Thailand is exploring new payment-related policies that are aimed at making it a more appealing destination for visitors, according to users. This week, the country’s Deputy Prime Minister and Finance Minister Pichai Chunhavajira said crypto will soon be tested as an alternative payment option to cash for the convenience of the tourists. Local publication Nation Thailand reported the development on Wednesday. A large chunk of Thailand’s revenue comes from the tourism industry, and the country classifies cryptocurrencies as digital assets and allows its citizens to purchase, sell, trade, and hold crypto assets.

Bitcoin Payments in Thailand

Chunhavajira was addressing a seminar hosted by the Marketing Association of Thailand where he spoke about the country’s pro-crypto initiative that is still in development, the report by Nation Thailand said.

Phuket reportedly welcomed over eleven million tourists in 2023, and it has been chosen as the first city where these crypto payment trials will be made live.

Thailand’s authorities have noticed the growth potential in crypto values along with the popularity of assets like Bitcoin among tourists that prompted them to undertake this step. According to the report, visitors to Phuket who wish to participate in these crypto payment trials will first have to get their identities and credentials verified by a registered Thai exchange.

In his speech, Chunhavajira also reportedly mentioned that if the trials are successful, crypto payments could become common for an array of purchases in the city. As an example, he said refugees from the Russia-Ukraine war, could purchase a residence in Thailand by paying via Bitcoin. Thailand won’t bring any immediate changes to its existing financial laws during the pilot phase, as per the report.

Thailand’s History with Cryptocurrencies

Thailand banned the use of cryptocurrencies as payment option for commodities and services in 2022. At the time, Thai authorities had expressed concerns about the potential of cryptocurrencies to disrupt the nation’s financial stability.

Its recent foray into testing crypto payments for tourists could be because of Doland Trump’s victory in the recently held US elections. After Trump was chosen as the President-elect in November 2024, crypto prices shot off the roof. In the backdrop of Trump’s promise to make BTC a reserved asset in the US, the price of Bitcoin historically touched the mark of $108,000 (roughly Rs. 92.8 lakh).

As crypto investments in Thailand continue to grow, the authorities have been taking measures to ensure the financial safety of its trader community. Last year, the country decided to impose bans on unlicensed crypto exchanges.

Data from Web3 research from MIIX Capital estimated that 13.2 million people in Thailand owned cryptocurrencies as of 2024. A separate report from Statista estimated that around 117,000 new crypto trading accounts were generated in Thailand as of last October.

Bitcoin saw a small dip in its value on Friday, as the price of the world’s most popular digital asset fell by 0.65 percent on global exchanges. According to data by CoinMarketCap, the value of Bitcoin has come to $93,724 (roughly Rs. 80 lakh), according to data by CoinMarketCap. Indian exchanges like Giottus and CoinSwitch showed BTC’s price decline by over four percent. At the time of writing, BTC was trading at $99.007 (roughly Rs. 85 lakh). Other altcoins also saw their values fall alongside Bitcoin.

“Bitcoin is trading range-bound as investors remain cautious. While BTC and other major tokens show strong resilience near the support levels, bulls must step in to see some price action. Investors are now eyeing the December jobs report due later today to decide the market momentum. Bitcoin faces resistance at the $95,900 (roughly Rs. 82.3 lakh) level while strong support lies at the previous low of $91,200 (roughly Rs. 78.3 lakh),” Edul Patel, CEO Of Mudrex told Gadgets 360.

Ether’s price also dropped on Friday, just like Bitcoin on Friday. On global exchanges, ETH price dropped by 0.19 percent, bringing its price point to $3,244 (roughly Rs. 2.78 lakh). On Indian exchanges, the asset price dipped by 2.67 percent to trade at $3,386 (roughly Rs. 2.90 lakh).

The crypto market is going through a volatile period and market experts have advised investors to tread with caution. The crypto price tracker by Gadgets 360 showed most altcoins trading at lower values on Friday.

Solana, Binance Coin, Dogecoin, Cardano, Avalanche, and Polkadot saw their prices drop, like BTC and ETH.

Similarly Leo, Stellar were also trading at lower prices.

The overall valuation of the crypto market tumbled by 1.06 percent over the past 24 hours. With this, the market cap dropped to $3.27 trillion (roughly Rs. 2,80,83,577 crore), as per CoinMarketCap data.

On the other hand, Shiba Inu, Uniswap, and Litecoin managed to retain minor profits.

“These dips are buying opportunities for the investors as the historical trends suggests such fluctuations are preceded by potentially significant rallies. This period therefore is very important and investors should keep their eyes on the long haul, rather than on the short-term profits,” Avinash Shekhar, Co-Founder and CEO, Pi42 told Gadgets 360, claiming that the next major moves are likely to be dictated by key support and resistance levels across these assets.

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. 

Mantra, a blockchain platform focused on real-world assets (RWAs), has signed a deal with Dubai developer Damac Group to tokenise assets in the Middle East worth at least $1 billion (roughly Rs. 8,589 crore), the two firms said on Thursday.

Asset tokenisation allows rights to, or ownership of assets, including real world assets (RWAs), to be converted into digital tokens on a blockchain, which can then be owned and traded online.

Damac, one of Dubai’s biggest developers, whose assets include real estate properties and data centres, has been investing in data centres across the world.

On Tuesday, its Chairman Hussain Sajwani and US President-elect Donald Trump announced it would invest $20 billion (roughly Rs. 1,71,798 crore) in data centres the US in the coming years.

“Damac is always exploring new technologies to enhance our product offerings. Partnering with Mantra is a natural extension of our commitment to innovation and forward-thinking solutions,” the developer’s Managing Director of Sales and Development Amira Sajwani said in a statement.

Its assets in the Middle East will be available early this year on the Mantra chain, the two firms said.

Last year, Mantra agreed with developer MAG Property Development to tokenise real estate assets worth an overall $500 million (roughly Rs. 4,295 crore), starting from a residential project in Dubai, which is the Gulf’s tourism and business hub.

The United Arab Emirates and the city aim to become a global centre for digital assets, including the crypto industry, and are working to attract some of the biggest firms in the sector and to develop virtual asset regulation.

In 2017, the Dubai Land Department launched its blockchain platform using a database to record real estate contracts, including lease and registrations and linking them to utility and telecom accounts.

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Standard Chartered bank announced on Thursday that it is expanding its crypto services to the European Union (EU). The London, UK-headquartered bank previously debuted its crypto-related services in Luxembourg. This makes Luxembourg the entry point for the bank into the EU market. The development comes after the EU’s crypto guidelines, known as the Markets in Crypto-Assets Regulation (MiCA), went into effect on December 30, 2024. The bank could launch these services in other EU countries, but it has yet to reveal any expansion plans.

The bank will now offer crypto and digital asset custody services to its customers in Luxembourg, a post from the bank said.

Data by Worldometer claims that the current population of Luxembourg is over 676,000. Meanwhile, data by Statista estimates that the number of crypto holders in Luxembourg is expected to breach the mark of 36,000 by 2025. In its statement, the bank said that Luxembourg has a well-balanced regulatory and financial ecosystem that made it a viable entry point for it into the EU.

“We are really excited to be able to offer our digital asset custody services to the EU region, enabling us to support our clients with a product that is changing the landscape of traditional finance, whilst also providing the level of security that comes with being an appropriately regulated entity,” said Margaret Harwood-Jones, commenting on the development. Harwood-Jones serves as the global head of financing and securities services at Standard Chartered.

Laurent Marochini will head the bank’s Luxembourg entity as its CEO. He previously served as the head of innovation at France’s Société Générale bank.

History of Standard Chartered with Crypto

In recent years, various traditional banks like JP Morgan, Morgan Stanley, and Goldman Sachs have made strides in exploring the sector of digital assets. Standard Chartered has also participated in a few Web3-centric projects over the past few years.

In 2022, the Monetary Authority of Singapore (MAS) partnered with Standard Chartered to pilot a project that focussed on exploring digital tokens that could simplify trade finance.

Last September, the multinational bank launched a digital asset custody service in the UAE. At the time, Bill Winters, the Group Chief Executive of Standard Chartered, said that the bank firmly believes that digital assets like cryptocurrencies are bound to trigger a fundamental shift in the very fabric of finance.

