In 2026, global digital asset laws are shifting from implementation to operational, with a major focus on stablecoin oversight, tokenized real-world assets, and tax compliance. Here are the key changes during February from the United States, China, and the United Arab Emirates.

The United States

In 2026, U.S. cryptocurrency legislation is entering a transformative phase focused on finalizing market structure and implementing the first major federal digital asset laws. The U.S. Clarity Act, aimed at implementation in 2026, is proposed U.S. legislation designed to establish a regulatory framework for digital assets, primarily granting the Commodity Futures Trading Commission jurisdiction over most digital assets. As William Quigley, a cryptocurrency and blockchain investor and co-founder of WAX and Tether (USDT), explained:

“The Clarity Act, which is expected to become law this year, aims to distinguish between commodities and securities, requiring exchanges and dealers to register with the CFTC and adhere to consumer protections.” 

Treasury Secretary Scott Bessent called for a “spring signing” of the bill, noting that the 2026 midterm elections create significant urgency to pass the legislation before the political window closes.

Current legislative status of the Clarity Act

China

During February, Chinese authorities strengthened their rules on digital payments through the sovereign digital yuan (e-CNY) and controlled tokenization projects. New regulations prohibit the unauthorized issuance of yuan-pegged stablecoins (both domestically and offshore) and mandate strict vetting for tokenized real-world assets, reinforcing the dominance of the state-backed e-CNY. Key details regarding China’s 2026 stablecoin regulations are as follows:

Ban on unauthorized stablecoins: A February 6, 2026, notice issued by eight government agencies reiterated that all virtual currency activities are illegal, specifically targeting stablecoins that replicate sovereign money. Yifan He, the founder and CEO of Red Data Tech, explained: 

“I think the most significant aspect is that the authorities removed stablecoin from the definition of cryptocurrencies. If you compare these two to the one from last November, stablecoin is no longer mentioned alongside cryptocurrencies and RWAs. The only mention is to state that ‘stablecoin pegged with fiat functions partially as money’. This is a huge policy shift regarding stablecoin. This might mean greenlighting Chinese banks in Hong Kong to apply for the HK stablecoin license.”

No yuan-pegged stablecoins: The new regulations ban any entity (including foreign ones) from issuing stablecoins pegged to the renminbi (RMB) offshore without explicit approval.

Offshore restrictions: Domestic Chinese entities and their subsidiaries are strictly prohibited from issuing virtual currencies or conducting RWA tokenization outside China without consent. As Yifan added:

“Helping illegal crypto business from inside China (even for projects outside China), including promotion, IT development, and advisory, will face severe criminal punishment. This goes next level.”

RWA tokenization rules: While some market participants see potential for a regulatory framework for tokenized, real-world assets (RWA), the 2026 rules impose strict oversight on this sector, requiring approval for any RWA tokenization, especially if it involves onshore assets. As Yifan He explained: 

“In the circulars, RWAs are totally banned. In the past two days, many people from the RWA industry have tried to confuse people with RWA and ‘tokenized security’ and claim that the Chinese government officially gives a clear path to legalize RWAs. It is not. The path is now a total ban.”

Nevertheless, “it gives a clear path for ‘tokenized securities.’ This is the bright side of the circulars. But because it is about ‘securities,’ the issuance and trading must go through licensed entities. I don’t think this brings any opportunities to the market, tech companies, or crypto companies. This will be a new business for existing underwriters and stock exchanges. The IPOs and fundraising won’t be any easier. Especially, one major required step is that the owners of the assets to be ‘tokenized’ must receive approval from CSRC, literally exactly the same procedures as for Chinese companies to be listed in foreign stock markets,” pointed out Yifan.

Separation from Hong Kong: While mainland China maintains a strict ban, Hong Kong continues to pursue a separate, cautious pilot program for regulated, licensed stablecoin issuance, though this is expected to be under tight supervision. 

Hong Kong is currently implementing a comprehensive multi-layered regulatory framework for digital assets, with several significant legislative milestones scheduled for 2026. The government aims to solidify the city’s position as a global digital asset hub by expanding licensing requirements to nearly all types of crypto service providers and aligning tax transparency with international standards. 

