Cryptocurrencies

New Zealand bans crypto ATMs and limits cash transfers

New Zealand is introducing sweeping reforms to tackle money laundering and criminal finance by banning crypto ATMs and capping international cash transfers at $5,000. The new bill expands enforcement powers and lets the Financial Intelligence Unit gather more data on persons of interest.

The $5,000 transfer limit aims to block criminals from moving funds offshore via cash while permitting legitimate transfers through electronic banking channels. A recent report found that criminals use crypto ATMs to purchase cryptocurrency and quickly transfer it overseas to finance drugs and scams.

Industry figures broadly welcome the crackdown, viewing it as necessary to mature the sector and protect consumers. Experts note that everyday users favour reputable exchanges over crypto ATMs, which often carry high fees and attract illicit use.

Internationally, New Zealand’s actions reflect a broader trend. Australia’s AUSTRAC and US cities like Spokane have also tightened crypto ATM regulations following alarming fraud and money laundering reports.

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Lithuania questions legality of Robinhood’s new tokens

Robinhood’s new blockchain tokens, which are tied to firms like SpaceX and OpenAI, are under EU scrutiny, with Lithuania’s central bank reviewing whether the product meets financial rules.

The tokens, introduced on 30 July, allow retail investors to gain exposure to high-profile private firms through digital assets. Although Robinhood offered a promotional giveaway to attract EU users, questions quickly arose over the product’s legal classification and how it was marketed to the public.

OpenAI has publicly stated it has no affiliation with Robinhood and has not authorised share transfers. Robinhood responded by confirming that the tokens do not represent actual equity but provide access to the value of private firms via non-equity instruments.

Regulators are now assessing whether the product meets compliance standards and whether investor information has been presented clearly and accurately. The central bank has requested further details before issuing a formal judgement.

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Tether and Binance left out of EU crypto approval list

More than 50 crypto firms are now fully licensed under the European Union’s MiCA framework, six months after it came into effect. The list names 14 stablecoin issuers and 39 service providers, all approved to operate across the EU’s 30 member states.

Leading platforms such as Coinbase, Kraken, Bitstamp, and N26 can now ‘passport’ their services across the bloc without seeking separate national approvals.

Tether and Binance remain absent from the approved list. Tether’s lack of a MiCA licence has already triggered delistings on major platforms, while Binance continues to face regulatory scrutiny in multiple jurisdictions.

In contrast, stablecoins issued by Circle, Société Générale-Forge, and Membrane Finance have gained approval, most of which are euro-denominated.

No company has yet registered to issue asset-referenced tokens (ARTs), reflecting low market demand under current compliance costs. Meanwhile, over 35 firms have been marked non-compliant, with Italy’s CONSOB actively pursuing enforcement.

As firms race to meet rising regulatory standards, a fresh update on MiCA licensing is due in September.

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BTC and ETH hold key levels as traders eye next breakout

Bitcoin is holding firm above $108,000, trading at $108,387 as of 8 July. Despite a slight daily dip, longer-term indicators support a bullish trend.

The Relative Strength Index remains neutral at 58.7, while the Stochastic RSI indicates short-term overbought conditions, hinting at a potential pause in momentum.

Shorter timeframes reveal signs of indecision. On the hourly chart, over half of key moving averages lean bearish, and the 4-hour chart shows converging exponential moving averages and tightening Bollinger Bands.

Such patterns often suggest an incoming burst of volatility. Bitcoin faces immediate resistance at $109,700 and $110,000, with a breakout possibly clearing the path to $112,000 or even $137,000. On the downside, traders closely watch support at $107,000 and $105,400, with further risk below $102,000.

Ethereum remains steady at nearly $2,555, trading within a narrow range of $2,500 to $2,600. All major moving averages signal a continued bullish bias, although oscillators such as the RSI (54) and Stochastic RSI (near 85) show signs of exhaustion.

Resistance levels lie between $2,600 and $2,620, with a more decisive breakout potentially driving ETH toward $3,000 or even $4,100. Key support zones are found at $2,500 and $2,440. While short-term caution is warranted, overall, the structure remains optimistic as institutional support strengthens ETH’s position.

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TON falls as UAE shuts down visa rumour

TON coin dropped 6% after the United Arab Emirates dismissed claims about a new visa scheme. The authorities denied that staking $100,000 worth of TON for three years could qualify applicants for a 10-year golden visa.

The cryptocurrency briefly surged 10% after The Open Network announced the visa pathway, only to retreat following regulatory clarification.

Several UAE authorities jointly denied that golden visas are granted based on digital asset holdings. They emphasised that investments in cryptocurrencies fall under specific regulations and do not influence visa eligibility.

Investors were urged to rely on official sources to avoid misinformation.

