Cryptocurrencies

Kraken strengthens UK presence with FCA regulatory licence

Kraken has obtained an Electronic Money Institution (EMI) licence from the UK’s Financial Conduct Authority (FCA), allowing it to issue electronic money and improve deposit and withdrawal services for British customers.

The approval enables the exchange to strengthen ties with traditional financial institutions and expand its offerings in one of its most active markets.

FCA’s decision comes amid rising crypto adoption in the UK, with over seven million adults now holding digital assets. Kraken has reported increased trading volumes in GBP, further cementing its role in the country’s expanding crypto economy.

The approval follows Kraken’s recent authorisation under the EU’s MiFID framework, positioning the company as a key bridge between crypto and traditional finance across Europe.

Kraken has been active in the UK since 2014, becoming the first major exchange to introduce BTC/GBP trading pairs. Today, it supports over 300 cryptocurrencies and collaborates with major UK sports brands such as Williams Racing F1 and Tottenham Hotspur FC.

Looking ahead, the company plans to launch new crypto and fiat products for UK users, further enhancing its platform.

The exchange is also preparing for a potential initial public offering (IPO) in 2026, encouraged by what it sees as a more favourable regulatory climate.

Meanwhile, Kraken has successfully reached an agreement with the US Securities and Exchange Commission (SEC) to dismiss a lawsuit against it, securing a legal victory without penalties or changes to its business operations.

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Trump’s viral ‘Everything is computer’ sparks new meme coin frenzy

A new meme coin, Everything is Computer (EIC), has taken the crypto market by storm after a viral comment from US President Donald Trump.

The phrase, which originated from Trump’s reaction to a Tesla’s interior, quickly became a meme on X, formerly Twitter. In response, traders launched the EIC token on Pump.fun, with its price initially surging to $0.007 on Raydium.

The token recorded over $15 million in trading volume within 24 hours, attracting significant attention across the Solana ecosystem.

Additional liquidity pools, including Meteora, also saw millions in activity as traders flocked to capitalise on the trend. However, EIC has since dropped to around $0.0028, reflecting the volatility of the memecoin sector.

Some investors are wary of potential risks, citing Pump.fun’s track record of meme coin failures and the recent LIBRA rug pull.

Despite this, the hype around Everything is Computer remains strong, with many believing its viral origins could help it avoid the fate of other short-lived meme coins. Whether it can maintain momentum or fade into obscurity remains to be seen.

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Ripple secures regulatory approval to operate in the UAE

Ripple has received full regulatory approval from the Dubai Financial Services Authority (DFSA) to offer blockchain-based payment services in the UAE.

The licence allows Ripple to operate within the Dubai International Financial Center (DIFC), a free economic zone with its own regulatory framework and tax policies.

The announcement comes nearly six months after Ripple first received in-principle approval for the licence in October 2024.

With the licence now secured, Ripple can provide its global crypto payment solutions to businesses in the UAE, supporting financial institutions in adopting digital assets for real-world use.

Ripple’s CEO, Brad Garlinghouse, highlighted the UAE’s position as a leader in tech and crypto innovation, benefiting from regulatory clarity and growing institutional interest.

The company has also seen rising demand for cross-border payments in the Middle East, not just from crypto-native firms, but also traditional financial institutions.

Ripple is closely monitoring the UAE’s evolving regulations on stablecoins and is working with the Central Bank of the UAE to ensure compliance with new rules.

Ripple becomes the first blockchain-enabled payment provider licensed to operate within the DIFC’s free zone, marking a significant milestone for both the company and the UAE’s crypto ecosystem. The move opens up further opportunities in the broader Middle East and North Africa (MENA) region.

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Indian police arrest Garantex administrator wanted by US

Indian authorities have arrested Aleksej Besciokov, an administrator of the Russian cryptocurrency exchange Garantex, at the request of the US.

Besciokov, a Russian resident and Lithuanian national, was taken into custody in Kerala on charges of money laundering and violating sanctions. The Central Bureau of Investigation (CBI) said he was planning to flee India, and Washington is expected to seek his extradition.

The arrest follows a joint operation by the US, Germany, and Finland to dismantle Garantex’s online infrastructure.

