On December 23, 2025, the Central Bank of Russia published a draft framework for cryptocurrency investing that introduces separate rules for qualified and unqualified investors. The proposal caps annual investments by unqualified investors at 300,000 rubles in highly liquid assets subject to a basic test, while qualified investors may access non-anonymous tokens after risk checks, with full regulatory rollout targeted between July 2026 and July 2027.

On 24 Dec 2025, Spain confirmed it will apply the EU's Markets in Crypto-Assets framework from July 2026 instead of the earlier December 2025 target. Crypto-asset service providers will have up to 18 months from the main MiCA start date in late 2024 to obtain authorisation or cease serving Spanish clients. The revised timetable aligns Spain with the maximum transition period allowed under supervisory guidance.

On December 24, 2025, crypto market maker Wintermute reported that Bitcoin's dominance has strengthened as price volatility persisted and many altcoins lagged. The firm linked altcoin weakness to supply overhangs and heavy token unlocks, while noting that its own tracked on-chain holdings, including BTC, ETH, SOL and USDC, now total about $416 million after earlier reductions.

Wintermute warns the expected altcoin rally has stalled, with retail capital rotating back to Bitcoin and Ethereum as dominance rises and liquidity thins. Over the past 24 hours, Bitcoin fell 1.12% below $87,000 and Ethereum slipped 1.5% near $3,000, while liquidations hit roughly $600 million Monday and $400 million on Wednesday and Thursday. Bitcoin ETFs saw $650.8 million in outflows over four days and Ethereum funds recorded $95.52 million in net outflows.

In 2025, trader Didi and Memento Research each examined how airdropped tokens perform after launch, finding that most now trade well below their token generation event prices. Their data shows individual airdrops have frequently dropped over 90%, while 84.7% of 118 new launches this year sit under initial valuations and many suffer drawdowns of 50%–70% or more. Commentators argue that high fully diluted valuations, complex eligibility rules, and Sybil attacks are eroding both token performance and wider enthusiasm for airdrops.

On December 23, spot XRP ETFs posted $8.19 million in net inflows, according to SoSoValue, extending a streak that has reached $1.13 billion. In contrast, BTC and ETH funds recorded net outflows, while SOL products have stayed positive since December 3, amassing $754 million as of Tuesday’s close.

Spain plans to apply the EU's DAC8 directive from January 1, 2026, requiring crypto exchanges and service providers to report user transactions and balances. The country also aims to complete implementation of the Markets in Crypto-Assets (MiCA) framework by July 2026, bringing standardized rules for token issuance, marketing, and stablecoins. These changes will tighten tax oversight and align Spain with broader European crypto regulation.

On December 24, 2025, the Central Bank of Russia published a draft framework for cryptocurrency investing that distinguishes between qualified and unqualified participants. It introduces testing, permits unqualified investors to buy up to 300,000 rubles annually, and leaves qualified investors largely unrestricted except for anonymous currencies. The plan envisions routing crypto transactions through licensed institutions by July 2026, with further legislative steps expected through 2027.