Introduced in 2019, the UAE’s golden visa offers long-term residency to skilled professionals, investors with public investments exceeding 2 million dirhams ($544,000), and recognised tech entrepreneurs.

The programme enables foreign nationals to live, work, and study in the UAE without a national sponsor.

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Major DeFi sites lose access in Turkey’s new crypto rules

Turkey’s Capital Markets Board blocked access to 46 crypto platforms, including PancakeSwap. The move aims to control the rapidly growing digital asset market and enforce new regulations.

Since gaining expanded authority in March 2025, the CMB requires all crypto providers in Turkey to register locally and follow strict anti-money laundering and consumer protection rules.

Key rules include ID checks for transactions above 15,000 lira, stablecoin transfer limits, and withdrawal delays for some activities.

Turkey’s approach mirrors moves by other nations such as Kazakhstan and Russia, which have taken firm steps to regulate crypto markets. While trading and holding cryptocurrencies remain legal, payment use has been banned since 2021.

The latest crackdown signals Turkey’s intent to control and formalise crypto operations, steering away from the open nature of decentralised finance towards a more regulated environment.

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Bitcoin becomes cornerstone of Musk’s America Party

Elon Musk has announced that Bitcoin will serve as the primary financial asset of his new America Party, marking a move away from traditional currencies. His statement reflects rising distrust in fiat money, which he called ‘hopeless’ due to inflation and debt concerns.

The formation of the America Party follows a political rift between Musk and Donald Trump, triggered by disagreements over economic legislation. The break from the president has given rise to a new political force that sees decentralised finance as a pathway to reform.

Bitcoin’s adoption signals a broader push for transparency and innovation in governance. Musk has long supported digital assets and aims to build a platform encouraging financial sovereignty.

His stance may influence political agendas and regulatory discussions in the months ahead. In addition to Bitcoin, Musk remains a vocal supporter of Dogecoin, pointing to a vision of a multi-asset digital economy.

The America Party’s crypto-centric approach could accelerate mainstream adoption while placing pressure on policymakers to provide more explicit rules for digital finance.

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Secret Service step up crypto enforcement with major recoveries

Authorities in the United States have confiscated close to $400 million in digital currencies tied to criminal investigations over the last ten years. The bulk of these assets is secured in a government-controlled cold wallet.

A significant portion, worth $225 million, was recovered in June through a joint operation involving the FBI and legal offices. The effort reflects growing proficiency in tracking crypto-linked criminal activity across blockchain networks.

Secret Service has delivered cryptocurrency crime training in more than 60 countries to support global cooperation. These educational efforts are part of a broader strategy to strengthen international capabilities against financial fraud and cybercrime.

The agency also collaborates with private companies to improve its crypto crime efforts. Coinbase has assisted in tracing transactions, while Tether recently granted freezing access to the Secret Service and FBI.

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Trump’s Big Beautiful Bill could spark a blockchain reset

A new analysis by crypto commentator Stellar Rippler suggests that Donald Trump’s latest economic legislation may be part of a calculated effort to dismantle the current financial order.

Far from merely restoring the economy, the bill is viewed as a trigger for a major reset, where blockchain technology plays a leading role.

The bill introduces sweeping permanent tax cuts and significant Medicaid and food stamp program reductions. It also increases border spending and lifts the debt ceiling significantly.

Critics, including Elon Musk and Senator Rand Paul, warn that the legislation benefits the wealthiest and adds trillions in debt. Stellar Rippler, however, believes the move is deliberate, designed to weaken the central banking model and make way for digital alternatives.

XRP, RLUSD, and Stellar’s XLM are seen as the tools to facilitate this transition. With Ripple’s dual-ledger model and Stellar’s established international network, these assets are positioned to provide faster, cheaper, and decentralised alternatives to existing systems.

The analyst argues that blockchain projects already integrated into key markets can stabilise cross-border payments and reduce reliance on failing banks.

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Lummis unveils crypto tax reform bill

US Senator Cynthia Lummis has proposed a new crypto tax bill to modernise how digital assets are treated under US tax law. The legislation follows her earlier attempt to include it in the recently passed One Big Beautiful Bill Act, which did not succeed.

Now a standalone bill proposes a $300 crypto transaction exemption, ends double taxation for miners and stakers, and ensures crypto is treated like other financial assets. It also aims to expand securities lending rules to include digital assets, ensuring lending does not trigger tax liability.

Lummis, who chairs the Senate digital assets subcommittee, said the bill is designed to align US tax law with real-world digital use. She emphasised the need to remove outdated policies that hinder innovation and invited public feedback on the proposal.

The initiative joins a series of pending digital asset bills in the US Congress, including the CLARITY and GENIUS Acts. Lummis has also backed the Bitcoin Act, which would establish a national BTC reserve following Donald Trump’s return to office.

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