Ethena Labs has shut down its German subsidiary, Ethena GmbH, following regulatory issues with BaFin. The German regulator had ordered the company to stop public sales of USDe due to MiCAR noncompliance.
Minting and redemption of USDe are now handled through Ethena Limited in the British Virgin Islands.
BaFin flagged flaws in Ethena GmbH’s approval process and raised concerns over unregistered sUSDe token sales. The regulator froze reserves, shut down the website, and banned new sign-ups. Secondary market listings of USDe remain unaffected.
Ethena expressed disappointment over the MiCAR denial but stated it is exploring alternative regulatory options.
The company’s exit from the German market underscores the increasing regulatory pressure on crypto issuers in Europe, especially in the lead-up to MiCAR’s full implementation.
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Moscow is set to host the Global Blockchain Forum 2025 from 23-24 April, attracting over 15,000 crypto enthusiasts worldwide.
The event will feature prominent figures from the crypto industry, including Justin Sun, founder of Tron, and Ivan Chebeskov, Russia’s deputy finance minister.
The forum’s primary aim is to strengthen ties between Russia and the global crypto community. The vision is to make Russia a leading hub for blockchain and cryptocurrency innovation.
The forum will cover critical topics, including global crypto adoption. Bitcoin’s future in 2025 will also be discussed, along with Russia’s stance on cryptocurrencies amid ongoing geopolitical tensions. Over 100 experts from more than 100 countries will contribute to the discussions.
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A report from El Salvador’s central bank shows that only 11% of registered Bitcoin service providers are currently operational.
Out of 181 companies listed, just 20 meet the country’s legal standards set under its Bitcoin Law, according to local outlet El Mundo.
The law, which made Bitcoin legal tender, requires firms to implement anti-money laundering measures and record assets and liabilities accurately. It also mandates that companies establish cybersecurity programmes tailored to the nature of their services.
However, 89% of providers have failed to comply with these rules and remain non-operational. Some companies, including the government-backed Chivo Wallet, Crypto Trading & Investment, and Fintech Américas, have managed to meet the legal criteria.
President Nayib Bukele has insisted the government will continue buying Bitcoin despite the IMF’s request to halt public sector purchases.
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The exchange’s APAC Managing Director, John O’Loghlen, described the current policy environment as vague and unfit to support long-term growth in the sector.
The company outlined five urgent priorities for the next government. These include forming a crypto taskforce within 100 days and addressing the country’s worsening debanking problem. It also called for enabling stablecoin use and providing clearer tax rules for Web3 projects.
Despite high adoption rates, the blog post stressed that unclear regulation is pushing talent and investment overseas.
Coinbase noted that wealthy Australians still hold limited crypto, suggesting caution. Despite recent proposals, it says stronger legislation is needed to keep Australia competitive.
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Russian officials have proposed new measures to curb illegal online gambling. The plan involves targeting cryptocurrency payments and restricting access to unlicensed casino platforms.
Yevgeny Masharov, a senior policymaker, outlined plans to block crypto transactions. He also proposed restricting access to websites and apps linked to illicit gambling activities.
Masharov stressed that underage users are particularly vulnerable, noting that crypto-based casinos often skip identity checks and age verification. Parents are concerned that gamified gambling apps target children. Masharov warns that legal operators are losing out to more convenient illegal platforms.
Doubts remain over how effective such measures could be. Russians have previously bypassed state bans using VPNs, most notably during the failed Telegram block in 2018. Despite efforts to outlaw VPNs, many continue to use them freely.
Russia’s evolving stance on cryptocurrency includes its use in international trade and Bitcoin mining. These developments could complicate efforts to restrict crypto use in domestic online gambling.
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World Liberty Financial (WLFI), a cryptocurrency project backed by the Trump family, has added 4.89 million SEI tokens to its portfolio. The purchase, valued at approximately $775,000, was made by using USDC transferred from the project’s main wallet.
The move increases WLFI’s growing collection of altcoins, which includes Bitcoin (BTC), Ether (ETH), and Tron (TRX). WLFI’s total portfolio now includes 11 different tokens, amounting to over $346 million in investments.