The exchange, under US sanctions since 2022, has processed at least $96 billion in cryptocurrency transactions since 2019. The US Justice Department recently charged two administrators, including Besciokov, with operating an unlicensed money-transmitting business.

Experts warn that sanctioned exchanges often attempt to bypass restrictions by setting up new entities. Blockchain research firm TRM Labs called the Garantex takedown a significant step in combating illicit finance but emphasised the need for continued vigilance against evasion tactics.

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Crypto to play a key role in Bolivia’s fuel payments

Bolivia’s state-owned energy firm YPFB will begin using cryptocurrency to pay for fuel imports as the country struggles with a severe shortage of US dollars.

The government recently approved the use of digital assets for energy purchases, aiming to maintain fuel subsidies despite dwindling foreign reserves. Long queues at petrol stations and scattered protests highlight the deepening crisis.

Once an energy exporter, Bolivia is now facing a decline in natural gas production due to a lack of discoveries.

Increased reliance on imports has led to supply disruptions. Santa Cruz recently experienced a severe diesel shortage, sparking roadblocks and strike threats from farmers and transport operators, who warned of prolonged protests unless immediate action was taken.

In response, Bolivia’s Ministry of Hydrocarbons and Energy has announced plans to expand the national electricity system, focusing on renewable sources such as wind, solar, hydroelectric, and geothermal power.

The government aims to strengthen energy security and sustainability while positioning Bolivia as a leader in renewable energy.

While YPFB has not yet completed any transactions using digital assets, officials confirmed that plans are in place to begin soon. The move underscores Bolivia’s urgency in securing essential resources and adapting to economic challenges through alternative financial solutions.

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South Korea to release institutional crypto investment guidelines by Q3

South Korea’s financial regulator is set to release new guidelines for institutional cryptocurrency investment by the third quarter.

The Financial Services Commission (FSC) confirmed the plan during a meeting with industry experts, marking a significant shift in its approach to digital assets.

Guidelines for non-profits and crypto exchanges are expected as early as April, with broader rules for public companies and professional investors following later.

The FSC had previously hinted at loosening restrictions, beginning with plans to allow charities and universities to sell their crypto holdings in the second quarter.

However, this move signals a departure from South Korea’s previous hardline stance on crypto investment, aligning with global trends favouring greater institutional participation.

The upcoming guidelines will detail best practices for trading, disclosure and reporting, helping to shape a more structured market.

With nearly a third of South Korea’s population engaged in crypto trading, institutional involvement could further boost market liquidity and growth. FSC Vice Chairman Kim So-young acknowledged the increasing pace of international crypto adoption, particularly in response to policy shifts in the US.

He also emphasised the need for stricter anti-money laundering measures and enhanced cybersecurity to protect investors.

Meanwhile, the FSC is also working on the second phase of its crypto regulatory framework, which will focus on stablecoins and stricter oversight of crypto businesses.

The regulator’s evolving stance highlights a broader effort to integrate digital assets into the financial system while maintaining security and compliance.

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Emmer pushes for pro-stablecoin laws and rejects CBDCs

US Representative Tom Emmer called for stronger pro-stablecoin laws during a House Financial Services Committee hearing on 11 March, while criticising central bank digital currencies (CBDCs) as a threat to American values. Emmer, who reintroduced the CBDC Anti-Surveillance State Act on 6 March, warned that CBDC technology could undermine American freedoms and privacy. The proposed bill seeks to block the creation of a US CBDC without Congress’s explicit approval, addressing concerns over financial surveillance.

Emmer argued that CBDCs could disrupt American financial independence, citing the risks of government control over citizens’ transactions. He also highlighted the privacy concerns surrounding digital currencies issued by central banks, stating that stablecoins offer a better alternative by promoting financial privacy and innovation without compromising personal freedoms.

At the same hearing, Paxos CEO Charles Cascarilla called for consistent stablecoin regulations across global jurisdictions to prevent regulatory loopholes. Cascarilla stressed the importance of clear, reciprocal rules that would level the playing field for stablecoin issuers in the US and globally, fostering a competitive market that benefits both consumers and investors.