For 2026, Hong Kong has prioritized the regulation of previously “over-the-counter” (OTC) and advisory services:

• New licensing bill: Regulators plan to submit a bill to the Legislative Council in 2026 to establish licensing regimes for four new categories: Virtual Asset (VA) Dealing (including OTC desks), VA Custodians, VA Advisory Services, and VA Asset Management.
• Stablecoin licenses: Following the passage of the Stablecoins Ordinance in 2025, the Hong Kong Monetary Authority (HKMA) is expected to issue the first batch of official stablecoin licenses in the first quarter of 2026.
• Banking standards: Effective January 1, 2026, Hong Kong will fully implement the Basel Committee standards for crypto assets, governing how banks manage capital requirements and credit risks when dealing with digital assets.
• Tax exemptions: Hong Kong is shifting toward high transparency for tax compliance while maintaining its competitive “no capital gains” environment.  The government plans to submit a bill in 2026 to formally expand tax exemptions for funds and family offices to include “digital assets,” essentially promising a 0% tax rate on crypto profits for these qualifying institutional investors.
• CARF implementation: Legislation to implement the OECD’s Crypto-Asset Reporting Framework (CARF) is slated for completion in 2026.

The United Arab Emirates

As of February 2026, the UAE has strengthened its crypto regulatory framework, with the Dubai Financial Services Authority (DFSA) updating its rules on 12 January 2026 to shift token suitability assessments from the regulator to authorized firms. The Central Bank of the UAE (CBUAE) also approved a dirham-backed stablecoin for institutional use on February 13, 2026. The new rules aim to increase market flexibility while ensuring high standards of integrity for digital asset service providers. 

DIFC Updates (DFSA): Effective January 12, 2026, the DFSA eliminated the “Recognized Crypto Tokens” list, requiring firms to conduct their own due diligence, assessment, and monitoring of tokens before listing.

Stablecoin regulation: The CBUAE approved the launch of a Dirham-backed stablecoin (DDSC) on the ADI Chain for institutional, payment, and settlement use cases as of 13 February 2026.  Erhan Kahraman, Former Chief Editor of Cointelegraph Turkey, said: 

“I don’t see any major impact on the use of stablecoins in the MENA region, simply because here, it’s used more as a ‘survival tool’ rather than a trading asset. I know that for the Western Hemisphere, stablecoins are the main tool for on- and off-ramping cryptocurrencies (i.e., you first buy USDT and then use it for trading). In contrast, people in MENA use stablecoins as a gateway to a) cross-border payments/remittances and b) to join the global job market as individuals.” 

He continued: “Imagine this: a freelancer needs to provide multiple legal documents, such as a ‘Bank Confirmation Letter,’ only to start working for a foreign company (to receive USD or Euro). This is incredibly difficult to provide for underbanked or unbanked populations found in the MENA region. Stablecoins eliminate that barrier. When you find a job that pays in USDT, all they ever ask you about your financial situation is your crypto wallet address. I believe that is making a huge difference for the underbanked population.”

Investor protection: Retail client protections remain strict, with mandatory appropriateness assessments and a ban on certain marketing practices.

Taxation 2026: Crypto activity generating income is subject to corporate tax, while transfers of crypto are generally exempt from VAT, and mining rewards are treated as taxable income.

Compliance and licensing: UAE regulators are heavily focused on institutional-grade compliance and preventing financial crime, emphasizing robust governance for licensing, according to reports from 16 February 2026. 

Bitdeer Technologies, a prominent Bitcoin mining operator backed by industry figure Jihan Wu, has sharply recalibrated its Bitcoin treasury, reporting a zero balance in its corporate holdings. In the latest weekly operations update, the company disclosed that its “pure holdings,” which exclude client deposits, have fallen to 0 BTC. The period saw the production of 189.8 BTC, all of which were sold, alongside an additional 943.1 BTC liquidated from existing treasury reserves. This marks a notable shift from earlier disclosures, when the treasury still held a substantial balance.

Key takeaways

• Bitdeer reports zero corporate Bitcoin in its treasury, after selling 189.8 BTC produced in the latest period plus 943.1 BTC drawn from reserves.
• A February update showed the treasury at 943.1 BTC, with 179.9 BTC sold from 183.4 BTC mined that week, leaving treasury holdings unchanged at that time.
• The company is pursuing a significant financing move, announcing plans to raise $300 million through a convertible senior note offering, with a possible expansion to $345 million.
• The notes, due in 2032, can be converted into stock, cash, or a mix, and are intended to fund data center expansion, AI cloud growth, mining hardware development, and general corporate needs.
• Meanwhile, Bitdeer is expanding its self-mining capabilities as demand for external mining hardware wanes, reflecting a broader industry shift toward hybrid AI/HPC revenue streams.

