cryptocurrency

Coinbase secures approval to operate in India

Coinbase has officially registered with India’s Financial Intelligence Unit (FIU), allowing it to offer crypto trading services in the country, the company announced on Tuesday. The US-based exchange plans to launch its initial retail services later this year, followed by further investments and product rollouts. While a specific timeline has not been disclosed, Coinbase sees India as a key market with strong growth potential.

Interest in cryptocurrency has surged in India, particularly among young investors looking to supplement their incomes. Despite a 30% tax on crypto trading gains—one of the highest globally—the sector remains largely unregulated. Other major exchanges operating in the country include CoinDCX, Binance, and KuCoin.

India requires virtual asset service providers to register with the FIU and comply with anti-money laundering regulations. The government is currently reviewing its stance on crypto, influenced by global regulatory trends and recent policy shifts in the US. As the regulatory landscape evolves, Coinbase aims to establish a strong foothold in the Indian market while adhering to local compliance standards.

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US Senate to vote on updated stablecoin bill

The US Senate Banking Committee is set to vote on the updated GENIUS Act, a Republican-led stablecoin bill, on 13 March.

The bill, which aims to regulate US dollar stablecoin issuers with market caps over $10 billion, was updated following bipartisan discussions with Democrats.

The revised version includes significant improvements in areas such as consumer protection, risk mitigation, and transparency.

The bill, co-sponsored by Republican Senators Bill Hagerty, Cynthia Lummis, and Tim Scott, alongside Democrats Kirsten Gillibrand and Angela Alsobrooks, introduces higher standards for foreign stablecoin issuers, including stricter reserve requirements and anti-money laundering checks.

The changes are expected to give US-based stablecoins, such as Circle’s USDC, a competitive edge.

Although the bill has made significant progress, it still needs to pass the Senate Banking Committee vote before moving to the full Senate and then the House.

If it clears these hurdles, the bill will head to President Trump for approval or veto.

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US regulator backs away from stricter crypto oversight

The acting head of the US Securities and Exchange Commission (SEC) has directed staff to explore scrapping a plan that would have imposed stricter rules on cryptocurrency firms.

The proposal, introduced in 2022, aimed to classify certain crypto firms as alternative trading systems, subjecting them to increased oversight.

However, SEC Acting Chairman Mark Uyeda now considers this move a mistake, particularly as it was tied to Treasury market regulations.

Uyeda argued that linking government securities regulation with the crypto sector created unnecessary burdens. Speaking to bankers, he stressed the importance of separating the two and has asked SEC staff to revisit discussions with financial regulators about the original Treasury market plans.

The shift comes amid a broader change in the SEC’s approach to crypto under Republican leadership. In January, the agency formed a dedicated crypto task force and has begun pausing or dropping lawsuits against crypto firms, signalling a major policy shift towards a more industry-friendly stance.

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ECB plans digital euro launch by 2028

Christine Lagarde, President of the European Central Bank (ECB), has confirmed the bank’s target to finalise preparations for the digital euro by October 2025. However, the project’s actual launch remains uncertain, as it hinges on legislative approvals and cooperation from various stakeholders. Despite the urgency, the ECB is facing delays due to the complexity of the legislative process.

The digital euro will consist of two components: a retail version for public use and a wholesale version for financial institutions. The retail version promises privacy protections, free transactions, and offline functionality, while the wholesale arm aims to streamline interbank settlements and cross-border payments. Although preparations are underway, experts predict that a full launch may not occur until 2028.

Privacy concerns and potential impacts on commercial banks are among the challenges the ECB is addressing. To reassure the public, the ECB has committed to strong privacy standards and is exploring blockchain technologies like Ethereum to underpin the digital euro. The project comes as global competitors, such as China’s digital yuan and the rise of US stablecoins, intensify the pressure on Europe to maintain its monetary sovereignty.

While the ECB is making significant strides, the final approval and launch of the digital euro will depend on future legislative decisions and overcoming technical hurdles. The timeline remains uncertain, but the ECB’s preparations signal that the eurozone is keen to remain competitive in the digital currency space.

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Mark Carney criticises Bitcoin as Canada’s new prime minister

Mark Carney has been elected as Canada’s new prime minister, succeeding Justin Trudeau. Carney, a former central banker and long-time critic of Bitcoin, made headlines in 2018 when he called the digital currency’s fixed supply a ‘serious deficiency.’ He argued that recreating a global gold standard like Bitcoin would be a ‘criminal act of monetary amnesia,’ highlighting the speculative risks of the cryptocurrency market.

Carney’s stance on Bitcoin is at odds with some political figures, including former Prime Minister Trudeau, who also expressed scepticism about the crypto market. Carney has instead championed central bank digital currencies, seeing them as a tool to increase financial inclusion and combat economic crime. He also served as a board member for Stripe, a payments company that embraced crypto solutions between 2022 and 2024.

In his victory speech on 9 March, Carney also focused on addressing US tariffs, condemning President Donald Trump’s trade policies. Carney vowed that Canada would continue to retaliate with tariffs, asserting that the country would never be part of the US, no matter the circumstances.

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FIFA could create a FIFA token

FIFA President Gianni Infantino has suggested that the organisation may develop its cryptocurrency to engage with football fans worldwide. Speaking at President Trump’s White House Crypto Summit, Infantino shared FIFA’s interest in launching a digital token, emphasising its potential to connect with the sport’s five billion supporters.

While no official plans or timelines were revealed, the idea signals FIFA’s growing interest in blockchain technology as a tool for fan interaction and financial growth. Trump responded enthusiastically, joking that such a coin could one day be worth more than FIFA.

