Cryptocurrencies

UAE executes first government payment using Digital Dirham

The United Arab Emirates has completed its first government financial transaction using the Digital Dirham, marking a significant milestone in its transition towards a fully digital economy.

The Ministry of Finance and Dubai Finance carried out the transaction in collaboration with the Central Bank of the UAE, confirming the country’s leadership in advancing next-generation financial technologies.

Part of the Central Bank’s Financial Infrastructure Transformation Programme, the pilot phase of the Digital Dirham aims to accelerate digital payment adoption and strengthen the UAE’s position as a global financial hub.

Senior officials, including Sheikh Mansour bin Zayed Al Nahyan and Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, described the initiative as a strategic step toward improving transparency, efficiency, and integration across government financial systems.

The first pilot transaction was executed through the government payments platform mBridge, which facilitates instant settlements using central bank digital currencies.

A transaction was completed in under two minutes, demonstrating the system’s technical efficiency and reliability. The mBridge platform, fully integrated with the Digital Dirham initiative, enables secure, intermediary-free settlements, reducing costs while improving accuracy and transparency.

Officials emphasised that the Digital Dirham will serve as a cornerstone for a sustainable digital economy, reinforcing national financial stability and global competitiveness.

The initiative reflects the UAE’s commitment to adopting cutting-edge technologies that promote integration and innovation across the public and private sectors.

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Police warn of scammers posing as AFP officers in crypto fraud

Cybercriminals are exploiting Australia’s national cybercrime reporting platform, ReportCyber, to trick people into handing over cryptocurrency. The AFP-led Joint Policing Cybercrime Coordination Centre (JPC3) warns scammers are posing as police and using stolen data to file fake reports.

In one recent case, a victim was contacted by someone posing as an AFP officer and informed that their details had been found in a data breach linked to cryptocurrency. The impersonator provided an official reference number, which appeared genuine when checked on the ReportCyber portal.

A second caller, pretending to be from a crypto platform, then urged the target to transfer funds to a so-called ‘Cold Storage’ account. The victim realised the deception and ended the call before losing money.

Detective Superintendent Marie Andersson said the scam’s sophistication lay in its false sense of legitimacy and urgency. Criminals verify personal data and act quickly to pressure victims, she explained. However, growing awareness within the community has helped authorities detect such scams sooner.

Authorities are reminding the public that legitimate officers will never request access to wallets, bank accounts, or seed phrases. Australians should remain cautious, verify unexpected calls, and report any suspicious activity through official channels.

The AFP reaffirmed that ReportCyber remains a safe platform for genuine reports and continues to be a vital tool in tracking and preventing cybercrime nationwide.

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Finland to enforce stricter crypto tax reporting from 2026

Finland will introduce stricter reporting obligations for crypto asset service providers from 2026 as part of international efforts to enhance tax transparency.

The move aligns with the OECD’s Crypto Asset Reporting Framework (CARF), which aims to standardise the exchange of crypto-related tax information globally. More than 70 countries and jurisdictions have already committed to the framework.

Finnish and foreign crypto providers must collect and report users’ transaction data, including purchases, sales, and transfers. The Finnish Tax Administration will begin receiving annual reports in 2027, enabling cross-border exchange under the CARF and the amended EU DAC8 directive.

The government proposal, due for parliamentary debate in autumn 2025, would extend Finland’s reporting requirements beyond international standards. Providers must also supply data allowing authorities to calculate capital gains and losses for Finnish residents and estates.

The Tax Administration will review and update its guidance on financial account reporting to align with these changes.

Despite the increased flow of information, individuals trading crypto assets will still need to declare profits, losses, and related income in their annual tax returns. The first international exchange of crypto asset data is expected to take place by September 2027.

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Central Bank warns of new financial scams in Ireland

The Central Bank of Ireland has launched a new campaign to alert consumers to increasingly sophisticated scams targeting financial services users. Officials warned that scammers are adapting, making caution essential with online offers and investments.

Scammers are now using tactics such as fake comparison websites that appear legitimate but collect personal information for fraudulent products or services. Fraud recovery schemes are also common, promising to recover lost funds for an upfront fee, which often leads to further financial loss.

Advanced techniques include AI-generated social media profiles and ads, or ‘deepfakes’, impersonating public figures to promote fake investment platforms.

Deputy Governor Colm Kincaid warned that scams now offer slightly above-market returns, making them harder to spot. Consumers are encouraged to verify information, use regulated service providers, and seek regulated advice before making financial decisions.

The Central Bank advises using trusted comparison sites, checking ads and investment platforms, ignoring unsolicited recovery offers, and following the SAFE test: Stop, Assess, Factcheck, Expose. Reporting suspected scams to the Central Bank or An Garda Síochána remains crucial to protecting personal finances.

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UNDP and Algorand launch blockchain training for 24,000 staff

The United Nations Development Programme (UNDP) has officially expanded its Blockchain Academy to reach 24,000 personnel worldwide, including staff from UNDP, UN Volunteers, and the United Nations Capital Development Fund (UNCDF).

The initiative, launched in partnership with the Algorand Foundation, aims to strengthen understanding and practical use of blockchain technology to support sustainable development goals.

The academy’s expanded curriculum builds on a successful beta phase that certified over 30 UN personnel and introduced 18 hours of specialised training. It now offers advanced modules to help UN staff design transparent and efficient blockchain solutions for real-world challenges.

The training also fosters a collaborative network where participants share best practices and develop blockchain-driven projects across global programmes.

