Cabinet minister Michael Gove says he is going on holiday to a Greek island which is experiencing wildfires – and official advice is the region is “safe”.
The housing secretary told Sky News he was heading to Evia – a large island just off the coast of Athens – in “just over a week”.
It has seen fires in southern parts of the island, which is around 100 miles long. The Greek islands of Corfu and Rhodes have also been gripped by flames in recent days, sparking mass evacuations.
Evacuations have taken place on Evia in recent days due to the situation there.
Mr Gove said the Foreign Office has advised it is “safe” to go to Rhodes, and the fact that “particular” parts of the island needed to be evacuated was “unfortunate”.
He added that it was “absolutely right” that people were still able to go on holiday to Greece.
Mr Gove said: “It’s a tragedy that these fires have ruined what should be… the happiest, the most enjoyable time of the year for many.
“But it is also the case that I think that the criticism directed at individual firms isn’t necessarily merited.”
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The minister was staunch in his support for the travel companies, despite some people complaining that they were being flown to the wildfire zones up until last Saturday, or being left unable to get in contact with anyone as they try to return to the UK.
He also played down how widespread the blazes are.
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Greek wildfires seen from space
Mr Gove said: “I think it’s the case that obviously the fires on Rhodes have been tragic, and my heart goes out to those affected.
“But it is also the case, I think, as the Greek minister for tourism was pointing out yesterday, that the fires – while horrific – have been restricted to one part of the island.
“So, again, appropriate advice has been followed, it’s been put forward by the Foreign Office here that it is safe to go to Rhodes – but obviously evacuation in a particular part of the island has been important.”
Praising the travel firms, Mr Gove said that “individual travel firms have actually shown a great degree of responsibility in making sure that they are available to take people back in some circumstances” – adding that they will “make their own commercial decisions in line with government advices”.
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Alex Norris, Labour’s shadow levelling up minister, said he too would go on holiday to Rhodes if Foreign Office advice said it was safe.
There have been calls for the government to change its advice, as currently people cannot make claims for disruption due to fires on their insurance.
More British holidaymakers are due to return to the UK from fire-ravaged Rhodes on Tuesday as repatriation flights continue.
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Retreat from Rhodes
Hundreds of people have already landed at UK airports after parts of the popular Greek island went up in flames, forcing many to sleep in schools, airports and sports centres.
Foreign Office minister Andrew Mitchell estimated on Monday morning there were as many as 10,000 Britons on the island but the Foreign Office later said it would not be providing updates on the number of people repatriated.
Travel company TUI has cancelled all flights to Rhodes up to Friday, while Jet2 and fellow tour operator Correndon have also scrapped flights leaving for the island in the next few days.
Thomas Cook cancelled some upcoming holidays and is offering other customers full refunds should they wish to cancel their trips.
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Brazil’s central bank completed rules that bring crypto companies under banking-style oversight, classifying stablecoin transactions and certain self-custody wallet transfers as foreign-exchange operations.
Under Resolutions 519, 520 and 521, published Monday, the Banco Central do Brasil (BCB) established operational standards and authorization procedures for what it calls Sociedades Prestadoras de Serviços de Ativos Virtuais (SPSAVs), a new category of licensed virtual-asset service providers operating in the country.
The framework extends existing rules on consumer protection, transparency and Anti-Money Laundering (AML) to crypto brokers, custodians and intermediaries.
The rules will take effect on Feb. 2, 2026, with mandatory reporting for capital-market and cross-border operations set to begin on May 4, 2026.
Stablecoins under foreign exchange rules
Under Resolution 521, a purchase, sale or exchange of fiat-pegged virtual assets, including international transfers or payments using such assets, will be treated as foreign-exchange (FX) operations.
With this classification, stablecoin activity will be subject to the same scrutiny as cross-border remittances or currency trades.
