He became Scotland’s youngest ever first minister, and the first from an ethnic minority background to hold the post.
Image: Pic: PA
Now a year on, Mr Yousaf says the role continues to be the “greatest honour” of his life but accepts that “there’s still a lot more to do to deliver for the people of Scotland”.
Mr Yousaf said: “I am honoured every day to lead a government driven by clear values, and I am absolutely committed to continuing to make Scotland a better place to live, work and study for everyone who makes it their home.”
Speaking to Sky News, Mr Yousaf said going forward he will continue to campaign for Scottish independence and will seek a Section 30 Order to hold a second referendum if Sir Keir Starmer is elected prime minister at the next general election.
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He said, “notwithstanding” the challenges his party has faced over the past year, support for independence is “rock solid”.
Mr Yousaf added: “What we’ve got to continue to do as a government is demonstrate progress in how we’re delivering for the priorities of the people.”
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The first minister said he would continue to showcase how much progress Holyrood can make under devolution, adding: “Then, of course, we can make the argument and should be making the argument that imagine what we could do with the full powers of a normal independent country.”
Image: The first minister taking part in a dance performance during a visit to Edinburgh Community Performing Arts re-connect project earlier this month. Pic: PA
The first minister’s highs: • Highlighting some of his government’s accomplishments, Mr Yousaf said Holyrood would continue to focus on reducing child poverty. He claimed the Scottish government’s policies will keep 100,000 children out of relative poverty and 70,000 out of absolute poverty in 2024-25, according to recently published analysis • He said the national council tax freeze would protect households amid the cost of living crisis. • The first minister said a record £19.5bn has been invested into Scotland’s NHS – without losing a single day to pay-related strike action. • He added that a record number of junior doctors are joining the country’s NHS. • Mr Yousaf stated that Scotland led every other nation and region last month for private sector employment growth. • The first minister noted that record numbers of school leavers are going on to a “positive destination”. This includes a record high number of young Scots from deprived areas applying to study at university. • He stated that Scotland’s GDP per head has grown at a faster rate than the UK average. • Mr Yousaf also said his government has pledged up to £500m to support the offshore wind industry to help create thousands of green jobs. • And also worth celebrating, the first minister is expecting a child this July with wife Nadia El-Nakla. The couple already have two children – their daughter Amal is four and Mr Yousaf is stepfather to 14-year-old Maya – and are now set to become the first family to welcome a baby while in Bute House.
Image: Mr Yousaf with his family after winning the SNP leadership contest last year. Pic: PA
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The first minister’s lows: • It was a hard year for the SNP as former leader Nicola Sturgeon, ex-chief executive Peter Murrell and former treasurer Colin Beattie were each arrested and released without charge amid a police probe into the party’s funding and finances. Police erected a blue forensics tent outside Ms Sturgeon and husband Mr Murrell’s home during a search.
Image: Ms Sturgeon and Mr Murrell’s home was searched as part of the police probe. Pic: PA
• Mr Yousaf’s in-laws became trapped in Gaza following the breakout of the Israel-Hamas war in October. Elizabeth and Maged El-Nakla eventually made it back home to Dundee one month later, with Ms El-Nakla telling Sky News her life had “changed forever”.
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Mr Yousaf’s mother-in-law spoke to Sky News about her time trapped in Gaza
• Scottish Labour trounced the SNP in the battle for former MP Margaret Ferrier’s Rutherglen and Hamilton West seat. Ms Ferrier, who had the SNP whip removed for breaching COVID rules during lockdown, was ousted from Westminster following a successful recall petition. Michael Shanks defeated Katy Loudon by 17,845 votes to 8,399 – a majority of 9,446 and a 20.36% swing from SNP to Scottish Labour.
