Texas is moving closer to establishing a state-managed Bitcoin reserve after the Senate Banking Committee unanimously backed a new bill on 27 February. The proposed legislation, known as Senate Bill 21 (SB-21), would allow the Texas Comptroller to acquire and manage Bitcoin and other cryptocurrencies as part of the state’s financial reserves.
Supporters argue that adding Bitcoin to state holdings could shield Texas against inflation and economic instability. The bill was originally focused solely on Bitcoin but was later amended to include other digital assets, bringing it in line with a recent federal push to assess the feasibility of a national digital asset reserve. Advocates emphasise Bitcoin’s transparency and resilience as key advantages for public financial management.
Texas joins a growing number of states exploring similar initiatives, with over 20 introducing proposals to invest public funds in Bitcoin and other cryptocurrencies. While states such as Oklahoma and Arizona have moved forward with similar bills, others like Montana and Wyoming have rejected the idea due to concerns over volatility. If approved, Texas’ move could set a precedent for wider government adoption of Bitcoin in financial strategies.
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Japan is considering reclassifying digital assets, moving them from payment methods to financial products. This proposal, introduced by Japan’s Financial Services Agency (FSA), aims to tackle the rise in investment scams, as the country’s digital asset market has grown to around JPY 4.5 trillion (US$30.11 billion). Under this new framework, digital assets would be placed under the Financial Instruments and Exchange Act, similar to how company shares are regulated.
The proposed change would significantly increase disclosure requirements for issuers and subject them to more rigorous regulations. Currently, digital assets in Japan fall under the Payment Services Act, which treats them as payment methods rather than investments. It means they are subject to looser regulations compared to traditional financial products.
The FSA’s move comes amid growing concerns over crypto scams, with more than 11.8 million crypto trading accounts now active in Japan. Scammers have targeted unsuspecting investors with promises of quick profits, some involving fake or worthless assets. The new regulatory approach seeks to curb such fraudulent schemes and increase consumer protection in the rapidly growing crypto market.
If implemented, the change would help bring Japan’s regulatory stance closer to other global markets, like the US, where digital assets are already considered as property or securities.
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The US Securities and Exchange Commission has closed its investigation into the crypto exchange Gemini without taking enforcement action, marking another regulatory retreat in the ongoing battle over digital assets. Gemini co-founder Cameron Winklevoss welcomed the decision but argued the damage had already been done, with the exchange losing millions in legal costs and productivity. He criticised the SEC’s aggressive stance, which he claims has stifled innovation and economic growth.
The case stemmed from the SEC’s allegations that Gemini’s ‘Earn’ programme constituted an unregistered securities offering. While the regulator has now dropped its probe, it warned that this does not prevent future action. The move follows a pattern, with the SEC also abandoning cases against Coinbase, OpenSea, Uniswap Labs, and Robinhood Crypto in recent weeks.
Winklevoss has called for legislative reform to prevent baseless investigations, suggesting that regulators responsible should be held accountable. His remarks come amid a shifting political landscape, with former SEC Chair Gary Gensler stepping down as Donald Trump began his second presidential term. Many in the crypto industry see these developments as a turning point, though Winklevoss insists the fight is far from over.
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North Korean hackers have recorded the largest cryptocurrency theft, stealing approximately $1.5bn from the Dubai-based exchange ByBit. According to the FBI, the stolen funds have already been converted into Bitcoin and spread across thousands of blockchain addresses. The attack highlights North Korea’s growing expertise in cybercrime, with proceeds believed to be funding its nuclear weapons programme.
The notorious Lazarus Group, linked to the regime, has been responsible for several high-profile hacks, including the theft of over $1.3bn in cryptocurrency last year. Experts say the group employs advanced malware and social engineering tactics to breach exchanges and launder stolen assets into fiat currency. These funds are critical for bypassing international sanctions and financing North Korea’s military ambitions.
