Huione Pay, a payment subsidiary of Huione Group, suspended all withdrawal operations in Cambodia on December 1, 2025. The halt follows liquidity challenges and intensified regulatory scrutiny from U.S. authorities targeting alleged money laundering activities, according to a FinCEN representative. Tether's USDT trades at $1.00 with a market cap of $184.74 billion.

The United Kingdom has enacted legislation formally classifying cryptocurrencies and stablecoins as personal property. The Property (Digital Assets etc) Bill received royal assent this week, establishing legal ownership rights for digital asset holders equivalent to those for traditional property.

Ten major European banks have formed Qivalis, a Dutch-based entity, to launch a regulated euro stablecoin in the second half of 2026. The consortium includes BNP Paribas, ING, UniCredit, and seven other lenders. Qivalis is seeking an Electronic Money Institution license from the Dutch central bank to issue a fully backed token under the EU's Markets in Crypto-Assets framework.

Kraken has completed its acquisition of Backed Finance AG to accelerate expansion of its xStocks tokenized equities platform. The platform surpassed $10 billion in trading volume within six months of launch. The deal consolidates issuance, trading, and settlement operations under Kraken's infrastructure.

Kraken has entered into an agreement to acquire Backed Finance, the issuer of tokenized assets that powers its xStocks trading service. The acquisition strengthens Kraken's position in real-world asset tokenization as it prepares for a 2026 IPO. The xStocks platform has generated over $5 billion in cumulative trading volume since launch.

Crypto venture capital funding totaled $14.54 billion in November 2025, up 219% from October, with Naver's $10.3 billion all-stock acquisition of Dunamu accounting for most of the increase, data show. Deal volume dropped 28% to 57 transactions. Excluding the Naver-Dunamu transaction, DeFi captured 30.4% of deals and CeFi 12.5%, with Kalshi raising $1 billion and Ripple securing $500 million at a $40 billion valuation.

Polish President Karol Nawrocki vetoed the Crypto-Asset Market Act on December 1, 2025, citing threats to property rights and personal freedoms. The rejected legislation would have imposed comprehensive regulatory controls over Poland's digital asset sector, including website-blocking authority. Government officials criticized the decision, while crypto advocates argued existing EU frameworks provide sufficient investor protections.

The Federal Reserve ended its quantitative tightening program on December 1, injecting $13.5 billion into the U.S. banking system through overnight repurchase agreements. Data show this represents the second-largest liquidity injection since the COVID-19 era, exceeding levels seen during the Dot Com Bubble. The move marks a shift from the balance sheet reduction that began in April 2022.