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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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 She emphasised the need to remove outdated policies that hinder innovation and invited public feedback on the proposal.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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Crypto ownership in South Korea is rising rapidly, with 27% of people aged 20 to 50 now holding digital assets, according to new research by the Hana Institute of Finance. Among investors, 70% plan to grow their crypto holdings, with Bitcoin remaining the top choice.
Many now view digital assets as a serious tool for building wealth and planning for retirement. The report revealed that investment behaviour is becoming more structured.
Regular purchases jumped from 10% to 34%, while mid-term trading saw a similar rise. In contrast, short-term trading declined slightly. More investors also turn to official exchanges and data platforms, moving away from informal advice and word-of-mouth.
Economic hardship is driving the trend, particularly among younger Koreans. Youth unemployment remains high, and traditional investment options offer limited returns. Crypto has emerged as a perceived lifeline, with many viewing it as their best chance to gain financial stability or afford property.
While optimism about crypto’s growth remains strong, concerns persist. Market volatility still worries 56% of investors, and many say they would feel more confident if traditional banks were more involved.
Restrictions on linking multiple bank accounts with exchanges are also viewed as a barrier to greater adoption.
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The US Senate has passed the GENIUS Act, the first bill to establish a federal framework for regulating dollar-backed stablecoins. Passed with cross-party support in a 68–30 vote, the legislation marks a major win for the crypto industry, which has long sought clearer oversight.
The bill still requires approval from the House and a signature from President Trump. It would mandate that stablecoin issuers hold reserves in cash or US Treasuries, undergo audits, and disclose their holdings.
While it bans members of Congress and their families from profiting, the same restriction does not apply to Trump and his family — a point of contention among Democrats.
Circle and other crypto firms welcomed the move. Meanwhile, major players like Bank of America, Amazon, and Walmart are exploring their stablecoin offerings. Trump has also backed a new coin, USD1, through his startup World Liberty Financial.
If the legislation becomes law, it could transform payments by encouraging new issuers, reducing reliance on traditional card networks, and expanding global access to digital dollars. US Treasury Secretary Scott Bessent believes the market could surpass $2 trillion by 2028.
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Paul Atkins, a US Securities and Exchange Commission commissioner, has publicly backed the right to self-custody digital assets. Describing it as a core value, Atkins stressed that individual control over one’s money aligns with foundational principles of freedom and property rights.
Self-custody allows crypto holders to store their private keys independently, without relying on exchanges or custodians. The practice gained traction after centralised platforms such as FTX collapsed in 2022, causing billions in losses.
Tools like Ledger, Trezor, and MetaMask have made it easier for everyday users to manage their keys securely.
Support for self-custody is growing among regulators and the wider crypto community. With more than 30 million Americans now owning cryptocurrency, Atkins’ endorsement reflects a broader trend towards individual responsibility and decentralised finance.
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Deutsche Bank is deepening its involvement in digital assets, with plans under review to issue its own stablecoin or join an industry-wide initiative. The bank is evaluating tokenised deposits to help modernise payments, said Sabih Behzad.
Stablecoins and tokenised deposits are becoming more attractive as banks search for faster and more cost-efficient payment methods. Regulatory progress in the EU and US is boosting banks’ confidence to enter the space.
Banco Santander and JPMorgan are also expanding their digital payment efforts, signalling growing momentum in the sector.
Deutsche Bank has already taken several steps in the crypto space. The bank invested in Partior, partnered with Taurus for custody services, and joined Project Agorá to explore cross-border tokenisation.
Market forecasts point to rapid growth. Citigroup expects the stablecoin market to rise from nearly $240 billion today to more than $2 trillion by 2030, fuelled by regulatory clarity and rising adoption by both private and public sectors.
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New SEC Chairman Paul Atkins has committed to creating a clear regulatory framework for the crypto sector. He aims to replace ambiguity with investor protection and support for innovation.
Speaking before the Senate Appropriations Subcommittee on 3 June, he said outdated and unclear rules have held the industry back.
Atkins stressed that his approach would end the former administration’s ‘regulation-by-enforcement’ model. He plans to use structured rulemaking, with notice-and-comment procedures guiding the creation of clear, tailored regulations for the crypto market.
He also reaffirmed support for the recently launched Crypto Task Force. Atkins praised the leadership of Commissioners Uyeda and Hester Peirce, often referred to as ‘crypto mom’, adding that the SEC’s divisions would act swiftly to provide regulatory certainty.
Appointed under the Trump administration’s crypto-friendly agenda, Atkins’ policy direction signals a significant shift. It embraces digital asset innovation while ensuring strong investor safeguards.
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California’s State Assembly has unanimously approved a bill that would allow government departments to accept cryptocurrency payments. Assembly Bill 1180, introduced by Avelino Valencia, passed with a 68–0 vote and will now be reviewed by the State Senate.
If enacted, the law would require the Department of Financial Protection and Innovation to establish regulations enabling crypto payments for state services. A pilot programme would run until 1 January 2031, with full implementation beginning on 1 July 2026.
The department would also be required to report on transaction volumes and any technical challenges by 2028.
The bill targets digital assets under existing law, after dropping transport-related clauses, aiming to align California with states like Florida and Colorado on crypto payments.
AB 1180 complements a separate proposal, AB 1052, which seeks to protect the private use of digital assets and enshrine the right to self-custody. The rising interest in such legislation reflects growing political and public support for cryptocurrencies across the state.
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Ripple has urged US regulators to define when a digital asset should no longer be considered a security. In a new letter to the SEC’s Crypto Task Force, the firm responded to questions raised by Commissioner Hester Peirce on asset classification.
The move seeks greater clarity for market participants amid increasing regulatory scrutiny.
The company referenced its 2023 legal victory, where a court ruled XRP was not inherently a security. Ripple also cited a 2022 legal paper. The paper claims most fungible tokens on secondary markets lack ongoing obligations between buyers and issuers.
It proposed a two-part test to determine when a token becomes independent from its original investment contract.
Ripple says a crypto asset stays a security only if promises remain and holders have enforceable rights. It warned against vague standards like ‘sufficient decentralisation,’ backing clearer criteria such as trading history and absence of centralised control.
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Hong Kong’s legislature has approved a bill introducing a licensing framework for fiat-referenced stablecoin issuers. The move provides legal clarity and aims to enhance the city’s position as a global digital asset hub.
Any issuer of stablecoins in Hong Kong or of HKD-backed stablecoins abroad must obtain a licence from the Hong Kong Monetary Authority. The law outlines standards for reserve asset management, redemption, and risk controls to protect investors and the wider public.
Officials say the legislation follows the principle of ‘same activity, same risks, same regulation’ and adopts a risk-based approach. Financial Secretary Christopher Hui stated that the measure sets a solid foundation for Hong Kong’s growing virtual asset market.
The HKMA’s sandbox programme for stablecoin issuers has already attracted three participants. The new ordinance is expected to take effect later this year.
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