Image: Scottish Labour leader Anas Sarwar (right) with Michael Shanks. Pic: PA
• The Scottish government’s bottle deposit return scheme was delayed until at least October 2025 after Westminster rejected an application for an exemption to the Internal Market Act – effectively blocking glass from the scheme. Circularity Scotland, the company tasked with overseeing the scheme, later folded with £86m in debts. Veteran SNP MSP Fergus Ewing was suspended from the party’s Holyrood group for voting against government minister and Scottish Greens co-leader Lorna Slater in a confidence vote. Ms Slater, who was criticised over her handling of the scheme, survived the vote. • It was a year of jumping ship with ex-SNP leadership rival Ash Regan MSP leaving for the Alba Party and Dr Lisa Cameron MP defecting to the Tories. Angus MacNeil MP was expelled from the SNP following a row with the party’s chief whip at Westminster. Mr MacNeil refused to rejoin the group at the end of a suspension and was subsequently given the boot. The MP has vowed to stand as an independent candidate at the next general election. • In December, the Scottish government announced it would take no further legal action against Westminster’s veto of its controversial gender reform bill. It came after Scotland’s highest civil court ruled that the UK government acted lawfully in blocking the bill from receiving royal assent. Westminster is now seeking reimbursement for the legal costs it incurred defending its decision. • Michael Matheson was forced to quit as health secretary last month amid a probe into an £11,000 iPad data roaming bill. Mr Matheson initially billed the taxpayer after claiming he ran up the eye-watering invoice undertaking constituency work during a family holiday in Morocco. After the story hit the headlines, it then emerged his teenage sons had used the iPad as a hotspot to watch football while abroad. The Falkirk West MSP was found to have breached Holyrood’s code of conduct but has ignored calls to resign. Mr Yousaf has continually defended Mr Matheson, saying that “decent people can make mistakes”.
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Michael Matheson admitting his sons racked up the iPad bill
Reflecting on Mr Yousaf’s first year in charge, Scottish Tory leader Douglas Ross said it’s been “nothing short of a disaster”.
Mr Ross said: “It’s a tale of independence obsession, abject failures and broken promises; of a first minister out of his depth and unable to control his feuding, scandal-ridden party.
“Humza Yousaf has ignored the real priorities of Scots – fixing our ailing public services and growing the economy – and instead doubled down on the SNP’s fixation with breaking up the UK, while cosying up to the anti-growth Greens.
“Later this year voters will get the chance to cast their verdict on his and the SNP’s dire reign.”
Scottish Labour leader Anas Sarwar described Mr Yousaf as a “weak leader who is out of his depth”.
Mr Sarwar added: “Not only is it clear to the people of Scotland that Humza Yousaf has no vision for the future – even his own former cabinet colleagues are saying so in public.
“This is a record of shame and failure.
“With Humza Yousaf scrambling for a new election strategy on a weekly basis, it is no surprise that the people of Scotland are now looking for change.”
KuCoin announced an exclusive multiyear deal with Tomorrowland Winter and Tomorrowland Belgium from 2026 to 2028, making the exchange the music festival’s exclusive crypto and payments partner.
The move comes just weeks after KuCoin secured a Markets in Crypto-Assets Regulation (MiCA) service provider license in the European Union.
KuCoin’s MiCA play goes mass‑market
KuCoin EU Exchange recently obtained a crypto asset service provider license in Austria under the EU’s MiCA regime, giving it a fully regulated foothold in the bloc as Brussels’ new rulebook for exchanges, custody and stablecoins comes into force.
The Tomorrowland deal signals how KuCoin plans to use that status, not just to run a compliant trading venue, but to plug crypto rails directly into mainstream culture.
KuCoin joins forces with Tomorrowland. Source: KuCoin
KuCoin said the Tomorrowland deal will cover Tomorrowland Winter 2026 in Alpe d’Huez, France, and Tomorrowland Belgium 2026 in Boom, Belgium, with the same arrangement continuing through 2028.
KuCoin insists this is not just a logo play. A spokesperson at KuCoin told Cointelegraph that as an exclusive payments partner, the exchange is working with Tomorrowland to weave crypto into the festival’s existing payments stack so that “financial tools” sit behind the scenes of ticketing, merch and food and drink.
