digital assets

Greece strengthens crypto rules to align with EU standards

Greek authorities are enforcing stricter regulations on the crypto sector to strengthen oversight and align with European standards. The move targets money laundering and tax evasion, reflecting Athens’ intent to bring order to the industry.

Digital asset exchanges and wallet providers will face a rigorous licensing process. Applicants must submit a complete business dossier, disclose management and shareholder details, and pass extensive checks before being allowed to operate.

Non-compliant platforms risk being barred from the market.

Financial regulators will monitor crypto transactions closely, with powers to freeze suspicious digital assets and trace funds. Authorities aim to prevent illegal capital flows while boosting investor confidence through enhanced transparency.

Taxation rules for crypto are expected this fall, with capital gains taxes set at 15% for private investors and potentially higher for companies. Some crypto services may also be subject to 24% VAT, with final rates announced in the coming months.

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UAE emerges as major Bitcoin holder through mining operations

The UAE has emerged as a major player in the global crypto landscape, with recent data revealing Bitcoin holdings worth $700 million linked to Citadel’s mining operations. Citadel, owned mainly by the UAE Royal Group via IHC, has boosted the country’s influence in digital assets.

These holdings reflect the UAE’s strategic efforts to establish a robust crypto ecosystem, particularly in Dubai.

Enforcement actions against fraudulent investment schemes and high-profile Ponzi operations have helped the UAE accumulate approximately 420,000 BTC. Governments worldwide own roughly 463,000 BTC, equivalent to around 2.3% of Bitcoin’s total supply.

While some nations maintain secrecy over their holdings, others openly report their Bitcoin accumulation.

Several countries have obtained BTC through mining initiatives. El Salvador continues to expand its reserve with daily purchases under the ‘1 Bitcoin per day’ programme. At the same time, Bhutan has used hydroelectric resources to mine between 12,000 and 13,000 BTC, representing up to 40% of its economy.

Iran has recognised Bitcoin mining as a government-controlled enterprise, requiring licensed miners to sell directly to the Central Bank.

Other nations have acquired BTC primarily through seizures. The US leads with nearly 200,000 BTC from high-profile cases like Silk Road and ransomware takedowns.

China, the UK, and Bulgaria also hold significant amounts from fraud and cybercrime investigations, while smaller nations such as Finland, Georgia, and Venezuela maintain modest reserves.

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The first state to issue a government-backed stablecoin

Wyoming has launched the Frontier Stable Token (FRNT), becoming the first US state to issue a government-backed stablecoin. The initiative aims to modernise payments for citizens and businesses, offering a secure and efficient way to transact.

The token is fully reserved, backed by dollars and short-term treasuries held in trust, and structured to be 2% over-collateralised. State officials emphasised that this design strengthens confidence and avoids the risks often linked to privately issued stablecoins.

The launch was announced during the Wyoming Blockchain Symposium and coincided with new federal legislation, the GENIUS Act, which sets more explicit rules for stablecoin issuers.

Ahead of the rollout, Wyoming tested a blockchain-based payment to a government contractor, proving the token’s ability to reduce costs and streamline transactions.

By introducing FRNT, Wyoming has positioned itself as a digital asset pioneer within the US. The move reflects growing confidence in stablecoins, which have already reached a $260 billion market and could expand to $1 trillion within years.

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China shifts to cold storage for seized crypto

Authorities in China’s Guizhou Province have begun using joint custody centres and cold wallets to manage cryptocurrencies seized from unlawful activities, particularly in Duyun City. The move represents a strategic adjustment amid the country’s ongoing ban on crypto trading.

Adopting cold storage and joint custody addresses practical challenges in preserving and disposing of seized assets. Experts warn that selling seized crypto could breach trading bans, cause risk compliance issues, and cause market disruption.

China’s approach may influence international handling and regulation of digital assets. Analysts suggest these protocols could integrate regulatory compliance with financial stability goals, shaping broader policies for Bitcoin and other cryptocurrencies worldwide.

Scholars describe the current measures as temporary solutions that do not fully align with the nation’s crypto prohibition.

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Banks invest billions as blockchain goes mainstream

Traditional banks have invested over $100 billion in blockchain projects from 2020 to 2024, showing that digital assets are going mainstream. A report by Ripple, CB Insights, and the UK Centre for Blockchain Technologies reviewed over 10,000 deals and surveyed 1,800 finance leaders globally.

Despite regulatory uncertainty and market volatility, banks are boosting custody, tokenisation, and payment infrastructure investments.

Payment infrastructure attracted the most funding, followed by crypto custody and on-chain foreign exchange. About 25% of investments target firms supporting settlement and asset issuance rails.

