The NSSMC is tightening regulations on the crypto market. Bitcoin is falling. Retail investors are buying up gold. A crypto pyramid scheme was exposed in Kyiv. PayPal is launching PYUSD in new countries
New rules for crypto in Ukraine: what the NSSMC is proposing
The National Commission, which oversees securities trading and the stock market in Ukraine, has presented its position on regulating cryptocurrency. The regulator warns that digital assets pose risks to transparency, as they can be used to transfer money across borders easily. Since transactions are nearly impossible to track, it is difficult to determine where they originate from and where they are headed.
The Commission proposes the following steps:
- Implement the Travel Rule to identify participants in crypto transactions;
- Require crypto services to report to tax authorities;
- Implement the international CARF reporting standard;
- Restrict market access for companies with Russian capital or relations with Russia.
As a reminder, the law on virtual assets in Ukraine has not yet been adopted: the bill passed its first reading in 2025 and is now being prepared for the second. At the same time, a key question remains unresolved — who will be the primary market regulator: the National Bank or the NSSMC.
Retail investors are increasing their investments in gold, while large investors are reducing their positions
Private investors are actively increasing their investments in gold through exchange-traded funds (ETFs), while institutional players, on the contrary, are exiting this asset. This is evidenced by data from the Bank for International Settlements (BIS).
According to analysts’ estimates, in the second half of 2025 and early 2026, retail investors channeled approximately $70 billion into gold ETFs. Growth has been particularly noticeable over the past six months — investment volumes increased from roughly $20 billion to $60 billion. Experts note that private investors are increasingly choosing precious metals as their primary investment vehicle.
Large investors began reducing their gold positions in mid-November, and sales intensified following the January correction. As a result, gold fell in price by about 9%, while silver lost about 34%.
The BIS attributes this trend to market overheating. Many retail traders used leverage, and when prices fell, this led to a wave of liquidations that exacerbated the decline.
Analysts emphasize that the current decline is not linked to fundamental factors. The main drivers were investor behavior and a chain reaction of sell-offs. The strengthening of the dollar and a reassessment of expectations regarding U.S. monetary policy also played a significant role.
Against this backdrop, interest in cryptocurrencies has waned. The crypto market capitalization has shrunk by approximately 43% from its October highs, and retail investor activity has noticeably decreased.
Bitcoin fell below $70,000 following a whale sell-off and the Fed’s decision
The U.S. Federal Reserve decided to keep the benchmark interest rate in the 3.5–3.75% range. This was announced on March 18, 2025. Bitcoin responded with a drop to $70,000 (-5% over 24 hours). By Monday, March 23, the leading cryptocurrency had fallen even further and is now trading at around $68,440.
The activity of a major early-stage Bitcoin holder exerted significant pressure on the market. On March 18, the so-called “whale” sold 1,000 BTC for approximately $71.6 million. Experts explain that the transaction coincided with a brief market recovery, after which the price fell again.
The investor acquired his coins in 2013 at about $332 per Bitcoin. In recent years, he has been gradually taking profits: he previously sold part of his holdings in 2025 and 2026. In total, he has sold approximately $332 million worth of cryptocurrency at an average price of about $94,800 per coin. Despite the sales, he still holds about 1,500 BTC worth over $100 million.
According to analysts, such actions by long-term holders are often perceived by the market as a sell signal. This increases pressure on the price and can trigger short-term declines similar to the current one.
A $1 million crypto pyramid scheme was exposed in Kyiv
In Kyiv, law enforcement officials exposed and dismantled a cryptocurrency pyramid scheme with a turnover of about $1 million. This became known on Wednesday, March 18, following the results of investigative actions.
The scheme’s organizers offered users the chance to invest in a so-called “proprietary token” and promised a stable income. In practice, payments were made using funds from new participants, which is a classic sign of a Ponzi scheme.
The project was promoted via Instagram and popular bloggers. To attract new investors, a referral system and aggressive advertising with promises of high returns were used.
As experts note, such schemes operate on the basis of a constant influx of new investors; however, they inevitably cease payments and result in losses for most participants.
Law enforcement officials emphasize that such cases pose a serious threat to investors and the market as a whole. In this regard, citizens are urged to carefully vet projects before investing and not to trust promises of guaranteed returns.
PayPal to expand access to the PYUSD stablecoin in 68 more countries
Payment company PayPal plans to expand the use of its PYUSD stablecoin and bring it to new markets. Starting in March 2026, the digital asset will become available in 68 more countries outside the U.S. and the U.K.
The company is targeting regions where access to banking services is limited and local currencies are subject to high inflation. PayPal expects that this expansion will help simplify international transfers and provide users with a tool to preserve the value of their funds.
Users in the new countries will be able to make transfers in PYUSD, as well as hold the asset with the potential to earn interest. In the U.S., PayPal already offers approximately 4% annual interest for holding the stablecoin.
The full list of countries where PYUSD will be available has not yet been disclosed, but the list will definitely include countries in South America, Africa, and Asia, including, in particular, Colombia, Peru, and Uganda. Meanwhile, the PayPal platform already operates in over 200 jurisdictions worldwide.
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