HSBC Holdings on Thursday announced a blockchain-backed banking initiative in Hong Kong. The bank said its tokenised deposit service is now available to Hong Kong-based corporate clients. This is the first bank-led blockchain payment system to be introduced in the region. HSBC clients who hold corporate wallets will be able to process instant USD to HKD transactions with this “always on” service, according to the bank. The initiative aligns with Project Ensemble, a roadmap to explore the tokenisation market being monitored by the Hong Kong Monetary Authority (HKMA).

The tokenised deposit service was built on HSBC’s proprietary network and technologies, the bank said on Thursday. While the initiative will introduce Hong Kong’s financial ecosystem to blockchain technology, HSBC expects to improve its own digital money abilities with this project.

“Tokenised deposits, when supported by regulated financial institutions, can offer a safe and fully compliant approach to improving payments and cash management for corporates,” said Lewis Sun, HSBC’s Global Head of Domestic and Emerging Payments and Global Payments Solutions. “This service sets a new benchmark for efficiency and innovation in digital money solutions for corporates.”

Singapore-based fintech firm Ant International was the first corporate to use this Tokenised Deposit Service, the announcement noted. Using the service, Ant International completed an instant deposit of tokenised assets between its clients using HSBC’s service.

“The transaction, initiated by Ant International through its internal global treasury management platform — Whale platform — brings improved transparency, flexibility and efficiency to its liquidity management,” the bank said.

This is the first live pilot initiative being supported and overseen by HKMA’s Supervisory Incubator for Distributed Ledger Technology (DLT). Through this service, HSBC expects to prove the potential improvements that the blockchain technology can bring to the traditional financial infrastructure.

HSBC says it completed multiple proof-of-concept (PoC) use cases under Project Ensemble before the project went live.

Hong Kong is also encouraging banks to experiment with blockchain technology. In order to supervise these trials, the HKMA established the Supervisory Incubator in January.

Last November, Hong Kong’s largest digital Bank, ZA, also announced direct crypto services for its retail clients.

Hong Kong has established a subcommittee dedicated to tailoring comprehensive crypto rules to govern the growth.

Some of the biggest US banks are exploring whether to team up to issue a joint stablecoin, The Wall Street Journal reported on Thursday.

The conversations have so far involved companies co-owned by JPMorgan Chase, Bank of America, Citigroup, Wells Fargo and other large commercial banks, the report said, citing people familiar with the matter.

However, the newspaper said that the bank consortium discussions are in early, conceptual stages and could change.

Reuters could not immediately confirm the report. Citigroup, Bank of America and Wells Fargo declined to comment on the WSJ report, while JPMorgan did not respond to a Reuters’ request for comment outside of regular business hours.

Stablecoins, a type of cryptocurrency designed to maintain a constant value, usually pegged to a fiat currency such as the US dollar, are commonly used by crypto traders to move funds between tokens.

One bank consortium possibility that has been discussed would be a model that lets other banks use the stablecoin, in addition to the co-owners of the Clearing House and Early Warning Services, the Journal said, citing unnamed sources.

Some regional and community banks have also considered whether to pursue a separate stablecoin consortium, it added.

Trump has promised to be the “crypto president,” popularising its mainstream use in the US He has said he backs crypto because it can improve the banking system and increase the dominance of the dollar.

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(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)

The UK government is set to tighten compliance mandates for crypto firms by deepening the regulatory governance over the sector. In new guidelines issued to improve tax compliance, crypto firms in the UK have been directed to collect user details including transaction data under the Crypto-Asset Reporting Framework (CARF). Paris-based Organisation for Economic Development (OECD) had announced the CARF legislation back in October 2023, and the UK wishes to adopt these rules ahead of plans to introduce regulations for the crypto sector by 2026.

Crypto Firms to Collect User Details Including Transaction Data

New guidance issued by the UK government has directed crypto firms to collect name, date of birth, and home addresses of their respective retail users. Other information like the country of residence, their National Insurance number, and the Unique Taxpayer Reference, must also be collected from crypto purchasers and holders.

For business users, the crypto firms must maintain legal business names, main business addresses, and company registration numbers, as per the announcement.

“Depending on the information you collect, you may need to submit a report to His Majesty’s Revenue and Customs (HMRC) each year,” the announcement said.

When dealing with transaction details, crypto firms will have to maintain logs of data including the value of funds and the type of crypto used under the guidelines.

“You’ll need to verify that the information you collect is accurate by carrying out due diligence. We’ll update the guidance with information about how to do this in due course,” the announcement added.

UK officials have said that crypto companies found in violation of these laws can invite penalties of up to GBP 300 (roughly Rs. 35,000) per user.

Firms must align their operations as per the CARF laws by January 1, 2026

The UK is actively participating in the globally evolving crypto regulatory landscape. UK’S Financial Conduct Authority (FCA) aims to fianlise a national crypto legislation by 2026.

In the meantime, the Bank of England’s (BOE) Prudential Regulation Authority has instructed UK-based corporates to disclose their exposure to crypto assets.

The BoE also joined forces with the New York Department of Financial Services (DFS) to exchange senior staff officials with a proficiency in managing sectors like digital assets and emerging payments.

In recent months, US-based Coinbase and Austria’s BitPanda have secured FCA approvals in the UK to legalise their businesses.

The UK Treasury has also clarified that the country does not plan to create a US-like national crypto reserve.

Bitcoin surged past the $111,000 (roughly Rs. 95.09 lakh) mark on international exchanges over the past 24 hours. As of Thursday, May 22, it was trading at $111,593 (roughly Rs. 95.6 lakh), reflecting a gain of around four percent, according to CoinMarketCap. Indian exchanges also recorded a notable uptick, with Bitcoin rising by about five percent to trade at $111,523 (approximately Rs. 95.5 lakh), as per data from CoinDCX and CoinMarketCap. Analysts identify $106,200 (around Rs. 90.9 lakh) as a key support level, with resistance expected near $112,500 (roughly Rs. 96.3 lakh).

“The approval of US’ Stablecoin Bill and easing trade restrictions have significantly improved investor sentiment, helping BTC hit a new ATH just four months after the previous ATH in January. Institutional demand remains strong, with spot ETFs seeing $2.2 billion (roughly Rs. 18,904 crore) in inflows over the past 10 sessions. CryptoQuant data also shows a steady return of retail investors to the market, bringing more liquidity,” Edul Patel, Co-founder and CEO of Mudrex told Gadgets 360.

Ether tailed Bitcoin to clock gains of under two percent on international exchanges. It’s presently retailing at $2,627 (roughly Rs. 2.25 lakh) on global platforms. Having logged profits of over three percent on Indian exchanges, ETH is trading at around $2,630 (roughly Rs. 2.25 lakh).

“Bitcoin Pizza Day, celebrated today, marks a defining moment in crypto history. As Bitcoin rises, it brings renewed credibility and capital into the space, creating a ripple effect that benefits altcoins including Ethereum,” said Raj Karkara, COO, ZebPay.

The crypto price tracker by Gadgets 360 showed a majority of altcoins trading in profits.

These include Binance Coin, Dogecoin, Tron, Stellar, Leo, Litecoin, and Monero.

Underdog, Iota, Polygon, Ardor, and Braintrust also joined BTC and ETH on the profit-side of the price charts on Thursday.

“This isn’t a temporary surge—it’s a structural shift. With governments and institutions becoming active participants in the ecosystem, the foundation for long-term growth is stronger than ever. The next key level to watch is $120K, and beyond that, Bitcoin’s role as digital gold will continue to solidify,” Ashish Singhal, Co-founder, CoinSwitch told Gadgets 360, commenting on the overall rally.

The overall crypto market cap rose by 3.56 percent in the last 24 hours, bringing the sector’s valuation to $3.51 trillion (roughly Rs. 3,00,74,768 crore), shows CoinMarketCap.

“After a period of sharp correction driven by macroeconomic uncertainty, the recent surge has been propelled by sustained institutional accumulation, improved liquidity, and renewed confidence in digital assets as a hedge against traditional market volatility. That this milestone comes around Bitcoin Pizza Day underscores the extraordinary journey of Bitcoin—from a 10,000 BTC pizza purchase to a 22.60 crore percent rise in just 15 years,” Avinash Shekhar, Co-Founder and CEO, Pi42. told Gadgets 360.

Meanwhile, cryptocurrencies that logged losses on Thursday include Solana, Cardano, Chainlink, Shiba Inu, and Cronos among a few others.

“Altcoins like Core, Worldcoin, Bittensor and a few more have attract over 10 percent gains, while EOS, KuCoin Token, Aave and a few more have experience minor pullbacks of less than four percent. Meanwhile, the SEC keeps deferring its decision on the DOGE ETF after XRP and SOL, which may cool the hype for a while,” the CoinDCX research team told Gadgets 360, advising caution to traders.

Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article. 

The US is currently prioritising a stablecoin-focused bill as part of its broader effort to establish a comprehensive regulatory framework for the crypto industry. Known as the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act, the proposed legislation seeks to introduce clear guidelines for the issuance and management of stablecoins—cryptocurrencies that are pegged to the value of reserve assets such as fiat currencies or gold. Recently, Senator Elizabeth Warren emphasised the need for stablecoin regulations to prevent private companies from creating their own versions of the US dollar.

Earlier this week, the bill was approved by the House Financial Services Committee, advancing it to the House of Senate for the final approval. The crypto industry lauded the development, calling it a milestone moment for the sector’s recognition.

Paul Atkins, the chief of SEC’s Crypto Task Force, has shown a strong support to the GENUIS Bill. Atkins, in an interview with CNBC said, “We have every expectation now that it’s going to pass.”

As momentum builds around the GENIUS Act, let’s take a closer look at what this proposed legislation could mean for the future of the stablecoin sector.

GENIUS Bill: Key Details

The GENIUS bill was first introduced to the US lawmakers in February this year. Tim Scott, the Chairman of the Senate Banking Committee, is among the four sponsors of the proposed laws.

Outlining the ambitions of this legislations, its sponsors said that the rules would establish clear protocols to guide the issuance of stablecoins in the US. Institutions like Meta that may seek licences to issue stablecoins will have to comply with these mandates.

The rules will define reserve requirements for existing and potential stablecoin issuers, while also setting up regimes on the supervision, examination, and enforcement of stablecoin-producing businesses.

Large-scale stablecoin issuers offering tokens worth $10 billion or banking firms are proposed to be under a strict oversight by the Federal Reserve (for banks). Meanwhile, large-scale non-bank entities will be monitored by the Office of the Comptroller of the Currency under, if the bill gets approved into an Act by the Senate.

The states may individually get the right to regulate smaller stablecoin issuers internally.

According to Senator Bill Hagerty, “The previous administration’s hostility toward crypto and refusal to provide clear regulatory guidelines have severely stifled stablecoin innovation.” He believes that this legislation can preserves a strong state pathway to stablecoin issuance.

The US House Financial Services Committee passed the stablecoin bill in April.

Stablecoin Hype

The US is among many nations that are now viewing stablecoin as a blockchain-based solution to quick, secure, and cheap cross-border transfers.

Scott, the US Senate Banking Committee chief, sees stablecoins as a major advancement in the financial sector.

“Stablecoins enable faster, cheaper, and competitive transactions in our digital world and facilitate seamless cross-border payments,” he said. “From enhancing transaction efficiency to driving demand for US Treasuries, the potential benefits of strong stablecoin innovation are immense.”

US President Donald Trump himself is part of issuing the USD1 stablecoin, indicating support to the sector’s potential.

While the stablecoin bill is still making its way through the legislative process in the US, Hong Kong passed its own stablecoin bill on May 21 that is slated to come into effect within this year.

Traditional fintech giants like Visa, Mastercard, and PayPal are also exploring service offerings related to stablecoins.

Among blockchain majors, Polygon plans to concentrate on its stablecoin plans this year, owing to “rising institutional demands”.

A recent report by Standard Chartered estimated that the size of the stablecoin market could surge by about 10-fold to $2 trillion (roughly Rs. 1,71,29,830 crore) within the next three years.

Hong Kong’s legislature passed a stablecoin bill on Wednesday that establishes a licensing regime for fiat-referenced stablecoin issuers in Hong Kong, providing regulatory clarity for upcoming stablecoin issuers.

Under the new regime, any person who issues stablecoins in Hong Kong – or issues stablecoins backed by Hong Kong dollars, whether within or outside the city – must obtain a licence from the Hong Kong Monetary Authority (HKMA), according to a government press release.

The bill also sets out requirements in areas such as reserve asset management, redemption, and risk management, aiming to protect the general public and investors.

Hong Kong has been stepping up efforts to introduce a regulatory regime to develop its own stablecoin, thereby enhancing the city’s competitiveness as a global digital asset hub.

Stablecoins, a type of cryptocurrency designed to maintain a constant value, usually pegged to a fiat currency such as US dollar, are commonly used by crypto traders to move funds between tokens.

“The Ordinance adheres to the ‘same activity, same risks, same regulation’ principle, with a focus on a risk-based approach to promote a robust regulatory environment,” said Christopher Hui, the city’s secretary for financial services and the treasury.

This lays a solid foundation for Hong Kong’s virtual asset market, he added.

Three participants have joined a stablecoin issuer sandbox project launched by HKMA last year.

The ordinance is expected to come into effect within this year.

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(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)

US President Donald Trump is set to host a special dinner for the largest holders of his $TRUMP memecoin on May 22. President Trump is reportedly expected to dine with 220 holders of the “Official Trump” token at the Trump National Golf Club in Potomac Falls, Virginia. On the heels of the upcoming event, the price of the memecoin surged by over 11 percent to trade at $14.27 (roughly Rs. 1,222) on international exchanges on Wednesday.

Meanwhile, a group of US senators and other individuals also plan to protest outside the golf course, accusing the President of using his political influence over the crypto market.

Here’s What We Know About the Event

Guests have received a formal invitation to the event via email. The invite includes details on the dress code as well as timings for the event. All guests will reportedly need to submit to a background check before attending the gala

Earlier this month, a Bloomberg report had highlighted that a majority of the top 25 $TRUMP token holders used foreign exchanges to purchase the memecoin, indicating they were based outside of the US.

Justin Sun, the owner of the Tron blockchain, is among the VIP attendees of this gala dinner. At 1.4 million token holdings, Sun is listed as the largest holder of the memecoin. Sun confirmed Tuesday that he had received an invite to the event.

“I’m excited to connect with everyone, talk crypto, and discuss the future of our industry,” Sun said in a post on X.

Singapore-based crypto startup MemeCore is second on the Trump memecoin leaderboard and a representative from the company is likely to mark their presence, Fortune reported.

The 220 dinner guests collectively hold an estimated $147.5 million (roughly Rs. 1,261 crore) worth of the $TRUMP token, that was launched on January 17.

Trump Memecoin Protest

Robert Weissman from the nonprofit group Public Citizen is said to be organising the protest outside Trump’s dinner venue. Democratic senator Jeff Merkley is also reportedly planning to join the protest.

President Trump’s son Eric Trump told the press that “most of these people are paid to protest”.

At present, the Official Trump token ranks 37th on CoinMarketCap’s crypto index. This means that the memecoin with the market cap of $2.86 billion (roughly Rs. 24,467 crore), is currently the 37th largest altcoin in the market.

The Supreme Court reportedly observed that the issue of regulation for cryptocurrencies in the country must be taken up in consultation with experts. According to a Bar and Bench report, a bench of Justice Surya Kant and Justice NK Singh addressed the lack of crypto regulations in India. The observation was made during the hearing of a case linked to a rise in crypto frauds across multiple states. Additional Solicitor General (ASG) Aishwarya Bhati will reportedly submit the government’s position on cryptocurrency by July.

As per the report the bench emphasised need for both regulatory measures to govern the crypto sector and oversight.

Justice Kant reportedly told the ASG that in the absence of regulations, courts have been facing practical challenges, with regard to crypto cases.

For instance, the justices said were facing a difficulty in assessing if the plaintiff was the victim or victimiser in the crypto fraud case. For now, the Central Bureau of Investigation (CBI) has been asked to complete the probe in this case by May 30.

In November 2023, the Supreme Court rejected a petition seeking clear guidelines to oversee crypto trading in the country. That bench was headed by former Chief Justice D Y Chandrachud. At the time, the bench had deferred the petition blaming the petitioner for trying to seek bail from proceedings that were pending then.

Between 2022 and 2025, India has gradually introduced layers of legislationsn to govern some parts of the crypto and Web3 sector.

India has been taxing crypto gains by 30 percent since 2022. The finance ministry also levied one percent TDS on all crypto transactions in order to maintain a trail of crypto transactions, that are otherwise largely private and even anonymous.

Crypto firms operating in the country have been mandated to comply with anti-money laundering rules and KYC collection guidelines. In addition, every firm offering services related to digital assets in the country have to obtain a registration from the Financial Intelligence Unit (FIU) to make their operations legal.

A crypto discussion paper from the finance ministry is due for release. In February, RBI Governor Sanjay Malhotra said that this discussion paper will bring more clarity around virtual digital assets in the nation.

The discussion paper will guide the future of the country’s cryptocurrency sector, Economic Affairs Secretary Ajay Seth had claimed in July 2024.

Meanwhile, Finance Minister Nirmala Sitharaman previously said that India’s position on crypto is that they cannot be currencies.

Former RBI Governor Shaktikanta Das had also expressed concerns around cryptocurrencies during the World Economic Forum last year, but the RBI’s 2024 Financial Stability Report acknowledged the global expansion of digital financial systems and highlighted blockchain’s significant implications for the financial sector.

Coinbase was recently impacted by a data breach, and the crypto firm is now working with US law enforcement agencies to identify the cybercriminals behind the attack. The exchange has reportedly claimed that its contractors and employees who were bribed to leak userdata to the criminals were from India. The US Department of Justice (DoJ) has now joined the US Securities and Exchange Commission (SEC) in the ongoing investigation. Coinbase has clarified that the exchange itself is not under probe, which is focused on finding the cyber criminals involved in executing the attack.