Crypto Expansion in EU

The EU had finalised the MiCA regulations in 2022. It gave virtual assets service providers (VASPs) a period of two years to being their businesses in alignment with MiCA rules. These guidelines have been put in place to ensure that crypto-related practices are safe for investors to dabble in. From licencing requirements to steps to establish clean business practices — the guidelines comprehensively cover a wide array of dos and don’ts for Web3 firms looking to operate in the EU region.

Owing to the regulatory clarity in the EU region, crypto firms are gradually reaching EU nations to expand their businesses. Earlier this month, Hong Kong-based HashKey crypto exchange forayed into the EU region by obtaining a licence in Ireland.

US-based PayPal also chose Luxembourg to debut its crypto services in the EU in 2022.

China’s government on Monday released guidelines for the development of a national data infrastructure, as part of efforts to improve its data exchange and management network. A document published by the National Development and Reform Commission and two other authorities states that China must explore blockchain technology to make its data exchange and management ecosystems more secured through smart contracts. Also called the distributed ledger technology (DLT), the blockchain is the underlaying technology used by cryptocurrencies, NFTs, and the metaverse.

According to the document titled National Data Infrastructure Construction Guidelines”, a blockchain-based implementation can safeguard stored data against tampering. The authorities behind the project believe that the national data infrastructure must be kept up-to-date to support the circulation and storage of information that is important in terms of national security.

In recent years, blockchain networks have emerged as a potential replacement for traditional Web2 servers. A blockchain does not concentrate large amounts of data at one point, unlike traditional servers. Instead, information saved on blockchain networks is segregated into multiple smaller units of data, and these are spread across the network. This protects the data against leaks and breaches. In addition, blockchain networks log data permanently and in an unalterable format — which brings a layer of trust and transparency to data storage.

China’s Blockchain Plans

China plans to work on new database solutions that would be supported on blockchain networks, it said in the guidelines. The updated data management solutions that the Asian nation is betting on will integrate hardware, software, and model algorithms together to be used by the government, industries, and enterprises operating there.

“(These) features are mainly used to solve trust and security issues in the process of data circulation,” the guidelines noted.

Creating a trusted data circulation system, data delivery system, and data application system for industries is part of the government’s plan.

The country aims to deploy the main structure of this blockchain-supported data infrastructure by 2029 — it will need to finish the top level design of the system by 2026, and integrate data networks and computing power facilities by 2028.

China’s History with Blockchain

While China imposed a blanket ban on all crypto-related activities in 2021, it continued to show an inclination in experimenting with blockchain technology. The country is also working on its own central bank digital currency (CBDC).

In 2022, the Cyberspace Administration of China (CAC) launched a nationwide programme to focus on blockchain-related research and development. The CAC is the central Internet regulator of China.

Last April, China launched the ‘Ultra-Large Scale Blockchain Infrastructure Platform for the Belt and Road Initiative’. The aim of this initiative was to develop a global infrastructure through which China aimed to connect continents across land and sea.

The country has also formed a standard-setting body comprised of Huawei and Tencent to define rules to oversee the expansion of metaverse-related developments.

The Hong Kong Monetary Authority (HKMA) has established a ‘Supervisory Incubator’ that will help banks develop and test the use cases of the distributed ledger technology (DLT). The initiative was announced on Wednesday, during the FiNETech4 event organised by the HKMA. The emergence of Web3 and its potential offerings to the global financial services was among the subjects of discussions in the event. The newly formed body will focus on helping banks try risk management capabilities around deposits and loan services. The practice of tokenised deposits will be the core area of focus for the incubator, the HKMA said.

The HKMA announced the creation of the new incubator in the presence of over 300 professionals from the banking, insurance, and provident fund sectors.

Commenting on the launch, HKMA’s Deputy Chief Executive, Arthur Yuen said, “The Supervisory Incubator for DLT is a key component of our strategy to foster the development of DLT-based banking solutions that are safe, efficient, and beneficial to the industry and the wider community.”

How the HKMA’s Incubator Works

Hong Kong’s banks will effectively have a direct line of communication with regulators via this platform. The incubator will give banks quick access to a team of HKMA officials, for feedback on the risk management solutions they develop before a wider launch.

The platform has also been tasked with promote industry-wide awareness around blockchain-based risk management solutions. Initiatives such as industry sharing sessions and inception of futuristic research projects will also be introduced under the incubator’s oversight.

Hong Kong’s Stance on Web3

Hong Kong emerged as the most ‘crypto ready’ region, in Forex Suggest’s ‘Worldwide Crypto Readiness Report’. Presently, Hong Kong does not have a comprehensive set of guidelines to govern its crypto sector. The trading, purchasing, and holding of cryptocurrencies is not prohibited.

Last April, Hong Kong approved Bitcoin and Ether spot ETFs in a landmark decision that allowed traders of traditional stocks to experimenting with crypto trading without having to directly engage with the infamously volatile assets.

A feew months later, Hong Kong also established a new subcommittee, dedicated to drafting detailed crypto laws.

The International Monetary Fund (IMF) has advised Kenya to prioritise creating a more predictable regulatory framework for its cryptocurrency sector. The IMF also recommended aligning Kenya’s crypto guidelines with global standards. Officials from Kenya’s Capital Markets Authority (CMA) had sought the IMF’s input on challenges related to the future regulatory scope of the crypto industry. In response, representatives from the IMF’s Monetary and Capital Markets Department (MCM) and Legal Department (LEG) visited Nairobi last year to assess the situation.

The IMF released a detailed, 43-page Technical Assistance Report for Kenya on January 8. The report outlines key areas for enhancing safety and regulation in the country’s crypto sector.

IMF’s Observations and Directions for Crypto to Kenya

The report highlights that Kenya currently lacks a clear regulatory framework to oversee crypto-related activities. This absence of rules, the IMF observed, has allowed cryptocurrencies to be used for unlawful purposes.

To address this, Kenya has been advised to study the Financial Stability Board’s Global Regulatory Framework for crypto and review the IOSCO Policy Recommendations for digital asset markets, among other international guidelines. The broader aim should be to implement robust anti-money laundering laws and counter-terror financing measures to prevent misuse of cryptocurrencies.

In February 2024, the IMF conducted an analysis of Kenya’s crypto activities and legal framework. During this period, IMF officials engaged with Kenyan authorities to discuss essential regulatory and legal principles needed to manage the growing crypto industry effectively.

The report urged Kenya to achieve consensus on the size, structure, and risks of its crypto market—areas the IMF identified as currently underdeveloped. Establishing clear records, it emphasized, would enable the creation of a well-informed and effective policy framework.

Kenya’s Relation with Crypto

The IMF report clearly states that under Kenya’s current legal framework, engaging in crypto activities like investing, trading, and holding are not illegal or banned.

Crypto incomes are taxed in Kenya under the Finance Act of 2023, that brought a three percent tax on the transfer or exchange of digital assets. Called the Digital Assets Tax (DAT), the law applies to crypto traders and exchanges. In November 2024, the Kenya Revenue Authority (KRA) disclosed that it collected 10 billion (roughly $77.3 million or Rs. 653 crore) from VASPs in FY 2023-24.

As per a 2022 UN report, Kenya has the largest share of crypto users in Africa. In 2022, it had over four million crypto owners.

The IMF has recommended that Kenya develop comprehensive crypto regulations to protect its expanding crypto community from scams, exploitation, and financial losses.

The Bharat Web3 Association (BWA), a non-governmental crypto body comprising industry stakeholders, has released detailed guidelines to promote safe business practices for Web3 service providers in India. Chaired by former FICCI Secretary General Dilip Chenoy, the BWA unveiled two comprehensive sets of guidelines this week, focusing on ensuring secure and equitable service offerings. These guidelines are primarily aimed at Virtual Asset Service Providers (VASPs).

On January 7, the BWA unveiled its “Cybersecurity and Fair-Trading Guidelines,” emphasising the importance of ethical, transparent, and compliant operations for Virtual Asset Service Providers (VASPs). These directives aim to integrate robust risk management solutions, enhancing financial safeguards for India’s investor community.

VASPs in India have been given until June 2025 to align their operations with these guidelines.

Highlights from BWA’s Fair-Trading Guidelines

The BWA insists that VASPs should be vigilant against unethical trading practices and market manipulation tactics to ensure the financial safety of the traders. The Web3 body claimed that the directives have been curated to align with Indian regulations and international best practices.

The BWA has directed its members 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.

