Cryptocurrencies

South Korea blocks 17 unregistered exchanges on Google Play

South Korean regulators have strengthened their efforts to curb money laundering and protect local users by urging Google Play to block 17 unregistered overseas crypto exchanges.

They cited concerns about platforms failing to comply with local regulations.

The blocked exchanges, including major names such as KuCoin, MEXC, and Poloniex, can no longer be accessed for new downloads or updates through the Google Play Store.

South Korean authorities are increasing oversight of virtual asset service providers (VASPs) to prevent illicit activities and ensure the security of users.

The move follows heightened scrutiny of the crypto industry in South Korea. Recently, the Southern District Prosecutors’ Office raided Bithumb offices over allegations of financial misconduct.

The authorities are also in discussions with Apple Korea to extend the block to the App Store. As these regulatory measures progress, exchanges are being urged to comply with South Korea’s strict crypto laws to maintain their access to the market.

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Coinbase urges Canada to prioritise crypto regulation ahead of elections

As Canada nears a federal election, Coinbase urges the next government to prioritise clear crypto regulations. Coinbase’s Canadian country director highlighted that while Canada has been a leader in crypto adoption, regulatory uncertainty could hinder further progress.

Matheson cited statistics showing that five million Canadians already hold crypto. According to Coinbase, 86% of Canadians see room for improvement, 80% feel the system is unfair, and 76% view it as outdated. The growing dissatisfaction signals the need for forward-thinking financial policies.

Regulatory challenges have forced several crypto exchanges to exit Canada following stricter rules. Meanwhile, Mark Carney, a Liberal Party leader, has expressed scepticism towards Bitcoin, favouring central bank digital currencies instead.

Coinbase calls for reforms, including a government crypto task force within 100 days, federal stablecoin regulations, and clearer asset definitions.

The company also advocates for a national Bitcoin reserve and fewer barriers for mining. It further supports enabling banks to integrate crypto into their services. Without swift action, Canada risks falling behind in the global digital landscape.

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Custodia and Vantage launch first US bank-issued stablecoin

Custodia Bank and Vantage Bank have launched Avit, the first US bank-issued stablecoin deployed on a permissionless blockchain.

Tokenised US dollar demand deposits were issued on Ethereum using the ERC-20 standard, marking a significant development in the financial sector. Custodia described the initiative as a new payment rail within the US banking system.

Custodia CEO Caitlin Long emphasised that Avit represents a ‘real dollar’ stablecoin, backed by demand deposits rather than synthetic tokens. Vantage Bank CEO Jeff Sinnott highlighted the launch as a transformative payment moment. He emphasised the growing role of blockchain in traditional banking.

Ethereum supporters praised Custodia’s choice of blockchain, with industry figures pointing out its dominance in securing stablecoins and tokenised assets.

The network currently holds over $125.8 billion in stablecoins, significantly outpacing competitors. Additionally, Ethereum hosts more than $3.6 billion in tokenised US Treasury bills.

Stablecoin adoption has surged, with active wallets increasing by 53% over the past year. The total supply of stablecoins also jumped from $138 billion in February 2024 to $225 billion a year later.

Federal Reserve Governor Christopher Waller stated that they could strengthen the currency’s global dominance by facilitating faster payments and supporting financial inclusion.

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Brazilian authorities reaffirm the World crypto ban over privacy concerns

Brazil’s data protection agency, the National Data Protection Authority (ANDP), has upheld its ban on World, formerly known as Worldcoin, in the country.

The ban prevents the company from offering financial compensation to users who provide biometric data, specifically iris scans. ANDP rejected a petition from World ID developer, Tools For Humanity, to review the restriction.

The agency’s decision comes after concerns that providing financial rewards for biometric data could undermine users’ ability to consent.

The company now faces a daily fine of 50,000 Brazilian reais ($8,800) if it resumes data collection activities. Concerns over privacy violations tied to the project’s biometric data collection were mounting at the time.

While World ID has faced opposition in Brazil, the push for digital identity solutions continues in other regions. Some companies are finding ways to develop digital identity solutions without infringing on privacy or facing regulatory pushback.

Billions Network launched a platform using zero-knowledge verification technology. It has already been tested by major financial institutions.

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Meme coins surge as PEPE leads the rally

Meme coins have recorded a 3.2% increase in the past 24 hours, with PEPE leading the rally. The sector’s total market cap now stands at $53.8 billion, marking a 12.2% rise over the past week.

Rebound like this one follows a period of weak sentiment in early May, as reflected in the Fear and Greed Index.

PEPE has gained 14.9% in the past seven days, currently trading at $0.000007922. Meanwhile, Dogecoin (DOGE) has delivered a 4.9% return in the last 24 hours.

PEPE’s daily trading volume has surged by 30% to $630 million. Open interest in its futures contracts has reached its highest level in nearly a month.

The meme coin appears poised to retest the $0.00000900 level after breaking out of a descending price channel. Technical indicators support a bullish outlook.

The RSI is maintaining a strong position, while the MACD histogram shows increasing momentum. With the Federal Reserve meeting now behind, market conditions appear favourable for further gains.

In parallel, MIND of Pepe (MIND), an AI-driven meme coin project, has raised $7.6 million in its presale. The token aims to leverage artificial intelligence and social media influence to enhance user engagement. Investors can acquire $MIND at a discounted rate before the next price increase in 36 hours.