DoJ’s criminal division officials are probing the breach that affected the crypto firm, Bloomberg reported on Tuesday. Coinbase reportedly stated that employees in India provided the cybercriminals with user data access. International law enforcement agencies have also been roped into the probe.

As per Coinbase, the employees it identified as being involved in the case were fired immediately. The firm has yet to disclose the credentials of these former Coinbase employees.

In March, Coinbase announced its registration with India’s Financial Intelligence Unit (FIU) that legalised its operations in the country. This step had marked Coinbase’s re-entry into India after it halted its services in the market in 2023, after the National Payments Corporation of India (NPCI) blocked Coinbase’s feature to let Indian users purchase crypto assets using UPI services.

At the time, the exchange said it would offer its Base blockchain in India to enable developers to work on Web3 solutions on this low-cost, secure layer-2 platform built on the Ethereum mother chain.

Timeline of Developments So Far

On May 15, Coinbase and its CEO Brian Armstrong informed the exchange’s community about this data breach incident via X. They said that cyber actors had managed to obtain personal details of “less than one percent” of its users by bribing some overseas customer support agents. They added that the cyber actors managed to con some of its users into collecting funds from them using social engineering attacks. The exchange plans to voluntarily reimburse users who were scammed into making financial transactions to the attackers.

In an 8-K filing with the US SEC, the exchange said that these remediation expenses could cost the company between $180 million (roughly Rs. 1,541 crore) and $400 million (roughly Rs. 3,426 crore).

While Coinbase claims that no users’ private keys were compromised, it admitted that data like names, bank account numbers, and government IDs were stolen. The company has not revealed how many users have been impacted by the cyber strike.

Armstrong also said that the attackers had demanded a $20 million (roughly Rs. 171 crore) ransom for the stolen data, which was rejected by the crypto firm. Instead, Armstrong announced a reward fund of $20 million seeking assistance in tracking those responsible.

Between May 15 and May 16, at least six lawsuits were filed against Coinbase in the US. These legal filings accuse the exchange of failing to train its employees adequately, not being prompt and detailed in sharing information related to the attack, and for being improper in dealing with the aftermath. Coinbase has yet to respond to these lawsuits.

Dubai’s Virtual Assets Regulatory Authority (VARA) has introduced changes to its crypto policies, aiming to tighten risk oversight and ensure investor security. The updated policies will also focus on deploying more control around margin trading and token distribution services. Through these upgrades, the VARA expects to make the crypto ecosystem more scalable. The development comes weeks after the Dubai Land Department (DLD) piloted its “Real Estate Tokenisation Project” that aims to initiate collaborations between global Web3 firms and Dubai’s real estate community.

The development was announced by the regulatory body on May 19. The VARA said in a press release that it has added more clarity to the compliance requirements across all licensed crypto and Web3 activities.

Service providers offering crypto advisories and custody support will have to align their businesses with the upgraded guidelines. Exchanges, broker-dealer services, and lending and borrowing services will also need to adhere to the revamped policies. “These rulebook updates reinforce the foundations of a responsible, scalable ecosystem,” said Ruben Bombardi, VARA’s General Counsel and Head of Regulatory Enablement.

The implementation of client risk assessment every three months is part of the VARA’s rules. Providers of virtual asset services have also been directed to verify the identity of their clients through names, nationalities, addresses, birthplaces, and employer names among other details. “The updates are designed to promote greater market discipline, risk transparency, and operational resilience across Dubai’s virtual asset ecosystem,” the VARA said.

In the coming days, VARA officials will reach out to licensed crypto entities to assist them in adhering to the updated operational guidelines. The agency’s Supervision Team will provide the relevant activity-specific guidance to each entity.

The regulatory body has decided on a 30-days window for crypto businesses to comply with the rules. The deadline for compliance has been set for June 19.

In recent times, the VARA has indicated multiple times that it has observed a rise in crypto-related fraudulent activities, that pose direct financial risks to the investors. In February, the agency urged investors to be cautious with memecoin engagement, calling them “highly speculative” assets.

The VARA previously introduced changes to crypto marketing policies in September 2024. Amid the evolving regulatory landscape, Dubai is consistently taking steps to integrate crypto and blockchain with government services. Last week, for instance, Dubai’s Department of Finance (DOF) teamed up with Crypto.com to allow crypto payments for government services

Coinbase’s troubles after a recent user data breach have intensified on the legal front over the weekend. At least six lawsuits have been filed against the US-based exchange following the cybersecurity incident, a report by CoinTelegraph claimed on Monday. The exchange, in these legal filings, has been accused of failing to protect user security and poor handling of the incident’s aftermath. The filings also reportedly show that Coinbase users fear being exposed to further financial threats now that their personal details are with cyber criminals.

The lawsuits against Coinbase were filed last week, between May 15 and May 16. A majority of these have been filed in New York and at least one has been submitted at a California court, the report said, citing public records.

Coinbase Lawsuit Details

As per the report, the plaintiffs have said that Coinbase failed to train its employees adequately, which led to the data breach. The lawsuits claim that the exchange, touted among the largest in the world, did not deploy tight security measures and had put its users at further risk of fraud.

Citing the US Public Access to Court Electronic Records (PACER) website, the CoinTelegraph report claimed that Coinbase users said the exchange had not been prompt and detailed in providing information on the data breach. The lawsuits also criticised the exchange’s delay in announcing “meaningful steps” to mitigate the situation in a timely manner.

One of the lawsuits also accuse Coinbase of “unjust enrichment”, claiming the exchange had not spent enough on its internal security systems.

Coinbase has not yet responded to the wave of lawsuits. The exchange did say last week that it was working with the SEC and other relevant law enforcement agencies to identify the attackers.

Neither Coinbase nor its CEO Brian Armstrong have shared new updates on the situation since May 15 when the exchange first reported the attack.

Coinbase Data Breach

Last week, Coinbase announced that malicious cyber actors had managed to obtain personal details of “less than one percent” of its users by bribing some overseas customer support agents. The cyber criminals also managed to defraud some of the users whose data had been compromised in the breach.

As per Armstrong, the attackers had reached out to the exchange claiming possession of the stolen user data and demanded a ransom of $20 million (roughly Rs. 171 crore) for not leaking the information. Armstrong said that instead of surrendering to the attackers’ demand, the exchange was setting aside a reward fund of $20 million for information that leads to the attackers. In addition, the exchange vouched to reimburse users who ended up wiring funds to the attackers unsuspectingly.

Coinbase filed an 8-K filing with the US Securities and Exchange Commission last week, claiming that these remediation expenses could range between $180 million (roughly Rs. 1,541 crore) and $400 million (roughly Rs. 3,426 crore). Coinbase has told the SEC that the communication from the attackers is credible, which could mean the breached user data remains in possession of the attackers.

Details including names, addresses, emails, masked social security numbers, bank account numbers, government IDs, and the account data of the impacted users have been compromised. Coinbase, however, has not disclosed the number of users impacted by the data breach.

Bitcoin on Monday, May 12, reflected a miniscule loss of 0.15 percent to trade at $103,890 (roughly Rs. 88 lakh) on international exchanges. Over the weekend, US President Donald Trump announced a “total reset” in US-China trade relations following high-level talks in Geneva. The crypto market reacted to the development with optimism. Bitcoin maintained its pricing around $102,544 (roughly Rs. 86.8 lakh) on Indian exchanges, as well, despite a minor dip of under one percent.

“The markets remain optimistic about the US-China trade deal. BTC is showing strong bullish momentum at current levels. On-chain data reveals nearly 350,000 new BTC wallets have been created in a day, indicating rising retail interest and fresh liquidity. Bitcoin now faces resistance at $105,100 (roughly Rs. 89 lakh) with support at $102,200 (roughly Rs. 86.4 lakh),” Alankar Saxena, co-founder and CTO of Mudrex, told Gadgets 360.

Ether showed a small loss of 0.46 percent to trade at $2,500 (roughly Rs. 2.11 lakh) on global platforms on Monday. This is the first time in over three months that Ether has managed to breach this price mark. On Indian exchanges, ETH is trading at $2,472 (roughly Rs. 2.09 lakh).

“The performance of ETH and ETH-based projects signals deepening market confidence and increased capital rotation into Ethereum’s expanding ecosystem. Projects tied to the Ethereum ecosystem have shown exceptional strength, like Arbitrum as a key Layer-2 solution, Gala leveraging its L1, and Ethena offering synthetic dollar instruments on Ethereum,” said Himanshu Maradiya, founder and chairman, CIFDAQ exchange.

Altcoins show a mixed price movement on Monday. While most of them rose in their respective values over the weekend, several altcoins did reflect minor price dips on Monday.

These include Binance Coin, Dogecoin, Cardano, Tron, and Shiba Inu.

Litecoin, Cronos, Bitcoin SV, and Underdog logged small losses on the price charts, too.

The crypto market cap is fluctuating within the range of $3.33 trillion (roughly Rs. 2,82,00,887 crore) and $3.49 trillion (roughly Rs. 2,95,55,885 crore). Over the last 24 hours, the valuation fell by 0.29 percent, according to CoinMarketCap.

“The total crypto market cap climbed to $3.49 trillion (roughly Rs. 2,95,55,885 crore), its highest level since February. However, with the Relative Strength Index (RSI) entering overbought territory, a short-term correction or consolidation could be on the horizon,” the CoinSwitch Markets Desk told Gadgets 360.

Meanwhile, Solana joined Avalanche, Bitcoin Cash, Polkadot, Leo, and Monero in managing to reflect small gains on Monday.

Market analysts have advised the investor community to make informed decisions as market may see volatility owing to the ongoing geo-political tensions between India-Pakistan and Israel-Yemen.

Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article. 

Coinbase is set to enter the S&P 500 index in the US next week. The index, maintained by the New York-headquartered financial intelligence firm Standard & Poor’s (S&P) Global, lists the 500 leading publicly traded firms in the US. Coinbase’s entry into this elite group makes for a significant moment in Web3 history, as the company is set to become the first crypto firm to join the index. Both Coinbase and S&P Global confirmed the development on Monday. Coinbase, which is listed as COIN on Nasdaq, will enter the S&P 500 index on May 19.

The US-based crypto exchange is replacing Discover Financial Services (DFS) on the S&P 500 list. DFS, meanwhile, is being acquired by Capital One Financial Corp in the coming days, S&P said in its announcement.

Coinbase posted a message of gratitude on X following the development.

“Thank you to everyone who made it possible for a crypto company to join the S&P 500 for the first time in history,” the exchange said.

Brian Armstrong, the CEO of Coinbase, called this development a “milestone” moment for the crypto industry.

“This milestone represents what the true believers, from retail investors to institutional investors to our employees and partners, knew all along. Crypto is here to stay,” Armstrong noted.

Many from the Web3 community, including MicroStrategy’s Michael Saylor, have acknowledged the development on social media.

Coinbase became a public company in April 2021. Moving forward, the demand for Coinbase shares is projected to rise as all index-tracking funds will need to add COIN to their respective portfolios, Crypto Times said in its report. At the time of writing, COIN shares were trading at $207.22 (roughly Rs. 17,600).

Other crypto-related companies that are part of the S&P 500 include Jack Dorsey’s financial services firm Block.

For now, Coinbase is working with the US crypto task force as the agency takes steps to finalise Web3 regulations in the US.

Back in March, the exchange completed its registration with India’s Financial Intelligence Unit (FIU-IND) to re-enter the market after a brief hiatus.

The Ethereum ecosystem is beefing up its security capabilities with a new initiative called “Trillion Dollar Security”. The Ethereum Foundation unveiled the initiative on May 14, expecting to load up the blockchain with security capabilities that could encourage more entities to explore the on-chain world. Fredrik Svantes, the protocol security lead at Ethereum, and Josh Stark from the Ethereum Foundation management team have been appointed as the initial co-chairs to oversee the project.

In its announcement post, the Ethereum Foundation said that the network’s security should be able to support billions of users storing at least $1,000 (roughly Rs. 85,690) on-chain. Reaching “Trillion Dollar Security” would mean companies, institutions, and governments would be comfortable storing over a trillion dollars of value inside a single contract or application, Ethereum said.

“Ethereum’s ambition is to be civilisation-scale infrastructure that securely underpins the internet and global economy, surpassing the safety and trustworthiness of the world’s legacy systems,” the company said in the announcement.

Roadmap for Execution

Developers of Ethereum, the world’s most commercial blockchain, have segregated the implementation of the new initiative into three parts — mapping, executing, and communicating.

Under the first step of mapping, developers will conduct an analysis of common attack vectors and existing security systems across each layer of Ethereum’s technology stack. Domains such as UX, wallet security, smart contract security, and infrastructure provisions, among others, will also be mapped as part of the process.

“We will gather input from across the ecosystem and synthesise this into a security overview report that will help us identify focus areas,” the announcement said.

Upon identifying the areas that require immediate attention after the mapping stage, the developers will implement “near-term high priority fixes”. Under the execution stage, budgets for longer-term improvement projects will also be chalked out and funds will be allocated accordingly.

For the third stage of the process, that is communication, the foundation plans to make Ethereum users aware of Ethereum’s security foundations. “Anyone should be able to evaluate Ethereum’s security standards and compare these against other blockchains and legacy systems,” the company said.

Details on Participation

Project co-chairs Svantes and Stark will work alongside a three-person team to complete the different stages of the initiative. The three individuals — samczsun, Mehdi Zerouali, and Zach Obront — are all individually associated to the web3 security space.

Additionally, Ethereum developers have asked ecosystem members to help achieve Trillion Dollar Security.

“We want your perspective and input on where Ethereum’s security needs to improve. Whether you are an individual user or a security auditing firm, we want to hear from you,” the company noted.

A form has been made available for those looking to drop their security concerns and suggestions to the developers.

Ethereum is the largest blockchain with its total value locked (TVL) standing at $121.26 billion (roughly Rs. 10,39,521 crore), as per CoinMarketCap.

Earlier this month, the blockchain completed its latest Pectra upgrade aimed at upscaling the experience and reward generation for Ethereum validators. With the Pectra upgrade, Ethereum validators can stake 2,048 ETH tokens — a notable rise from the previous limit of 32 ETH tokens — allowing them to earn higher staking rewards.

Bitcoin’s price rose by 1.30 percent on international exchanges on Friday, even as the overall crypto market shows signs of instability. The digital asset is now trading at $104,010 (roughly Rs. 89.09 lakh) on global platforms, as per CoinMarketCap. Meanwhile, on Indian exchanges, the value of the asset rose by nearly two percent to trade $104,770 (roughly Rs. 89.7 lakh). Amid the ongoing Bitcoin rally, JPMorgan has predicted that Bitcoin could outperform gold in the second half of 2025.

“Bitcoin has continued to trade within a range between the $101,700 (roughly Rs. 87.1 lakh) support and $104,800 (roughly Rs. 89.7 lakh) resistance levels, maintaining its position above the critical $100K mark for the seventh consecutive day. BTC ETFs recorded outflows totalling $295 million (roughly Rs. 2,527 crore),” Edul Patel, Co-founder and CEO of Mudrex told Gadgets 360.

Unlike Bitcoin, the price of Ether dropped by 0.15 percent to trade at $2,588 (roughly Rs. 2.21 lakh) on international exchanges. On Indian platforms, Ether clocked minor losses of up to 0.22 percent, bringing its price to $2,599 (roughly Rs. 2.22 lakh).

“Ethereum is showing signs of a breakout setup, with $2,735 (roughly Rs. 2.34 lakh) a key resistance level to watch. Overall, while short-term volatility is possible, current price action suggests a consolidation phase that could precede the next leg up in this bull cycle,” said Riya Sehgal, Research Analyst, Delta Exchange.

The crypto price tracker by Gadgets 360 showed that the prices of most altcoins were down on Friday, including Tether, Ripple, Solana, Dogecoin, Cardano, and Avalanche.

Other cryptocurrencies that dropped in value on Friday included Shiba Inu, Leo, Polkadot, Monero, Near Protocol, and Cronos.

The overall crypto market cap rose by less than one percent over the past 24 hours. As shown by CoinMarketCap, the valuation of the sector presently stands at $3.33 trillion (roughly Rs. 2,84,98,976 crore).

“The crypto market appears range bound. Altcoins are also showing limited movement as the market awaits Bitcoin’s next big step to set the tone,” Himanshu Maradiya, Founder and Chairman, CIFDAQ exchange told Gadgets 360.

Binance Coin, Tron, Stellar, Litecoin, Iota, and Polygon, meanwhile, managed to hold onto small gains on the price charts on Friday.

Analysts expect the market to be choppy for some more days and advise caution to investors. “The recent correction across crypto markets reflects a classic case of overextension following heightened optimism. Altcoins have borne the brunt of the pullback, with many experiencing sharp declines amid shifting sentiment post-ecosystem updates. As always, volatility remains a core characteristic of this asset class, and such corrections often create opportunities for disciplined investors,” Avinash Shekhar, Co-Founder and CEO, Pi42 told Gadgets 360.

Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article. 

Coinbase recently disclosed a cyberattack on its network. As part of the attack, cybercriminals managed to steal funds from exposed users under false claims. The crypto exchange said it will voluntarily reimburse users affected by the data breach. In a filing with the US Securities and Exchange Commission (SEC), the exchange preliminarily estimated that these remediation expenses could range between $180 million (roughly Rs. 1,541 crore) and $400 million (roughly Rs. 3,426 crore).

Coinbase Says Estimates Could Increase or Decrease After Thorough Review

The firm submitted its 8-K filing to the SEC on May 14. It said that the losses it has estimated based on preliminary analysis could increase or decrease after a thorough review of other factors is conducted. These include indemnification claims and potential recoveries.