The guidelines further mandate that unauthorized employees of Web3 firms must be restricted from accessing sensitive or non-public information related to user orders or trades. The practice of ‘front-running’ is explicitly prohibited. Front-running occurs when an entity leverages insider knowledge of an upcoming transaction to execute trades ahead of it, exploiting anticipated market movements.

Key Points from Cybersecurity Guidelines

The BWA stated that the rules have been put together to help VASPs protect their integrity, security, and confidentiality amid rising number of hacks and scams.

These guidelines have encouraged VASPs to educate users on secure practices while ensuring the overall security and compliance of their business and operations.

The documents details BWA-approved security testing practices for asset custody services and exchange platforms. They dive deep into safe customer data protection practices which include making the investor community aware about market dos and don’ts.

India’s Stance on Crypto Laws

The government hasn’t set a specific timeline to finalise laws to oversee the Web3 sector, as per information shared in December 2024 by Minister of State (MoS) Finance Pankaj Chaudhary.

In India, crypto gains are currently taxed at 30 percent. Crypto firms intending to operate in the country must register with the Financial Intelligence Unit (FIU) and comply with anti-money laundering regulations. Additionally, all exchanges are required to collect Know Your Customer (KYC) details from their users.

Amid ongoing discussions on formal crypto regulations, the BWA has been proactively implementing self-regulatory measures for its member firms.

In December last year, the BWA announced a new ‘ABCD’ initiative that focussed on Web3 security. Meanwhile in April 2024, the BWA had laid down self-regulatory rules on token listings for exchanges.

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. 

As blockchains receive continuous fine-tuning and improvements, developers are identifying crucial issues that are restricting the advances in interoperability and scalability of the technology. One such issue is called ‘blockchain fragmentation’. As the term suggests, it refers to a situation where the ecosystem of a blockchain is divided into multiple smaller on-chain networks, each facilitating a different task efficiently. The phenomenon of fragmentation is known to complicate blockchain adoption. It often leads developers to choose between multiple blockchain solutions that do not functionally align with each other.

Gadgets 360 spoke to Rohas Nagpal, chief blockchain architect at Hybrid Finance Blockchain (HYFI), a layer-1 blockchain, to understand the process of blockchain fragmentation and how it impacts the ecosystem.

“Blockchain fragmentation happens when different blockchains cannot interact smoothly. Each chain works like an island, with its own rules, tokens, and systems. This lack of connection limits the potential of blockchain technology,” Nagpal said.

When a blockchain fragments, it essentially obstructs the network from supporting a unified system for value exchange to its full potential.

The continuously increasing number of Layer-2 blockchain networks has made fragmentation a more common issue with blockchain networks in recent years, Charles Wayn had written in a published opinion back in October 2024. Wayn is the co-founder of a Web3 onchain distribution platform named Galxe.

According to Nagpal, solving the problem of blockchain fragmentation will make it more efficient to support multiple usecases while also improving the exchange of data and value between different blockchain ecosystems.

There are measures that blockchain developers can take to start reducing the risks of fragmenting blockchains, Nagpal said, adding that developers should “build tools like blockchain bridges to connect different blockchains.”

He also recommends that developers set up common rules for APIs and blockchain-native tokens to work well together in synchronisation. Creators of crypto wallets can also bring out storage solutions to manage assets from multiple blockchains on one platform.

CoinSwitch announced on Tuesday, January 7, the launch of a recovery initiative aimed at supporting distressed WazirX users who suffered losses in a hacking incident in July 2024. The initiative, branded as ‘CoinSwitch Care,’ aims to facilitate the recovery of at least ₹600 crore for affected users over the next two years. Eligible WazirX users can access the initiative’s benefits by visiting the CoinSwitch website. Meanwhile, WazirX is preparing to present its restructuring plan in a Singapore court on January 22, after which it plans to extend the proposal to its creditors.

CoinSwitch plans to employ a combination of financial support and revenue redistribution to help WazirX users recover a portion of their losses, leveraging the current market bull run, the exchange announced.

To begin the recovery process, affected WazirX users must upload their loss statements to the CoinSwitch Care portal. Following this, they can deposit funds into their CoinSwitch accounts in either cryptocurrency or INR.

The programme offers rewards such as a sign-up bonus of up to Rs.15,000 per user and referral bonuses of up to Rs. 10,000 per user. Additionally, trading revenue generated on CoinSwitch through this initiative will be pooled and distributed proportionally among affected users, based on the extent of their losses.

How This Rs. 600 Crore Recovery Initiative Is Designed to Work

In conversation with Gadgets 360, a CoinSwitch spokesperson explained that the upfront fee paid to the users as signup bonus and referral bonus is ~ Rs 250 core. The commission that CoinSwitch expects to generate from these users over the next two years is ~Rs 350 crore. This is arrived at using the average trading volume of CoinSwitch users and the average commissions charged on the platform.

“While we have estimated the total reward to be ~ Rs 600 crore, it is possible for the users to end up earning more than Rs 600 crore as well if the market continues to do as well as it has done in the last few months,” the spokesperson said.

CoinSwitch has published a guide for WazirX users looking to try recovering funds thorough this initiative. Eligible users will be required to complete KYC on CoinSwitch to be part of this initiative.

Speaking to Gadgets 360, CoinSwitch’s co-founder and CEO Ashish Singhal said, “the need of the hour is to rebuild trust with the Indian crypto users who have been affected by the cyber-attack. A player can only survive if the industry is thriving.”

Singhal announced this initiative on LinkedIn and X as well – where the development has garnered mixed responses. While some have lauded CoinSwitch’s move, others have called it a marketing gimmick.

What’s Happening With WazirX?

WazirX’s parent entity Zettai is waiting an approval from the Singapore Court to present its restructuring scheme to its creditors. If the court allows the proposal to proceed, the scheme will require at least 75 percent approval from creditors to take effect. Only with this majority vote will the restructuring plan be implemented.

A WazirX wallet, placed under the oversight of Liminal Custody, was allegedly hacked on July 18, 2024. A total of over $230 million (roughly Rs. 1,900 crore) were stolen in this incident. Both WazirX and Liminal cited internal investigations and denied a security lapse from their respective ends.

The lost funds have not been traced as of yet. The entity responsible for this incident also remains unidentified for now.

HashKey Europe, the subsidiary of Hong Kong-based HaskhKey crypto exchange, has secured an operational licence in Ireland. The Central Bank of Ireland has granted a Virtual Asset Service Provider (VASP) licence to the exchange, which grants the firm permission to offer a variety of crypto-related services in the country. Ireland is one of many EU countries that have begun to attract crypto firms after the region adopted a comprehensive set of regulations to oversee the sector.

The firm said in an announcement that the newly acquired VASP licence is its first registration that is fully compliant with the EU’s anti-money laundering guidelines.

The group also said in a post on X (formerly Twiter) that this development is an important step in its global expansion plans.

Having secured this licence, the exchange will now be able to offer services like fiat-to-crypto and crypto-to-crypto exchanges. Custodial wallets are another service that the exchange can now offer in Ireland.

Transactions facilitated through cryptocurrencies are largely untraceable and can hence be exploited to process illegal transactions. This licence from Ireland’s central bank now brings HashKey under its supervision for activities identified to be linked to money laundering and terror financing.

“HashKey Group remains dedicated to ensuring compliance with international regulations, delivering value-added services, and fostering trust within the ecosystem,” the post by the HashKey Group noted. Singapore, Japan, and Bermuda are other regions where HashKey has obtained operational approvals.

Crypto in the EU

EU’s Markets in Crypto-Assets (MiCA) regulation were finalised in 2022. The regulations went into effect on December 30, 2024.

The rules that are part of this legislation cover preventative and risk mitigation steps linked to crypto-based activities like insider dealing, unlawful disclosure of inside information, and market manipulation. The MiCA laws mandate foreign crypto firms to secure a licence from at least one of the EU’s 27 national financial regulators and publish white papers and financial risk warnings around the products and services they are offering.

Under the rules, EU nations have already begun taking measures to safeguard the investor community against financial risks that volatile crypto assets can pose to them. Last September, Sweden classified some crypto exchanges and crypto-related service providers as ‘professional money launderers’. The regulators there said they identified these exchanges being used by criminals to move around illegal funds.

France and Luxembourg, meanwhile, are among EU nations that are seeing an expansion in their respective crypto sectors.

