle is exploring plans to build a tokenised finance hub in Vietnam, positioning the country as a potential centre for next-generation digital asset infrastructure. Discussions with global financial players including Morgan Stanley, Deutsche Bank and BlackRock highlight growing institutional interest in tokenisation, particularly for assets like bonds, ETFs and private credit. Vietnam’s strong developer base and high crypto adoption make it an attractive testing ground, signalling a broader shift toward institutional-grade blockchain use cases beyond retail trading.

GSR acquires advisory firms in $57 million push into crypto investment banking
Crypto trading and liquidity firm GSR acquired digital asset advisory firms Autonomous and Architech in a $57 million deal, expanding beyond trading into capital markets services. The move is aimed at building a crypto-native “investment bank” that can support startups with fundraising, governance and long-term capital planning, positioning GSR as a one-stop partner for emerging crypto projects.

Katana token surges over 38% after South Korea exchange listings
Katana’s token rallied sharply in late March, jumping over 38% after being listed on major South Korean exchanges Upbit and Bithumb. The listings significantly boosted accessibility for local traders, driving a surge in trading volume and investor interest. The move highlights how exchange listings —especially in Korea’s highly active retail market—can act as powerful catalysts for price momentum and liquidity.

Hashed expands to Abu Dhabi, deepening global crypto footprint
South Korea-based crypto investment firm Hashed is expanding into Abu Dhabi through a partnership with tech ecosystem Hub71, as it looks to tap into the Middle East’s growing digital asset market.

Frauds & Cyber Security

FBI arrests man over $46 million crypto theft from US Marshals wallets
The FBI has arrested John Daghita in Saint Martin for allegedly stealing over $46 million in cryptocurrency from wallets controlled by the U.S. Marshals Service, marking a significant breach involving government-held digital assets. Investigations linked Daghita, operating under the alias “Lick,” to suspicious transfers of around $23 million in Ethereum from funds tied to the 2016 Bitfinex hack.

UK sanctions Cambodia scam hub and crypto platform in global fraud crackdown
The UK government sanctioned operators of what it described as the largest scam compound in Cambodia along with a crypto marketplace used to facilitate fraud, as part of a broader crackdown on global online scams. The targeted network includes a massive site known as “#8 Park,” allegedly housing up to 20,000 trafficked workers forced to run scams, and a crypto-enabled platform that enables the sale of stolen personal data and tools for fraudsters.