“The company is continuing to review and bolster its anti-fraud protections to mitigate the risk that the compromised information could be used in social engineering attempts. The company is also in the process of opening a new support hub in the United States and taking other measures to harden its defenses to prevent this type of incident,” the filing noted.

Coinbase CEO Brain Armstrong said cyber criminals managed to bribe some overseas support agents of the company to gain access to the personal user data of “less than one percent of its users.”

As per Armstrong, the attackers reached out to the exchange claiming possession of this user data and demanded a ransom of $20 million (roughly Rs. 171 crore) for not leaking the data. The company CEO has refused to surrender to this ransom demand. Instead, he announced a $20 million (roughly Rs. 171 crore) reward fund inviting information on these attackers.

“Since receipt of the email, the Company has assessed the email to be credible,” the exchange said in its filing.

Coinbase, in a blog post, claimed that the insiders who were found involved with the incident have been fired for abusing their access to customer support systems and stealing their data.

The attackers have managed to obtain details including the bank account numbers, government IDs, and the account data of the impacted users. Other details such as names, addresses, emails, and masked social security numbers have also been breached as part of this incident.

The company does, however, claim that no passwords, private keys, or funds were exposed in the breach. As per a Bloomberg report, the US SEC is also part of the ongoing probe into the incident.

Following Coinbase’s disclosure of the incident, its stocks reportedly fell by more than six percent.

Coinbase has yet to disclose the exact amount of funds its users ended up sending to the attackers. It also remains uncertain if the data breach only affected Coinbase users in the US or if international users were also impacted.

“While Coinbase has not experienced material operational impacts from these events as of the date hereof, the full financial impact of the Incident on the company is still in the process of being assessed,” it added in its SEC filing.

WazirX recently concluded the customer voting on its restructuring scheme designed to compensate users affected by the hack incident in July last year. After a majority of creditors voted in favour of the proposal, the exchange reported the development to the Singapore High Court, seeking a final nod to start the reimbursement process. However, the court decided to defer the case to another date, and directed WazirX and its parent company Zettai to complete some more documentation work.

The exchange took to X (formerly Twitter) to explain the latest development, which seemingly aggravated the creditors who reacted to the post with sharp criticism. WazirX, however, conveyed through its post that “they are doing everything we can to make this possible under an effective scheme”.

For now, the Singapore court has extended its moratorium cover to WazirX and Zettai to June 6. A moratorium can be explained as a legal authorisation to debtors to postpone payments to creditors. During the moratorium period, the debtors are also safeguarded against the filing of any new cases.

Zettai, which is the Singapore-based parent entity of WazirX, first applied for a moratorium in August 2024. What started as an appeal for a thirty-day moratorium, has now been extended to the first week of June.

Last month, WazirX announced that 93 percent of its creditors voted in favour of its proposed restructuring scheme. This scheme includes the issuance of tradeable recovery tokens (RTs) and distribution of recoveries through RT purchase mechanisms.

As per numbers shared by Zettai last month, 141,476 creditors participated in the polling process and accounted for over $195 million (roughly Rs. 1,673 crore) in claims.

The company had committed that the distribution of these RT tokens would begin within seven working days of receiving sanction from the Singapore Court. Creditors will have to wait until June 6 before the case makes any progress.

On July 18, 2024, a WazirX multi-signature wallet — managed under the oversight of Liminal Custody — was compromised in a $230 million (roughly Rs. 1,900 crore) hack. The exchange attributed the breach to North Korean hackers, citing investigative reports. Despite announcing a white hat bounty initiative, the exchange has yet to trace the funds that were stolen last year.

Coinbase confirmed a customer data breach on its platform Thursday and claimed a group of rogue overseas support agents recruited by cyber criminals were responsible for the attack. In a video message posted on X, Coinbase CEO Brian Armstrong said cyber attackers wrote to the exchange, claiming they had obtained personal data of a portion of Coinbase users. In exchange for not leaking the data, the attackers allegedly demanded a ransom of $20 million (roughly Rs. 171 crore). The development comes just days after Coinbase became the first crypto firm to have secured a spot on the elite S&P 500 index. The exchange has refused to surrender to the demand of the attackers.

No passwords, private keys, or funds were exposed in the breach, the exchange said. Coinbase Prime accounts, too, were unaffected by the attack. Cyber criminals “bribed and recruited” a group of rogue overseas support agents to steal Coinbase customer data, Coinbase said in a blog post published Thursday.

“These insiders abused their access to customer support systems to steal the account data for a small subset of customers,” the firm said.

According to the exchange, the attackers’ aim was to execute social engineering attacks and get individuals to transfer funds. Coinbase said it would reimburse customers who were tricked into sending funds to the attacker, but did not elaborate on the details of the reimbursement process. It said the reimbursements would happen voluntarily via Coinbase after facts were reviewed.

As per the exchange, the attackers managed to obtain bank account numbers, government IDs, and the account data of the impacted users. Other details such as names, addresses, emails, and masked social security numbers have also been compromised in the breach. 

The exchange claims that data of less than one percent of its users was breached as part of the incident. It is uncertain if the data breach only affected Coinbase users in the US or if international users were at risk, as well. The exchange recently acquired its FIU registration in India to mark its re-entry into the country.

Addressing the breach, Armstrong said that no ransom would be paid to the attackers. Instead, Coinbase was setting up a $20 million reward fund for information leading to the identification of the attackers.

The exchange said it was working closely with law enforcement agencies to ensure the “harshest” penalties on the attackers. Coinbase is also working with industry partners to trace the attackers through their wallet addresses and attempt to recover assets.

Coinbase has not disclosed the amount wired to the attackers by unsuspecting users.

In the first quarter of this year, Coinbase reported $9.9 billion (roughly Rs. 84,632 crore) in USD resources. The exchange also reported a total revenue of $2 billion between January and March this year, along with a net income of $66 million (roughly Rs. 564 crore).

Just this week, the exchange announced the acquisition of Deribit, a renowned crypto derivatives platform. After completing the $2.9 billion acquisition, Armstrong reportedly said the exchange was planning to explore more mergers and acquisitions.

Bitcoin’s price rose by 1.02 percent over the last 24 hours on international exchanges and the asset was trading at $103,740 (roughly Rs. 88.5 lakh) on Wednesday, according to CoinMarketCap. This is the third day that the price of Bitcoin has remained steady above $103,000 (roughly Rs. 87.9 lakh). On Indian exchanges, Bitcoin rose by less than three percent on Wednesday to trade at $102,712 (roughly Rs. 87.6 lakh). Analysts believe that the asset could face sharp rejection at $106,000 (roughly Rs. 90.4 lakh), highlighting the intense selling pressure at local highs.

“Going forward, market participants should brace for choppier price action, especially if Bitcoin fails to reclaim and consolidate above $105,000 (roughly Rs. 89.6 lakh),” Avinash Shekhar, Co-Founder and CEO of Pi42 told Gadgets 360.

On the other hand, the price of Ether rose by 9.13 percent over the last 24 hours. According to CoinMarketCap, the asset is trading at $2,667 (roughly Rs. 2.27 lakh). This is the first time in over three months that Ether has crossed the crucial $2,500 (roughly Rs. 2.13 lakh) threshold. On Indian exchanges, ETH reflected gains of over 11 percent to trade at $2,623 (roughly Rs. 2.23 lakh).

“Ethereum is showing strong signs of a trend reversal after an impressive 45 percent rally last week, reclaiming major technical levels and reigniting optimism in the broader altcoin market. ETH has strong resistance at $2,850 (roughly Rs. 2.43 lakh). If it breaks and closes above this level with good volumes, then we can expect prices to rally further up to $3,000 (roughly Rs. 2.56 lakh) and $3,350 (roughly Rs. 2.85 lakh),” ZebPay Trade Desk told Gadgets 360.

The crypto price tracker by Gadgets 360 showed the prices of most altcoins such as Ripple, Tether, Solana, Binance Coin, and Dogecoin alongside Avalanche, Shiba Inu, and Polkadot were up on Wednesday.

Similarly, the prices of Leo, Litecoin, Monero, Near Protocol, and Cronos also rose alongside Bitcoin and Ether.

“After the recent upswing, Bitcoin is withstanding the bearish pressure. As a result, the altcoins also remain above their respective resistance levels,” said the CoinDCX research team.

The overall valuation of the crypto sector surged by 3.15 percent over the last 24 hours. Presently, the crypto market cap stands at $3.38 trillion (roughly Rs. 2,88,43,134 crore), shows CoinMarketCap.

Meanwhile, the prices of a few altcoins were down on Wednesday. These include Cardano, Bitcoin Cash, EOS Coin, and Zcash.

Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.

FalconX, the US-based digital assets broker, announced on Wednesday is set to offer banking services to institutional clients, as part of a new partnership with Standard Chartered. The crypto platform claims that it executes over $1.5 trillion (roughly Rs. 1,27,97,325 crore) in trading value and serves over 600 institutional clients. Both the firms pointed to a rise in the demand for secure services related to digital assets, as the reason for announcing the initiative. These institutional investors will include asset managers, hedge funds, token issuers, and payment platforms.

With the new partnership, FalconX said it will integrate the bank’s traditional finance infrastructure with its own offerings. This will let large-scale investors tap into an expanded range of currency pairs for investments. The clients will also be able to use Standard Chartered’s expertise to process reliable international settlements using digital assets.

“We support trading and financing for some of the world’s largest institutions in digital asset markets, and this relationship strengthens our ability to deliver robust banking and FX solutions to clients who rely on us to operate in crypto markets,” said Matt Long, General Manager, APAC and Middle East at FalconX.

Standard Chartered is one of many established banks that are exploring the digital assets sector. In November 2022, the Monetary Authority of Singapore (MAS) teamed up with Standard Chartered to pilot the uses of digital tokens to simplify financial trading. Similarly, in September 2024, the London-headquartered lender launched a crypto custody service in the UAE designed to provide guidance to institutional investors with traditional expertise.

Luke Boland, a senior official from Standard Chartered, said the bank will continue to contribute to developing the digital asset ecosystem.

“As institutional demand for digital assets continues to grow, we’re proud to provide the banking infrastructure that enables firms like FalconX to deliver world-class trading and financing solutions to institutional clients,” Boland noted.

FalconX’s decision to join forces with a mainstream bank such as Standard Chartered comes right after the US officially removed restrictions on banks around engaging with crypto.

Earlier this month, the Office of the Comptroller of the Currency (OCC) allowed banks in the US to offer services like crypto custody and management. The OCC also said customers of US national banks and federal savings associations can access crypto custody services from their lenders in the US and seek assistance in buying or selling of crypto assets.

The US is likely to get the draft of its crypto laws ready by August this year. In order to finalise these regulations, the US SEC’s Crypto Task Force is meeting with industry stakeholders to voice important concerns related to the management of the crypto sector. This week, the roundtable discussion focussed on tokenisation of real-world assets (RWAs). Paul Atkins, the chairperson of the Crypto Task Force, addressed the roundtable where he acknowledged that securities were rapidly migrating from off-chain databases to on-chain ledger networks, indicating the adoption of Web3 technologies.

Atkins, as part of his keynote address, said that the crypto rules would comprehensively cover the guidelines and restrictions around the issuance, custody, and trading of digital assets. These assets would include cryptocurrencies as well as tokenised RWAs among others.

The “Evolution of Finance: Capital Markets” was the main topic for this fresh roundtable session. Representatives from asset management firms like Fidelity, BlackRock, and Apollo Management joined the discussions with SEC officials including Atkins, Commissioner Hester M. Peirce, and Commissioner Mark T. Uyeda among others.

Commenting on tokenisation of RWAs, Atkins said, “tokenisation can enhance capital formation by transforming relatively illiquid assets into liquid investment opportunities.” He further added that “on-chain securities can utilise smart contracts to transparently distribute dividends to shareholders on a regular cadence.”

According to Atkins, the shift of securities from off-chain to on-chain systems was the same as the evolution of audio recordings that went from analogue vinyl records to cassette tapes and eventually to digital software over the decades.

Under his oversight, the Crypto Task Force in the US is working to curate a rational regulatory framework that clearly outlines the rules and cautions for Web3 players to adhere to and participate in expanding Web3 adoption.

“First, I intend for the Commission to establish clear and sensible guidelines for distributions of crypto assets. Second, I support providing registrants with greater optionality in determining how to custody crypto assets. Third, I am in favour of allowing registrants to trade a broader variety of products on their platforms and in response to market demand,” Atkins added in his keynote address.

In the coming months leading up to August, more such roundtable discussions will be held at the SEC office located in the US capital, Washington DC.

Topics Discussed So Far

The Crypto Task Force, established by US President Donald Trump earlier this year, has been tasked with formulating the US’ crypto regime. In March, the task force announced that it would host a series of roundtable meetings to gather public insights on its regulatory approach towards Web3.

The inaugural session was held on March 21, and the topic on the table was dubbed the “Spring Sprint Toward Crypto Clarity”.

Over the last few weeks, topics like trading regulations and Know Your Customer (KYC) considerations have also been discussed at the meetings. Each roundtable session has been open for public participation, as well.

According to Peirce, “the roundtables are an opportunity for us to hear a lively discussion among experts about what the regulatory issues are and what the Commission can do to solve them.”

Dubai’s Department of Finance (DOF) plans to use cryptocurrencies to process payments for government services in the emirate. In the days to come, residents of Dubai will be able to pay for government services using cryptocurrencies. On Tuesday, May 13, the DOF announced a partnership with Crypto.com, onboarding it as the crypto payment facilitator. Dubai authorities see the move as a significant step towards advancing its digital finance capabilities.

Senior members from the DOF were present during the signing of the MoU with Crypto.com. The development was announced at the sidelines of the ongoing Dubai FinTech Summit. In its announcement, the DOF said Dubai was transitioning into a fully digital economy. The regulators there view cryptocurrencies as a secure and efficient way to complete financial settlements.

“Collaboration between the public and private sectors plays a vital role. Through strategic partnerships, we remain dedicated to establishing a sustainable financial model that empowers individuals and businesses, cementing Dubai’s leadership in financial technology,” said Ahmad Ali Meftah, executive director of the Central Accounts Sector at DOF.

The move aligns with the Dubai Cashless Strategy announced last year, wherein Dubai aims to digitise 90 percent of all transactions. The initiative is expected to add at least AED eight billion (roughly Rs. 18,582 crore) to the economy annually.

“The emirate is strengthening its position by deploying the latest secure financial technology solutions that support its cashless strategy, streamline government transactions, and foster innovation in financial services,” said Abdulla Mohammed Al Basti, secretary general of the executive council of Dubai.

Dubai established a regulatory body, called the Virtual Assets Regulatory Authority (VARA), to oversee the Web3 industry back in March 2022. Owing to the legal clarity around Web3 in Dubai, several crypto firms have flocked to the region to expand their businesses.

Crypto.com, the Singapore-headquartered crypto exchange, for instance, announced its Dubai office in 2022. Now, as part of its deal with the DOF, the exchange plans to deliver the “first comprehensive and holistic government-wide implementation of payment digitisation”.

“We are proud to be selected to support Dubai’s Department of Finance as part of this initiative,” said Eric Anziani, president and COO of Crypto.com.

This, however, is not the first initiative in the UAE that aims to bridge the gap between Web3 and traditional finance.

In February, UAE’s Ministry of Energy and Infrastructure (MoEI) signed an MoU with Shiba Inu to deploy the ShibOS operating system for government activities across the UAE.

Dubai also plans to continue exploring contactless technologies like cryptocurrencies, as well as AI-based solutions.

Meta has reportedly been exploring the use of stablecoins for international payouts, but the firm may face regulatory challenges in the US. Over the weekend, US Senator Elizabeth Warren snubbed the idea of letting Big Tech companies dive too deep into the stablecoin sector. In an interview with CoinDesk, Warren said that Big Tech’s introduction of stablecoin transactions could “choke off small businesses from the payments system.” The Senator from Massachusetts serves as a senior Democrat on the Senate Banking Committee and has consistently pushed for stronger rules to govern the crypto sector.

At present, a committee of US regulators is working to finalise a comprehensive legal framework to govern cryptocurrencies. Among the various crypto-related proposals being mulled over, a stablecoin-focussed bill is also circulating among policymakers. This bill is dubbed “GENIUS” — the Guiding and Establishing National Innovation for US Stablecoins act.

Given that USD-pegged stablecoins maintain a 1:1 value ratio with the fiat currency, they could effectively be regarded as digital equivalents to the US dollar. Warren said in her interview that the GENIUS bill should prevent large corporations from releasing their own versions of the USD. She added that Meta CEO Mark Zuckerberg must explain if his stablecoin plans were “another attempt to control the American people’s money.”

“The Senate must fix the GENIUS Act so it prohibits Big Tech companies and other commercial giants from owning or affiliating with stablecoin companies. No Senator should vote to make it easier for Big Tech to pry into our financial transactions,” Warren told CoinDesk.

Last week, a Fortune report claimed Meta was exploring the use of stablecoins to manage payouts for international creators. Citing sources familiar with the matter, the report said Meta was already in preliminary discussions with some crypto firms to implement this strategy.

As part of its plans, the social networking giant may integrate stablecoins with Instagram to facilitate payouts of up to $100 (roughly Rs. 8,550) to its community of international creators.

Through stablecoins, Meta expects to dodge the higher processing fee levied on other payment modes like wire transfers of fiat currencies. Meta has neither confirmed nor denied the report yet.

A Glimpse at the GENIUS bill

In April this year, the US Senate Committee on Banking, Housing, and Urban Affairs published a fact sheet detailing key aspects of the GENIUS bill. It said the bill would mandate certain requirements on stablecoin issuers, improving the Treasury Department’s ability to monitor compliance of sanction orders.