The crypto market witnessed a surge in value on Monday, January 6, with most cryptocurrencies showing gains. Bitcoin, the largest and most expensive crypto asset, saw a 1.23 percent increase in value over the past 24 hours on global exchanges, bringing its price to $99,537 (roughly Rs. 85.4 lakh), according to CoinMarketCap data. On Indian exchanges such as CoinDCX and Giottus, Bitcoin’s price rose by about one percent, reaching $103,114 (roughly Rs. 88.5 lakh).

“After 10 days of chopping BTC is again close to testing the crucial $99,500 (roughly Rs. 85.3 lakh) mark — with six consecutive green days. If Bitcoin fails to breach this resistance we can see a downslide in the entire market. However, if Bitcoin flips 100,000 (roughly Rs. 85.8 lakh) with volumes, this could start a major rally like what we saw in 2024 January,” the CoinSwitch Markets Desk told Gadgets 360, commenting on the market situation.

Ether joined Bitcoin on the profit-making side of the crypto chart. On global exchanges, Ether saw a price rise of 1.08 percent in the last 24 hours bringing its value to $3,683 (roughly Rs. 3.16 lakh). According to Indian exchanges, ETH is trading at $3,785 (roughly Rs. 3.24 lakh) after registering a gain of around 0.65 percent.

The markets desk at CoinSwitch said, “Ethereum is struggling to make new highs against BTC with the ETH/BTC pair trading around 0.037 BTC per ETH. 0.04. For Ether to outperform Bitcoin in terms of price action, it needs to surge over this point of difference.”

The crypto price chart by Gadgets 360 showed that majority cryptocurrencies are trading in profits on Monday.

Cardano, Avalanche, Polkadot, Uniswap, Litecoin, and Leo saw profits alongside BTC and ETH on Monday.

Monero, Cosmos, EOS Coin, and Bitcoin SV also registered gains on the price chart.

The overall crypto market cap went up by 0.53 percent in the last 24 hours, data by CoinMarketCap showed. At present, the valuation of the sector stands at $3.52 trillion (roughly Rs. 3,02,11,385 crore). Bitcoin presently holds 55.74 percent dominance over the crypto price chart.

Meanwhile, cryptocurrencies that registered losses on Monday include Tether, Solana, Binance Coin, Dogecoin, Tron, Shiba Inu, and Stellar.

“Solana is facing resistance at the 50-day simple moving average (SMA) but showing some optimism as the 20-day estimated moving average (EMA) has started to move up. Sui is also showing a bullish uptrend after buyers pushed the price above $5 (roughly Rs. 430). Dogecoin’s recent upward momentum, backed by whale activity, could see it hit $1 (roughly Rs. 85) and can touch the market cap of $100 billion (roughly Rs. 8,58,286 crore),” – 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. 

Jeju Island, a self-governing province in South Korea, will reportedly incorporate non-fungible tokens (NFTs) technology into its tourism strategy. According to a recent report by South Korean publication Maeil Kyungjae (MK), the island’s authorities are launching an NFT-backed initiative to boost tourism. Starting in 2025, they plan to introduce NFT-powered digital visitor cards offering exclusive benefits to cardholders during their stay, the report claimed.

Key Details on Jeju’s Upcoming Digital Visitor NFTs

Jeju Island plans to launch NFT-based visitor cards in the second half of 2025, leveraging the functionalities of blockchain technology, according to a report by South Korean publication Maeil Kyungjae (MK). These digital cards will offer visitors discounts, membership perks at popular attractions, and travel subsidies for domestic tourists.

While the specific blockchain platform for these cards has yet to be disclosed, they will enable tourists to securely record their travel details—such as locations, photos, and videos—on a related platform. The data stored on the cards will remain tamper-proof, providing a secure and personalised experience.

Designed to appeal to tech-savvy Millennials and Gen Z travellers, the initiative aims to boost tourism to the self-governing island, the report stated. Before their full release, the cards are said to undergo pilot testing, though details on pricing, availability, and other specifics remain under wraps.

Jeju Island’s History with Web3

The plan to launch NFT-powered visitor cards is not Jeju Island’s first foray into Web3 exploration. In 2019, Jeju Island began researching blockchain solutions as part of the ‘Global Blockchain Hub City Creation Research Service,’ a project announced on August 13, 2019, with a reported budget of 170 million KRW (roughly Rs. 1 crore). The initiative aimed to help the public experience blockchain technology firsthand.

In 2022, the island also outlined plans to introduce a blockchain-based energy usage platform to track residents’ energy-saving and spending activities on a distributed ledger. With a history of offering blockchain-based public service solutions, Jeju Island’s introduction of NFT visitor cards is another step in its ongoing exploration of blockchain technology. Position of South Korea in Web3

South Korea is actively developing regulations for the rapidly growing digital asset sector. Reports from June and July 2024 revealed that regulators in South Korea have classified NFTs as virtual assets, similar to cryptocurrencies. The Financial Services Commission (FSC) stated stated that because NFTs can serve as a form of payment due to their underlying financial value, they should be considered virtual assets.

The country has expressed a strong interest in expanding into Web3 sectors, including the metaverse. In 2022, South Korea announced plans to invest over $177 million (roughly Rs. 1,372 crore) into metaverse projects, aiming to generate job opportunities in the space.

While cryptocurrency trading is allowed in South Korea, exchanges must comply with Know Your Customer (KYC) regulations. Cryptocurrencies are not recognized as legal tender. As of December 2024, reports indicate that South Korea’s crypto user base has surpassed 15 million.

The crypto price charts reflected more losses than profits next to most cryptocurrencies on Monday, December 30. Bitcoin incurred a price dip of under a percent on international exchanges, trading at the price point of $93,197 (roughly Rs. 79.6 lakh), showed CoinMarketCap. On Indian exchanges, meanwhile, the oldest and most expensive cryptocurrency logged price dips of over one percent. According to exchanges like Giottus and CoinDCX among others, the value of Bitcoin is hovering around the mark of $101,719 (roughly Rs. 86.9 lakh).

“Despite the pullback over the weekend, BTC remained above its 200-day moving average showing strong buying interest at the lower levels. Additionally, the Relative Strength Index (RSI) is currently at 42 — indicating that BTC is neither overbought nor oversold. BTC’s next resistance stands at $96,600 while the support remains at the previous low of $92,800 (roughly Rs. 79.3 lakh),” Mudrex CEO Edul Patel told Gadgets360.

Ether managed to hold onto minor profits on the price chart on Monday. As per CoinMarketCap, ETH is trading at $3,396 (roughly Rs. 2.90 lakh), having registered a minor gain of 0.42 percent over the last day. The asset followed a similar trajectory on national exchanges as well. As shown by CoinSwitch and CoinDCX for instance, the price of ETH has come to $3,674 (Roughly Rs. 3.14 lakh) with a profit of 1.15 percent.

“Ethereum has shown resilience in the market. This uptick reflects strong fundamentals as investors remain optimistic about the asset’s potential. Investors are optimistic about Ethereum’s growth trajectory, which is driven by ongoing developments in decentralised finance and non-fungible tokens. The overall market sentiment appears positive, with expectations of continued investment inflows and technological advancements supporting Ethereum’s position as a leading cryptocurrency,” Shivam Thakral, CEO of BuyUcoin told Gadgets360.

The crypto price tracker by Gadgets 360 showed Ripple, Solana, and Cardano emerged on the loss-making side of the crypto chart.

Tron, Avalanche, Chainlink, and Shiba Inu also registered price dips alongside Bitcoin on Monday.

Given that majority crypto assets recorded losses, the overall valuation of the market dipped by 1.31 percent in the last 24 hours. The crypto market cap, at the time of writing, stood at $3.29 trillion (roughly Rs. 2,81,33,743 crore), showed data by CoinMarketCap.

“Memecoins have been facing challenges all December. Their total market cap fell from a peak of $137.06 billion (roughly Rs. 11,71,806 crore) to $92.67 billion (roughly Rs. 7,92,290 crore) as the month came to an end-a reduction of 32.38 percent. The steep plunge implies waning demand and tamping out the momentum in the meme token industry,” Avinash Shekhar, Co-Founder and CEO, Pi42 told Gadgets360.

Tether, Iota, Status, Braintrust, and Dogefi managed to retain profits despite the overall market slowdown.

Until recently, banks watched from the sidelines with envy as stablecoin market leader Tether Holdings boasted of billions in profits. Now they want in.