Beyond cybercrime, Pyongyang has deepened its ties with Russia, allegedly supplying troops and weapons in exchange for financial backing and technological expertise. Meanwhile, the regime has recently reopened its borders to a limited number of international tourists, aiming to generate much-needed foreign income. As global scrutiny intensifies, concerns are growing over North Korea’s increasing reliance on illicit activities to prop up its economy and expand its military power.
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US lawmakers have taken a major step towards scrapping the controversial ‘DeFi broker rule,’ which would require digital asset brokers to report transactions to the Internal Revenue Service. The House Ways and Means Committee passed a resolution to repeal the regulation, arguing it is unworkable and threatens the country’s leadership in financial innovation. If the resolution clears the House and Senate, it will then go to President Donald Trump for approval.
Set to take effect in 2027, the rule would force decentralised exchanges to report gross proceeds from crypto sales, including taxpayer details. Critics say this would place an undue burden on DeFi platforms, which do not collect such data, whilst giving foreign crypto firms an unfair advantage. Miller Whitehouse-Levine of the DeFi Education Fund called the rule an ‘unlawful and unconstitutional overreach’ that must be overturned to protect financial freedom.
Ways and Means Committee Chairman Jason Smith condemned the regulation, stating it was pushed through during former President Joe Biden’s final days in office and would create excessive paperwork the IRS cannot manage. With a Republican-led Congress and growing pro-crypto sentiment in Washington, industry leaders believe the US government could soon become more supportive of digital assets. The recent dismissal of multiple SEC cases against crypto firms suggests a shift towards a more crypto-friendly regulatory environment.
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The UK government has introduced the Crime and Policing Bill, aiming to enhance its ability to recover proceeds from cryptocurrency-related crime. The bill sets out provisions for valuing cryptocurrency, establishes procedures for courts to recover illicit funds, and expands powers for the Crown Court to issue seizure orders. It addresses various criminal issues, including anti-social behaviour, sexual offences, and terrorism, with a specific focus on confiscating criminal assets tied to cryptocurrencies.
The legislation will grant the Crown Court additional authority to manage and confiscate money, cryptocurrency, and personal property in criminal cases. Provisions within the bill also introduce measures for the destruction of seized cryptocurrency, ensuring that the market value at the time of destruction is taken into account, with adjustments made for any changes in value.
The bill further amends existing laws, replacing magistrates’ courts with the Crown Court in handling cryptocurrency assets. These updates aim to streamline the management of confiscation orders, ensuring that cryptocurrencies can be more effectively seized, valued, and recovered in cases involving criminal activity.
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Many young Indians are turning to cryptocurrency trading to supplement their income, as slow wage growth and limited job opportunities push them towards alternative financial avenues. Many, like Ashish Nagose, a 28-year-old flower shop owner from Nagpur, are dedicating time to learning the intricacies of crypto trading. Previously involved in stock options trading, Nagose switched to digital assets after tighter regulations made equity derivatives trading less accessible.
The surge in interest has led to a sharp rise in trading volumes, with India’s four largest crypto exchanges seeing a twofold increase to $1.9 billion in late 2024. Experts attribute this momentum to global factors, including optimism surrounding former US President Donald Trump’s pro-crypto stance, alongside growing interest in smaller Indian cities. Non-metro areas such as Jaipur, Lucknow, and Pune have emerged as key centres of crypto activity, with projections suggesting India’s digital assets market could expand from $2.5 billion in 2024 to over $15 billion by 2035.
Despite the enthusiasm, Indian authorities remain cautious. The Reserve Bank of India (RBI) has raised concerns about the risks of widespread crypto adoption, and stringent tax policies continue to pose challenges for traders. While domestic exchanges have regained momentum following a ban on offshore platforms, the government has upheld its strict tax regulations, rejecting calls to lower the tax-deducted-at-source (TDS) rate. However, this has not deterred young investors like Sagar Neware, a 25-year-old mechanical engineer, who hopes crypto trading will enable him to revive his father’s business.
With rising crypto education demand, training centres are thriving across the country. Institutions such as Thoughts Magic Trading Academy in Nagpur claim to have trained thousands of students eager to navigate the market. While regulatory uncertainty lingers, India’s crypto landscape evolves rapidly, driven by a generation determined to carve out new financial opportunities.
