XRP closed December under pressure, trading near $1.86 after a 0.35% dip and a 15% monthly slide. Analyst Zach Rector links looming volatility to a $7.1 trillion global options expiry and warns of a brief sweep to $1.60–$1.70. Spot XRP ETFs launched on 13 November have attracted $1.14 billion in inflows and hold $1.25 billion in assets.

On Christmas Eve, Hong Kong's FSTB and SFC said they had concluded consultations on a licensing framework for virtual asset dealers and custodians. The regime, modeled on Type 1 securities standards, tightens oversight of trading and custody and encourages pre-application discussions, with a follow-on phase targeting virtual asset advisors and asset managers.

As 2025 draws to a close, Bitcoin has dropped from its October peak of $126,000 to about $88,000 while Michael Saylor’s Strategy Inc. pauses new purchases. The firm holds 671,268 BTC and faces fears over a potential MSCI delisting and billions in forced passive outflows, yet its long-term debt profile and more than $2.1 billion in cash suggest it may withstand pressure and that current panic could reflect broader sector stress.

Grayscale Investments has filed a second amendment to its S-1, detailing the conversion of its existing Avalanche Trust into a spot ETF that would trade on Nasdaq under the ticker GAVX. The issuer is shifting to an in-kind creation and redemption model, updating its sponsor structure, and refining risk and financial disclosures, while rivals VanEck and Bitwise advance competing AVAX ETF proposals.

Spain plans to fully implement the EU's MiCA framework by mid-2026 and apply the DAC8 directive from 1 January 2026, requiring detailed reporting of all crypto transactions. Firms that do not secure European licenses by 1 July 2026 must cease Spanish operations, while U.S. policymakers are considering allowing federal tax payments in Bitcoin without capital gains. These changes are expected to sharply increase oversight of centralized platforms and push Spanish market participants to defend the remaining avenues of legal privacy.

The Bank of Russia proposed a tiered crypto regime to be finalized by 1st July 2026, with criminal liability from 1st July 2027 for brokers operating outside the rules. Retail investors face mandatory knowledge tests and a 300,000-ruble annual cap, while qualified investors can trade most assets except anonymous coins after a risk test.

Norges Bank Investment Management, which oversees Norway's $2 trillion sovereign wealth fund, has given full support to all five of Metaplanet's management proposals ahead of the company's 22 December Extraordinary General Meeting. The Tokyo-listed firm plans to restructure its capital base, issue new preferred share classes, and potentially raise $150 million via MERCURY shares to fund additional Bitcoin purchases.

In its 2025 Annual Report, the U.S. Financial Stability Oversight Council removed cryptocurrencies from its list of systemic financial threats and shifted focus toward responsible integration and regulatory clarity. The council cited the July 2025 GENIUS Act, relaxed banking constraints on certain crypto activities, and urged member agencies to issue broad guidance on custody, tokenization, and blockchain use, even as the Financial Stability Board warned that uneven global rules may still endanger financial stability.

VivoPower International PLC plans, through its Vivo Federation unit and South Korean partner Lean Ventures, to set up an investment vehicle aiming to buy $300 million of Ripple Labs shares. The structure is designed to give VivoPower exposure to Ripple and XRP upside without using its own balance sheet, while South Korea's regulatory shift from 16 September allows crypto firms to qualify as venture companies.