Licensed FX institutions and the new SPSAVs will be able to perform these operations, subject to documentation and value limitations. According to the BCB, transactions with unlicensed foreign counterparts will be capped at $100,000 per transfer.
The rules also cover transfers to and from self-custodied wallets when intermediated by a service provider. This means that providers must identify the wallet’s owner and maintain their processes that verify the origin and destination of the assets, even if the transfer itself isn’t cross-border.
This provision extends AML and transparency obligations to areas previously considered outside the scope of regulated finance.
While the rules don’t explicitly ban self-custody, they close a key reporting gap, forcing regulated exchanges and brokers to treat wallet interactions like formal FX operations.
BCB says the goal is to promote efficiency and legal certainty
In the announcement, the BCB said its goal is to ensure “greater efficiency and legal certainty,” prevent regulatory arbitrage and align crypto activities with the country’s balance-of-payments (BoP) statistics, which means making stablecoin transfers visible in official financial data.
The move follows months of public consultation and growing concern from the central bank on the dominance of stablecoin use in Brazil. On Feb. 7, BCB President Gabriel Galipolo said that around 90% of crypto activity in Brazil involved stablecoins, mainly used for payments.
Galipolo said the widespread use of stablecoins in payments presented regulatory and oversight challenges, particularly in areas such as money laundering and taxation.
Brazil’s central bank said the new framework aims to curb scams and illicit activity while providing legal clarity to crypto markets.
For crypto builders, this may raise compliance costs and reshape how local platforms interact with global liquidity. Smaller crypto players will be forced to compete with bigger institutions and meet more stringent banking-grade standards.
The rules will take effect in February 2026, but market participants are expected to start restructuring before then.
For Brazil, where crypto activity is second only to Argentina in Latin America, the new regulations signal a decisive shift from experimentation to integrated oversight.
The new rules show that crypto is welcome in the Brazilian financial ecosystem, but it will have to play by the same rules as fiat money.
Institutional investors are maintaining confidence in digital assets despite a sharp market correction in October, with most planning to expand their exposure in the months ahead, according to new research.
Over 61% of institutions plan to increase their cryptocurrency investments, while 55% hold a bullish short-term outlook, Swiss crypto banking group Sygnum said in a report released on Tuesday. The survey covered 1,000 institutional investors globally.
Roughly 73% of surveyed institutions are investing in crypto due to expectations of higher future returns, despite the industry still recovering from the record $20 billion market crash at the beginning of October.
However, investor sentiment continues facing uncertainty due to delays in key market catalysts, including the Market Structure bill and the approval of more altcoin exchange-traded funds (ETFs).
While this uncertainty may carry over into 2026, Sygnum’s lead crypto asset ecosystem researcher, Lucas Schweiger, predicts a maturing digital asset market, where institutions seek diversified exposure with long-term growth expectations.
“The story of 2025 is one of measured risk, pending regulatory decisions and powerful demand catalysts against a backdrop of fiscal and geopolitical pressures,” he said, adding:
“But investors are now better informed. Discipline has tempered exuberance, but not conviction, in the market’s long-term growth trajectory.”
Despite October’s correction, “powerful demand catalysts” and institutional participation remained at an all-time high, with the growing ETF applications signaling more institutional demand, added Schweiger.
Crypto staking ETFs may be the next institutional catalyst
Crypto staking ETFs may present the next fundamental catalyst for institutional cryptocurrency demand.
Over 80% of the surveyed institutions expressed interest in crypto ETFs beyond Bitcoin (BTC) and Ether (ETH), while 70% stated that they would start investing or increase their investments if these ETFs offered staking rewards.
Staking means locking your tokens into a proof-of-stake (PoS) blockchain network for a predetermined period to secure the network and earn passive income in exchange.
Meanwhile, investors are now anticipating the end of the government shutdown, which could bring “bulk approvals” for altcoin ETFs from the US Securities and Exchange Commission, catalyzing the “next wave of institutional flows,” according to Sygnum.