Earlier this year, Societe Generale – Forge made its Euro-backed stablecoin — which basically represents fiat on a blockchain ledger — available to retail investors. Financial group Oddo BHF SCA is also working on a Euro-denominated one, and London-based Revolut is considering issuing its own version. AllUnity, a venture involving Deutsche-Bank owned DWS, plans to issue another next year, and BBVA is also working on an entry.

Banks in the US are expected to join in on the rush once legislation that could pave the way for them to issue stablecoins is enacted. In Europe, with the recent clarity brought on by the Markets in Crypto-Assets Regulation (MICA), and the decision by Tether to discontinue its EURt stablecoin, that has presented an opening for competitors wishing to enable customers to make payments or hold fiat-like alternatives.

“Do I think that other banks will be issuing their own stablecoins?” Jean-Marc Stenger, chief executive officer at SG-Forge, said in an interview. “The answer is yes. It’s heavy lifting, I am not sure it will happen any time soon, but it will happen.” 

GS-Forge is already talking with a number of banks that want to use its stablecoin, Stenger said. It’s also in discussions with about 10 about partnerships or white-labeling its technology for them to issue their own stablecoins, he said.

Meanwhile, the card network Visa, which in October launched a tokenisation network for banks to issue stablecoins, is working with BBVA on a pilot in 2025. And it’s in talks with many other banks.

“We’ve seen demand from banks in Hong Kong, Singapore, in Brazil,” said Cuy Sheffield, Visa’s head of crypto. “We are actively engaged with a number of banks across the world at various stages of the process.”

In July, Standard Chartered, in a partnership with blockchain gaming conglomerate Animoca Brands Ltd. and Hong Kong Telecommunications Ltd., was selected by the Hong Kong Monetary Authority as one of the first issuers of HKD-dominated stablecoins in an experimental program. The bank hopes the stablecoin could be live in 2025, said Rene Michau, global head of digital assets. 

The rush to stablecoins will enhance the role of blockchain in payments on top of a slightly different product that major banks such as JPMorgan Chase have been exploring: deposit tokens. While similar to stablecoins, they are tied to bank accounts. Tools like JPM Coin have also been used for transfers between customers of the same bank using its own blockchain. Problem is, the deposit tokens often can’t go to clients of a different bank. And billions of people still don’t have bank accounts. That’s where stablecoins, which anyone with a crypto wallet can purchase, come in.

JPMorgan Chase believes that stablecoin and tokenised deposits are not mutually exclusive, and expects the growing interest in bank-issued stablecoin will accelerate and become mainstream in the next three years, Naveen Mallela, global co-head of JPMorgan’s digital asset unit Kinexys wrote in emailed responses.

There are plenty of incentives to offer stablecoins: Customers have been asking for the product, multiple banks report. And then there’s the profit motive: Tether is on track to close the year with more than $10 billion (roughly Rs.  in net profits, according to Chief Executive Officer Paolo Ardoino. 

Not all banks — or users — are sold on TradFi issuing its own stablecoins. Crypto-friendly Xapo Bank, based in Gibraltar, isn’t planning to launch one because Tether is already entrenched, said Joey Garcia, board director and chief legal officer at the bank, which lets customers deposit stablecoins in savings accounts.

“We don’t want to be in that space, we want to be the tool that allows the efficiency of the blockchain network to interact with the legacy, security of your bank account,” Garcia said.

For banks, risks in issuing stablecoins still abound: A European Central Bank analysis showed that converting retail deposits into stablecoin issuers’ deposits weakens a bank’s liquidity coverage ratio, which shows a bank’s ability to meet short-term obligations and withstand market turbulence.

US regulators will also need to clarify what kinds of reserves are acceptable for banks to use as backing their stablecoins, and whether stablecoin deposits will be insured. 

“If banks were to issue uninsured stablecoins alongside insured deposits, there would be significant consumer confusion about what is and isn’t insured,” said Hilary Allen, a law professor at American University. “Panic would likely ensue if in a moment of crisis consumers were told that their bank-issued stablecoins weren’t protected.”

And central banks aren’t asleep at the wheel: Many of them are testing or rolling out central bank digital currencies, which may replace bank-issued stablecoins over time in some use cases, such as wholesale payments, said Avtar Sehra, CEO of Libre Capital, which is working with First Abu Dhabi Bank on lending collateralised by blockchain-based tokens.

“Everyone is exploring some form of commercial bank digital currency,” Sehra said. “Ultimately they may issue their own. But ultimately they’d all prefer to utilise maybe a consortium coin.”

 © 2024 Bloomberg LP

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

The crypto price charts reflected more profits than losses for the third consecutive day on Friday, January 3. Bitcoin saw a 1.82 percent price increase on international exchanges in the last 24 hours. With this, the asset is presently trading at $96,863 (roughly Rs. 83.05 lakh) on global exchanges, data by CoinMarketCap showed. On Indian exchanges like BuyUCoin, meanwhile, the value of Bitcoin stands at $97,042 (roughly Rs. 83.2 lakh) reflecting profits of 2.28 percent over the last day.

“Bitcoin continues to show its upward momentum. The Fear-Greed Index is on the rise, reflecting a positive shift in investor sentiment. Additionally, the total 24-hour trading volume is up 57.3 percent to $131.74 billion (roughly Rs. 11,29,372 crore) showing increased participation from retail investors and institutions. Currently, BTC is facing immediate resistance at $98,400 (roughly Rs. 84.3 lakh) while support stands at $95,000 (roughly Rs. 81.4 lakh),” Edul Patel, CEO of Mudrex tild Gadgets 360.

Ether also managed to hold onto gains on the price charts. On international exchanges, ETH registered a price hike of 2.05 percent taking its pricing to $3,460 (roughly Rs. 2.96 lakh), showed CoinMarketCap. On Indian exchanges like CoinSwitch and CoinDCX, the price of ETH is around $3,711 (roughly Rs. 3.18 lakh).

“Ether is still sitting below the crucial mark of $3,500 (roughly Rs. 3 lakh). However, Ether has seen record inflows from ETFs in December- closing down on the $2 billion (roughly Rs. 17,145 crore)-mark, double than that of November,” the CoinSwitch markets desk told Gadgets 360.

The crypto price chart by Gadgets 360 showed most cryptocurrencies trading in profits alongside Bitcoin and Ether on Friday.

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

Chainlink, Stellar, Shiba Inu, Polkadot, Uniswap, and Leo also registered profits on the price charts.

The overall crypto market cap surged by 2.03 percent in the last 24 hours. With this, the valuation of the sector has risen to $3.41 trillion (roughly Rs. 2,92,29,974 crore), data by CoinMarketCap showed.

Meanwhile cryptocurrencies that are trading in losses on Friday include Binance Coin, Litecoin, Cronos, EOS Coin, and Zcash on Friday.

“While regulatory pressures and market instability may create bearish sentiment and downward price actions, bullish pattern formations such as ascending triangle is essential technical and psychological steps for Ethereum. It is a crucial recovery phase of 2025 that paves the way for increased adoption because of technology advances and renewed hope,” 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. 

Digital-asset prime brokerage firm FalconX has acquired Arbelos Markets, a derivatives startup launched in 2023 by two crypto industry veterans.

Terms of the transaction weren’t disclosed. Bloomberg News reported on Tuesday that the transaction was expected to be financed through a mix of cash and FalconX stock, according to people familiar with the deal, who asked not to be identified because the discussions were private.

“Combining Arbelos’s systematic trading expertise with FalconX’s broad client base, large balance sheet, and regulatory leadership, we’re uniquely positioned to address the growing demand for complex trading strategies and bespoke products,” Raghu Yarlagadda, chief executive officer of FalconX, said in a statement. 

FalconX operates FalconX Bravo Inc., a swaps dealer focused on cryptocurrency derivatives that is registered with the Commodity Futures Trading Commission, and the firm said the acquisition will expand its derivatives business.

In October, Yarlagadda said he expected a “wave of consolidation” in the sector and that the company would actively hunt for acquisition targets. The acquisition comes after forecasts that pro-crypto President-elect Donald Trump’s return to the White House will usher in a flurry of digital-asset mergers. Since November’s election, Trump has appointed crypto-friendly regulators for key roles in his new administration, in addition to a crypto and artificial-intelligence czar.