Over 90% of finance executives expect blockchain and digital assets to have a significant impact on finance by 2028.

Banks focus on digital asset custody, stablecoins, and tokenised real-world assets, while consumer-facing crypto services remain less critical.

The report highlights that investment aims to modernise finance systems rather than fuel speculation. Many banks plan digital asset initiatives within three years, from tokenised bonds to interoperable layers for CBDCs and stablecoins.

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India uses AI to catch crypto tax evaders

India’s Income Tax Department is using AI and data tools to identify tax evasion in cryptocurrency transactions. The government collected ₹437 crore in crypto taxes in 2022-2023 using machine learning and digital forensics to spot suspicious activity.

Tax authorities match deducted at source (TDS) data from crypto exchanges to improve compliance. The introduction of the Crypto-Asset Reporting Framework (CARF) also enables automated sharing of tax information, aligning India’s efforts with international tax agreements.

These moves mark a push for greater transparency in India’s digital asset market. Enhanced wallet visibility and automatic data exchange aim to reduce anonymity and curb tax evasion in the crypto space.

India continues to develop regulations focused on consumer protection, cross-border cooperation, and tax compliance, demonstrating a commitment to a more traceable and accountable crypto industry.

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US real estate firm embraces crypto transactions

Christie’s International Real Estate has established a dedicated team that specialises in cryptocurrency transactions. It has become the first major US brokerage to handle home sales exclusively with digital assets.

The unit emerged after several high-profile deals, including a $65 million purchase in Beverly Hills, signalling growing demand from buyers seeking privacy and faster payments.

The new division manages a portfolio exceeding $1 billion in properties available solely for crypto purchase. Notable listings include the Invisible House in Joshua Tree and La Fin in Bel Air.

Transactions often maintain buyer anonymity, with legal representatives verifying funds and many buyers using LLCs funded by crypto, reducing transparency compared to traditional bank-backed purchases.

Favourable US regulatory changes, such as the GENIUS Act and evolving policies from housing authorities, support this shift. Aaron Kirman, Christie’s Southern California CEO, predicts crypto may make up over a third of US home sales within five years, attracting wealthy digital asset investors.

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Half of Americans still unsure how crypto works

A new NCA survey shows 70% of Americans without crypto want more information before considering digital assets. Half of respondents said they don’t understand crypto, while others voiced concerns about scams and unknown project founders.

Despite this uncertainty, 34% of those polled said they were open to learning more. The NCA’s report summarised the mood as ‘curiosity high, confidence low,’ noting that a large number of people are interested in crypto but unsure how to take the first step.

The NCA, a nonprofit launched in March and led by Ripple Labs’ chief legal officer Stuart Alderoty, has been tasked with helping Americans better understand crypto. Backed by $50 million from Ripple, the organisation aims to build trust and boost crypto literacy through education.

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TON falls as UAE shuts down visa rumour

TON coin dropped 6% after the United Arab Emirates dismissed claims about a new visa scheme. The authorities denied that staking $100,000 worth of TON for three years could qualify applicants for a 10-year golden visa.

The cryptocurrency briefly surged 10% after The Open Network announced the visa pathway, only to retreat following regulatory clarification.

Several UAE authorities jointly denied that golden visas are granted based on digital asset holdings. They emphasised that investments in cryptocurrencies fall under specific regulations and do not influence visa eligibility.

Investors were urged to rely on official sources to avoid misinformation.

Introduced in 2019, the UAE’s golden visa offers long-term residency to skilled professionals, investors with public investments exceeding 2 million dirhams ($544,000), and recognised tech entrepreneurs.

The programme enables foreign nationals to live, work, and study in the UAE without a national sponsor.

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Lummis unveils crypto tax reform bill

US Senator Cynthia Lummis has proposed a new crypto tax bill to modernise how digital assets are treated under US tax law. The legislation follows her earlier attempt to include it in the recently passed One Big Beautiful Bill Act, which did not succeed.

Now a standalone bill proposes a $300 crypto transaction exemption, ends double taxation for miners and stakers, and ensures crypto is treated like other financial assets. It also aims to expand securities lending rules to include digital assets, ensuring lending does not trigger tax liability.

Lummis, who chairs the Senate digital assets subcommittee, said the bill is designed to align US tax law with real-world digital use. She emphasised the need to remove outdated policies that hinder innovation and invited public feedback on the proposal.

The initiative joins a series of pending digital asset bills in the US Congress, including the CLARITY and GENIUS Acts. Lummis has also backed the Bitcoin Act, which would establish a national BTC reserve following Donald Trump’s return to office.

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