Tickers mentioned: $BTC, $MARA

Price impact: Negative. Bitdeer’s plan to raise convertible debt coincided with a sharp share decline, underscoring investor concern over liquidity and funding strategy.

Market context: The sector has been navigating tighter margins post-halving and a growing interest in hybrid models that blend Bitcoin production with AI and high-performance computing revenue streams. The move toward self-mining and AI services mirrors a broader trend as miners reassess balance sheets and diversify revenue sources.

Why it matters

The decision to liquidate the corporate Bitcoin treasury signals a potential pivot in Bitdeer’s capital strategy. By converting a portion of mined proceeds into cash, the company may be prioritizing liquidity to support ongoing operations and debt servicing, even as it seeks to scale data center infrastructure and AI-focused offerings. This shift underscores the tension between treasury exposure to Bitcoin’s price volatility and the need for predictable funding for growth initiatives in a capital-intensive industry.

Concurrently, the $300 million convertible debt offering marks a high-profile move to raise capital that could be immediately deployed to expand Bitdeer’s data center footprint and advance AI cloud capabilities. The convertible feature adds a layer of complexity for investors, as future equity dilution is possible if the notes are converted. The company has framed the financing as a tool to accelerate its expansion plans and hardware development while maintaining flexibility to adapt to market conditions.

Beyond Bitdeer, the mining landscape is undergoing a broader reorientation toward AI and computing services. MARA Holdings recently acquired a majority stake in Exaion, a French computing infrastructure firm, signaling a deeper foray into AI and cloud services. The deal positions the miner as a broader technology infrastructure provider, expanding its footprint beyond traditional hash power. This follows a wider industry pattern where several miners, faced with tighter margins, are pursuing hybrid models that leverage their energy and data-center assets to offer AI-enabled computing capacity.

Observers note that the industry is reconfiguring around demand for AI capacity and energy-efficient compute, rather than venerating hash price alone. Several peers are repurposing facilities for data-center use or pivoting toward AI infrastructure as a way to diversify revenue streams and hedge against mining cycles. The trend is underscored by moves within the ecosystem that include CoreWeave’s established shift toward AI infrastructure and other players repositioning assets to capture AI compute demand. For readers tracking this space, the evolving balance between traditional hashing revenue and AI-enabled services will likely define miners’ strategizing in 2024 and beyond.

The current environment remains nuanced: while Bitcoin mining remains a niche but essential component of the larger crypto economy, the capital-intensive demands of data centers and the strategic importance of AI capabilities push miners to blend their hardware with software services. This dual approach can help stabilize cash flows amid volatility in digital asset prices, energy costs, and regulatory considerations, while offering new avenues for growth in an increasingly digital and compute-driven landscape.

What to watch next

• Bitdeer’s next weekly update to confirm whether the treasury remains at zero and to track any changes in production or sales pace.
• Progress and timing of the $300 million convertible debt offering, including potential expansion and terms of conversion.
• Updates on Bitdeer’s data center expansion plans and the development of AI cloud initiatives tied to mining operations.
• Industry moves by peers, particularly MARA Holdings’ integration of Exaion and how AI/hpc ventures influence miner profitability across the sector.
• Regulatory or energy-cost developments that could impact mining economics and the viability of hybrid business models combining Bitcoin production with AI infrastructure.

Sources & verification

• Bitdeer weekly operational update showing 0 BTC in pure holdings and the 189.8 BTC produced and sold, plus 943.1 BTC liquidated from treasury — https://x.com/BitdeerOfficial/status/2025136775266550191
• Bitdeer Feb. 13 update indicating 943.1 BTC treasury the week prior and 179.9 BTC sold out of 183.4 BTC mined — https://x.com/BitdeerOfficial/status/2022530485876896182
• Cointelegraph report on Bitdeer’s convertible debt offering of $300 million with potential expansion to $345 million — https://cointelegraph.com/news/bitdeer-stock-drops-17-after-convertible-senior-note-offering
• MARA Holdings’ majority stake in Exaion article detailing the AI/data-center expansion angle — https://cointelegraph.com/news/mara-majority-stake-exaion-ai-data-centers-bitcoin-miner
• Related industry shifts toward AI infrastructure in crypto mining, including CoreWeave’s pivot — https://cointelegraph.com/news/crypto-mining-ai-data-centers-coreweave-infrastructure-shift

Bitdeer pivots from treasury to expansion amid AI pivot

Bitcoin (CRYPTO: BTC) has become the focal point of Bitdeer’s latest strategic recalibration, as the company logs a full liquidation of its corporate Bitcoin treasury even as it grows commitments to data centers and AI-enabled compute. In its most recent weekly update, Bitdeer disclosed that its pure holdings, excluding client deposits, dropped to zero BTC. The report shows 189.8 BTC mined during the period, all of which were sold, in addition to 943.1 BTC drained from the treasury reserves. This marks a clear departure from prior reporting where the treasury still contained BTC, albeit with ongoing sales tied to operating costs.