In May, Arbelos announced a $28 million (roughly Rs. 240 crore) capital raise led by Dragonfly Capital, with FalconX as one of the investors in the round, alongside Circle Ventures, Deribit, Paxos and StarkWare.

The startup’s founders, Joshua Lim and Shiliang Tang, are bankers-turned-crypto-traders. Lim previously led trading desks at Galaxy Digital and Genesis Global Trading, while Tang was formerly chief investment officer at LedgerPrime, which now operates as MNNC Group.

Founded in 2018, San Mateo, California-based FalconX was last valued at $8 billion (roughly Rs. 68,617 crore) when it raised $150 million (roughly Rs. 1,286 crore) in 2022. Its investors include Tiger Global, GIC and B Capital.

© 2025 Bloomberg LP

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

KuCoin is upgrading its systems to simplify crypto payments for users worldwide. This week, the FIU-registered exchange introduced KuCoin Pay, a payment solution enabling merchants to accept cryptocurrency for goods and services. The feature aims to encourage merchants to adopt crypto transactions and allow buyers to use their holdings for everyday purchases. KuCoin claims it has a userbase of over 37 million.

KuCoin Pay Brings UPI-Like Feature

Business users can now use KuCoin Pay to process payments directly through cryptocurrencies. After integrating the solution into their payment systems, merchants receive a unique QR code, similar to those provided by UPI apps like Google Pay and PhonePe in India. Customers can then use this QR code to make payments via KuCoin for their purchases.

“KuCoin Pay is integrated within the KuCoin app, enabling businesses to simplify the buying process for everyday items for users. Daily requests such as gift cards and mobile top-ups can be done seamlessly, further promoting widespread crypto adoption,” the exchange explained in its press release announcing this feature.

Expected Impacts of the Feature

Despite the volatility factor of cryptocurrencies, business owners and merchants have been showing continuous interest in exploring crypto-related payment features.

Back in 2022, a Deloitte report had claimed that over 75 percent of 2,000 surveyed retailers in the US wished to enable crypto payments. The report had said that merchants are looking to explore crypto payments after observing an interest in these features from the consumer community.

Through KuCoin Pay, the Seychelles-based exchange aims to bridge the gap between traditional retail practices and cryptocurrency, simplifying the transition for businesses.

KuCoin has not yet announced a timeline for when its new feature will be available to its global user base. However, it is expected to reach KuCoin users in India, where the exchange registered with the Financial Intelligence Unit (FIU) in April 2024.

QR code-based crypto payments have been explored previously. In 2022, South Africa’s popular Pick n Pay supermarket chain started experimenting with Bitcoin payments, allowing customers to scan a QR code to pay based on the current conversion rate.

In recent years, rising crime in the crypto space has drawn the attention of the FBI and other global law enforcement agencies. To aid in tracking laundered crypto funds, Tron, Tether, and TRM Labs established T3, a specialized financial crime unit aimed at curbing illicit activities. In a recent update, Tron confirmed that T3 has successfully retrieved and frozen $126 million (roughly Rs. 1,081 crore) in crime-related funds.

Tron is a blockchain-based platform built on Ethereum that enables developers to create decentralised Web3 applications. Tether is the issuer of the USDT stablecoin, while TRM Labs is a blockchain intelligence firm focused on solving crypto-related crimes. The three entities launched the T3 unit in August 2024 with the goal of preventing the misuse of USDT on the Tron network by criminals.

On January 2, Tron shared T3’s milestone on X, calling it a “significant achievement.” Since its launch, T3 has recovered $126 million (roughly Rs. 1,081 crore) from criminals worldwide.

The recovered funds include $36 million (roughly Rs. 308 crore) tied to investment scams and $65 million (roughly Rs. 557 crore) linked to money laundering. Other cases involve funds related to hacks, illicit drugs, and blackmail scams, with $5.5 million (around Rs. 47 crore) identified as connected to terror financing.

Tron has stated that the T3 unit can respond to crypto-related threats within five days of detection.

In the past, other Web3 firms have taken similar measures to trace illicit crypto funds in circulation and prevent the misuse of virtual digital assets.

Binance, for instance, worked with the Delhi Police to seize Rs. 84 lakh (about 100,000 USDT) linked to a renewable energy fraud case. The exchange also partnered India’s Enforcement Directorate to tackle the Fiewin gaming scam, which defrauded users of $47.6 million (roughly Rs. 400 crore).

In December last year, blockchain data firm Chainalysis acquired Israeli security firm Hexagate to enhance its Web3 security offerings for the industry..

CSharpCorner, a global platform for software developers, has embraced Web3 technology to provide authentic verification for job seekers in the IT industry. Earlier this week, the platform launched a new Certification Programme, empowering developers to upskill in advanced technologies and earn credentials that are permanently verified and tamper-proof. These blockchain-issued certifications ensure seamless authenticity, simplifying the process for recruiters to connect with qualified professionals.

The CSharpCorner platform, that was established in 1999, aims to highlight the utility element of the blockchain technology and help over 25,000 developers find jobs in reputed firms. As per its official website, the developer community platform caters to nearly three million annual unique visitors.

The platform announced this programme on December 30. A release detailing the initiative noted that, “Blockchain-based certification is becoming a secure, verifiable method for issuing academic and professional credentials.”

Upon completing their training and certifications through this initiative, developers will have their verified credentials, project experiences, and professional achievements prominently displayed on their CSharp profiles, increasing their visibility among potential employers.

Blockchain technology, also known as Distributed Ledger Technology (DLT), has emerged as a leading innovation in recent years. Unlike traditional Web2 servers—prone to hacking, data breaches, and unauthorized modifications—blockchains store information securely by dividing it into small data packets distributed across individual on-chain blocks. This decentralised approach ensures data permanence, enhances security, and promotes transparency in storage.

Given these attributes, blockchain has increasingly been adopted for safeguarding document authenticity, solidifying its value in this space.

In March 2022, Maharashtra started using blockchain technology to issue caste certifications in Etapalli village and the district of Gadchiroli. This initiative aimed to “curb the menace of forgeries” and ensure that government schemes reached the rightful beneficiaries. The state government utilised LegitDoc, a platform built on the Polygon blockchain, to securely issue and verify these certificates.

Additionally, in September 2024, Ahmedabad city in Gujarat started scouting for blockchain developers as part of its efforts to modernise the storage and management of city-wide records.

The UK is intensifying oversight of cryptocurrency-related advertisements. To align with the country’s crypto advertising regulations, Google is updating its advertising policies this month. UK authorities aim to ensure that only crypto firms compliant with its legal and marketing standards can advertise to its citizens. Although the crypto sector remains in its early stages, it is notorious for its volatility and the growing number of scams and hacks targeting investors. Beginning January 15, all crypto platforms advertising on Google must demonstrate they hold a registration license from the UK’s Financial Conduct Authority (FCA).

Google shared more details about the upcoming changes to its advertising policies in a Support page. Alongside crypto exchanges, Google also issued a special directive to hardware wallet providers looking to circulate advertisements in the UK.

“Google allows ads promoting hardware wallets that are designed to hold the private keys of cryptocurrencies, NFTs or other crypto-based assets, but do not offer additional services such as purchasing, selling, exchanging or trading assets,” the post noted.

Crypto advertisers have been advised to align with Google’s upcoming update to its advertising policy. However, the search engine giant clarified that it will not immediately suspend accounts of violators.

According to Google, firms found advertising without FCA registration will first receive a notification. They will likely be granted a seven-day grace period to complete their registration with the FCA before their accounts face suspension.

For over two years, the UK has been working to curb investor exposure to unverified cryptocurrency services. In June 2023, the FCA mandated that crypto advertisements must include risk warnings and avoid misleading promises. Additionally, UK authorities prohibited “refer a friend” bonuses offered by crypto platforms.

In October 2023, following the UK’s implementation of rules governing crypto marketing, Binance temporarily halted its operations. The exchange stated it needed time to ensure its promotional content complied with UK regulations.

The majority of cryptocurrencies began 2025 with notable gains, as reflected on both national and international price charts. Bitcoin, on Thursday, January 2, saw a 1.72 percent increase on global exchanges, bringing its value to $95,130 (roughly Rs. 81.5 lakh), according to CoinMarketCap. On Indian exchanges such as CoinDCX and CoinSwitch, Bitcoin’s price rose by 1.28 percent in the past 24 hours, reaching Rs. 101,460 (roughly Rs. 86.9 lakh).

