Cryptocurrencies

Trump’s crypto adviser meets UAE’s national security chief for tech talks

A top UAE official, Sheikh Tahnoon Bin Zayed Al Nahyan, met with White House crypto and AI czar David Sacks to discuss digital currencies, artificial intelligence, and potential investments.

Tahnoon, the UAE’s national security adviser, revealed on social media that their discussions focused on AI’s impact and the growing role of digital currencies in the global economy.

The meeting was part of a broader engagement between UAE and US officials. Tahnoon attended a dinner with former President Donald Trump and senior advisers, where they explored ways to deepen economic and technological cooperation.

Additional talks included meetings with Commerce Secretary Howard Lutnick and Treasury Secretary Scott Bessent to discuss trade and investment, as well as a video call with White House cost-cutting czar Elon Musk.

Reports suggest that Tahnoon met leading tech executives, including Microsoft CEO Satya Nadella and Nvidia CEO Jensen Huang, to discuss AI and semiconductor access.

The UAE reportedly seeks to expand its technology infrastructure in the US, particularly following US export restrictions on advanced computer chips.

Through his investment firm MGX, Tahnoon is backing a $7 billion investment in a private-led project called “Stargate,” aiming to develop AI data centres across the US.

His financial empire, valued at $1.5 trillion, includes significant stakes in sovereign wealth funds, banking, and AI development, reflecting the UAE’s growing influence in global tech and finance.

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Australia unveils crypto regulation plan

Australia’s government has announced plans to introduce a new regulatory framework for cryptocurrency exchanges, custody services, and brokerage firms.

The proposed rules will bring these platforms under existing financial services laws, requiring them to obtain licences and meet capital requirements. However, smaller firms and software developers will be exempt from these obligations.

The reforms, outlined by the Treasury, come as Prime Minister Anthony Albanese’s centre-left Labour government prepares for a closely contested federal election.

The government has also pledged to collaborate with the country’s four largest banks to address the ongoing issue of debanking, a problem that has impacted many crypto-related businesses.

In addition to regulatory changes, the government will review the potential for a central bank digital currency and introduce an Enhanced Regulatory Sandbox in 2025, allowing financial firms to test new products without a licence.

However, with elections looming, the opposition Coalition, led by Peter Dutton, has also promised to prioritise crypto regulation if it wins power.

Industry leaders, including BTC Markets CEO Caroline Bowler and Kraken Australia’s managing director Jonathon Miller, have welcomed the government’s efforts but stress the need for clarity on capital and custody requirements.

They argue that clear regulations will help Australia remain competitive while preventing unnecessary business burdens.

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Garantex reportedly resurfaces as Grinex after sanctions

Garantex, a Russian cryptocurrency exchange previously sanctioned by the US, is reportedly back in operation under the name Grinex.

According to Global Ledger, a Swiss blockchain analytics firm, Garantex shifted liquidity and customer balances to the new platform after its official shutdown. On-chain and off-chain evidence points to the two exchanges being closely linked despite Garantex’s closure.

Global Ledger’s report revealed that Garantex laundered over $60 million worth of ruble-backed stablecoins, using a process of burning and reminting to erase transaction histories.

The funds were then channelled to Grinex, which began processing large transaction volumes soon after Garantex went offline. Blockchain data showed systematic fund transfers through temporary wallets before reaching Grinex’s deposit addresses.

Further evidence linking the two platforms includes user reports of previously blocked funds from Garantex appearing in Grinex accounts.

A Grinex staff member also confirmed that users were visiting Garantex’s office to move funds between the two platforms. Additionally, Grinex’s website and promotional materials strongly resemble those of Garantex, and it is listed as being founded by the same team.

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Czech central bank weighs Bitcoin despite concerns

The Czech National Bank (CNB) remains cautious about adding Bitcoin to its reserves, with board member Jan Kubicek citing legal complexities and extreme price volatility as key concerns.