The prior update, issued on Feb. 13, had the treasury at 943.1 BTC, with 179.9 BTC sold from 183.4 BTC mined that week, leaving treasury holdings unchanged after the sale. The shift from treasury exposure to a cash-focused approach is a notable pivot for a company that, like many in the sector, has balanced the need for liquidity with the opportunistic exposure to Bitcoin’s price action. In context, mining firms frequently sell a portion of production to cover electricity and equipment costs, yet fully liquidating a treasury position is less typical and can indicate a more aggressive capital deployment strategy.

Meanwhile, Bitdeer disclosed plans to raise $300 million through a convertible senior note offering, with an option to expand the sale by an additional $45 million. The notes, due in 2032, can be converted into stock, cash or a combination of both. The financing is earmarked to accelerate data center expansion, fuel AI cloud growth, support mining-hardware development, and fulfill general corporate needs. The market reacted to the financing news with a notable drop in Bitdeer’s shares, underscoring investor concerns about debt dilution and the company’s ability to deploy proceeds effectively in a competitive landscape.

Beyond Bitdeer, the broader mining industry is undergoing a reorientation toward AI and high-performance computing. MARA Holdings—another prominent name in the space—announced a majority stake in Exaion, a French computing infrastructure firm, signaling a deeper plunge into AI and cloud services. The deal highlights a strategic shift from pure hash-rate generation to hybrid business lines that leverage existing energy and data-center assets for AI compute capacity. It reflects a broader trend in which miners, faced with the realities of halved block rewards and tighter margins, pursue diversified revenue streams to sustain growth.

Industry coverage also notes that other miners are repurposing facilities and energy infrastructure for data-center use, while some players have fully pivoted to AI infrastructure providers. The exchange between crypto mining and AI data services is increasingly viewed as a way to reconcile revenue volatility with an expanding demand for AI compute capacity. The long‑term outlook for miners may hinge on whether these hybrid models can deliver consistent cash flows, especially as regulatory pressures and energy costs continue to shape the economics of the sector.

In contrast, PIPPIN has become the top performer once again, rocketing by 17% daily.

Despite all the latest developments on the tariff front in the US, bitcoin’s price has remained relatively stable during the weekend, and continues to trade around $68,000.

Most larger-cap alts have produced little to no volatility as well over the past day, but some, such as Pi Network’s native token, have slipped once again.

BTC Calm at $68K

Bitcoin marked some gains last weekend after it bounced from the then-low of $65,200. In just a few days, it jumped to almost $71,000 for the first time in about a week. This Sunday surge, though, came to an end as the business week began, and a few consecutive leg downs by the bears drove the asset down to $65,600 on Thursday.

It tried to rebound on Friday and Saturday again, as the bulls managed to take it to a local peak of $68,800. Interestingly, these minor gains came even after some controversial moves on the tariff front, a topic that has typically resulted in more volatility and price declines for BTC.

On Friday, the US Supreme Court ruled that many of Trump’s imposed tariffs were illegal. The POTUS was livid, calling the decision a “disgrace,” and quickly announced a global 10% tariff on top of the existing ones. On Saturday, he raised it to the maximum allowed of 15%.

Although bitcoin now trades below its weekend high, it’s still around $68,000. More volatility could be expected on Sunday evening when the futures markets open, similar to what happened several weeks ago during the EU tariff saga over Greenland.

For now, though, BTC’s market cap stands at $1.360 trillion on CG, while its dominance over the alts is at 56.6%.

PI Declines (Again)

Pi Network’s first anniversary after the launch of its Open Network has not had any positive effect on the underlying asset’s price performance. PI is among the poorest performers in the past 24 hours, losing 6% of value and struggling below $0.165.

Other notable losers include ETC (-8%), ARB (-7%), and ENA (-7%). In contrast, PIPPIN has jumped by more than 17% to almost $0.60.

