Cryptocurrencies

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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World Economic Forum President warns of potential AI and crypto bubbles 

World Economic Forum President Borge Brende has warned that massive investments in AI and cryptocurrencies may create financial bubbles. Speaking in Berlin, he noted that $500 billion has been invested in AI this year, raising concerns about speculative bubbles in AI and cryptocurrency.

Brende described frontier technologies as a ‘big paradigm shift’ that could drive global growth, with potential productivity gains of up to 10% over the next decade. He noted that breakthroughs in medicine, synthetic biology, space, and energy could transform economies, but stressed that the benefits must be widely shared.

Geopolitical uncertainty remains a significant concern, according to Brende. He pointed to rising tensions between the US and China, calling it a race for technological dominance that could shape global power.

He also urged multilateral cooperation to address global challenges, including pandemics, cybercrime, and investment uncertainty.

Despite the disorder in world politics, Brende highlighted the resilience of economies like those in the US, China, and India. He called for patient investment strategies and stronger international coordination to ensure that new technologies translate into sustainable prosperity.

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Dubai telecom firm launches crypto mining-as-a-service platform

Dubai-based telecom operator du has launched a cryptocurrency mining service designed to promote digital finance adoption across the UAE. The initiative, named Cloud Miner, enables residents to mine cryptocurrency via subscription, eliminating the need for personal hardware or maintenance.

The service, operated by du Tech’s data centres, enables users to rent computational power and mine Bitcoin and other digital assets. Participants can bid online from November 3 to 9 for 24-month contracts that offer 250 terahashes per second.

Users will also gain access to a calculator to track monthly Bitcoin yields linked directly to their crypto wallets.

According to Jasim Al Awadi, du’s Chief ICT Officer, Cloud Miner represents the company’s first step in expanding into digital asset services. He added that as adoption grows, Du plans to explore adjacent sectors such as crypto exchanges and lending platforms.

The company also intends to increase the number of available contracts and hash rate in future phases.

The UAE continues to position itself as a leader in digital finance, introducing supportive regulations and encouraging blockchain innovation. Al Awadi emphasised that trusted, regulated entities like du play a key role in helping users confidently engage with the crypto ecosystem.

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AUSTRAC cracks down on crypto ATM money laundering risks

Australia’s financial crime regulator, AUSTRAC, has fined crypto ATM operator Cryptolink $56,340 for failing to report large cash transactions on time. The regulator also ordered the company to improve its anti-money laundering (AML) and counterterrorism financing (CTF) controls.

AUSTRAC’s Crypto Taskforce identified weaknesses in Cryptolink’s risk assessments and reporting controls, raising concerns about the misuse of crypto ATMs by criminals.

According to AUSTRAC CEO Brendan Thomas, crypto ATMs remain one of the highest-risk channels for money laundering in Australia, often used to launder scam proceeds. He emphasised that operators must take stronger action to prevent criminal exploitation of the sector.

As part of the undertaking, Cryptolink must appoint independent reviewers to assess its compliance systems and validate all large cash transaction reports. Cryptolink must report its remedial progress to AUSTRAC by March 2026, having paid the fine without admitting liability.

Findings from AUSTRAC’s taskforce revealed that 85% of transactions made by the 90 most frequent ATM users were linked to scams or money mule schemes. Authorities will keep monitoring high-risk operators to improve oversight and protect consumers from crypto-related crimes.

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Global alliance strengthens response to crypto crime

Global experts are stepping up efforts to combat the misuse of cryptocurrencies as criminal networks become increasingly sophisticated.

The 9th Global Conference on Criminal Finances and Cryptoassets was held in Vienna and co-organised by Europol, the UNODC and the Basel Institute on Governance. The event brought together over 250 participants and 1,000 online attendees to discuss how to strengthen the global response.

Delegates emphasised the need for unified standards, stronger cooperation and greater investment in training to tackle the evolving threats posed by crypto-enabled crime.

Speakers warned that blockchain misuse has expanded beyond scams to include terrorism financing, sanctions evasion and organised money laundering. Europol’s Burkhard Mühl said tackling these complex crimes needs greater innovation and collaboration.

Advanced tracing tools and successful cross-border operations demonstrate progress, yet significant legislative and capacity gaps remain.

Participants urged harmonised standards and quicker information sharing between financial institutions and virtual asset providers. The Wolfsberg Group noted that private sector collaboration is as vital as public partnerships in disrupting illicit crypto activity.

Building capacity through hands-on training and peer learning was also identified as a priority. According to Elizabeth Andersen of the Basel Institute, equipping agencies with the skills to trace and recover illicit assets can transform how nations respond to crypto-related crime.

Experts agreed that continued dialogue, shared expertise and consistent standards are key to ensuring innovation in blockchain benefits society rather than enabling criminal networks.

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