Following the announcement, a cryptocurrency unrelated to FIFA named ‘FIFA’ skyrocketed by 357,000% due to market confusion, briefly reaching a valuation of $8.2 million. Meanwhile, the summit introduced key crypto policies, including a US Strategic Bitcoin Reserve, indicating a shift in regulatory approach under Trump’s administration.

As FIFA prepares for the 2026 World Cup in North America, Infantino’s statement highlights the growing intersection of cryptocurrency and football, suggesting that digital assets could play a significant role in the sport’s future.

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Spanish bank BBVA gains approval for crypto trading

Spanish banking giant BBVA has received approval from the country’s financial regulator to offer Bitcoin and Ether trading to its clients.

The lengthy process, which began years ago, is now complete after the bank awaited clear regulations under the EU’s MiCA framework.

BBVA initially explored launching crypto services in Switzerland due to its established regulatory environment, but with MiCA now fully in effect, the bank has secured approval in Spain.

BBVA’s recent expansion into crypto trading in Turkey through a local subsidiary led to this development.

Other major European banks have also entered the crypto space, with Deutsche Bank developing an Ethereum rollup and Société Générale launching a euro stablecoin. BBVA’s move signals the growing institutional adoption of digital assets globally.

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Solana co-founder opposes Trump’s US crypto reserve plan

Anatoly Yakovenko, co-founder of Solana, has voiced strong opposition to President Trump’s idea of creating a US crypto reserve, arguing that the proposal undermines the very principles of decentralisation by placing control in the hands of the government.

Yakovenko believes that a true crypto reserve should be based on measurable and objective criteria to ensure fairness and decentralisation, rather than being managed by the government.

The US reserve, which is intended to include major cryptocurrencies like Bitcoin, Ethereum, and Solana, has sparked debate within the crypto community.

Yakovenko clarified that he had not been consulted about the inclusion of Solana in the reserve and that he did not support the idea of a national crypto reserve.

He instead advocated for state-run reserves, which he sees as a way to hedge against potential mistakes by the federal government.

While many in the crypto industry are preparing for the White House Crypto Summit, where several high-profile figures will attend, Yakovenko has not confirmed whether he will be joining the event.

Some sources suggest that Ripple CEO Brad Garlinghouse lobbied for Solana’s inclusion in the reserve to make the case for XRP stronger, though Yakovenko has denied this claim.

For Yakovenko, decentralisation remains the core value of crypto, and any initiative that places power in the hands of a central authority risks undermining the entire ecosystem.

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Singapore minister warns against crypto investments amid rising fraud

Singapore’s Minister of State for Home Affairs, Sun Xueling, has issued a strong warning about the risks of investing in cryptocurrency, citing an alarming rise in fraud cases.

During a parliamentary debate on 4 March, she explained that the anonymous nature of digital assets makes them easy targets for criminals, contributing to a sharp increase in financial losses. Fraud linked to cryptocurrency scams now accounts for a quarter of the $1.1 billion in fraud cases reported in the country.

Scammers increasingly use digital assets to evade traditional banking security checks, often instructing victims to convert their money into cryptocurrency.

Hacking, phishing, and fraudulent investment schemes have become more common, with one of the largest scams last year resulting in a loss of $125 million. Sun urged the public to avoid cryptocurrencies, stressing the high risk and slim chances of recovering stolen funds.

Despite the rise in scams, Singapore’s regulatory landscape continues to evolve. The Monetary Authority of Singapore oversees local cryptocurrency operations under the Payment Services Act, but many foreign exchanges remain outside its jurisdiction.

To combat rising fraud, the country recently passed the Anti-Fraud Protection Bill, which allows authorities to block transactions from suspected victims who ignore warnings.

As Singapore balances crypto adoption and consumer protection, businesses are increasingly embracing digital payments, particularly stablecoins. The entry of major players, such as Robinhood, into Singapore’s crypto market is set to boost the adoption of blockchain-based transactions.

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Cryptocurrency adoption surges with over 824 million people owning digital assets

A new report from venture capital firm Epoch reveals that over 824 million people globally now own some form of cryptocurrency, marking a significant surge in adoption.

Rapid growth is largely fuelled by strong price performance, increasing institutional interest, and the rise of accessible investment options such as Bitcoin ETFs. Bitcoin continues to lead the charge, with an estimated 422 to 455 million owners, or roughly 5% of the world’s population.

While cryptocurrency ownership has traditionally been dominated by younger men, the study notes a shift in demographics, with more women now entering the space.

Approximately 13% of women aged 26 to 45 report owning Bitcoin, a figure influenced by ‘ownership by association’ through spouses or partners. The shift highlights the growing legitimacy and accessibility of digital assets, especially with traditional financial institutions backing crypto ETFs.

Institutional and corporate investments are further accelerating crypto adoption. The launch of Bitcoin ETFs has provided a regulated pathway for large investors, while corporations like Microsoft and Amazon are exploring Bitcoin as a reserve asset.

The report predicts that if the top ten US companies allocated just 5% of their cash reserves to Bitcoin, it would result in a $40 billion inflow into the market.

Looking ahead, the study suggests that nation-states are also considering Bitcoin as part of their reserves. With Bitcoin’s unique characteristics, such as liquidity, scarcity, and independent custody, it could potentially surpass gold as a sovereign reserve asset in the coming decade.

The continued growth in adoption signals a promising future for cryptocurrencies, bolstered by increasing awareness and new use cases.

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