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Sberbank’s move toward crypto-backed loans and Kazakhstan’s new investment-only framework show how digital assets are being cautiously integrated into traditional finance systems.
Lithuania’s strict enforcement of MiCA from 2026 signals a decisive shift from tolerance to full regulatory compliance across the EU crypto sector.
CoinGlass data highlights persistent leverage risks, while Uniswap’s fee-and-burn vote reflects a broader push toward sustainable, value-accruing crypto models.
The global crypto market saw major developments from governments, banks, and institutions. From Russia’s largest bank exploring crypto-backed lending to Europe preparing strict enforcement under MiCA, today’s developments highlight how digital assets are intersecting with traditional finance while leverage risks and protocol-level changes continue to reshape markets.
Sberbank, Russia's largest lender, has announced it is considering loans backed by cryptocurrency, a notable step toward regulated crypto lending.
Anatoly Popov, the Deputy Chairman, said the project is still at an early stage and will not move forward without the regulators' approval.
Under the proposal, borrowers would receive ruble-denominated loans, while crypto assets would be used strictly as collateral, not as a payment or settlement mechanism.
Sberbank already operates its own authorized digital asset platform and has issued over 160 digital financial assets, focused on real estate and energy.
Kazakhstan authorities are moving to legalize crypto investment and trading while banning their use for payment transactions.
Under this new law, the National Bank of Kazakhstan will be responsible for issuing licenses and overseeing the operations of crypto exchanges. At the same time, regulators will maintain a list of approved cryptocurrencies for trading.
However, the authorities are not allowing the use of digital assets for cash when buying or paying for services.
Currently, only 5% of crypto investors in Kazakhstan use government-licensed platforms within the Astana International Financial Center (AIFC). In contrast, the majority of transactions are conducted through unregulated channels.
Lithuania is preparing to adopt one of the most stringent enforcement stances under the EU’s Markets in Crypto-Assets (MiCA) regulation.
From January 1, 2026, crypto firms operating without MiCA authorization will be treated as illegal. Penalties may include fines, forced shutdowns, website blocks, and even criminal liability carrying prison sentences of up to four years.
Despite more than 370 crypto-related entities being registered, fewer than 10% have submitted applications for MiCA licenses.
Lithuania’s strategy is clear: give up short-term volume to position itself as a trusted EU crypto gateway, thereby prioritizing transparency, investor protection, and institutional credibility over permissive growth.
Also Read: Bitcoin Price Trades Near $88,700 as Market Awaits Fresh Triggers
In a deal worth up to $25 million, Hilbert Group has acquired the high-frequency trading platform Enigma Nordic.
With this acquisition, Hilbert will have complete control over the proprietary market-neutral trading system that has already processed around $5.4 billion in trading volume this year and maintains a Sharpe ratio above 3.0.
The deal structure links most payouts to the trading system's future performance, thereby mitigating the scaling and margin risks typically associated with high-frequency trading.
The acquisition solidifies Hilbert's institutional crypto strategy and also extends the hedge fund launched with $200 million in initial capital.
According to CoinGlass, the total forced liquidation of both long and short positions in the cryptocurrency derivatives market is expected to reach approximately $150 billion in 2025, averaging about $400-500 million per day.
The single deleveraging event of October 10-11 was responsible for almost $19 billion in liquidations, around 85-90% of the total, caused by geopolitical risk and the high leverage in the Bitcoin markets.
While it ultimately did not lead to systemic failure, it exposed weaknesses in liquidation mechanisms and tail risk management.
Market experts expect improvement in liquidation, along with the prevention of systemic risk, to dictate the market in 2026.
Also Read: Ethereum Price Faces Resistance: Will the Rally Hold?
Uniswap votes on a governance proposal to activate protocol fees and burn UNI tokens. The outcome was overwhelmingly in favor, with 125 million votes for and just 742 against.
Uniswap's daily trading volume is around $2 billion, and it makes around $600 million in fees per year.
Under the new model, part of the fees will go toward on-chain token burns, and the UNI supply will be reduced as protocol usage increases. In addition, 100 million UNI from the treasury will be burnt retroactively.
After the vote, UNI price surged to nearly $5.92, indicating a more positive stance on value retention.
1. What is Sberbank planning with crypto-backed loans?
Sberbank is exploring ruble loans secured by cryptocurrency as collateral, pending regulatory approval, without allowing crypto payments.
2. Is crypto legal in Kazakhstan now?
Kazakhstan plans to legalize crypto investment and trading b, but will prohibit the use of digital assets for payments.
3. What happens under Lithuania’s MiCA enforcement in 2026?
Unlicensed crypto firms will face fines, shutdowns, website blocks, and possible criminal penalties starting January 2026.
4. Why are crypto liquidations so high in 2025?
High leverage and macro shocks led to massive forced liquidations, with CoinGlass estimating $150 billion in total liquidations this year.
5. Why is Uniswap’s UNI token burn important?
The approved proposal links protocol fees to UNI token burns, transforming UNI into a value-accruing asset tied directly to Uniswap’s usage.
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