Most larger-cap alts are also in the red, albeit in a more modest manner. DOGE, ADA, and HYPE have lost the most value (around 3% each), while XRP, LINK, and CC are down by 1%. ETH, SOL, TRX, and BCH have marked insignificant gains.

The total crypto market cap has remained above $2.4 trillion on CG.

Ethereum’s co-founder has been disposing of large amounts of ETH for several weeks now.

On-chain data from Arkham Intelligence and Lookonchain showed that Vitalik Buterin has resumed his selling spree of ETH with another multi-million dollar transfer.

The analysts explained that he had withdrawn another batch of 3,500 ETH (worth roughly $7 million at the time) from Aave with the likely intention to sell. At the time of the original post a few hours ago, he had already disposed of 571 ETH ($1.13 million).

After a two-week break, vitalik.eth(@VitalikButerin) is selling $ETH again!

8 hours ago, he withdrew 3,500 $ETH($6.95M) from Aave to sell.

So far, he has already sold 571 $ETH($1.13M).https://t.co/pMvkZHjIyDhttps://t.co/DYpg3yFecJ pic.twitter.com/jLCKLk6hE9

— Lookonchain (@lookonchain) February 22, 2026

CryptoPotato has reported a few similar instances in February alone, in which on-chain data indicated that he had begun disposing of some of his ETH fortune. A February 5 report showed that the project’s co-founder had sold off 2,961 ETH ($6.6 million at the time) in just three days.

A day later, Lookonchain informed that the total sales had grown to 6,183 ETH, which was valued at $13.2 million. The average exit price was $2,140.

Arkham Intelligence keeps a close eye on Buterin’s addresses, and a report from earlier this week noted that he still held more than 240,000 ETH, valued at around $467 million. However, that data was before today’s sell-offs.

Meanwhile, ETH’s price has been on a consistent downtrend for months. After it peaked at close to $5,000 in late August last year, it was violently rejected and ended 2025 at around $3,000. The late January/early February crash was brutal, pushing the asset to under $1,800.

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Although it has recovered some ground since then, Ether still struggles below $2,000. Popular analyst Ali Martinez outlined the formation of a bullish flag yesterday for ETH, but with a major catch: the chart was inverted, showing in reality that ETH could be primed for another correction to under $1,400.

Bitcoin mining firm Bitdeer has sold all of its corporate Bitcoin holdings, reducing its treasury balance to zero, according to the company’s latest operational update.

In its latest weekly report, Bitdeer disclosed that its “pure holdings,” excluding customer deposits, have fallen to 0 Bitcoin (BTC). The report shows the company produced 189.8 BTC during the period and sold the full amount, alongside an additional 943.1 BTC, which was liquidated from its existing treasury reserves.

In its earlier update on Feb. 13, the miner still held 943.1 BTC, selling 179.9 BTC out of 183.4 BTC mined that week, leaving its treasury intact despite routine sales of newly mined coins.

Mining firms commonly sell a portion of production to fund electricity, hosting and equipment costs, but they also maintain a treasury balance to keep exposure to Bitcoin’s price appreciation. Fully liquidating reserves is less typical.

Cointelegraph reached out to Bitdeer for comment, but had not received a response by publication.

Related: Bitcoin mining difficulty rebounds 15% as US miners recover from winter outages

Bitdeer announces $300 million convertible debt raise

On Thursday, Bitdeer’s shares fell sharply after the company announced plans to raise $300 million through a convertible senior note offering, with an option to expand the sale by an additional $45 million. The notes, due in 2032, can later be converted into company stock, cash or a mix of both.

The company, founded by former Bitmain co-founder Jihan Wu, said the funds will support data center expansion, AI cloud growth, mining hardware development and general corporate needs.

Bitdeer has also been expanding its self-mining operations as demand for its mining hardware weakens, increasingly using its own rigs to mine Bitcoin rather than selling them to customers.

Related: Bitcoin miners chase 30 GW AI capacity to offset hashprice pressure

Bitcoin miners pivot to AI

On Friday, MARA Holdings purchased a majority stake in French computing infrastructure firm Exaion, moving deeper into artificial intelligence and cloud services. The deal gives MARA France a 64% ownership position while energy company EDF remains a minority shareholder and customer.

The transaction came amid a wider shift across the mining industry. Following the 2024 halving and tighter margins, several miners have adopted a hybrid model that combines Bitcoin production with AI and high-performance computing revenue.