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Blockchain security experts have uncovered a fake mobile app that stole over $1.8 million in cryptocurrency. The app, called BOM, targeted users by gaining access to their private wallet data, including mnemonic phrases and private keys. Once installed, BOM deceptively requested unnecessary permissions, such as access to photos and media, which raised suspicion among security experts. When granted, the app scanned the device’s storage, stole wallet data, and sent it to a remote server.
The first signs of unauthorised transactions were detected on 14 February, with further investigation revealing the scale of the theft. Over 13,000 victims had their funds stolen, with the hacker address traced across several blockchains, including Ethereum, BNB Chain, and Polygon. The stolen assets included Tether, Ethereum, Wrapped Bitcoin, and Dogecoin.
Though the identity of the attackers remains unclear, analysts from SlowMist noted that the app’s backend services had gone offline, indicating the perpetrators may already be attempting to cover their tracks. Some of the stolen funds were exchanged through decentralised platforms like PancakeSwap and OKX-DEX, making it harder to trace the movement of the assets.
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Cybersecurity firm Kaspersky has issued a warning about a large-scale malware campaign targeting GitHub users. Hackers have created hundreds of fake repositories to deceive users into downloading malware designed to steal cryptocurrency, login credentials, and browsing data. The campaign, known as ‘GitVenom,’ uses fraudulent projects that appear legitimate, offering tools like a Telegram bot for managing Bitcoin wallets or an Instagram automation tool. However, these projects run malicious software in the background, including remote access trojans (RATs), info-stealers, and clipboard hijackers.
The fake repositories were made to look convincing by including detailed documentation and manipulated version histories, which were designed to mimic active development. Despite appearing professional, these projects fail to deliver their promised functions while quietly extracting sensitive information from users. Kaspersky’s investigation revealed that some of these malicious repositories have been active for at least two years, suggesting the attackers have successfully lured victims over an extended period.
Once users have downloaded the malware, it targets saved login details, cryptocurrency wallet information, and browsing history, sending the stolen data to the attackers via Telegram. Some malware even hijacks clipboard contents, replacing cryptocurrency wallet addresses with those controlled by the hackers, potentially redirecting funds. The campaign has caused considerable impact, with one documented case involving the theft of five Bitcoins, worth around $442,000.
Although the GitVenom campaign has been detected worldwide, it has particularly affected users in Russia, Brazil, and Turkey. Kaspersky warns that, given GitHub’s popularity among developers, hackers are likely to continue using fake software projects as a method of infection.
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Dubai is tightening its regulations on cryptocurrency transparency, with new rules aimed at exposing the identities of major token holders, often referred to as “crypto whales.” The move is part of the emirate’s strategy to combat market manipulation and provide more clarity in the growing digital asset sector. Matthew White, CEO of the Virtual Assets Regulatory Authority (VARA), stated that the regulations will require crypto businesses to disclose the ownership structures of large token holders to improve market transparency and reduce manipulation risks.
While the rules aim to enhance investor confidence, the challenge lies in the pseudonymous nature of cryptocurrency transactions. Most crypto transactions are recorded under wallet addresses rather than real names, making it difficult to trace individuals behind significant holdings. Despite these obstacles, White believes blockchain technology will help regulators track large asset movements and identify potential market manipulation, even if real identities are not fully revealed.
In addition to crypto whale disclosures, VARA is working on other regulations to improve market stability, such as requiring asset issuers and crypto service providers to disclose reserve compositions and undergo independent audits. These measures are designed to prevent sudden market crashes and boost investor confidence, with White confirming that implementing these regulations is a priority for VARA.
Dubai continues to position itself as a global hub for the crypto industry, attracting major firms and issuing licences to crypto businesses. VARA’s efforts are part of the emirate’s broader vision to become a leading financial and technology hub by 2030, and with clear regulations in place, Dubai hopes to provide regulatory certainty that will encourage market growth and stability.
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