Cryptocurrencies Archives | Page 90 of 174

Bank of Russia considers limited crypto trading for select investors

The Bank of Russia has proposed allowing select investors to trade cryptocurrencies under a three-year experimental legal regime.

The initiative, aimed at increasing market transparency, would permit only investors with at least $1.1 million in securities and deposits to participate. The Central bank also suggested introducing penalties for violations of the proposed framework.

Despite this move, the Bank of Russia reiterated its strict stance on cryptocurrency payments within the country. Bitcoin and other digital assets for transactions remain banned under Russia’s existing crypto regulations.

However, the government continues exploring the use of crypto for cross-border payments, with ongoing trials in foreign trade.

The central bank’s proposal could also open the door for regulated corporate investments in crypto. If implemented, this could pave the way for Russian firms to follow the strategy of companies like Strategy, which has amassed a significant Bitcoin portfolio.

The plan includes regulatory measures to mitigate the risks associated with crypto investments while expanding financial opportunities for experienced investors.

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Central bank of Russia opens path for wealthy to invest in crypto

Russia’s central bank has proposed a regulatory framework that would permit wealthy individuals to invest in cryptocurrencies, under a new ‘experimental’ regime for ‘specially qualified’ investors.

This initiative marks a significant shift in Russia’s approach to crypto assets, as the country has slowly relaxed its strong opposition to cryptocurrencies.

The central bank’s proposal would allow individuals whose investments exceed 100 million roubles or whose annual income surpasses 50 million roubles to participate in crypto trading.

While the proposal seeks to increase transparency within the cryptocurrency market, it also highlights the risks involved, reminding investors of the potential for financial losses.

The new regime would last for three years, providing a controlled environment for crypto investments. However, cryptocurrencies will still be banned as a form of payment in Russia, maintaining a cautious approach to their full integration into the economy.

This proposal follows a broader trend of easing cryptocurrency restrictions, particularly after a law was passed last year allowing businesses to use crypto in international trade.

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Singapore and Vietnam strengthen ties with digital asset agreement

Singapore and Vietnam have signed an agreement to enhance cooperation on financial market regulation and digital asset oversight.

The Monetary Authority of Singapore and Vietnam’s State Securities Commission will exchange expertise on supervisory practices, anti-money laundering measures, and counter-terrorism financing as part of the deal. The move aligns with growing economic ties between the two nations.

The agreement is expected to support Vietnam in developing a more robust regulatory framework for digital assets while ensuring fair and transparent financial markets.

Singapore’s Assistant Managing Director for Capital Markets, Lim Tuang Lee, highlighted the importance of cross-border financial connectivity, reinforcing both countries’ commitment to market stability.

Vietnam’s SSC Chairperson Vu Thi Chan Phuong described the partnership as a significant milestone in bilateral cooperation.

The signing took place during an official visit to Singapore, attended by Singapore Prime Minister Lawrence Wong and Vietnam’s General Secretary To Lam. The collaboration reflects a shared vision for stronger financial oversight and deeper regional integration.

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AML Bitcoin CEO faces up to 30 years for investor deception

A US federal jury has convicted Rowland Marcus Andrade, the founder of AML Bitcoin, on charges of wire fraud and money laundering.

Prosecutors revealed that Andrade deceived investors by falsely claiming the cryptocurrency featured advanced anti-money laundering technology and was on the verge of adoption by the Panama Canal Authority. No such agreement existed.

The fraudulent scheme allowed Andrade to raise millions of dollars, of which over $2 million was spent on luxury cars and real estate in Texas.

Federal agents traced investor funds through multiple bank accounts, leading to financial fraud charges. Acting US Attorney Patrick D. Robbins stressed that exploiting investors for personal gain would not go unpunished.

FBI and IRS officials highlighted their commitment to safeguarding financial markets from fraudulent schemes. Andrade is scheduled for sentencing on 22 July 2025 and faces up to 30 years in prison. His illegally acquired assets are also subject to forfeiture.

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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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