“The market is cautious. The demand for leverage is reduced, signaling limited downside potential. Bulls are in an attempt to defend some critical levels for Bitcoin while its continued resistance remains a challenge near $98,000 (roughly Rs. 84.02 lakh). Overall, the crypto market seems bullish and optimistic for 2025,” Avinash Shekhar, Co-Founder and CEO, Pi42 told Gadgets 360.

Ether followed Bitcoin to reflect profits on the price charts on Thursday. At the time of writing, Ether was trading at $3,388 (roughly Rs. 2.90 lakh) on global exchanges, showed data by CoinMarketCap. On Indian exchanges meanwhile, ETH is priced $3,384 (roughly Rs. 2.90 lakh).

“Ethereum is under bearish pressure with the decline in whale activity and with derivatives traders increasing their selloffs. Though continuing inflows are there for ETFs and improved funding rates signal a potential for a bounce back to levels above $3,500 (roughly Rs. 3 lakh),” Shekhar added.

The crypto price tracker by Gadgets 360 showed most cryptocurrencies on the profit-making side of the price charts.

Ripple, Tether, Solana, Dogecoin, USD Coin, Cardano, and Tron saw notable gains.

Avalanche, Chainlink, Stellar, Shiba Inu, Polkadot, and Uniswap also managed to log profits on Thursday.

“The New Year has brought renewed buying interest to the broader crypto market with tokens such as XRP, Chainlink, Cardano, and others going up as much as 15 percent in a day. With Trump assuming office soon acting as a major catalyst, we could see some price action in the coming weeks,” Edul Patel, CEO of Mudrex told Gadgets 360.

The overall crypto market cap rose by 2.46 percent in the last 24 hours. As shown by CoinMarketCap, the valuation of the crypto sector has reached $3.35 trillion (roughly Rs. 2,87,29,840 crore).

While most altcoins are trading in profits, a small number of cryptocurrencies did record losses on Thursday. These include Binance Coin, Leo, Monero, EOS Coin, and Augur.

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. 

Tether, the blockchain firm which issues the USDT stablecoin, has forayed into a new branch of Web3 before 2024 ends. The company has poured in $2 million (roughly Rs. 17 crore) into Arcanum Capital’s Emerging Technologies Fund II. Arcanum is a Web3-focussed asset management company that provides funding to emerging projects related to blockchain, cryptocurrency, and other Web3 sectors. As per a report by CoinTelegraph, this is Tether’s first step into the arena of Web3 investments since it launched in 2014.

Through the investment, Tether is looking to contribute to projects that are working on Holepunch technology, a release announcing the development said. The technology, created by a company called the Holepunch platform, eliminates the need for any servers for the operations of certain apps. Interestingly, both Tether and Holepunch have the same parent company – iFinex.

“One example of this is Keet, a messaging app that allows users to call, text, or video-call directly without relying on a central server. Unlike other common messaging apps, Keet remains operational without a single point of failure, ensuring continuous, secure communication,” the release said.

The stablecoin company is betting on such technological advancements expecting significant improvements in the ecosystems of decentralised social networking and finance in the long term.

As per Tether CEO Paolo Ardoino, resilient technologies that can protect people’s freedom over speech and finances are the needs of the hour amid geopolitical tensions gripping multiple parts of the world.

A portion of the funding from Tether will also focus on early-stage firms that are using the USDT for payments and settlements, the release noted. The release did not provide elaborate details on the same.

Tether, meanwhile, has been in the news this year for crypto-related funding initiatives. Back in November for instance, Reuters reported that Howard Lutnick, the Chairman and CEO of BGC Group, was taking measures to strengthen alliance with Tether. Lutnick also heads the global fintech firm Cantor Fitzgerald LP. As per the report, Cantor Fitzgerald LP is in talks with Tether for its planned multibillion-dollar initiative that aims to lend US dollars to clients who put up Bitcoin as collateral.

While Tether’s funding into Arcanum is reportedly its first crypto-focussed investment initiative, it did announce a strategic investment of $775 million (roughly Rs. 6,630 crore) in video sharing platform and cloud services provider Rumble.

Previously, Tether has found itself under the scanner of the US government over allegations of possible violations of sanctions and anti-money laundering rules. The company has denied the claims.

Malaysia, which has been actively cracking down on illegal crypto operations, has issued a notice to the Bybit crypto exchange. The Securities Commission Malaysia (SC) has instructed Bybit to suspend its services in the country. According to an official SC statement, the Dubai-based exchange has been operating its digital asset exchange (DAX) unlawfully in Malaysia. Governments worldwide are increasingly enforcing licensing requirements for crypto exchanges to protect their investors from scams and financial risks.

Bybit complied with the SC’s directives by disabling its website and mobile app in Malaysia on December 27. The exchange also halted the distribution of advertisements and social media content promoting its platform and services, the SC said in an official post.

“This decision comes after concerns about the platform’s compliance with local regulatory requirements and protecting investors’ interests. The SC views this breach seriously, as operating a DAX without obtaining the SC’s registration as a Recognised Market Operator (RMO) is an offence under Section 7(1) of the Capital Markets and Services Act 2007,” the SC noted.

Earlier in December, the SC issued a notice to Bybit, raising concerns about its operations. On December 11, Malaysian authorities gave Bybit 14 days to comply with new directives to suspend its activities in the country.

As of now, Bybit CEO Ben Zhou has not commented on the situation. Meanwhile, Malaysian regulators have ensured the exchange has shut down its Telegram support group in the country.

Malaysian citizens are allowed to purchase, hold, and trade cryptocurrencies. According to a report by FreemanLaw, most digital currencies in Malaysia are seen and regulated as Securities under SC’s oversight. No cryptocurrency is recognised as a legal tender in Malaysia.

In June this year, Malaysian federal agency Inland Revenue Board (IRB) reportedly conducted raids at multiple locations having identified firms that were not reporting their crypto-related activities.

In its update on Bybit’s service suspension, the SC reminded investors to engage only with Recognised Market Operators (RMOs) registered with the commission. These registered entities are required to follow strict guidelines designed to ensure user protection.

“Those who invest in unlicensed or unregistered entities or individuals are not protected under Malaysian securities laws and are thus, exposed to risks such as fraud and money laundering,” the SC noted.

The Reserve Bank of India (RBI) released its Financial Stability Report for 2024 on December 30. In the report, the apex bank shared its observations around the emerging practice of tokenising assets on blockchains. While acknowledging that this practice is still in its early stages, the RBI flagged potential concerns, noting that asset tokenisation is expected to accelerate in 2025 as more countries implement regulations around crypto and blockchain technologies. In addition, the report highlighted RBI’s outlook on cryptocurrencies.

As per the RBI, asset tokenisation is a rapidly growing financial innovation. In its report, India’s central bank said the tokenisation of financial assets like bank deposits, shares, and government securities is garnering interest among investors.

“It (asset tokenisation) has the potential to deepen the interconnectedness between the traditional financial system and the decentralised financial (DeFi) system, including the crypto-assets ecosystem,” the Financial Stability Report said.

Tokenising an asset involves digitising physical assets on the blockchain into divisible units, each representing a fraction of the underlying entity. Experts believe asset tokenisation can enhance liquidity for physical assets like land or property, enabling owners to sell fractions of their assets without losing the inherent utility value.

However, the RBI report expressed concerns about asset tokenisation, highlighting the potential vulnerabilities it could introduce to existing financial systems.

“Distributed Ledger Technology (DLT)-based tokenisation can expose several several financial stability vulnerabilities, including liquidity, maturity mismatches, and operational fragilities. Given that it is still in its infancy, financial stability concerns of tokenisation of assets are currently limited,” the report stated.

Meanwhile, the RBI’s concerns regarding the integration of cryptocurrencies into financial systems remain unchanged. The bank noted it has closely monitored the volatile price fluctuations of crypto assets throughout the year. Referencing the IMF-FSB synthesis paper, the RBI reiterated that the widespread adoption of crypto assets could pose risks to macroeconomic and financial stability.

“It (crypto assets) could reduce the effectiveness of monetary policy, worsen fiscal risks, circumvent capital flow management measures, divert resources available for financing the real economy and threaten global financial stability,” the RBI report mentioned.

That said, the RBI acknowledged the continued growth of the crypto sector, noting an increasing trend of traditional financial systems experimenting with and engaging with crypto assets.