Amidst growing support for pro-crypto policies, Emmer reiterated that the US must prioritise pro-stablecoin legislation while rejecting CBDCs to safeguard privacy and financial autonomy. The stance aligns with broader concerns raised by the growing influence of cryptocurrency companies in US politics, which could pose challenges to regulatory stability.

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Bitwise unveils Bitcoin corporate treasury ETF for investors

Bitwise has introduced the Bitwise Bitcoin Standard Corporations ETF (OWNB), offering investors exposure to companies with significant Bitcoin holdings. The ETF tracks the Bitwise Bitcoin Standard Corporations Index, which includes companies holding at least 1,000 Bitcoin in their treasuries. As of 11 March, major holdings in the ETF include Strategy’s stock (MSTR), which serves as a Bitcoin fund for Michael Saylor, and Bitcoin miners like MARA Holdings, CleanSpark, and Riot Platforms.

The ETF aims to capitalise on the increasing trend of companies buying Bitcoin as a strategic reserve asset, perceiving it as a scarce, liquid asset that is independent of government influence. Bitwise’s index is weighted according to Bitcoin holdings, with the largest holding capped at 20%. The popularity of Bitcoin treasuries has surged, with corporate Bitcoin holdings exceeding $54 billion as of 11 March, a figure driven by rising Bitcoin prices in 2024.

The ETF launch comes amid growing interest in Bitcoin-focused investment products, with other asset managers, such as Strive and REX Shares, planning similar offerings. In addition to companies, even the US government has begun developing a strategic Bitcoin reserve. The move signals a broader shift towards recognising Bitcoin as an integral part of corporate and governmental financial strategies.

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Lummis reintroduces bill to boost US Bitcoin holdings

Senator Cynthia Lummis has reintroduced the Bitcoin Act in the US Senate, aiming to authorise the government to purchase up to one million Bitcoin, which would represent about 5% of the total Bitcoin supply.

However, this move is part of an effort to strengthen the nation’s strategic reserves, with funding proposed through Federal Reserve earnings and new certificates for the Fed’s gold holdings.

The Treasury Secretary would oversee the acquisition and management of Bitcoin, with any new purchases held for at least 20 years and restrictions on selling more than 10% of the reserve every two years.

The Bitcoin Act reintroduction signals a continued push to incorporate Bitcoin into the US financial system. Lummis, a vocal advocate for Bitcoin, sees it as vital for America’s financial leadership in the 21st century.

The bill builds on President Trump’s Executive Order that established the Strategic Bitcoin Reserve, aiming to secure the nation’s digital assets while addressing the national debt.

In addition to federal efforts, Texas has introduced a bill proposing the acquisition of up to $250 million in Bitcoin and other cryptocurrencies, potentially making it the first state in the US to hold Bitcoin on its balance sheet.

These initiatives at both state and federal levels reflect a growing acceptance of Bitcoin as a legitimate financial asset.

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Texas bill aims to limit crypto investments in state fund

A new bill introduced in Texas by Representative Ron Reynolds aims to restrict how much local and state authorities can invest in cryptocurrencies.

Filed on 10 March, the legislation proposes that the state’s comptroller be prohibited from investin more than $250 million of the Economic Stabilisation Fund, also known as the ‘rainy day’ fund, in Bitcoin or other digital currencies.

Additionally, the bill seeks to cap investments by municipalities and counties at $10 million.

The proposal follows the Texas Senate’s passing of a bill on 6 March to establish a strategic Bitcoin reserve, which could allow the state’s comptroller to invest an unlimited amount in Bitcoin.

The push for a state Bitcoin reserve aligns with wider efforts in US state legislatures, particularly following the 2024 political shifts under President Trump’s administration.

While the bill proposed by Reynolds is not directly tied to the Bitcoin reserve bill introduced by Republican State Senator Charles Schwertner, its introduction adds a layer of debate over cryptocurrency regulations at both state and federal levels. If the bill passes, it could be enacted on 1 September.

Despite recent federal actions, including an executive order from Trump to establish a ‘Strategic Bitcoin Reserve,’ questions about the president’s authority to implement such policies through executive orders remain.

Meanwhile, Wyoming Senator Cynthia Lummis has reintroduced legislation to codify the federal Bitcoin reserve proposal into law.

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