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BlackRock launches Bitcoin ETP in Europe

BlackRock, the world’s largest asset manager, has expanded its reach into the European crypto market with the launch of the iShares Bitcoin ETP.

The product will begin trading on Germany’s Xetra exchange, Euronext Paris, and Euronext Amsterdam. However, this move follows the success of the iShares Bitcoin Trust in the US, which has amassed $48 billion since its launch in January 2024.

The iShares Bitcoin ETP is designed to cater to both institutional and qualified retail investors. BlackRock has introduced a competitive 10 basis point fee waiver for the product, reducing its expense ratio to 0.15% through the end of the year.

Once the waiver expires, the ETP will charge 0.25%, matching CoinShares’ Bitcoin ETP.

Digital asset investment products saw a significant recovery last week, with $644 million in inflows. This ended a five-week streak of outflows, signalling a positive shift for the broader crypto market.

Bitcoin products led the way, with Bitcoin ETFs benefiting from rising institutional demand. Ethereum ETFs, however, experienced outflows, highlighting shifting investor preferences.

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Russian hackers exploit smart home devices for crypto mining and cyberattacks

The Russian Ministry of Internal Affairs has warned citizens that hackers are infecting smart home devices with crypto mining malware.

Officials claim cybercriminals aim to create networks of compromised devices that could also be used for DDoS attacks, surveillance, and even robbery.

To mitigate risks, the ministry advises regularly changing passwords, updating firmware, and purchasing devices from reputable manufacturers.

Crypto-related fraud is also rising in Russia, with criminals posing as brokerage employees to lure victims into fake exchanges.

Prosecutors in Yakutsk are investigating a case where a resident allegedly lost $4,600 to such a scheme. Authorities have launched a criminal case and a broader inquiry into fraudulent crypto operations.

Illegal crypto mining remains a pressing issue, particularly in regions like the North Caucasus and Siberia. Moscow has enforced seasonal bans on crypto mining until 2031, aiming to conserve electricity during peak winter months.

However, officials in Irkutsk report that while 308 MW of power was freed up, the unused capacity provided no tangible benefit to consumers.

Despite concerns, some government officials argue that mining bans are improving energy reliability. Transbaikal authorities claim no legal mining operations remain in the region and have found no evidence of illegal mining activity. Industry experts remain sceptical about the overall impact of these restrictions.

For more information on these topics, visit diplomacy.edu.

Litecoin joins Telegram wallet for non-US users

Litecoin is now available in Telegram’s Wallet, expanding the app’s growing cryptocurrency ecosystem. Non-US users can buy, sell, and trade LTC within the wallet, alongside Bitcoin, Toncoin, and Tether.

With Telegram boasting nearly 1 billion monthly users, the integration could boost Litecoin’s adoption. However, external transfers are currently unavailable, meaning users cannot send LTC outside the wallet at this time.

Telegram continues expanding its cryptocurrency offerings, recently announcing plans to support more tokens, including meme coins. Passive rewards for holding TON and USDT will also be introduced.

To encourage adoption, Telegram is offering fee-free Litecoin purchases for the first seven days, making it easier for users to explore the new feature.

For more information on these topics, visit diplomacy.edu. 

USDC expands into Japan with new partnership and regulatory approval

Circle has announced a major move to introduce its stablecoin, USDC, to Japan through a partnership with SBI Holdings.

Starting 26 March, SBI VC Trade, a crypto exchange under SBI Holdings, will begin full-scale USDC trading. USDC has become the first international dollar-backed stablecoin to gain legal recognition under the country’s new stablecoin framework.

Jeremy Allaire, CEO of Circle, expressed excitement about the potential for cross-border transactions, digital payments, and financial innovation in Japan.

He cited the country’s transparent regulations as key to the successful integration of USDC into the market. With support from SBI Holdings, Circle Japan KK, and leading exchanges, the digital dollar is set to meet the needs of Japan’s evolving digital economy.

Circle is also gaining traction outside Japan, with the Philippines’ GCash wallet adding support for USDC. Stablecoins are growing in importance in the country’s remittance market.

Recently, USDC and Circle’s EURC stablecoin received regulatory approval in Dubai, becoming the first to be authorised under the Dubai Financial Services Authority’s framework.

With a market cap of $59.75 billion as of 25 March, USDC continues to grow, with $2.6 billion minted in the last 30 days.

Although Tether dominates the stablecoin market, Circle’s adherence to regulations positions it as a more widely accepted and regulated alternative.

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Strategy’s Bitcoin holdings surpass 500,000

Michael Saylor’s Strategy has surpassed 500,000 Bitcoin, acquiring 6,911 BTC for $584 million during the recent market dip.

The purchase, made between 17 March and 23 March, has boosted the company’s holdings to a total of 506,137 BTC. The average purchase price was approximately $84,529 per Bitcoin, marking a total acquisition value of around $33.7 billion.

The latest move comes shortly after the company announced the pricing of its preferred stock, which raised approximately $711 million.

Despite global concerns over trade wars and market uncertainty, Strategy remains confident in its Bitcoin investments. Analysts caution that market volatility, influenced by tariff concerns, could affect both traditional and digital assets until at least April.

Strategy’s continued accumulation of Bitcoin amid potential risks from global tariffs signals the company’s commitment to long-term cryptocurrency growth. The decision is made despite external market pressures.

For more information on these topics, visit diplomacy.edu.