The bill proposes to classify stablecoin issuers as financial institutions under the oversight of the Bank Secrecy Act. For this, stablecoin firms will have to maintain effective anti-money laundering rules, risk assessment guidelines, and hire compliance officers. Firms will also have to maintain transaction records of stablecoins and report suspicious activities.

Furthermore, the document directs stablecoin issuers to retain the ability to freeze and burn wallets to comply with legal orders.

As per the CoinDesk report, the GENIUS bill is expected to surface on the Senate floor this week.

Illegal crypto mining operations in Malaysia spiked by 300 percent between 2018 and 2024, Malaysian publication The Star reported Monday, citing the country’s largest electricity utility company, Tenaga Nasional Berhad (TNB). In 2018, a total of 610 illegal mining cases were reportedly identified in Malaysia and the number spiked to 2,397 last year. Law enforcement authorities in the country are said to have initiated efforts to identify and bust locations they suspect are origins of unauthorised mining operations.

Crypto mining is a power-intensive process requiring miners to solve complicated algorithms on advanced computers, that need to be connected to electricity at all times. Bitcoin is the most commonly mined cryptocurrency, that allows miners to earn rewards for generating new tokens. Regions where crypto mining clusters are active often suffer from electricity shortage as well as outages.

Over the last six years, Malaysian law enforcement agencies observed a rise in complaints of power disconnections and suspicions of potential electricity theft, the report by The Star said. After clocking nearly 2,400 illegal mining cases last year, Malaysia is trying to adopt a tighter oversight on these activities.

Authorities noticed that several property-owners reported unusually high electricity bills from their rented spaces. These bills ranged from RM 30,000 (roughly Rs. 5.86 lakh) to RM 1.2 million (roughly Rs. 2.34 crore). Upon probing the cases, the authorities were led to illegal mining operations being run by tenants. The report claimed that around January this year, over 60 house and shop owners from the Malaysian state of Perak reported high power bills.

The TNB has reportedly claimed that it is working with the relevant national authorities to identify, probe, and tackle the growing number of power theft cases linked to crypto mining. The agency is pushing the use of a smart meter that could maintain records of electricity usage for each property.

Under Malaysia’s Electricity Supply Act, electricity thieves can face jail-time of up to a decade, alongside a penalty of RM 1 million (roughly Rs. 1.95 crore), the report highlighted.

At present, crypto mining is not exactly illegal in Malaysia but miners are reportedly required to register their operations and comply with anti-money laundering rules.

Malaysia is also working to finalise its Web3 and crypto-related strategy. In April, Malaysian Prime Minister Anwar Ibrahim met Binance co-founder Changpeng Zhao to discuss on the national Web3 roadmap. Perhaps, in the coming time, the country could clarify the dos and don’ts for crypto miners as well.

Global View on Crypto Mining

Last year, the International Monetary Fund (IMF) proposed a significant tax increase on crypto mining businesses to encourage the adoption of greener practices. It said that crypto mining could generate 450 million tons of carbon emissions by 2027, accounting for 1.2 percent of the global total.

Like Malaysia, there are other nations as well where illegal crypto mining has emerged as a topic of concern. In May last year, Venezuela banned crypto mining altogether and seized thousands of mining machines.

In recent years, Norway, Russia, and Kazakhstan have taken steps to handle the spike in unlawful mining operations, as well.

At the same time, regions like Bhutan, Netherlands, and Uzbekistan have tried to explore environment-friendly crypto mining options.

Bitcoin has been trading within the range of $93,000 (roughly Rs. 78.7 lakh) and $97,000 (roughly Rs. 82.1 lakh) for almost a week now. Ahead of the upcoming FOMC meeting, Bitcoin’s price has risen by over two percent in the last 24 hours. On international exchanges, the most expensive cryptocurrency is trading at $96,490 (roughly Rs. 81.7 lakh), data by CoinMarketCap showed. Meanwhile, on Indian exchanges, the asset price grew by 2.33 percent bringing it to trade at $94,875 (roughly Rs. 80.3 lakh) on Wednesday, May 7.

“While a rate cut remains unlikely, any move toward quantitative easing could inject fresh liquidity into the market, further supporting risk assets like crypto. If BTC breaks the resistance at $97,900 (roughly Rs. 83 lakh), a decisive move above the $100,000 (roughly Rs. 84.7 lakh) mark is possible, with support standing at $93,700 (roughly Rs. 79.3 lakh),” Alankar Saxena, Co-founder and CTO of Mudrex told Gadgets 360.

Ether followed Bitcoin to reflect small gains on Wednesday. ETH rose by 1.55 percent to trade at $1,830 (roughly Rs. 1.55 lakh) on international exchanges. On Indian exchanges, ETH is retailing at $1,820 (roughly Rs. 1.54 lakh) having clocked a gain of under two percent.

“Ethereum is also holding above $1,800 (roughly Rs. 1.52 lakh), reflecting renewed strength in altcoins. Meanwhile, geopolitical tensions between India and Pakistan, including ‘Operation Sindoor’, have introduced short-term volatility, which may impact prices. Long-term effects will depend on the resolution of the conflict,” said Himanshu Maradiya, Founder and Chairman, CIFDAQ Group.

The crypto price tracker by Gadgets 360 showed altcoins trading sideways amid the ongoing volatility.

Ripple, Chainlink, Avalanche, Stellar, Leo, and Shiba Inu recorded gains on Wednesday.

Monero, Cronos, Cosmos, Iota, Binance USD, and Cartesi also logged small profits.

The overall crypto market cap rose by 1.50 percent in the last 24 hours to claim the valuation of $2.98 trillion (roughly Rs. 2,51,85,067 crore), according to CoinMarketCap.

“The US is expected to sign deals with various nations, including India, China, the UK, and a few more, which is expected to ease the traditional as well as the crypto markets. The UK has ruled out forming a national Bitcoin reserve as it feels it is not appropriate for their market. Besides, Binance founder CZ predicts the BTC price could top between $500,000 (roughly Rs. 4.22 crore) and $1 million (roughly Rs. 8.45 crore) this cycle,” the CoinDCX research team told Gadgets 360.

Binance Coin, Solana, Dogecoin, Cardano, Tron, Polkadot, and Uniswap settled in losses on Wednesday.

Near Protocol, Polygon, EOS Coin, and Dash also tumbled in their respective prices.

“Overall market sentiment remains neutral, and the altcoin season index suggests that investor interest in altcoins remains subdued,” Piyush Walke, Derivatives Research Analyst, Delta Exchange told Gadgets 360.

Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article. 

The Ethereum blockchain completed its latest Pectra upgrade on May 7. The aim of introducing this upgrade is to upscale the experience and reward generation for Ethereum validators. Now that the Pectra upgrade is live, network validators can stake 2,048 ETH tokens, a notable rise from the previous limit of 32 ETH tokens. This allows them to earn higher staking rewards and improve their overall experience of contributing to the network.Following the upgrade, developers will reportedly be able to scale decentralised apps on Ethereum more effectively.

The activation of the Pectra upgrade on the Ethereum mainnet was confirmed by Ethereum.org via X. “Pectra is live on Ethereum mainnet! Smart account wallet UX features now active, L2 scaling data storage blobs increased by 2x, validator UX improvements live. Community members will continue to monitor for any issues over the next 24 hours,” the blockchain team informed its 3.2 million followers on May 7.

What’s New With the Pectra Upgrade

Allowing users to stake 2,048 tokens at once reduces their need to set up multiple validator nodes on the network. Overall, this change is expected to make the blockchain more efficient and smooth. Earlier in February, the Ethereum team shared details about the upcoming change, claiming that ” for smaller stakers, this enables automatic reward compounding. Both existing and new validators can be configured to earn rewards on the entirety of their stake, up to 2048 ETH per validator.

The Pectra upgrade comes with 11 Ethereum Improvement Proposals (EIPs), a report by Token Insights claimed. Tim Beiko, who runs the core protocol meetings for Ethereum, had explained some features of Pectra via his X account earlier in February.

The other significant development that it brings to the table is “Account Abstraction”. This essentially allowing users to deposit gas fees with tokens other than ETH. Reports claim that Pectra is the second-largest upgrade for Ethereum after the Merge.

However, some concerns around the safety of users’ smart contracts and wallets have surfaced on social media. Threat researcher Vladimir S., for instance, alerted his followers on being careful while signing transactions on Ethereum now that Pectra is live. Individuals have been advised to only sign messages from known and trusted sources, understand what the message entails, and opt for wallets that have advanced security measures before integrating them to pay gas fee using tokens other than ETH.

The Ethereum team has yet to address these concerns. Pectra builds upon Ethereum’s previously deployed Dencun upgrade – that was implemented to lower the expenses for Layer-2 networks.

The crypto market rallied over the last few hours, after US President Donald Trump announced a US-UK trade deal. Bitcoin’s price shot up to $102,722 (roughly Rs. 88.1 lakh) on Friday, as the value of the digital asset rose by 3.9 percent on international exchanges. This is the first time in over two months that Bitcoin’s price has extended beyond $100,000 (roughly Rs. 85.7 lakh). On Indian exchanges, the price of Bitcoin rose by 5.20 percent, and it is currently trading at $97,915 (roughly Rs. 84 lakh).

“The crypto market added over $240 billion (roughly Rs. 20,59,507 crore) in a day, with Bitcoin becoming the fifth-largest asset by market cap. The rally followed Trump’s announcement of a US-UK trade deal and optimism around a potential US-China agreement, lifting investor confidence. With this, investors expect strong economic activity. BTC faces the next resistance at $106,600 (roughly Rs. 90.9 lakh) while the support stands at $98,600 (roughly Rs. 84.6 lakh),” Edul Patel, Co-founder and CEO of Mudrex told Gadgets 360, commenting on the matter.

Ether’s price rose by over 16 percent in the last 24 hours on international exchanges. Presently, ETH is trading at $2,207 (roughly Rs. 1.90 lakh), according to data from CoinMarketCap. The asset’s value increased by 18 percent to trade at $2,155 (roughly Rs. 1.85 lakh) on Indian exchanges.

“Altcoins have also gained huge momentum, with Ethereum rising above the pivotal resistance at $2,200 (roughly Rs. 1.88 lakh) with over a 20 percent jump. The liquidity flow into the altcoins hints towards a potential altseason very soon,” said the CoinDCX research team.

The crypto price tracker by Gadgets 360 showed the prices of most altcoins were up on Friday. These include Ripple, Solana, Dogecoin, Cardano, and Tron.

Shiba Inu, Polkadot, Litecoin, Monero, and Polygon also rose in value on Friday.

The overall crypto market valuation rose by nearly five percent in the last 24 hours. At the time of writing, the crypto market cap stood at $3.22 trillion (roughly Rs. 2,75,96,317 crore), as per CoinMarketCap.

Tether, Litecoin, Near Protocol, Cosmos, and EOS Coin, were some of the altcoins that saw their values dip on Friday.

“The current surge marks the second leg of the broader bullish rally. With institutional interest accelerating across the board, this rally underscores the rapid maturation of the crypto market and its growing acceptance as a mainstream asset class,” Himanshu Maradiya, Founder and Chairman of the CIFDAQ exchange told Gadgets 360.Owing to the ongoing macroeconomic changes and geopolitical unrest, analysts have strongly advised investors to be cautious while investing.

Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article. 

Alex Mashinsky, the founder and former chief executive of bankruptcy cryptocurrency lender Celsius Network, was sentenced on Thursday to 12 years in prison after pleading guilty in December to securities fraud and commodities fraud.

Mashinsky’s sentence was imposed by US District Judge John Koeltl in Manhattan, and is among the longest in a criminal case arising from the 2022 meltdown in cryptocurrency markets.

Sam Bankman-Fried, who led the FTX exchange, is serving a 25-year prison sentence after being convicted of fraud. He is appealing.

Federal prosecutors said Mashinsky, 59, misled customers about Celsius’ safety, and artificially inflated the value of Celsius’ proprietary token Cel.

They sought a prison term of at least 20 years, calling it “just punishment” for Mashinsky’s having victimized thousands of people and caused billions of dollars in losses, while drawing more than $48 million (roughly Rs. 409 crore) of personal benefits.

“The case for tokenization and the use of digital assets is strong but it is not a license to deceive,” US Attorney Jay Clayton in Manhattan said in a statement.

Mashinsky sought one year and one day in prison, saying he felt remorse and wanted to do right by his family and former Celsius customers. His sentence includes three years of supervised release and a $48.4 million (roughly Rs. 413) forfeiture.

Lawyers for Mashinsky were not immediately available to comment.

Founded in 2017, Hoboken, New Jersey-based Celsius filed for Chapter 11 bankruptcy in July 2022 after customers rushed to withdraw deposits as cryptocurrency prices fell.

Born in Ukraine, Mashinsky emigrated with his family to Israel, and moved to New York after visiting the city in 1988.

Cryptocurrency lenders have promised easy loan access and high interest rates to depositors while lending tokens to institutional investors, hoping to profit from the difference.

Celsius offered 17 percent interest on some deposits, but had a $1.19 billion (roughly Rs. 10,162 crore) balance sheet deficit when it sought bankruptcy protection.

Mashinsky has also faced civil lawsuits by the US Securities and Exchange Commission, US Commodity Futures Trading Commission, US Federal Trade Commission and New York Attorney General Letitia James.

© Thomson Reuters 2025

(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)

Meta is exploring the use of stablecoins to manage payouts for international creators, according to a report. Meta CEO Mark Zuckerberg’s firm is said to be in discussions with crypto firms as part of the company’s plans to begin using stablecoins in partnership with a number of crypto firms. For now, these discussions are said to be at a preliminary stage. Stablecoins are crypto assets that are pegged to reserved assets like fiat currencies in a 1:1 ratio.

Considered safer than other digital assets in terms of exposure to market volatility, stablecoin values are derived from the underlying assets. Tether (UDST) and Circle (USDC) are two of the largest stablecoins available in the market as of May 9.

Meta initiated stablecoins-related discussions with the crypto players earlier this year, according to a Fortune report that cites five unnamed sources aware of the company’s plans. The publication states that the Facebook parent firm is still in “learn mode”.

As part of its plans, the company may integrate these stable tokens with Instagram to issue creator payouts of up to $100 (roughly Rs. 8,550) to creators on the platform.

Through the use of stablecoins, Meta expects to simplify payouts to the creators using its platforms from various locations around the world. This could help the company dodge the higher processing fee that are levied on other payment modes, like wire transfers of fiat currencies.

The company is currently in the process of adding crypto-experienced individuals to its teams to assist in its stablecoin plans, as per the report.

Company’s History with Web3

In 2019, the company unveiled its now-defunct Libra project that aimed to create a network to facilitate global stablecoin payments. However, owing to the regulatory scrutiny over crypto during former US President Joe Biden’s administration, Meta ended the project in 2022.

It is unclear whether Meta also plans to explore the launch of its own stablecoin infrastructure in the future.

The company continues to work on research and development related to metaverse initiatives through its Reality Labs unit. In the fourth quarter of 2024, Reality Labs posted $5 billion (roughly Rs. 42,757 crore) in losses.

The integration of blockchain technology with the automotive ecosystem is projected to expand significantly over the next five years. A report by Allied Market Research (AMR) has estimated that the global automotive blockchain market is on the track to hit the $5.6 billion (roughly Rs. 47,801 crore) mark by 2030. Its compound annual growth rate (CAGR) within this period is predicted to be 29.3 percent. The blockchain is the backbone of other Web3 technologies like crypto and metaverse, and it is perceived as replacement to traditional Web2 data servers.

Data stored on a blockchain is distributed across its network rather than being accumulated at one place. This makes the data safer from hack attacks and data breaches. Data stored on blockchain networks leave permanent records and cannot be altered.

As per the report, the auto sector will ramp up the exploration of blockchain solutions for operational areas like maintaining car sale records, service logs, and warranty claim processing among others.

AMR also highlights the security and immutability of automotive data stored on a blockchain, adding that this technology enables buyers and sellers to bypass intermediaries or third parties in transactions and other processes within the automotive sector.

The automotive blockchain industry is likely to flourish most in the region of North America that includes Canada and the US alongside Mexico and Greenland. The report further said that the regions of Europe, Asia-Pacific, and LAMEA (Latin America, the Middle East, and Africa) will also witness auto players give their internal systems a blockchain revamp.

A recent report by Exactitude Consultancy had also predicted that the automotive blockchain market is expected to touch $9.4 billion in valuation by 2034. It said smart contracts and improvement in personal mobility solutions among key trends that will attract the auto industry to experiment with blockchain use cases.

In recent years, a number of carmakers have forayed into blockchain-related technologies. German carmaker Daimler reportedly created the Daimler Financial Services (DFS) group, also known as the ‘Blockchain Factory’, in 2019. In 2023, Toyota also explored the development of management tools for its employees, Coindesk had reported.

The Office of the Comptroller of the Currency (OCC) has allowed banks in the US to offer services like crypto custody and management to their customers. The move adds to the list of steps that US President Donald Trump’s government has taken recently to replace the crypto-related policies introduced by the previous administration. Acting Comptroller Rodney Hood published a letter on Wednesday, providing clarity for national banks and federal savings associations under the OCC.

Banks’ engagement with cryptocurrencies was previously discouraged owing to the volatility and risks associated with the sector. However, the US President’s plan to make the US the “crypto capital of the world” has led to efforts to encourage engagement with digital assets, as one of the top priorities of the government.

US Banks Can Now Help Customers Buy and Sell Crypto Assets

The OCC said customers of US national banks and federal savings associations can now access crypto custody services from their lenders in the US. At the customers’ discretion, banks can also help them buy and sell crypto assets.

Eligible banks can also onboard third parties as “sub-custodians” to facilitate crypto activities for their customers. These may include “crypto custody and execution services”, the OCC said. Banks will, however, be required to implement risk management provisions if involving third parties.

