Thailand’s Securities and Exchange Commission (SEC) will block access to five major cryptocurrency exchanges on 28 June for operating without a licence. Bybit, 1000X, CoinEx, OKX, and XT.COM offered trading services to Thai users without authorisation, leading to legal action.
The SEC aims to protect investors and prevent money laundering.
New anti-cybercrime laws passed in April give authorities broad powers to shut down suspicious websites quickly. The Royal Decree lets the Ministry of Digital Economy and Society target unlicensed platforms.
Enforcement has since intensified against offshore crypto operators.
Thailand is also adopting blockchain for public finance. The Ministry of Finance launched G-Token, a blockchain-based investment token for government bonds.
G-Tokens cannot be used as currency, maintaining a clear line from volatile cryptocurrencies. Regulators have imposed stricter customer checks and faster suspension of suspicious accounts, while extending liability to banks, telecoms, and social media firms.
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The Reserve Bank of India (RBI) is advancing its digital rupee pilots. It is introducing new features such as programmability and offline payment capabilities.
These enhancements aim to make the digital rupee more practical for users in areas with limited internet access. They also enable customised payments, such as government subsidies and corporate spending controls.
Both retail and wholesale central bank digital currencies (CBDCs) are currently being tested with select banks, customers, and institutional dealers.
The retail CBDC pilot now includes 600,000 users across 17 banks, with participation expanded to certain non-bank entities offering CBDC wallets. The wholesale pilot has also broadened, adding four standalone primary dealers to diversify its use.
Meanwhile, India’s digital payment ecosystem continues to grow rapidly, with a 34.8% rise in payment volumes and the Unified Payments Interface (UPI) dominating nearly half of global real-time payment transactions.
Amid these developments, India’s Supreme Court has urged the government to introduce clearer cryptocurrency regulations. Justice Surya Kant expressed concerns over the risks posed by a ‘parallel economy’ linked to crypto assets.
Despite a 30% tax on crypto profits, over 100 million Indians hold digital assets, signalling strong public interest alongside growing regulatory scrutiny.
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In Africa, blockchain is being adopted from the ground up to solve urgent challenges. Young students and freelancers in Kenya and Nigeria use digital currencies to get paid and store value amid weak banking and low trust in institutions.
Beyond finance, blockchain is helping to address energy and internet issues. In Zambia, surplus energy is used to mine Bitcoin, creating revenue and reducing waste.
Decentralised Wi-Fi networks are also emerging, allowing communities to share internet access and earn money without middlemen.
Governments remain cautious, focusing on regulation, but grassroots adoption continues to grow. The need is clear, and many believe the technology is already making a real difference.
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Kazakhstan is pressing ahead with a bold initiative to integrate cryptocurrency into everyday payments by launching a pilot zone known as CryptoCity. President Tokayev announced the project as a sandbox for legal crypto payments at the Astana International Forum 2025.
The city of Alatau is currently the leading candidate to host CryptoCity. Recognised for its scientific research facilities and special economic zones, Alatau offers an existing technological infrastructure that makes it a strong contender.
Zhaslan Madiyev, Kazakhstan’s Minister of Digital Development, said the zone would support the legal circulation of cryptocurrencies. It will operate under crypto-friendly legislation.
Officials believe the project could attract developers, programmers, and IT specialists, boosting local economic growth. Kazakhstan has already trialled a central bank digital currency, which helped to speed up VAT refund processes.
With CryptoCity now under development, the country aims to become a regional leader in blockchain innovation.
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Emerging markets use cryptocurrency wallets for everyday payments more than developed regions, a recent Bitget Wallet report shows. A survey of 4,599 users shows Southeast Asia, South Asia, and Africa mainly use crypto wallets to send funds.
These regions often face limited access to traditional banking, making crypto a practical alternative.
In contrast, users in Europe mainly use crypto wallets for trading, with over 40% citing this as their primary activity. North America and East Asia showed balanced crypto trading and transfers, with East Asia leading in long-term holdings at 43%.
Bitget’s CEO, Gracy Chen, highlighted the significant shift in user behaviour, noting that wallets are evolving beyond trading tools into integral parts of broader financial ecosystems.