UNDP has used blockchain since 2015 to boost transparency and inclusion, from tracking supply chains to supporting energy trading and digital investments. Through its Algorand partnership, UNDP aims to speed up blockchain adoption by offering technical support and project incubation for scalable sustainable impact.

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Circle urges US Treasury to create a clear stablecoin framework under the GENIUS Act

Circle has submitted its comments to the US Department of the Treasury, outlining its support for the GENIUS Act and calling for clear, consistent rules to govern payment stablecoin issuers.

The company emphasised that effective rulemaking could create a unified national framework for both domestic and foreign issuers, providing consumers with safer and more transparent financial products.

The firm urged Treasury to adopt a cooperative supervisory approach that promotes uniform compliance and risk management standards across jurisdictions. Circle warned against excessive restrictions that could harm liquidity, cross-border payments, or interoperability.

It also called for closing potential loopholes that might allow unregulated entities to avoid oversight while benefiting from the US dollar’s trust and stability.

Circle proposed safeguards requiring stablecoins to be fully backed, independently audited, and supported by transparent public reports. The firm stressed recognising foreign regimes, applying equal rules to all issuers, and enforcing consistent penalties.

Circle described the GENIUS Act as a chance to strengthen the stability of digital finance in the US. The company believes transparent, fully backed stablecoins and recognised foreign issuers could strengthen US leadership in secure, innovative finance.

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Stablecoin project by Japan’s top banks gains regulatory support

Japan’s Financial Services Agency (FSA) has announced its support for a pilot project involving three of the country’s largest banks to issue stablecoins jointly.

The initiative, backed by MUFG Bank, Sumitomo Mitsui Banking Corporation and Mizuho Bank, will test the use of blockchain-based digital assets tied to legal tender such as the yen or the dollar.

The FSA said it will offer guidance on legal interpretations and international developments under its new fintech support programme. The project aims to investigate how stablecoins can serve as a secure and efficient electronic payment method, while addressing potential regulatory and technical challenges.

Mitsubishi Corporation will be the first company to trial the stablecoins, using them for payments between its domestic and overseas offices. The results are expected to inform future steps towards broader adoption of digital payment systems among Japanese corporations.

By supporting the trial, regulators aim to foster innovation in financial sector of Japan while ensuring that new digital assets remain compliant with existing laws and international standards.

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Kraken Pro unlocks crypto-collateralized futures for EU traders

Kraken Pro has expanded its offerings in the EU by allowing clients to use crypto, including BTC, ETH, and certain stablecoins, as collateral for more than 150 perpetual futures markets.

The move positions the platform among the first regulated venues in Europe to provide crypto-collateralised, USD-margined futures contracts. It combines flexibility, speed, and capital efficiency with compliance under MiFID II.

Using crypto as collateral enables traders to maintain exposure to their digital assets while accessing leveraged positions. Clients can post BTC, ETH, or stablecoins without converting to fiat, avoiding fees and delays.

The system also supports cross-asset hedging and stablecoin-backed trades, allowing users to manage risk and diversify strategies more efficiently.

Kraken Pro’s regulated futures comply with EU rules, offering up to 10x leverage, multi-asset collateral, and supervision under MiCA and MiFID II. The platform offers deep liquidity, tight spreads, and reliable execution for both individual and institutional traders, even during volatile market conditions.

To begin trading, clients must enable futures on Kraken EU, fund their accounts with crypto assets, select their preferred collateral, and then open or manage leveraged perpetual positions. The update enhances strategic options for both hedging and directional trades.

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Major crypto fraud network dismantled across Europe

European authorities have dismantled one of the continent’s largest cryptocurrency fraud and money laundering schemes, arresting nine suspects across Cyprus, Spain, and Germany. The network allegedly defrauded hundreds of investors through fake crypto platforms, stealing over €600 million.

The scammers reportedly created websites that mimicked legitimate trading platforms, luring victims through social media, cold calls, and fabricated celebrity endorsements. Once deposits were made, the funds were laundered through blockchain technology, making recovery nearly impossible.

During the operation, investigators seized €800,000 in bank accounts, €415,000 in cryptocurrencies, €300,000 in cash, and luxury watches worth over €100,000. Authorities stated that several properties linked to the network remain under evaluation as investigations continue.

French prosecutors said the suspects face fraud and money laundering charges, carrying sentences of up to ten years. The case underscores the growing cross-border nature of crypto-related crime, with Eurojust’s coordination proving key to dismantling the network.

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France moves to tax crypto as ‘unproductive wealth’

French lawmakers approved a proposal to expand the wealth tax to cover ‘unproductive assets’ like luxury goods, property, and digital currencies. The amendment by centrist MP Jean-Paul Matteï narrowly passed the National Assembly, 163 to 150, with support from socialist and far-right members.

The proposal will now move to the Senate for further debate as part of the 2026 national budget process.

Under the plan, individuals holding ‘unproductive wealth’ valued above €2 million would face a new 1% flat tax. The measure replaces the existing progressive real estate wealth tax, which currently charges up to 1.5% on assets exceeding €10 million.

Matteï argued that the change would promote ‘productive investment’ and address inconsistencies in the current system, which excludes assets like gold, classic cars, and cryptocurrencies.

The inclusion of digital assets has drawn criticism from the local crypto community. Éric Larchevêque, co-founder of crypto wallet maker Ledger, warned that the move sends a negative message, portraying crypto as economically ‘unproductive.’

He cautioned that investors could be forced to liquidate their holdings to pay the tax, and expressed concern that the threshold might later be reduced.

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