Comptroller Hood’s interpretive letter #1184 noted banks can offer crypto-to-fiat conversions, trade executions, tax services as well as the reporting and record keeping of crypto holdings to their customers. It added that crypto custody services are a modern form of traditional bank custody activities.

After returning to the White House, President Trump instructed the SEC to establish a Crypto Task Force this year to focus on drafting crypto rules.

Aligning with President Trump’s vision, major US agencies are changing their approach towards the crypto sector.

In April, the Federal Reserve revoked the need for banks to seek approvals before engaging with crypto, a rule that was introduced by former US President Joe Biden’s administration.

The US Commodity Futures Trading Commission (CFTC) and the Federal Deposit Insurance Corporation (FDIC) have also allowed fintechs under their oversight to engage with crypto and bridge the gap between traditional finance and cryptocurrencies.

Meanwhile, President Trump has directed the Crypto Task Force to present the crypto rulebook for the US by August.

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In 2024, crypto crimes led to losses of over $2 billion (roughly Rs. 16,877), with Chainalysis calling the figure a troubling milestone. The on-chain analysis firm also claimed that the number of hacking incidents rose from 282 in 2023 to 303 in 2024, powered by more sophisticated techniques and mechanisms. In conversation with Gadgets 360, Jimmy Su, the chief security officer of Binance, strongly suggested crypto firms deploy a multi-layered defence strategy in order to ensure the safety of user funds. Su said only user trust could help the industry expand as regulatory winds gradually shift in favour of the crypto sector globally.

In recent years, crypto criminals have identified the Web3 community as a close-knit circle, where word-of-mouth holds significant importance. Su chimed in with international law enforcement agencies to highlight that crypto scammers frequently attempted to impersonate trusted platforms using phishing messages, fake apps, or deceptive social media outreach to trick users into sharing sensitive data or transferring funds.

These types of attacks are becoming increasingly common factors that are severely eroding user confidence, especially among new incumbents, Su told Gadgets 360.

“Crypto exchange platforms should take a multilayered, continuous approach to security auditing that extends beyond periodic assessments,” he said. “Building a robust security program at a centralised exchange, it is paramount to have both internal and external security audits.”

United We Stand

Su has emphasised that the global Web3 industry must prioritise collaborative efforts to combat crime risks. The same thought was pushed by India during its G20 presidency between 2022 and 2023, when the country had called global economies to join forces and implement a common regulation structure to oversee Web3.

“Sharing threat intelligence and collaborating to address vulnerabilities can result in a more robust ecosystem. Working with regulatory bodies to create clear rules and compliance requirements will assist in connecting the industry’s expansion with security imperatives,” Su noted.

While the International Monetary Fund and the Financial Stability Board have been working on commonly applicable guidelines for now, most nations are accelerating work to regulate crypto and Web3 internally.

Su said that while crypto rules were still evolving, the task of keeping the industry safe lay with the sector players and their community members.

All small and big crypto exchanges and wallet providers should first set up a multi-factor authentication (MFA) system, he said. This could significantly complicate incidents of hacks and breaches that put user funds at risk.

“Even with limited resources, it’s possible to adopt a security approach using cloud-native services with strong built-in protections, prioritising cold wallet layout, and setting up layered defences including anomaly detection. One key lesson we can share is that transparency builds trust,” Su added.

Cold storage solutions, frequent security audits, and advanced threat detection systems are also critical for earning community confidence, the Binance official said.

With back-to-back security breaches of Web3 protocols, crypto users, too, have become more aware of hack prevention systems of late. Earlier this month, Binance released a survey report focussed on the Asian market, where it said more than half of the total respondents expressed the desire to participate in platform-organised anti-scam simulations like phishing detection tests.

Su said that if the community continued to raise awareness on security, more users would feel in control of their decisions and be wise about them. After all, user actions and their security habits play a vital role in protecting any protocol’s overall infrastructure, Su pointed out. More knowledge on healthy security habits could drastically cut down security lapses.

“By informing users about security best practices, such as recognising phishing attempts and securing private keys, the industry can empower individuals to protect their assets effectively,” the security expert observed.

State of Web3 Security

The Chainalysis report had highlighted decentralised finance (DeFi) platforms as the primary targets of crypto hacks between 2021 and 2023. However, in 2024, the criminal patterns changed and brought centralised services into the limelight.

“This shift in focus from DeFi to centralised services highlights the increasing importance of securing mechanisms commonly exploited in hacks, such as private keys. Private key compromises accounted for the largest share of stolen crypto in 2024, at 43.8 percent,” the report had claimed in December last year.

While the crypto sector remains largely unregulated across countries, hackers and scammers continue to ramp up criminal activity. Data by Scam Sniffer shows that the first quarter of 2025 has already seen $21.9 million (roughly Rs. 184 crore) in losses from over 22,600 victims of phishing attacks targeting the Web3 sector.

Regions like Macau and India are working with crypto firms like Binance and Giottus to train law enforcement officers in probing crypto crimes.

Educational initiatives around Web3 security are also gathering pace in several parts of the world, including India.

Su has advised smaller exchanges to actively participate in industry collaboration where threat intelligence, best practices, and policy trends are openly discussed. He said that newer players in the crypto sector could learn from the mistakes of others and evolve faster.

“Security maturity takes time, but intent and consistency are great equalisers. As the ecosystem matures, we must raise the floor together because a breach at one exchange can ripple across the industry,” Su concluded.

Tether has announced that it recently upgraded its on-chain threat detection capabilities. The issuer of the USDT stablecoin said that Hadron, its real world assets (RWAs) tokenisation platform, has been equipped with on-chain intelligence tools from Chainalysis. With the new partnership, Hadron will have access to compliance tools created by Chainalysis, as part of Tether’s efforts to upgrade its risk identification and fraud detection abilities.

Tether Seeks to Attract Institutional Investors to Engage With Hadron

Hadron lets individuals convert their real world assets into digital tokens. These assets could be real estate, stocks, bonds, commodities, and funds. Tether CEO Paolo Ardonio said that the company has made tightening security a top priority for Tether.

“By integrating Chainalysis, we’re offering institutional-grade transparency, compliance, and risk mitigation without compromising on decentralisation or control,” Ardonio said in a prepared statement.

Tether claims Hadron is now capable of flagging suspicious activities and ensuring KYC compliance to filter out sketchy users. By upgrading its security measures, Tether expects to attract institutional investors to engage with Hadron.

Tokenisation is the conversion of real, physical properties into blockchain-based digital tokens. RWA tokenisation improves the liquidity factors of the physical assets without affecting their utility value and core attributes. Tokenised tokens of RWAs can then be used for trading or shared ownership deals.

Citing a 2022 report by the Boston Consultancy Group (BCG), Tether’s announcement said that the valuation of tokenised illiquid assets like physical art, real estate, and private equity could exceed $16 trillion (roughly Rs. 13,56,19,920 crore) by 2030. Dubai’s government agencies are also experimenting with the integration of RWA tokenisation into its real estate industry.

Tether observed the opportunity to leverage its market reputation to launch Hadron last year, attempting to be among the first major Web3 firm to offer secure tokenisation services.

When Tether launched its Hadron platform in November 2024, it said the platform will offer users other features like risk management and secondary market ecosystem monitoring. Hadron’s website claims that it lets users tokenise their assets, offer the tokenised assets to potential clients, and coordinate issuances, redemptions as well as transfers.

Kenya has ordered Sam Altman’s World Web3 project to delete collected biometric data of its nationals. The Nairobi High Court said that the controversial human ID project failed to acquire valid consent from the Office of the Data Protection Commissioner (ODPC) before obtaining the eye scans of Kenyan citizens to give them their World IDs. Neither World nor Altman have reacted to the development yet.

The World project, headquartered in the US, aims to assign “World IDs” to global citizens as an “international proof of personhood.” These IDs will eliminate the need for people to share their personal details for web-based interactions.

In August last year, representatives of the project had set up booths in several parts of the world to collect iris scans of people through its own one-of-a-kind machine called the Orb. Spain and Germany are among other regions that have flagged World’s biometric collection as problematic in the past.

Here’s What Happened

Justice Aburili Roselyne has directed the World project to permanently delete the facial images and eye scans of its Kenyan subscribers. A window of seven days has been issued for World to comply with the court’s orders. A designated data protection officer will be overseeing the process.

The court has further prohibited World from collecting any more biometric data from Kenyan citizens.

The Katiba Institute and the International Commission of Jurists (ICJ Kenya) spearheaded the case against the World project, arguing that its data collection practices were invasive and risky.

Joshua Malidzo Nyawa, a counsel for the Katiba Institute, has called the development a winning moment for the right to privacy. The institute also posted a detailed overview of the court’s verdict on X (formerly Twitter).

Altman’s response to Kenya’s decision remains awaited for now.

Kenya’s History With the World Project

In 2023, Kenya became first country in the world to bring the World project, previously called “Worldcoin”, under investigative scrutiny. However, in 2024, the country vaguely ended its probe on Altman’s Web3 project.

In June 2024, Kenyan authorities told Altman to register his World project with the Office of the Data Protection Commission (ODPC) and the Communication Authority of Kenya (CAK).

However, the Katiba Institute and the ICJ Kenya reached out to the High Court alleging that the project is violating the rights of the Kenyan citizens by collecting their data without the necessary government permissions. The two parties submitted their arguments to the court in March 2025.

The UK, that is eyeing to finalise its crypto regulations by 2026, has dismissed the creation of a national crypto reserve. Emma Reynolds, the Economic Secretary to the Treasury, spoke about the country’s stance on accumulating a crypto stockpile at the Financial Times Digital Asset Summit in London on Tuesday. The statement comes after the New York Department of Financial Services (DFS) and the Bank of England (BoE) announced a transatlantic regulatory exchange to “harmonise” digital asset legislation in January this year.

Reynolds said that stockpiling crypto was not appropriate for the UK market and as such a step in that direction was not part of the country’s crypto plans for now, Decrypt reported. She did not elaborate on the reasons for dismissing the idea.

US President Donald Trump created history when he announced two strategic reserves for cryptocurrencies earlier this year. While one is dedicated to accumulating Bitcoin, the oldest and most expensive crypto asset, the other will pile up altcoins. The US has decided to put seized crypto assets into these reserves rather than using taxpayers’ money to purchase new tokens. It is estimated that as of March, Bitcoin had over 200,000 BTC tokens amounting to over $17 billion (roughly Rs. 1,53,161 crore).

While the UK has decided not to mirror the US in this arena, President Trump’s decision did manage to open discussions around crypto reserves in many parts of the world. The dialogue around following US’ footsteps have seen support in regions like the Czech Republic and Hong Kong.

The volatility of the crypto sector, however, continues to keep many nations cautious about linking crypto to their national reserves. Earlier in March, the Swiss National Bank rejected the idea of hoarding crypto. Poland and Japan have also reportedly dismissed adding crypto to the list of their respective reserved assets.

Last month, Polygon founder Sandeep Nailwal, in conversation with Gadgets 360, advised India to consider allocating small investments into crypto reserves, but financial analyst Nemin Shah said there was no urgency for the country to rush into the experiment.

For now, the US is the only country with crypto reserves.

Reynolds did however say that the UK completely supported the US on increasing Web3-focussed collaborative efforts. She cited the example of the transatlantic regulatory exchange, as part of which, the NY DFS and the BoE agreed to exchange senior staff officials proficient in managing digital assets and emerging payments.

The UK is internally exploring the potential of issuing blockchain-based sovereign debt. As per the Decrypt report, Reynolds has said that the UK government is set to appoint a supplier in the summer this year. She also said that UK’s crypto rules would not be inspired by EU’s MiCA regulations.

Kyrgyz Republic has partnered with Binance in an attempt to boost the adoption of crypto related technology in the country. The government of the Kyrgyz Republic signed a memorandum of understanding (MoU) with Binance on Sunday, as part of a long-term partnership. Sadyr Japarov, the President of the land-locked central Asian country, was present for the MoU signing. Crypto trading is currently legal in the Kyrgyz Republic, but the country lacks a comprehensive set of regulations compared to the UAE and the EU tailored to oversee the Web3 industry.

The financial authorities of the Kyrgyz Republic are looking to introduce crypto into its existing payment infrastructure. Binance will be collaborating with the country’s National Agency for Investments as part of this deal, the announcement said.

Kyrylo Khomiakov Regional Head of CEE, Central Asia and Africa at Binance said that the exchange is “is excited to partner with the National Agency for Investments of the Kyrgyz Republic to drive forward the development of crypto-assets in the region.”

The country is looking to revamp its cross-border payments infrastructure across the region of Central Asia and the Eurasian Economic Union (EAEU). Crypto payments offer instant, cheap money, and secure transfers, offering a layer of privacy to transactions. Under the partnership, the nation will use Binance Pay to facilitate crypto transactions.

Worldometer data shows that the current population of the Kyrgyz Republic presently stands at over 7.2 million. The GDP of the country currently stands at $19.85 billion (roughly Rs. 1,67,347 crore), IMF data shows. UNDP figures claim that 60 percent of the country’s population is “unbanked”.

The official said that the Kyrgyz Republic believes its crypto plan will “focus on enhancing Kyrgyz citizens’ financial literacy and supporting domestic Web3 projects”.

“The MoU represents a shared vision to improve financial inclusion and advance the freedom of money in Kyrgyzstan. We look forward to working closely with the Kyrgyz government to empower individuals and institutions alike,” Khomiakov added.

Discussions about adopting pro-crypto policies have been taking place in the Kyrgyz Republic for a while now. In 2022, a senior parliamentarian voiced support for crypto legalisation. The same year, the country reportedly executed the Law on Virtual Assets, clarifying the licensing requirements and obligations for Web3 firms to fulfil before establishing their operations there.

With the new partnership, the Kyrgyz Republic also plans to roll out educational and awareness initiatives focussed on blockchain, crypto, and other industries related to Web3.

Meanwhile, Binance seems to be actively working on strengthening international partnerships. In recent months, countries like the UAE, Pakistan, and Malaysia have also reached out to the exchange to work on their respective crypto-related plans.

The Maldives is preparing for a crypto-focused overhaul, funded by a Dubai-based family office called MBS Global Investments, according to a report. Moosa Zameer, the finance minister of the Maldives, divulged some details on the development during a video interview with the Financial Times on Sunday. As per the report, MBS Global Investments is set to allocate $8.8 billion (roughly Rs. 74,164 crore) over a period of five years to develop the Web3 ecosystem in the Maldives, the smallest country in Asia, that attracts thousands of tourists from around the world.

According to Zameer, the Maldives is now concentrating on growing beyond its reputation of being a tourism and fisheries hub. By establishing itself as a “financial freezone for blockchain and digital assets”, the country expects to triple its GDP within four years. At present, the GDP of Maldives is over $7 billion (roughly Rs. 63,002 crore), according to data by the IMF.

Over the weekend, the Maldives government reportedly signed a joint venture with MBS Global Investments. The creation of the “Maldives International Financial Centre” is the focus point of the Maldives’ crypto-related master plan, as per the Financial Times report. This hub will be constructed over an area of 830,000 square metres and will host 6,500 people.

The centre is expected to generate large number of employment opportunities and become the hub for businesses from the $3 trillion (roughly Rs. 2,52,69,541 crore) crypto industry, Zameer hopes.

With this, MBS Global Investments joins other institutional investors from the UAE to pledge a big funding for the expansion of Web3 on an international level. The family office of Sheikh Nayef bin Eid Al Thani owns MBS Global Investments, and it plans to include other family offices and large-scale investors to finance its Maldives plans.

Nadeem Hussain, the chief executive of MBS Global Investments told the publication that funding for the project could be raised through equity and debt. He also disclosed that up to $5 billion (roughly Rs. 42,123 crore) for the project has already been secured, as per the report.

In December last year, Moody’s stated that the country’s debt is projected to mount to $1 billion (roughly Rs. 8,415 crore) by 2026. Recently, India helped Maldives with $760 million (roughly Rs. 6,396 crore) to escape a potential sovereign default.

As of now, Maldives has relied heavily on its tourism and fisheries industries to generate revenue. Owing to the post-COVID-19 economic changes globally, the country has found itself in challenging financial situations, and the upcoming financial hub could reportedly help the region develop alternate sources of revenue aside from tourism and fisheries.

Bitcoin is currently trading at $94,200 (roughly Rs. 80.3 lakh) on international exchanges, amid aggressive acqusition by whales and institutions. The asset’s value rose by 7.80 percent over the past seven days, and saw a marginal 0.12 percent increase on global exchanges on Monday. On Indian exchanges, the Bitcoin price fell by 0.09 percent, and it is currently trading between $91,400 (roughly Rs. 78 lakh) and $94,1450 (roughly Rs. 80.3 lakh). The month of April was a challenging period for Bitcoin investors, when the asset fell to its lowest level (in 2025) to trade at $76,000 (roughly Rs. 64.8 lakh) owing to macroeconomic changes and the trade war between China and the US.

“For now, BTC faces immediate resistance at $96,000 (roughly Rs. 81.9 lakh), while support remains at $90,500 (roughly Rs. 77.2 lakh). Glassnode data reveals a sharp rise in Whale accumulations, with wallets holding over 10,000 BTC increasing from 124,000 to 137,600 over the past month. This steady accumulation strengthens Bitcoin’s upward momentum,” Edul Patel, Co-founder and CEO of Mudrex told Gadgets 360.

The price of Ether fell by 0.33 percent on international exchanges, according to CoinMarketCap. As of Monday, ETH is trading at $1,792 (roughly Rs. 1.52 lakh) on global platforms. The asset followed Bitcoin to register losses on Indian exchanges. At present, ETH is priced around $1,798 (roughly Rs. 1.53 lakh) on platforms like CoinSwitch and CoinDCX.

“Ethereum is attempting to break past the crucial $1,800 (roughly Rs. 1.53 lakh) resistance, signaling potential momentum ahead. Overall, market sentiment remains cautiously bullish, with select altcoins leading the way in what could be the next phase of upward movement,” said Himanshu Maradiya, Founder, CIFDAQ exchange.