While the bank is evaluating various asset classes, Kubicek expressed scepticism about Bitcoin’s suitability as a central bank reserve asset.

Kubicek noted that Bitcoin’s unpredictable price swings undermine its stability, making it less attractive for reserve holdings.

He also highlighted the need for new accounting and auditing processes if Bitcoin were to be included. The CNB’s assessment of alternative assets, including corporate bonds and technology stocks, is expected to conclude by October.

The idea of holding Bitcoin in reserves was initially proposed by CNB Governor Ales Michl in January 2025, sparking interest in the crypto community but drawing scepticism from policymakers.

European Central Bank President Christine Lagarde opposed the move, emphasising that central bank reserves must prioritise liquidity and security.

Despite concerns, several countries have already integrated Bitcoin into their strategic reserves. The US, under the Trump administration, has taken a more proactive stance on cryptocurrency, influencing global discussions on digital asset adoption.

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Arizona House Committee approves Bitcoin Reserve Bill

The Arizona House of Representatives Commerce Committee has approved the Bitcoin Reserve Bill (SB1373) in a closely contested 6-to-4 vote.

The bill marks a significant milestone in Arizona’s efforts to integrate cryptocurrency into its financial framework. It aims to establish a ‘Digital Assets Strategic Reserve Fund,’ which would be managed by the state’s Treasury, with funds derived from state allocations and seized cryptocurrency assets.

Sponsored by Republican Senator Mark Finchem, SB1373 includes risk management provisions, such as limiting the Treasurer’s ability to invest more than 10% of the fund in any single year.

The bill also permits the lending of digital currencies to generate returns, with safeguards to prevent excessive financial exposure.

Arizona is now positioned as a leading state in the US’s push for crypto legislation, following Utah in adopting formal crypto reserve investment policies. Another related bill, the Strategic Bitcoin Reserve Act (SB1025), is gaining momentum and focuses on public fund investments in digital assets.

Meanwhile, Bitcoin’s price has seen mixed signals in recent days. Despite a 1.36% increase following the bill’s approval, Bitcoin has dropped 13% over the past month.

Technical indicators show a neutral to slightly bearish trend, though there are signs of a potential bullish reversal, with the MACD showing a positive divergence.

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Donald Trump to speak at Digital Asset Summit

President Donald Trump is set to address the Digital Asset Summit in New York on Thursday, marking the first time a sitting American president has spoken at a cryptocurrency industry conference.

His speech follows remarks from Bo Hines, executive director of the White House’s President’s Council of Advisers on Digital Assets, who hinted at the administration’s commitment to Bitcoin accumulation.

Hines emphasised the importance of securing digital assets for the nation, stating that President Trump is focused on acquiring Bitcoin for the recently announced strategic reserve.

He suggested that the administration aims to obtain as much Bitcoin as possible, reinforcing the growing role of cryptocurrency in national policy.

The summit will also feature notable speakers, including Representatives Ro Khanna and Tom Emmer, as well as industry leaders such as Strategy CEO Michael Saylor and Ripple CEO Brad Garlinghouse.

During the event, Garlinghouse announced that the SEC had withdrawn its appeal against Ripple, marking a significant development for the company.

Trump’s speech will be available via a live stream on X and YouTube, allowing a global audience to witness his address on the future of digital assets.

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Pakistan prepares to legalise cryptocurrency trading

Pakistan is set to legalise cryptocurrency trading, joining a growing list of nations embracing digital assets. According to Bilal bin Saqib, CEO of the Pakistan Crypto Council, a regulatory framework is in development to provide clarity on crypto-related activities.

The country’s shift highlights the rapid evolution of the cryptocurrency sector. Once associated with illicit activities, various nations are now exploring digital assets as reserves.

Pakistan’s interest in crypto reflects its ambition to attract foreign investment, leveraging its young, tech-savvy workforce. Saqib emphasised that Pakistan, with 60% of its population under 30, is well-positioned to become a Web3 hub.