Plans are underway to make wallets more accessible for users who are new to cryptocurrencies and not traditional traders.
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Two wallets tied to the controversial Libra meme coin team have been frozen. Nearly $58 million in USDC stablecoins on the Solana blockchain are now locked.
The freeze on Solscan affects accounts holding $44.59 million and $13.06 million in USDC, a stablecoin issued by Circle. Major stablecoin issuers like Circle have the authority to blacklist addresses in cases of fraud or legal disputes.
The freeze follows a temporary restraining order from a US federal court, requested by Burwick Law amid ongoing litigation. Argentina’s justice department has also been linked to the legal action, connected to the Libra token promoted by Argentine President Javier Milei.
The token’s rapid rise and fall earlier this year sparked accusations of a pump-and-dump scheme.
Despite the legal troubles, Circle has recently filed for an initial public offering on the New York Stock Exchange, aiming for a $6.7 billion valuation. Meanwhile, Argentina’s task force investigating the scandal was disbanded last week.
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Pakistan is moving ahead with plans to establish a national Bitcoin reserve as part of a broader digital asset strategy. Bilal Bin Saqib, head of the Pakistan Crypto Council, announced the move at the Bitcoin 2025 conference in Las Vegas.
He emphasised that the government’s intention is long term and not driven by market speculation. He stated that once acquired, the Bitcoin would never be sold.
The government plans to launch a national Bitcoin wallet and adopt blockchain technologies. The reserve’s size is unclear, but the move follows the US example and shows Pakistan’s growing trust in blockchain.
Officials are also preparing to allocate 2,000 megawatts of surplus electricity for Bitcoin mining and AI data centres. The aim is to boost jobs, modernise the power sector, and attract investment.
In parallel, the country is creating the Pakistan Digital Assets Authority (PDAA) to regulate the crypto sector. The agency will regulate exchanges and token platforms and develop frameworks for DeFi and blockchain-based public finance.
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US Vice President J.D. Vance stressed the importance of political involvement for the crypto community during his speech at the Bitcoin 2025 conference in Las Vegas.
He warned policymakers may ignore Bitcoin without ongoing activism despite its growing importance.
Vance praised the crypto community’s impact and urged continued momentum after the 2024 elections. He stressed that political decisions will shape Bitcoin’s future, so the industry must stay engaged with policymakers.
Highlighting Bitcoin’s potential strategic value, Vance referenced the government-backed Bitcoin Reserve launched under former President Donald Trump.
The US stance contrasts with China’s rejection of Bitcoin. J.D. Vance said that America should deepen its commitment to the cryptocurrency to secure a competitive edge globally.
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Ripple has urged US regulators to define when a digital asset should no longer be considered a security. In a new letter to the SEC’s Crypto Task Force, the firm responded to questions raised by Commissioner Hester Peirce on asset classification.
The move seeks greater clarity for market participants amid increasing regulatory scrutiny.
The company referenced its 2023 legal victory, where a court ruled XRP was not inherently a security. Ripple also cited a 2022 legal paper. The paper claims most fungible tokens on secondary markets lack ongoing obligations between buyers and issuers.
It proposed a two-part test to determine when a token becomes independent from its original investment contract.
Ripple says a crypto asset stays a security only if promises remain and holders have enforceable rights. It warned against vague standards like ‘sufficient decentralisation,’ backing clearer criteria such as trading history and absence of centralised control.
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Luxembourg has classified virtual asset service providers (VASPs) as high-risk for money laundering in its 2025 National Risk Assessment.
The report highlights concerns about the crypto industry’s exposure to financial crime, citing factors such as transaction volumes, client reach, and international operations.
The assessment builds on 2020 and 2022 reports that flagged crypto risks linked to their internet-based and cross-border nature. Meanwhile, the European Union is advancing regulation with the MiCA framework to harmonise rules across member states.
Several crypto firms have recently secured licenses to operate within the EU. However, some, like Tether, resist new stablecoin regulations and were delisted on major platforms.
Money laundering using cryptocurrencies remains a challenge worldwide. The incidents highlight ongoing concerns about illicit activity in the growing crypto market.
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