The crypto price chart by Gadgets 360 showed prices of most altcoins were down on Monday.

These include Tether, Solana, Dogecoin, Cardano, and Tron.

Stellar, Shiba Inu, Bitcoin Cash, and Polkadot were also affected by small price drops.

“Despite significant upward pressure, the crypto markets have remained largely stable throughout the past weekend, demonstrating bulls being self-assured of maintaining a steep ascending trend,” said the CoinDCX research team.

The prices of Ripple and Chainlink, Avalanche and Leo were higher on Monday. Monero and Near Protocol also saw their prices rise.

The overall crypto market cap rose by 0.21 percent in the last 24 hours. The valuation of the sector presently stands at $2.95 trillion (roughly Rs. 2,51,57,146 crore), shows CoinMarketCap.

“In spite of periodic market corrections, the overall sentiment is extremely bullish, driven by growing institutional demand, positive macroeconomic factors, and improving fundamentals. Indications from the golden ratio multiplier indicate that Bitcoin could surge up to $124,000 (roughly Rs. 1.05 crore),” Avinash Shekhar, Co-Founder and CEO, Pi42 told Gadgets 360.

The crypto market, while still slowed down, is seemingly stabilising after going through a rough April. Stepping into May, the markets are showing signs of consolidation, analysts told Gadgets 360. On Thursday, May 1, Bitcoin reflected a minor price dip of 0.17 percent to trade at $94,920 (roughly Rs. 80 lakh) on international exchanges. On Indian exchanges as well, Bitcoin logged a loss of around one percent to trade at $95,400 (roughly Rs. 80.7 lakh).

“Bitcoin showed strong resilience at lower levels, fueled by continuing Bitcoin ETF inflows and increasing whale accumulation. Notably, K33 Research reports that Bitcoin’s weekly volatility has dropped to a 563-day low, reinforcing its growing maturity as a global financial asset. BTC continues to face resistance above the $95,500 (roughly Rs. 80.8 lakh) zone while support has moved back to $93,000 (roughly Rs. 78.6 lakh),” Alankar Saxena, Co-founder and CTO of Mudrex told Gadgets 360.

Ether showed a minor price hike of 0.31 percent on international exchanges. Data by CoinMarketCap shows that ETH is presently trading at $1,810 (roughly Rs. 1.53 lakh). Meanwhile, on Indian exchanges, the asset is trading at $1,824 (roughly Rs. 1.53 lakh).

“Ethereum is in the process of consolidating and may be building up to change dominance, depending on the future direction of market dynamics. On the whole, sentiment in the crypto world is positive,” Avinash Shekhar, Co-Founder and CEO of Pi42, told Gadgets 360.

The crypto price tracker showed the majority of altcoins trading in reds on Thursday.

These include Ripple, Solana, Binance Coin, Dogecoin, Cardano, and Chainlink.

Tron, Uniswap, Cronos, EOS Coin, and Bitcoin SV also settled in losses alongside BTC.

The overall crypto market cap clocked a loss of 0.26 percent in the last 24 hours. With this, the valuation of the sector has come to $2.96 trillion (roughly Rs. 2,50,51,499 crore), showed CoinMarketCap.

Leo, Monero, Floki Inu, and Zcash emerged among the handful of crypto assets that did manage to hold onto minuscule gains on Thursday.

“The cryptocurrency market experienced a downturn, influenced by unfavorable US economic indicators. Following reports of a negative first-quarter GDP and weaker-than-anticipated employment data signaling stagflation concerns, Bitcoin briefly surpassed $95,000 but retracted,” the CoinSwitch Markets Desk told Gadgets 360, advising investors to practice caution in making financial decisions.

Crypto enthusiasts descended on Dubai on Wednesday, gathering under the Gulf’s scorching sun and hoping the industry’s buoyant mood can keep going despite signs the euphoria around Donald Trump’s crypto stance is ebbing.

Speakers at the two-day event in the desert city include chief executives at some of the world’s major crypto firms, the head of digital assets at BlackRock and Goldman Sachs, as well as the US president’s son, Eric Trump, who is set to take the stage on Thursday.

Once a crypto sceptic, the US president has vowed to support the industry by easing regulatory curbs and has even launched his own cryptocurrency, in a turnaround for the industry after a series of crypto company collapses in 2022.

Cryptocurrency prices surged to a record high after his election win, but have fallen this year. Bitcoin is down about 12 percent from its peak as the global trade war and industry concerns that the pace of pro-crypto regulation under Trump is slower than expected, knocked sentiment.

Attendees at the TOKEN2049 conference, which is expected to attract around 15,000 people, thronged the venue, while a pair of camels rested unbothered by the loud tunes playing in the background.

They shared mixed feelings about Trump’s impact on the industry.

“In the long term, it’s going to be good for crypto, but it really relies on the world economy picking up again,” said Miklos Veszpremi, the chief operating officer of a web3-integrated streaming platform.

“I think that once the tariffs actually start hitting countries, there’s going to be a lot of pain, and we might be headed towards some difficult times,” he said.

Still, the industry enjoyed a strong start to the year as money poured in.

Global venture capital investments in crypto companies totalled $5.4 billion (roughly Rs. 45,718 crore) in the first quarter of 2025, its best quarter since mid-2022, according to data from PitchBook.

Attendee Herbert R. Sim, wrapped in a bitcoin-themed jacket, said that predicting the impact of Trump policies on the crypto sector was very hard “but so far … (progress) is on the regulation side of things.”

“Things are easing up in America,” he said, as developers, investors and crypto fans weaved past packed industry marketing booths and joined queues to glide on outside zip lines.

Crypto Hub

The United Arab Emirates is quickly emerging as a key hub for crypto companies, with several setting up shop or seeking to expand.

Binance, the world’s largest crypto exchange, announced in March that Abu Dhabi-backed investment group MGX had made a $2 billion (roughly Rs. 16,932 core) crypto investment in it, deepening its ties with the UAE.

The exchange’s founder, Changpeng Zhao, who last year served four months in prison after pleading guilty to violating US laws against money laundering, was welcomed to the main stage with cheers from the audience.

Zhao stepped down as CEO of Binance as part of a $4.3 billion (roughly Rs. 36,405 crore) settlement with US authorities but remains a major shareholder.

UAE authorities continue to promote crypto adoption.

Buyers for apartments in a new planned tower in Dubai the Trump Organization launched this week alongside a luxury real estate developer will be able to pay with bitcoin, Eric Trump said.

Dubai’s Emirates NBD bank recently launched crypto trading services on its digital arm Liv and one of the city’s largest free zones, the DMCC, which hosts more than 600 crypto firms, plans to open a “crypto tower” in early 2027 to host more.

“It’s much easier to do business here,” said Germany-based attendee Andre Liesenfeld, referring to Dubai.

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Ripple has proposed a takeover of rival stablecoin provider Circle Internet Group Inc. for $4 billion (roughly Rs. 33,843 crore) to $5 billion (roughly Rs. 42,300 crore), a bid that was rejected as too low, according to people familiar with the matter.

While Ripple remains interested in Circle, it hasn’t decided whether to make another offer, said the people, who asked to not be identified because the details aren’t public. For its part, Circle is focused on following through on an initial public offering that it filed for earlier this month, the people added.

“We do not comment on market rumors,” a spokesperson for Circle said in an emailed statement. “As we are currently in a quiet period with the SEC, we cannot comment further on our corporate financial plans. Our long-term goals remain the same.”

A representative for Ripple declined to comment.

The offer comes as crypto dealmaking accelerates following a run-up in digital-token values, which has spurred several players to ramp up their IPO plans. Circle, BitGo Inc., Gemini and Bullish Global have all been considering going public as soon as this year, Bloomberg News has reported. Ripple agreed to buy prime-brokerage Hidden Road for $1.25 billion (roughly Rs. 10,576 crore) in April. 

Circle issues of one of the world’s largest stablecoins, crypto tokens pegged to the US dollar or other currencies that are used by traders to move digital assets between exchanges and are increasingly being used for non-crypto related transactions.

San Francisco-based Ripple launched its RLUSD stablecoin in December. RLUSD has a market value of about $316.9 million (roughly Rs. 2,681 crore), versus $61.7 billion (roughly Rs. 5,22,046 crore) for Circle’s USDC, according to CoinMarketCap.com.

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Bitcoin showed signs of a significant price recovery on Friday, and the world’s oldest cryptocurrency continues to rise towards $100,000. On Friday, Bitcoin’s price rose by nearly four percent over the last 24 hours to hit $96,845 (roughly Rs. 81.2 lakh) on international exchanges. On Indian crypto exchanges, Bitcoin price rose by around two percent to trade at $96,820 (roughly Rs. 81.2 lakh). Ether reflected slightly bigger gains than Bitcoin on Friday. The asset is presently trading at $1,836 (roughly Rs. 1.53 lakh), having clocked a gain of over four percent on international exchanges. The second most valuable crypto asset after BTC, ETH is retailing at $1,857 (roughly Rs. 1.55 lakh) on Indian exchanges.

“Bitcoin has decisively broken past the $96,000 (roughly Rs. 80.5 lakh) barrier. With a contracting economy, the probability of a Fed rate cut at the June FOMC meeting has risen from 57 percent to 60 percent, further fuelling investor optimism. All eyes are now on the jobs report due today, which could influence short-term market sentiment,” Edul Patel, Co-founder and CEO of Mudrex told Gadgets 360. “Ethereum is also sustaining levels above $1,800 (roughly Rs. 1.50 lakh), further supporting the prevailing positive sentiment of the overall market,” said Himanshu Maradiya, Founder, CIFDAQ.

The crypto price tracker by Gadgets 360 showed prices of most altcoins were up on Friday.

These include Binance Coin, Solana, Dogecoin, Cardano, Chainlink, and Avalanche.

Stellar, Shiba Inu, Litecoin, Polkadot, and Cosmos were also up on Friday.

“The entire market displays stability as the tokens within the top 10 are trading above the gains,” the CoinDCX research team told Gadgets 360.

The overall crypto market cap also breached the $3 trillion (roughly Rs. 2,51,89,755 crore) mark for the first time in over a month. Presently, the sector valuation stands at $3.02 trillion (roughly Rs. 2,53,56,780 crore) having grown by nearly two percent, shows CoinMarketCap.

Meanwhile, Tether, Tron, Monero, Uniswap, Status, and Braintrust were down on Friday. “Interestingly, the popular memecoins like Pudgy Penguins (PENGU), Bonk (BONK), OFFICIAL TRUMP (TRUMP), and Fartcoin (FARTCOIN) face some loss,” the CoinDCX team added.

Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article. 

The Bharat Web3 Association (BWA) has announced a cybersecurity workshop that will be conducted in Bengaluru on May 8. During the upcoming event, the BWA will discuss security challenges related to crypto exchanges and wallets. Representatives from multiple crypto firms like Coinbase and Bitgo have been listed as speakers for this workshop. The BWA is aiming to prepare Indian Web3 firms to deal with the sophisticated hacking and scamming methods used by malicious actors to target the $3 trillion (roughly Rs. 2,52,75,450 crore) industry.

CoinDCX CISO Sridhar Govardhan is one of the speakers scheduled to discuss the lessons that can be learnt from recent breaches that impacted the Web3 space. Other representatives from companies like CoinSwitch and Mudrex are also slated to speak at the workshop, Chenoy told Gadgets 360.

Muralidharan Sundaramurthy, Head of Technology Risk and Security Compliance, APAC, Coinbase and Barath Jawahar, Director of Engineering, BitGo are slated to talk about the risks for Web3 projects around third-party integrations and cloud security.

Marc Krisjanous, a senior committee member from the CryptoCurrency Security Standard (CCSS) will also be joining the discussions virtually. The CCSS is a certification programme that audits Web3 firms on their safety protocols. The certification programme was reportedly founded in 2014 by the CryptoCurrency Certification Consortium (C4).

As part of the upcoming workshop, the BWA plans to highlight critical vulnerabilities that pose a serious threat to the ecosystem’s stability. These are part of ongoing efforts to protect Web3 businesses and the investor community from volatility and scams.

Topics around the safe custody of digital assets, API security, and infrastructure protection have been listed as top priority for the workshop, BWA chairperson Dilip Chenoy told Gadgets 360.

Industry representatives will also discuss cooperative ways to adopt healthy practices to keep their users safe against Web3 crimes.

While the Web3 industry has grown in several cities across India, Bengaluru is touted as the biggest hub in the country. In November 2024, a report by the BWA claimed that Karnataka was home to at least 97 Web3 firms.

Similarly, a CoinSwitch report also claimed that Bengaluru and Delhi are the key crypto trading hubs in the country.

The State of Web3 Security in India

A recent survey by Binance said that the crypto players in Asian countries like India, demand advanced security measures. Over half of the respondents to the Asia-focussed Binance survey expressed the desire to participate in platform-organised anti-scam simulations like phishing detection tests.

Following the WazirX hack last year, that led to the loss of over $250 million (roughly Rs. 1,900 crore) in funds, the BWA had released detailed guidelines to promote safe business practices for India’s Web3 service providers in January this year.

As part of its guidelines, the BWA directed its member companies to provide customers with transparent information regarding asset listings, market prices, and trading rules. VASPs have also been instructed to implement measures for detecting activities such as wash trading, insider trading, and pump-and-dump schemes. Additionally, the BWA encourages initiatives to educate investors on safe trading practices.

Visa is hopping aboard the stablecoin hype with its latest partnership with Bridge, a Web3 subsidiary of fintech firm Stripe. The US-based payment cards giant said that developers using Bridge to create their apps can now offer stablecoin-linked Visa cards to their end customers across multiple nations as part of this partnership. Bridge is a developer-first payments company that helps creators juggle between currencies to suit their convenience. Stripe acquired Bridge for $1 billion (roughly Rs. 8,462 crore) in February this year, making this its most significant acquisition so far.

Both the companies announced the development on April 30. They said that the main aim of this deal is to introduce stablecoins as legitimate payment options for day-to-day purchases that can be facilitated through cards, mimicking a familiar, traditional method of making transactions.

“We’re focused on integrating stablecoins into Visa’s existing network and products in a frictionless and secure way,” said Jack Forestell, Visa’s Chief Product and Strategy Officer. Commenting on the partnership with Bridge, Forestell said, “It represents a significant move in helping to make stablecoins usable in everyday life, giving consumers more choice in how they manage and spend their money.”

Understanding the Mechanics

Developers building with Bridge are now authorised to add stablecoin-linked Visa cards to their products and services. Against this backdrop, Bridge will take care of the conversion of stablecoins from and to those cards on behalf of the developers. Bridge has partnered with Kansas, US-based Lead Bank as the financial institution partner to process these transactions.

Developers across Argentina, Colombia, Ecuador, Mexico, Peru, and Chile will first get to tap into this new offering.

“This is a massive unlock for developers who can now build truly scalable issuing products for their users. “Now everyone will be able to use stablecoins with just a tap of their card,” said Zach Abrams, CEO and Co-Founder, Bridge.

The announcement noted that users of Bridge-based solutions will be able to add these stablecoins-enabled cards to supported digital wallets as well. The cards will be accepted at over 150 million merchant locations that already take Visa payments.

Visa Follows Mastercard, PayPal towards Stablecoin

In recent months, the institutional interest towards exploring stablecoins has notably risen. Stablecoins are crypto assets that derive their values from underlying reserved assets – keeping them more stable than other cryptocurrencies. Owing to their usability as an instant and secure cross-border payment option, many nations like the US are now working on regulating stablecoin uses.

Earlier this week, Visa competitor Mastercard also announced a similar initiative. Mastercard partnered with OKX and Nuvie to launch a payment ecosystem allowing buyers and merchants to make and receive payments using stablecoins.

PayPal, the US-based online payments gateway, also announced a stablecoin-based rewards programme for the holders of its own PYUSD stablecoin.

Standard Chartered has predicted that the size of the stablecoin market could surge by about 10-fold to $2 trillion (roughly Rs. 1,71,29,830 crore) within the next three years. Its report last month said that the US regulation of stablecoins will boost their use cases globally.

The USD1 stablecoin, backed by US President Donald Trump, has been picked as the mode of payment for MGX’s purchase of a minority stake in Binance. The development was reportedly announced by Trump’s 41-year-old son, Eric, at the ongoing Token2049 event in Dubai. Addressing the attendees on Thursday, May 1, Trump claimed that the USD1 is being designed as the most transparent and regulated stablecoin in the world. Its use to facilitate the deal is expected to demonstrate how the USD1 could process instant cross-border transactions soon after its launch.

Milestone Moment for Crypto

This year, in March, Binance sold its first-ever minority stake for $2 billion (roughly Rs. 17,403 crore) to a third party. With this, MGX, a sovereign wealth management fund from Abu Dhabi, became the first outsider shareholder of Binance.

At the time, when Binance founder Changpeng Zhao had announced the development, he had disclosed that the transaction would be “100 percent” facilitated by stablecoins – making it the largest single crypto transaction to date.

World Liberty Financial (WLF), the Web3 firm launched by President Trump and his associates last year, will be overseeing the development and launch of this stablecoin.

Things to Know About USD1

The WLF reportedly launched the USD1 token very quietly in April. CoinMarketCap also shows the USD1 token ranking in the 288th position on its index with a market cap of $137.02 million (roughly Rs. 1,160 crores).

The reserves for the USD1 will be under the custody of BitGo and its liquidity will be managed by brokerage service BitGo Prime, the WLF had said in a statement in March.

For the first phase, the USD1 tokens are being minted on two blockchains — Ethereum (ETH) and Binance Smart Chain (BSC). In the later stages, however, the stablecoin will be linked to other blockchain protocols as well.