Despite this large accumulation, the project has yet to realise any profits, with its portfolio currently down by $145.8 million. Its Ethereum holdings have suffered a particular blow, with losses exceeding $114 million.
The SEI acquisition comes amid growing speculation surrounding the Trump family’s involvement in the crypto market. WLFI’s proposal for a USD1 stablecoin has raised concerns among lawmakers about its potential to replace the US dollar in federal transactions.
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South Korean crypto industry leaders are raising concerns over the Basic Digital Asset Act, a draft bill aiming to regulate the stablecoin sector. Lawmaker Min Byung-deok’s proposed legislation would require domestic stablecoin issuers to obtain approval from the Financial Services Commission before issuance.
Industry experts argue that the bill’s provisions are unfair and ineffective. They argue the regulations would create an uneven playing field, exempting foreign stablecoins like Tether (USDT) from scrutiny while South Korean firms face stricter rules.
According to one anonymous source, ‘It is unfair that foreign companies can operate unhindered while local businesses face these regulations.’ The bill also proposes the creation of a self-regulatory body to oversee stablecoins and cryptoassets in South Korea.
Critics argue the approach ignores South Korea’s unique market, with one insider noting it is ‘effectively limited to the USDT market.’ They believe a tailored, gradual regulatory system would be more appropriate for the domestic market.
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A new study highlights the significant environmental and health risks posed by Bitcoin mining in the US. Led by Dr. Francesca Dominici of Harvard’s T.H. Chan School of Public Health, the study finds that emissions from mining facilities expose millions to dangerous PM2.5 pollution.
The research analysed 34 Bitcoin mining sites between August 2022 and July 2023. It showed that these sites consumed 32.3 terawatt-hours of electricity, with most of it coming from fossil fuels.
The mining activity exposed 1.9 million Americans to harmful PM2.5 levels, linked to increased health risks.
The study highlights cross-border pollution and suggests the EPA enforce a ‘Good Neighbor’ rule for out-of-state emissions.
Some in the industry downplay environmental concerns, while sustainable practices, like heat repurposing in Finland, emerge.
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Google will begin enforcing a new crypto advertising policy in Europe on 23 April. Exchanges and wallet providers will be required to be licensed under the Markets in Crypto-Assets (MiCA) or Crypto Asset Service Provider (CASP) frameworks.
Advertisers must also meet local legal requirements and be certified by Google to promote crypto-related services in the region.
The change follows the implementation of MiCA in December 2024, the EU’s first comprehensive regulatory framework for digital assets. Some see Google’s move as beneficial for investor protection, while others warn it may create compliance gaps and higher barriers for smaller firms.
Bitget’s Hon Ng said the rules could reduce scams but warned smaller firms may struggle with MiCA’s requirements. National licensing timelines may also differ, risking inconsistent enforcement.
Others, like Mattan Erder from Orbs, argue the policy is more about shielding Google from legal risk than protecting investors. He noted that if registration becomes too costly or complex, it may push smaller crypto firms out of the market altogether.
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The Trump administration actively evaluates ways to acquire Bitcoin without increasing the national budget.
According to Bo Hines, Trump’s leading crypto adviser, options such as tariffs and inter-agency financial strategies are being considered. The aim is to build a significant reserve without burdening taxpayers.
Hines confirmed that the administration wants to accumulate as much Bitcoin as possible, comparing it to gold in terms of strategic value. He emphasised that any holdings would be kept long-term.
Much of the administration’s vision aligns with Senator Cynthia Lummis’ proposed BITCOIN Act of 2025. The Act advocates using revalued gold certificate profits to purchase up to 1 million Bitcoin over five years.
Hines also stated that even swapping gold for Bitcoin is being reviewed, provided it does not affect the federal budget.
On a broader scale, Hines sees digital assets as the foundation for overhauling America’s ageing financial system. He criticised today’s banking inefficiencies and said blockchain offers a faster, more transparent, and practical alternative for daily payments.
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