The stated goal is to keep the rails “intuitive and invisible,” rather than forcing festivalgoers through clunky wallets or unfamiliar flows, with KuCoin positioning itself as facilitating the secure and efficient movement of value while fans focus on the music.
The company declined to spell out exactly which assets and rails will be supported on‑site, or whether every purchase will run natively onchain, but said that KuCoin’s “Trust First. Trade Next.” mantra runs through its messaging.
The spokesperson stressed advanced security, multi‑layer protection and adherence to EU standards as the foundation for taking crypto beyond the trading screen and into live events.
Tomorrowland’s organizers have been here before. In 2022, the festival announced a Web3 partnership with FTX Europe that promised NFTs and “the future of music festivals” before collapsing along with the exchange itself months later.
That experience makes the choice of a MiCA‑licensed partner, and the emphasis on user protection, more than cosmetic; it is a second attempt at bridging culture and crypto (this time with regulatory scaffolding and clearer guardrails).
Rather than setting public hard targets for user numbers or payment volumes by 2028, KuCoin is pitching success as “seamless integration” of crypto into the festival experience:
“We aim to demonstrate that digital assets can be a core component of global digital finance, moving from a niche technology to a mainstream utility. “
Screenshots of an internal email outlining plans to wind down Shima Capital have surfaced online, days after the US Securities and Exchange Commission sued the crypto venture firm and its founder over allegations of investor fraud.
On Nov. 25, the SEC charged Shima Capital Management LLC and its founder, Yida Gao, with making false and misleading statements while raising almost $170 million from investors, the agency announced on Dec. 3.
The complaint, filed in the US District Court for the Northern District of California, alleged that Gao inflated his investment track record in marketing materials used to raise capital for Shima Capital Fund I between 2021 and 2023.
According to the SEC, Gao claimed one prior investment had delivered a 90x return, when the actual return was closer to 2.8x. The regulator also alleged that when discrepancies in the pitch deck were about to be reported publicly, Gao told investors the issues were the result of clerical errors.
SEC alleges $1.9 million undisclosed gain
Separately, the SEC claimed that Gao raised about $11.9 million through a special purpose vehicle tied to BitClout tokens, telling investors that they would be protected by discounted token purchases. While Gao did acquire tokens at a discount, the SEC said he sold them to the SPV at a higher price without disclosing that he personally retained about $1.9 million in profits.
In a Wednesday post on X, crypto journalist Kate Irwin shared screenshots of an email allegedly sent by Gao to portfolio founders. In the screenshots, Gao purportedly said he would step down as managing director of Shima Capital and that the fund would undergo an “orderly wind-down.”
Gao’s alleged email to portfolio companies. Source: Kate Irwin
The screenshots purportedly show Gao stating that the SEC and Department of Justice actions are related to his personal conduct, not that of Shima Capital’s portfolio companies, and claiming that no fines have been imposed on the company.
The screenshots also show that independent advisers from FTI Consulting and FTI Capital Management would oversee the wind-down process and monetization of investments, while Shima’s finance team would remain in place. Gao allegedly said he would remain involved with portfolio support “as permitted,” but without management control.
Cointelegraph could not independently verify the email. We reached out to Shima Capital and some of the fund’s portfolio companies for confirmation, but had not received responses at the time of publication.
Shima Capital launched with $200 million debut fund
In 2022, Shima Capital announced the launch of its first venture fund, Shima Capital Fund I, raising $200 million to back early-stage blockchain startups. Founded in 2021 by Gao, the firm said the fund received backing from a range of prominent investors, including Dragonfly Capital, Animoca Brands, OKX Blockdream Capital, Republic and Andrew Yang.
Shima Capital has invested in numerous crypto projects, including Humanity Protocol, Berachain, Monad, Pudgy Penguins, Shiba Inu and many others.