Talking about the USD1 at the Token2049 event, Trump said that it will be backed by “short term treasury and cash equivalent that can be sent across borders in a very seamless way”, the Coindesk report said.

The new head of the US Securities and Exchange Commission on Friday said that the agency has stifled innovation for the cryptocurrency sector by fostering “regulatory uncertainty” in prior years.

“Market participants engaging in this technology deserve clear regulatory rules of the road,” Paul Atkins said in his first remarks since being sworn in as chairman of the agency as chairman earlier this week.

He spoked at the SEC’s crypto roundtable, which the Republican leadership launched to weigh how securities laws may apply to digital assets, an area of tension between the sector and the agency under previous leadership.

Atkins, who has worked with crypto firms in recent years, has widely been expected to take a softer tack with the industry. The agency’s previous chair, Gary Gensler, had targeted what he described as widespread noncompliance of the industry with US securities laws.

Even before Atkins’ arrival, the SEC has dramatically shifted its position on crypto in recent months, seeking to create new regulations for the sector and pausing or altogether walking away from enforcement cases.

When asked about the potential for the SEC to suspend trading of Chinese companies as trade tensions rise between the world’s two largest economies, Atkins said that the agency will take action if companies do not abide by US laws.

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Mastercard has announced a payment ecosystem allowing buyers and merchants to make and receive payments using stablecoins. The US-based card payment giant teamed up with Seychelles-headquartered OKX crypto exchange to launch a new card, while another partnership with Canadian payment processing firm Nuvie will allow businesses to accept stablecoin payments. Stablecoins are crypto assets that derive their values from underlying reserved assets like a fiat currency – which shields them from extreme market volatility and makes them usable for day-to-day payments.

Tether (USDT) and Circle (USDC) are examples of stablecoins, both of which are pegged to the US dollar and maintain their values in a 1:1 ratio with the US dollar. Mastercard says through its new system, stablecoin settlements will be made available at over 150 million merchant locations globally.

Mastercard Enables Stablecoin Payments via OKX Card

Mastercard said that stablecoins are bringing efficiency and programmability to payments, disbursements, and remittances. It also said that banks and fintech firms are increasingly ramping up their efforts to explore stablecoin-related services.

As part of this ecosystem development, Mastercard users will be able to spend stablecoins via a new OKX card for day-to-day purchases. Users will also be able to convert and withdraw their stablecoins into fiat currencies.

The company also said that through its collaboration with Nuvei and Circle, merchants will be able to receive their payments in stablecoins, “regardless of how a consumer chooses to pay”.

In the past, Mastercard has teamed up with multiple crypto players like MetaMask, Kraken, Gemini, Bybit, Crypto.com, Binance, Monavate, Bleap, and Paxos. Users of all these platforms will be able to tap into this stablecoin ecosystem to explore potential use cases. The aim is to make the use of stablecoins as convenient as the use of cash stored in any bank account, the firm noted.

Earlier this month, Mastercard said it was working with the Kraken crypto exchange to scale up card-based crypto spending across Europe and the UK. In December 2024, the company partnered Floki Inu to launch a debit card enabling crypto spending via cards.

Swoo Pay and 1inch are other Web3 firms that Mastercard has collaborated with in recent years to explore crypto-centric service offerings.

A group of Abu Dhabi-based institutions on Monday announced plans to launch a stablecoin, pegged to the United Arab Emirates Dirham (AED). The group comprises Abu Dhabi’s ADQ sovereign wealth fund, the First Abu Dhabi Bank (FAB), and investment firm International Holding Company (IHC). The stablecoin will be regulated by the Central Bank of the United Arab Emirates (CBUAE). The group aims to introduce stablecoins into UAE’s payment ecosystems.

Key Details About the Stablecoin

ADQ announced that the upcoming stablecoin will be promoted as a digital currency that can be used by citizens, consumers, businesses, and institutions. The stablecoin is also expected to support transactions between machines and AI models in the UAE.

“As we move forward towards an increasingly digital and connected economy, [the] stablecoin will provide a solution that is secure, efficient, and scalable, while creating new opportunities for growth and value creation,” said Mohamed Hassan Alsuwaidi, ADQ MD and Group CEO, in a prepared statement.

The token will be supported on the ADI blockchain, developed by an Abu Dhabi-based non-profit firm called the ADI Foundation. The CEO of the firm said that because the ADI blockchain is developed within the UAE, it will ensure security and transparency within the stablecoin ecosystem.

The finance, commerce, and trade industries are projected to be major beneficiaries of this stablecoin. The token is also expected to establish the UAE as an early adopter of stablecoins, which are being subject to regulations in several parts of the world, including the US.

It’s worth noting that the group has yet to announce a timeline of the rollout of this stablecoin.

While Dubai has secured itself as a Web3 hotspot, overseen by the dedicated VARA regulatory authority, Abu Dhabi has also taken various steps to strengthen its foothold in the Web3 arena.

Earlier in March, the Abu Dhabi Global Market (ADGM) signed an MoU with Chainlink to enhance Web3 awareness and explore advanced blockchain use cases.

The Abu Dhabi-based sovereign wealth management fund MGX purchased a minority stake in Binance for $2 billion (roughly Rs. 17,403 crore), making it the first second-party stakeholder of what’s touted as the world’s largest crypto exchange.

Coinbase and Animoca Brands have joined a group of institutional investors to announce an accelerator initiative in the UK, focused on Web3 projects. Fabric Ventures and Founders Factory are also part of the programme, that will allow promising Web3 startups to gain financial aid of up to GBP 250,000 (roughly Rs. 2.85 crore). The firms announced the new programme on Monday, and stated that it was designed to advance tech startups working on AI and blockchain technology that can elevate the UK’s economic status.

The initiative also offers 16 weeks of industry experience from Founders Factory, a startup accelerator firm based in London, UK. The selected startups will get business strategy support and market exposure along with training in product development and fundraising, according to a press release published on Monday.

Fabric Ventures, Animoca Brands, and Coinbase will also guide these startups on tokenomics, community strategies, and business scaling practices in the blockchain and AI sectors.

“Ensuring that these products and services are born out of the UK is vital. For too long, access to capital, mentorship, and resources has held back this ambition. This significant investment changes that,” said Keith Grose, UK CEO, Coinbase.

The group of investors has yet to disclose the exact amount of funds that have been allocated to support this initiative. The announcement vaguely mentions the accelerator programme is worth several million pounds.

Startups building for open economy and tokenised business models have been invited to apply. The founders of the selected startups will also get an opportunity to present a demo of their projects to global investors and work for seed funding or Series A investments.

The UK plans to release its crypto rules by 2026. Due to its crypto-friendly approach, several Web3 firms have entered the UK market.

All Web3 firms looking to operate in the UK are required to acquire an operational licence with the Financial Conduct Authority (FCA). Coinbase is among firms that recently registered with the FCA earlier this year.

The crypto market in countries like India and Sri Lanka are maturing at a rapid pace, according to a survey by Binance. The exchange says that the demand for advanced security measures is intensifying in Asia’s crypto markets, where investors are cautious and frequent in their engagements with volatile crypto assets. India, Vietnam, and Thailand are among Asian nations that have taken a keen interest in exploring the crypto sector in recent years. While these countries are still working on their respective crypto regulations, their citizens continue to dabble with these volatile assets. Binance has advised Web3 firms to develop security solutions tailored to address the needs of Asian crypto markets.

Around 28 Percent of Asian Crypto Users Are ‘Newcomers’

Binance claims to have surveyed over 29,800 cryptocurrency users across Southeast, South, and East Asia to compile its Asia Crypto Security Survey report. The overall crypto market in Asia no longer belongs to the “newcomers”, the exchange noted. Only 28 percent of Asian crypto users were still within the first six months of starting their crypto investment journey, while 72 percent of crypto holders have been familiar with the sector for over a year or two.

“This blend of newcomers and seasoned users signals an ecosystem in transition: evolving from speculative interest to sustained participation,” Binance observed. Most Asian crypto users have carefully maintained modest portfolios of under $10,000 (roughly Rs. 8.50 lakh), indicating at a mindful approach to purchasing these unstable assets. Over 64 percent of the total number of respondents reported visiting crypto services several times a week.

Over half of the respondents expressed the desire to participate in platform-organised anti-scam simulations like phishing detection tests. “To enhance trust and understanding, respondents suggested improvements in anti-scam education content on platforms. Key areas for improvement include simplifying technical content (63.7 percent), increasing the frequency of notifications (39.3 percent), incorporating localised case studies (36.4 percent), and diversifying interaction methods (26.7 percent),” the report said. “This indicates a strong appetite for practical, gamified education, particularly if tied to rewards or recognition.”

Asian countries are trying to keep up with the ongoing crypto exploration drive in other global regions like the UAE, the EU, and the USA. India has consistently topped Chainalysis’ list of nations showing a rapid adoption of crypto for the last two years. Presently, India awaits its crypto discussion paper that is being worked out by the finance ministry, which will likely clarify India’s stance on the sector.

In India, crypto incomes are taxed by 30 percent, while a one percent tax deducted at source (TDS) is levied on each crypto transaction. Crypto advisors in India, meanwhile, are accelerating efforts to train law enforcement agencies around probing Web3 crimes. The crypto sector is also formulating self-regulatory guidelines to keep the industry healthy as it awaits comprehensive legislation in the world’s most populous country.

Thailand and Vietnam are also taking active steps to spread awareness and knowledge around cryptocurrencies, while tightening the noose around illegal crypto operations to prevent the risks of fraud and financial losses. Pakistan recently established a national crypto council, with Binance co-founder Changpeng Zhao appointed as its principal advisor.

Binance’s Bader Al Kalooti has acknowledged that South Asian crypto users are serious, discerning, and increasingly security conscious. “They’re tech-savvy individuals engaging with crypto exchanges multiple times a week, even daily. They’re building knowledge, not just portfolios. What they’re asking for isn’t hype or high-risk speculation—they’re demanding trustworthy platforms, transparent protections, and interactive education,” he said.

Bitget has partnered Avalanche as part of the latter’s efforts to invest in the Web3 sector in India. Aimed at driving grassroots-level adoption of Web3 technology in the country, the partnership was announced by the Web3 firms on Monday. While Bitget is a Seychelles-based crypto exchange, Avalanche is an open-source layer-1 blockchain created at Cornell University and later led by New York-based Ava Labs. As part of the agreement, both firms plan to boost India’s web3 infrastructure to support crypto services and highlight blockchain use cases in the country.

Avalanche and Bitget will launch awareness campaigns and educational workshops related to crypto safety and blockchain exploration throughout the year as part of the “HODL ON” tours. Through these tours, the partnership will offer a platform to Indian Web3 startups to showcase their work and secure funding.

Two community meetups have already taken place in Delhi and Bengaluru in recent weeks, as the first leg of the tour went live. The firms said that India’s tech talent is capable of delivering world class Web3 applications if supported by timely grants, mentorship, and international exposure.

“Empowering users with the right knowledge is essential to unlocking the full potential of blockchain in India’s digital future. We’re committed to bridging this gap through community programs, partnerships with universities, and accessible learning tools,” Jyotsna Hridyani, South Asia Head at Bitget said in a prepared statement.

Bitget is currently working with the Financial Intelligence Unit of India (FIU-IND) to secure its mandatory registration that would legalise its operations in the country. Avalanche, meanwhile, is already working with state governments to shift public records onto its blockchain network.

India’s Growing Web3 Workforce

India is on track to overtake the US as the largest hub of Web3 developers by 2028, the India Web3 Landscape Report (2024) by Hashed Emergent claimed last month. The report claimed that India’s Web3 developer community grew by 28 percent in 2024, adding over 4.7 million developers to GitHub

Base blockchain developer, Jesse Pollak had also strongly backed the community of India’s Web3 developers last year. In conversation with Gadgets 360, Pollak had said that if developers could tap into some banking support in the country they would be able to create useful Web3 solutions.

Despite a lack of clear regulations to oversee Web3, the cluster of companies working around blockchain and crypto exceeded the mark of 400 last year. In its report last year, the Bharat Web3 Association (BWA) claimed that Karnataka has emerged as the hotspot for Web3 firms, housing at least 97 Web3 firms, followed by Maharashtra, Telangana, Haryana, and Uttar Pradesh.

In recent years, several companies and venture capital firms have initiated funding programmes aimed at assisting bootstrapped Web3 startups. These firms include PwC India, AlgoBharat, and the Solana Foundation among others.

Up Network and DreamSmart have collaborated to unveil what the companies call the world’s first Web3- focused smart glasses with artificial intelligence (AI). Equipped with Google’s Gemini AI, the smart glasses offer real-time contextual artificial intelligence. Up Network has developed an AI agent operating system to improve human-machine interactions, while DreamSmart’s technology specialises in advanced tech solutions for EVs, smartphones, and wearables. The device has been announced at a time when Web3 and AI technologies experienced significant growth.

The companies have yet to announce a name (or price) for these smart glasses, and which could be rolled out by Q1 2025, as per a press release. The glasses will let users access an AI assistant to handle crypto-related tasks, according to the firms. AI is expected to help newcomers to the crypto space interact with blockchain-related services using natural language commands.

Users of the glasses will earn tokenised incentives for engaging in decentralised activities, according to the companies. The glasses let users own their data as an asset and enable them to have complete autonomous control, as all operations are claimed to work on the device. All Web3 interactions initiated by these glasses will also be processed on-device.

“These glasses are not just a device—they’re a gateway to the future of computing and decentralised technology, combining AI, XR, and Web3 incentives into one powerful ecosystem,” said Devansh Khatri, Co-founder at Up Network.

The glasses weigh 44g and are claimed to offer up to eight hours of battery life. The glasses pack an optical waveguide-based display to offer users an extended reality (XR) experience for entertainment, productivity, and day-to-day tasks, according to the company.

Bitcoin reflected profits on both national and international exchanges on Monday after a period of decline following US President Donald Trump’s announcement of widespread tariffs on US imports. On international platforms, Bitcoin rose in price by 2.61 percent to trade at $87,373 (roughly Rs. 74.5 lakh). On Indian exchanges, its price hovered over the mark of $87,845 (roughly Rs. 75 lakh) with a gain of over two percent. The past two weeks proved rough for Bitcoin as the Trump administration announced sweeping reciprocal trade tariffs against many nations, particularly China.

“Bitcoin is gaining strong upward momentum, trading at $87,300 (roughly Rs. 74 lakh) as investor confidence picks up once again. Additionally, macroeconomic factors like the dollar index falling to a three-year low and increasing recession fears are prompting investors to turn to Bitcoin as a safe-haven asset,” Alankar Saxena, Co-founder and CTO of Mudrex, told Gadgets 360. “A close above the monthly high of $88,700 (roughly Rs. 75.7 lakh) could trigger a decisive move towards $92,000 (roughly Rs. 78.5 lakh) with strong support at $84,000 (roughly Rs. 71 lakh).”

Ether also registered a price hike of 1.52 percent on international exchanges to trade at $1,640 (roughly Rs. 1.40 lakh). On Indian exchanges, meanwhile, ETH is trading at $1,663 (roughly Rs. 1.41 lakh), reflecting a gain of over one percent.

“Ethereum’s holding its ground above $1,500 (roughly Rs. 1.28 lakh), though it’s still facing resistance near $1,680 (roughly Rs. 1.43 lakh). Macro uncertainties haven’t gone away as yet. US-China trade talks, sticky treasury yields, and the Fed’s next move are all on the market’s radar. The May FOMC meeting will be key, with only a 12 percent chance of a rate cut right now. So, while sentiment is improving, we’re not in full risk-on mode just yet,” Riya Sehgal, research analyst at Delta Exchange, told Gadgets 360.

The crypto price tracker by Gadgets 360 showed most altcoins trading sideways on Monday.

Ripple, Binance Coin, Tron, Leo, and Shiba Inu reflected gains.

Solana, Dogecoin, Cardano, Avalanche, Stellar, and Polkadot, meanwhile, logged losses.

The crypto market cap rose by 1.70 percent to sit at the valuation of $2.74 trillion (roughly Rs. 2,33,93,435 crore), showed CoinMarketCap.

“With increasing confidence among users and improving infrastructure, the trend toward mainstream acceptance continues to gather momentum. The coming weeks will be pivotal in determining investor strategies and overall market direction,” said Avinash Shekhar, co-founder and CEO, Pi42.

As markets largely remain volatile, analysts have advised investors to continue being cautious with their investment decisions and conduct thorough research.

 Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article. 

Bitcoin price hit a six-week high on Wednesday. The price of the world’s most widely used digital asset rose by six percent to reach $93,455 (roughly Rs. 79.8 lakh) on international exchanges, as per CoinMarketCap. On Indian exchanges, Bitcoin’s price jumped by nearly seven percent over the past 24 hours. Data by CoinSwitch and CoinDCX show BTC trading at $93,680 (roughly Rs. 80 lakh). Most altcoins also rose in value on Wednesday, alongside Bitcoin.

“This rally is largely driven by increased institutional buying, with Bitcoin spot ETFs seeing net inflows reach a multi-month high of over $700 million (roughly Rs. 5,984 crore), totalling over $1 billion (roughly Rs. 8,549 crore) in inflows this week alone,” Alankar Saxena, Co-founder and CTO of Mudrex told Gadgets 360. “Another bullish metric is the decline in exchange inflows, suggesting reduced selling pressure, helping build momentum. The Fear and Greed Index now stands at ‘Neutral’, indicating that retail investors are re-entering the markets.”

Ether rose by 14 percent on international exchanges in the last 24 hours. At the time of writing, ETH was trading at $1,800 (roughly Rs. 1.53 lakh) on global platforms. On Indian exchanges, ETH was priced at $1,815 (roughly Rs. 1.55 lakh) on Wednesday.