With a projected population of 511 million by 2100, Pakistan ranks among the most populous countries. The nation already has 15 to 20 million cryptocurrency users, signalling strong domestic interest.

Saqib, recently appointed as the finance minister’s chief advisor for digital asset management, is leading efforts to integrate crypto and artificial intelligence into government operations.

Inspired by Donald Trump’s push to prioritise cryptocurrency in the US, Pakistan aims to follow suit. Saqib noted that as Trump advances a national crypto strategy, other countries will adopt similar approaches to remain competitive.

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Brazilian lawmaker proposes Bitcoin salary regulation

A Brazilian lawmaker has introduced a bill to regulate salary payments in cryptocurrencies like Bitcoin. Federal Deputy Luiz Philippe de Orleans e Bragança filed the proposal on 12 March, seeking to legalise voluntary crypto wage payments while ensuring at least 50% of salaries remain in the national currency, the Brazilian real.

The bill prohibits full salary payments in virtual assets, except for expatriate or foreign employees under Central Bank of Brazil regulations. Independent service providers may receive full compensation in cryptocurrency, provided specific contractual conditions are met. Employers must use an authorised exchange rate for crypto conversion, aligning with official financial regulations.

Orleans-Bragança, a descendant of Brazil’s former royal family, argues that the bill would strengthen the financial technology sector and attract crypto investment. He also emphasised that the measure promotes contractual freedom between employers and employees without undermining fundamental labour protections. The proposal follows global examples from countries like Japan, Switzerland, and Portugal, where regulated crypto payments have encouraged adoption and flexibility in financial transactions.

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Binance CEO dismisses claims of Trump family deal talks

Binance CEO Richard Teng has reiterated that Binance is not in deal talks with business entities linked to US President Donald Trump.

Speaking at the Blockworks 2025 Digital Asset Summit, Teng dismissed reports that Binance. US was considering selling an equity stake to Trump-affiliated firms, including World Liberty Financial.

His statement echoed denials from both Binance’s founder, Changpeng ‘CZ’ Zhao, and Trump.

Teng emphasised that Binance.US operates independently from its global counterpart, highlighting differences in shareholders, governance, and leadership.

Despite not directly operating in the US, he praised Trump’s pro-crypto stance, stating that Binance has benefited from policies supporting institutional adoption of digital assets.

He also noted that Trump’s push for a national crypto reserve could prompt other governments to take the sector more seriously.

The Wall Street Journal had reported that CZ was seeking a pardon from the Trump administration, suggesting a potential conflict of interest if a deal were struck.

Both CZ and Trump refuted the claims, with Trump dismissing the report as politically motivated. His recent involvement in crypto, including the launch of a meme coin and ties to World Liberty Financial, has sparked debate over presidential ethics and industry influence.

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Crypto.com under fire for minting $5 billion in CRO

Crypto.com is under fire from the cryptocurrency community after approving a proposal to mint 70 billion CRO tokens, worth approximately $5 billion. Concerns over financial stability have intensified, with some fearing the exchange may face liquidity issues.

The decision reverses a 2021 token burn initially presented as a strategy to enhance CRO’s long-term value. Despite strong opposition from independent validators, Crypto.com’s control over voting power ensured the proposal’s passage. Following the decision, CRO’s price fell 5.2%, reaching $0.077.

Critics have drawn attention to CEO Kris Marszalek’s past business controversies, including the collapse of Ensogo in 2016. The move has also reignited concerns over Crypto.com’s transparency, as the exchange has not released an audited financial statement since 2022.

However, a proof-of-reserves report was shared that year, and auditing firm Mazars later distanced itself from the assessment.

While Crypto.com insists it remains financially strong and operates under strict regulatory oversight, the lack of updated audits has left many sceptical.

Until the exchange provides clarity on its financial health and the intended use of the new tokens, trust within the crypto community is unlikely to be restored.

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