“ETH continues to trade in a ‘Descending Channel’ and has corrected by almost 65 percent over the past four months. The bulls, however, defended the key support level of $1,350 (roughly Rs. 1.15 lakh). The asset has strong resistance at $1,750 (roughly Rs. 1.49 lakh). Once it breaks and stays above this level, we can expect it to further rally up to $2,100 (roughly Rs. 1.79 lakh),” the ZebPay Trade Desk said.

The crypto price tracker by Gadgets 360 showed the prices of most altcoins were on the rise on Wednesday.

These include Ripple, Solana, Dogecoin, Cardano, and Tron alongside Shiba Inu, Polkadot, Litecoin, Monero, and Polygon among others.

The overall crypto market cap surged by 6.95 percent over the last day to reach $2.94 trillion (roughly Rs. 2,51,25,195 crore), as per CoinMarketCap.

“The US dollar index has hit a three-year low at 98.29, creating favorable macroeconomic conditions for crypto assets. The broader crypto market has responded positively to the development. Adding to the bullish sentiment is the appointment of Paul Atkins as SEC Chairman. His return signals a shift toward a more constructive regulatory approach, with several enforcement actions already rolled back under his leadership. However, caution is advised as volatility may still resurface,” Himanshu Maradiya, Founder and Chairman, CIFDAQ crypto exchange told Gadgets 360.

The prices of Binance Coin, Leo, Stellar, Status, and Ardor dropped on Wednesday.

“Remarks from Treasury Secretary Scott Bessent and former President Trump suggesting a de-escalation in the US-China trade dispute have improved the broader risk environment, lifting both traditional equities and digital assets. AI-focused coins, meme coins, and real-world asset projects are also seeing renewed interest, pointing to a broad-based revival across the crypto landscape,” Riya Sehgal, Research Analyst, Delta Exchange told Gadgets 360.

Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article. 

Bitcoin’s price continued its rise on national and international exchanges on Friday. The most valuable crypto asset rose by less than one percent to trade at $93,400 (roughly Rs. 79.7 lakh) on global platforms. On Indian exchanges, Bitcoin is currently trading within the range of $93,086 (roughly Rs. 79.4 lakh) and $93,962 (roughly Rs. 80.2 lakh). While BTC has maintained its price above $93,000 (roughly Rs. 79 lakh) for over 48 hours, the prices of most altcoins are fluctuating, due to the ongoing market volatility.

“Bitcoin opened the day’s trade on a bullish note and faced a minor pullback. Besides, the altcoins are also facing some bearish heat but have managed to sustain above the gains. This hints towards a rise in the strength of the bulls, who are currently a little passive but may initiate a fresh rally soon,” the CoinDCX Research Team told Gadgets 360.

Ether logged small losses (less than one percent) on national and international exchanges on Friday. CoinMarketCap shows that ETH is trading at $1,766 (roughly Rs. 1.50 lakh) on global platforms. On Indian exchanges, the asset is priced at $1,773 (roughly Rs. 1.51 lakh).

“The cryptocurrency appears to be stabilising its recent gains and seems poised for another upward move. Ethereum has entered a consolidation phase over the same period, with the $1,800 (roughly Rs. 1.53 lakh) level acting as minor resistance in the coming days,” said Piyush Walke, Derivatives Research Analyst, Delta Exchange.

The crypto price tracker by Gadgets 360 indicated the prices of several altcoins were down on Friday.

These include Tether, Ripple, Binance Coin, Dogecoin, and Tron. Additionally, Stellar, Bitcoin Cash, and Polkadot also showed price dips alongside ETH on Friday.

“Sentiment remains cautiously optimistic. If liquidity conditions hold, select altcoins may outperform majors in the near term. Still, investors are advised to prioritise fundamentally sound projects and maintain disciplined risk management,” said Himanshu Maradiya, Founder and Chairman, CIFDAQ Group.

Cryptocurrencies that are currently more expensive include Solana, Cardano, Leo, Shiba Inu, Litecoin, Monero, Cronos, and Cosmos among others.

The overall crypto market valuation rose by 0.92 percent over the last day, as shown by CoinMarketCap. The sector’s market cap presently stands at $2.92 trillion (roughly Rs. 2,50,03,960 crore).

“The overall market sentiment is cautiously optimistic, with patterns of accumulation pointing towards a turnaround. As Bitcoin finds stability, the crypto market may be setting itself up for a new rally fueled by renewed interest and strategic positioning,” Avinash Shekhar, Co-Founder and CEO, Pi42, told Gadgets 360.

Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article. 

US banking regulators announced on Thursday they were pulling back several documents that urge banks to show caution when dabbling in cryptocurrency and related activities.

The Federal Reserve said it was withdrawing a pair of supervisory letters stipulating that banks should seek advance approval from regulators before engaging in crypto-asset and stablecoin activities.

In addition, the Fed joined the Federal Deposit Insurance Corporation and Office of the Comptroller of the Currency in withdrawing a pair of 2023 statements urging banks to be vigilant around crypto-related risks.

Under the prior guidance, regulators warned banks to be wary of volatility, legal uncertainty and liquidity risks when considering whether to provide crypto-related services or take on crypto companies as clients.

Scrapping that guidance marks the latest move by the Trump administration to strike a more crypto-friendly stance. In its statement announcing the changes, the Fed said regulators would be looking into whether new guidance to “support innovation, including crypto-asset activities, is appropriate.”

In March, the OCC was the first US regulator to move to make it easier for banks to engage in crypto activities, similarly moving to scrap guidance adopted under the previous administration urging banks to be cautious in the space.

© Thomson Reuters 2025

(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)

The Financial Intelligence Unit of India (FIU-IND) has reportedly instructed all crypto exchanges to verify the know your customer (KYC) data collected from users based in India, by the end of June. The KYC details that are older than 18 months will need to be refreshed by all operational exchanges. Mudrex and Pi42 confirmed the development to Gadgets 360 on Friday. The aim of this step is to maintain accurate details of crypto holders, while also identifying the flouters of the national crypto tax laws.

The FIU has observed that many crypto users as well as exchanges are neglecting the one percent TDS deduction law on crypto transactions, The Economic Times reported, citing anonymous sources. The agency now plans to tighten its oversight over crypto activities.

Bharat Web3 Association (BWA), which is an independent crypto advisory body based in New Delhi, said this directive underscores India’s push for regulatory accountability in the Virtual Digital Assets (VDA) space.

“The FIU-IND has directed all registered VDA exchanges to enhance KYC compliance by June 30, 2025, under the Prevention of Money Laundering Act (PMLA). This includes updating user data, re-verifying accounts older than 18 months,” the BWA posted on LinkedIn. “BWA supports this effort as a vital step toward fostering a transparent, secure, and regulation-aligned VDA ecosystem in India—one that builds long-term credibility.”

“All crypto exchanges operating in India are required to conduct periodic re-KYC and report TDS to the government.” Mudrex CEO Edul Patel told Gadgets 360. He also noted that crypto exchanges should take it upon themselves to ensure that their users are aware about tax obligations, helping them make informed decisions and stay on the right side of the law.

Earlier this week, Binance started informing its India users about the re-verification process through an email. The exchange has told its users to submit their PAN or (Permanent Account Number), which is a 10-digit identification number assigned to all taxpayers in India.

Sudhakar Lakshmanaraja, founder of Web3-focussed organisation, Digital South said that this step brings India in alignment with the global regulatory approach to crypto.

“Such proactive steps build greater confidence among stakeholders and reflect India’s intent to responsibly embrace the digital asset space,” Lakshmanaraja noted.
The government has yet to introduce comprehensive crypto legislation to govern the sector. Earlier in February this year, RBI Governor Sanjay Malhotra said that the government is working on its discussion paper that would clarify India’s stance on the crypto industry.

PayPal will start offering rewards to PYUSD stablecoin holders in a bid to boost its adoption and use in the coming months. Bloomberg was first to report on PayPal’s plans, stating that PYUSD users will be able to earn 3.7 percent annually on their holdings once this initiative is rolled out. Later, PayPal CEO Alex Chriss confirmed the development on X (formerly known as Twitter). The US-based online payments giant launched its PYUSD stablecoin in 2023, pegged to the US dollar.

The rewards for PYUSD holders will be provided in the form of the stablecoin itself, Jose Fernandez da Ponte, the company’s senior vice president and general manager of blockchain, told Bloomberg. These rewards will be paid to PYUSD holders on a monthly basis.

PayPal’s CEO said that the company wants customers to experience the utility scope of stablecoins with the new rewards programme.

“Stablecoins have the power to reshape the future of commerce by combining innovation, stability, and accessibility. Now, we’re making PayPal and Venmo the most rewarding way to hold PYUSD. With our new loyalty program, users on PayPal and Venmo will be able to earn rewards when they hold PYUSD within their accounts,” Chriss noted.

At present, the market cap of PYUSD stands at $865.91 million (roughly Rs. 7,394 crore) — with over 866 million tokens in circulation, as per CoinMarketCap data.

This initiative is expected to increase PYUSD adoption for day-to-day expenditures as well as efficient cross-border transactions, Chriss said. The stablecoin regulations in the US are approaching final approval in the coming days – that will clarify the dos and don’ts for businesses engaging with these assets.

PayPal has been exploring the Web3 sector for the past few years. In 2022, the company established a six-member advisory council to research and analyse blockchain use cases aimed at enhancing its infrastructure.

The platform launched its crypto buying, selling, and holding feature for US-based business accounts in 2024, owing to user demand.

The company has yet to disclose a timeline for the rollout of its PYUSD rewards initiative.

The Central Bank of Russia and the country’s Finance Ministry are planning to launch an experimental crypto exchange in the coming days. The step is part of Russia’s roadmap of gradually legalising cryptocurrencies. Finance Minister Anton Siluanov was addressing a ministry meeting this week, when he shed light on the plans, according to reports from local media. The development follows Russia’s support for the creation of a blockchain-based payments platform to be used exclusively by members of the BRICS group.

Due to the volatility and risks associated with cryptocurrencies, the Central Bank of Russia proposed the testing crypto activities under an experimental legal regime (ELR). Earlier in March, it said it would conduct these crypto transaction trials with “highly qualified investors”.

Investors with portfolios worth at least RUB 100 million (roughly Rs. 10 crore) will be considered as suitable to test the crypto exchange. Individuals whose income exceeded RUB 50 million (roughly Rs. 5 crore) will also be considered as qualified investors, according to an Interfax report.

Qualified investors will be allowed to invest in settlement-based securities, derivative financial instruments, and digital financial assets via the upcoming platform. These investments will reportedly exclude cryptocurrency delivery to investors but link returns to its value.

The experiment is said to be at least six months away from being launched.

Commenting on the development, Bitget COO Vugar Usi Zade told Gadgets 360 that Russia’s move could signify a shift towards greater institutional involvement and the legitimisation of digital assets in international trade.

“By limiting participation to ‘super-qualified’ entities likely institutional players and state-affiliated firms, the Kremlin is creating a controlled sandbox. This mirrors Singapore’s early licensed exchange model but with a distinctly geopolitical twist: facilitating trade with BRICS allies amid sanctions,” Zade said. “As geopolitical dynamics evolve, such developments warrant close attention from investors and policymakers alike.”

The crypto sector currently lacks comprehensive regulations in Russia. The Central Bank of Russia does not recognise crypto assets as a mode of payment, but citizens are permitted to purchase, hold, and trade crypto.

In recent years, Russia has prioritised discussions about crypto on official levels. In February this year, for instance, Russia’s Energy Ministry started discussions on mandating registrations for firms providing crypto mining equipment. The country has also been using Bitcoin to facilitate foreign trade.

Malaysian Prime Minister Anwar Ibrahim met Binance Co-Founder Changpeng Zhao on April 22. The aim of the meeting was to discuss Malaysia’s approach to engage with Web3 technologies like blockchain and digital assets. PM Ibrahim posted details about the meeting on X (formerly Twitter), claiming that he wishes to transform the Asian nation into a major Web3 hub. In the future, the country plans to continue engaging in similar conversation with international regulatory and financial bodies to chalk out a roadmap for Web3 adoption.

The Prime Minister called his meeting with Zhao “productive”. Zhao also posted on X that the meeting with the Malaysian leadership led to “great discussions”, without divulging elaborate details.

In his tweet, the Malaysian PM wrote, “it’s clear that government leadership is essential in driving blockchain adoption—such as through digitisation and exploring tokenisation of financial instruments and other use cases.”

He plans to take steps to help Malaysia position itself at the forefront of global digital transformation. For this, he plans to continue dialogue with Malaysia’s Securities Commission and the Bank Negara Malaysia. Officials from Malaysia’s “Ministry of Digital” will also participate in these Web3-related discussions. Established in 2023, the Ministry of Digital in Malaysia is responsible for overseeing the national digitisation plans and agenda.

The Web3 sector, comprises sub-sectors like cryptocurrencies, blockchain, metaverse, and NFTs, and it is still largely unregulated on a global level. The UAE and the European Union (EU) are among the first regions to have deployed comprehensive Web3 regulations – to allow the sector to grow while protecting the interests of its industries and investors.

Malaysia has been tapping into the expertise of Web3-familiar lawmakers and industry insiders. In January this year, for instance, PM Ibrahim met with UAE officials to discuss the formulation of a supportive policy framework for cryptocurrencies. At the time, the Malaysian PM had met with Zhao – marking their first meeting.

Zhao co-founded Binance in 2017. Earlier this month, he was also appointed as a strategic advisor to Pakistan’s recently formed Crypto Council.

He stepped down as the CEO of Binance in 2023 after a $4.3 billion (roughly Rs. 36,745 crore) settlement with US authorities over anti-money laundering violations. He pleaded guilty to the charges and was sentenced to four months in prison.

Despite his history at the helm of Binance, Zhao remains the majority shareholder of what’s touted as the world’s largest crypto exchange.

Bitcoin surpassed Big Tech firms like Google, Amazon, and Meta to become the fifth-largest asset by market cap on Wednesday. The valuation of the oldest and most expensive crypto asset climbed to $1.86 trillion (roughly Rs. 1,58,87,400 crore) on Wednesday. This takes Bitcoin’s valuation significantly higher than that of silver as well. Bitcoin is behind Apple, Microsoft, and Nvidia which are three of the top five assets in the world, according to data by CompanyMarketCap.

A Quick Glance at the Numbers

At the time of writing, Google’s valuation stands at $1.859 trillion (roughly Rs. 1,58,80,690 crore), marginally lower than Bitcoin’s and subject to fluctuations. Gold remains the top-most asset, with a market cap of $22.4 6 trillion (roughly Rs. 19,19,00,869 crore). Apple, which is in second position, is valued at $3 trillion (roughly Rs. 2,56,24,035 crore).

Bitcoin has been through a few rough patches over the past couple of weeks. The asset rebounded after six straight weeks of losses on Wednesday to trade at $93,455 (roughly Rs. 79.8 lakh). Due to the ongoing tariff uncertainty, Bitcoin’s price previously sank to $76,000 (roughly Rs. 65.3 lakh).

At its peak, Bitcoin’s price crossed the $108,000 (roughly Rs. 92 lakh) mark in the middle of December 2024.

Silver and Amazon, which are at sixth and seventh positions on the CompanyMarketCap Index, are presently valued at $1.855 trillion (roughly Rs. 1,58,46,170 crore) and $1.837 trillion (roughly Rs. 1,56,92,388 crore), respectively.

In conversation with Gadgets 360, CoinDCX co-founder Sumit Gupta said this development reflects the growing institutional conviction and a maturing policy environment around crypto assets like Bitcoin. Others from the crypto space lauded the development of seeing value come out of code.

“This alignment of market performance and policy clarity is laying the groundwork for a resilient, integrated financial ecosystem—one where digital assets are not speculative outliers, but foundational pillars of the global economy,” Gupta said. With India’s discussion paper on crypto still due, Gupta said, the country stands at a pivotal crossroads in the digital asset economy.

Paul Atkins has been sworn in as the 34th chairperson of the US Securities and Exchange Commission (SEC). US President Donald Trump had nominated Atkins for the role earlier this year. The US Senate also confirmed its support for Atkins to take up the role this month. With him at the helm, the SEC will accelerate crypto-focused regulatory work in the US, Atkins had claimed last month while addressing the Senate Banking Committee.

Atkins, who served as the SEC Commissioner from 2002 to 2008, has maintained close quarters with the cryptocurrency sector. For instance, Atkins co-directed the “Token Alliance” from 2017 to 2024. The initiative was launched by the US Chamber of Digital Commerce to promote the growth of the digital assets industry in the US.

The SEC welcomed its new chief, saying, “Chairman Atkins helped lead efforts to develop best practices for the digital asset sector. Before serving as an SEC Commissioner, Chairman Atkins was as a consultant on securities and investment management industry matters, especially regarding issues of strategy, regulatory compliance, risk management, new product development, and organisational control.”

Atkins believes that unclear crypto regulations are a major reason behind the volatility and risks associated with the sector. Addressing the Senate Banking Committee last month, Atkins reportedly vouched to work with the Congress and fellow commissioners to give the crypto sector a strong regulatory foundation, with a rational and principled approach.

“I am pleased to join the agency’s dedicated professionals to advance its mission to facilitate capital formation; maintain fair, orderly, and efficient markets; and protect investors,” Atkins said, commenting on his new role.

Under former chairperson Gary Gensler, the SEC gained notoriety for launching investigations into numerous cryptocurrency firms, earning him the reputation of a crypto antagonist during his time under ex-US President Joe Biden. However, under the Trump administration, the SEC dropped multiple legal cases against Web3 firms like Binance, Coinbase, Ripple, and OpenSea, among others, in recent months.

Atkins’ appointment as the SEC chair aligns with President Trump’s vision of transforming the US into the crypto capital of the planet.

As part of his role, Atkins will play a crucial role in drafting the crypto legislation in the US – a task that is already underway and is being carried out by the SEC’s Crypto Task Force. President Trump expects to review these rules by August this year.