Currently, the Indian government has not set a definitive timeline for finalising comprehensive regulations to govern the crypto sector. In contrast, the US is expected to see several pro-crypto changes in 2025 under President-elect Donald Trump’s leadership.

The overall crypto price chart indicated a slowed market momentum on Tuesday, December 31. After marking a stellar December with a new all-time high of over $108,000 (roughly Rs. 92.4 lakh), Bitcoin’s trading value on Tuesday was at $92,458 (roughly Rs. 79.13 lakh) on international exchanges. Data by CoinMarketCap showed that Bitcoin registered a loss of 0.98 percent on foreign exchanges in the last 24 hours. On Indian exchanges, meanwhile, the asset incurred a dip of around 1.88 percent. Bitcoin is trading at around $100,308 (roughly Rs. 85.8 lakh) on platforms like CoinSwitch and CoinDCX.

“Bitcoin briefly rallied near the $95,000 (roughly Rs. 81.3 lakh) mark before long-term holders booked profits bringing the price back to $92,400 (roughly Rs. 79 lakh). Over $259 million (roughly Rs. 2,216 crore) in liquidations in the past 24 hours have also added to the pressure. While retail investors are selling, institutions like MicroStrategy are taking advantage of this correction. The investor sentiment towards the market remains strong,” Mudrex CEO Edul Patel told Gadgets 360.

Ether tailed Bitcoin on the loss-making side of the crypto chart on Tuesday. The asset clocked a loss of 1.76 percent over the last day on foreign exchanges. At the time of writing, ETH was trading at $3,332 (roughly Rs. 2.85 lakh) on global platforms, showed CoinMarketCap. On Indian exchanges, the value of ETH dropped by 1.95 percent, bringing its value to $3,505 (roughly Rs. 3 lakh).

“Ethereum is showing bearish signals because of market-wide weakness but looks to be pulling away from it. The renewed upturn in funding rates signals the confidence of investors on ETH amid its possible recovery. Such increased trading volume indicates that the market sentiment may indeed be shifting towards bullishness in the midst of bearish action,” Avinash Shekhar, Co-Founder & CEO, Pi42 told Gadgets 360.

The crypto price tracker by Gadgets 360 showed that majority cryptocurrencies are trading in losses alongside Bitcoin and Ether on Tuesday.

These include Ripple, Solana, Dogecoin, Cardano, Tron, Avalanche, and Chainlink.

Shiba Inu, Polkadot, Stellar, Uniswap, Liteoin, and Near Protocol also saw losses on the price chart after a market-wide period of price correction.

The overall crypto market cap tumbled by 1. 58 percent in the last 24 hours, showed CoinMarketCap. Presently, the crypto market cap stands at $3.23 trillion (roughly Rs. 2,76,46,377 crore).

Meanwhile Tether, Binance Coin, USD Coin, Leo, Polygon, and Iota managed to hold onto gains on the price chart.

“Despite this ongoing slump, 2024 has been a remarkable year for crypto, boasting a total trading volume of $18.4 trillion (roughly Rs. 15,74,96,272 crore). Investors remain optimistic about the future, citing ongoing regulatory clarity and institutional adoption as pivotal factors that could sustain momentum into 2025,” Shivam Thakral, CEO of BuyUcoin 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. 

Malicious crypto scammers have been found to be fishing for their victims posing as job recruiters online. Popular cyber investigator Taylor Monahan, who goes by the username @tayvano_, has posted an update to his 85,000 followers on X. As per the update, scammers are using recruiting platforms like LinkedIn to reach out to job seekers, asking them to fix issues with video-call software and subsequently injecting malicious malware to get access to the victims’ computers. Monahan works in the security division of crypto wallet MetaMask.

The post, part of a thread on the threat, published by Monahan shared screenshots of the job listing circulated by the scammers. The post shows the fraudulent job opening of “Business Development Lead” at an entity named ‘Halliday’. To entice people to apply for this senior level position, the post boasts an annual salary bracket of $300,000 (roughly Rs. 2.56 lakh) to $350,000 (roughly Rs. 2.99 lakh)

Once job seekers end up answering questions, the scammers ask them to record a video answering the last question. On clicking the ‘Request Camera Access’ button, another prompt pops up asking the people to fix an issue with the camera or the microphone.

“Once you do it, Chrome will prompt you to update/restart to ‘fix the issue’. It’s not fixing the issue. There are SO many malicious actors who spend all day trying to trick you into copy/pasting/run code like this. It will always destroy you,” the Web3 investigator noted.

The screenshot posted by Monahan showed that the malicious ‘fix the issue’ message pops up with the title “Access to your camera or microphone is currently blocked”. The investigator also warned that the scammers could give varying instructions to potential victims for fixing the bug, depending on the system they use – Mac, Windows, or Linux.

This malware lets the scammers access the victims’ systems through backdoor entries, which can subsequently let them get into crypto wallets and drain funds.

The FBI, in its recent report, claimed that crypto scammers had become more sophisticated in terms of identifying and attacking their victims. In July, the Securities division of the Washington State Department of Financial Institutions (DFI) also said that scammers had spiked up activities posing as professors or academicians on platforms including Facebook, WhatsApp and Telegram to find and communicate with potential victims.

Insiders from the crypto sector like Monahan have asked people to be vigilant and up to date with community alerts and warnings to prevent risking their funds. Earlier this year, Yi He, the co-founder of Binance, had flagged an impersonation scam that was circulating on X where scammers were misusing her identity to promote a fake crypto token on X.

MicroStrategy will be added to the tech-heavy Nasdaq-100 Index, the exchange operator said on Friday, following a meteoric surge in the shares of the bitcoin buyer.

The change comes into effect before the market opens on Dec. 23, Nasdaq said.

Inclusion in the index typically boosts the stock’s price, as exchange-traded funds looking to replicate the index’s performance buy shares of the newly included firm.

Data analytics firm Palantir Technologies and Taser maker Axon Enterprise were added to the Nasdaq-100 Index along with MicroStrategy. Gene-sequencing equipment maker Illumina, AI server maker Super Micro Computer and vaccine maker Moderna were removed, Nasdaq said.

MicroStrategy, an aggressive investor in the world’s largest crypto asset, has seen its shares soar more than six-fold this year, taking its market value to almost $94 billion (roughly Rs. 7,97,387 crore).

The company began buying and holding bitcoin in 2020 as revenue from its software business waned. It is now the largest corporate holder of the cryptocurrency.

Analysts have said MicroStrategy’s decision to purchase bitcoin to protect the value of its reserve assets has enhanced the appeal of its stock, which tends to align with the performance of the cryptocurrency.

Bernstein analysts expect the market will likely set its sights on S&P 500 inclusion for MicroStrategy in 2025 following the Nasdaq-100 inclusion.

The brokerage also sees the company’s prospects continuing to improve next year, adding it expects “more visibility and recognition beyond fresh ETF inflows,” as a result of the Nasdaq-100 inclusion.

Bitcoin has rallied in recent weeks as US President-elect Donald Trump’s victory heightened the crypto sector’s hopes for easing regulatory roadblocks. Earlier this month, the digital asset catapulted above $100,000 (roughly Rs.84.8 lakh) for the first time.

“Management has shown no signs of slowing this (bitcoin-buying) down and are comfortable buying bitcoin in the $95,000 (roughly Rs. 80.5 lakh) – $100,000 (roughly Rs. 84.8 lakh) range,” Bernstein analysts said.

The company held roughly 423,650 bitcoins bought for about $25.6 billion (roughly Rs. 2,17,148 crore) based on the average purchase price as of December 8. The investment is worth around $42.43 billion (roughly Rs. 3,59,905 crore), based on bitcoin’s previous close, according to Reuters calculations.

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The cryptocurrency market chart displayed widespread losses on Friday, December 27, with most major cryptocurrencies facing declines. Bitcoin, the most prominent cryptocurrency, saw its value dip by approximately 2 percent on both domestic and international exchanges. According to CoinMarketCap, Bitcoin was trading at $96,223 (roughly Rs. 82 lakh) on international platforms. Meanwhile, on Indian exchanges such as Giottus, Bitcoin traded slightly higher at $103,180 (roughly Rs. 88 lakh).

“After reaching $99,000 (roughly Rs. 84.4 lakh) on Christmas day, BTC has dropped to $96,000 (roughly Rs. 81.8 lakh) again as we are moving towards a new year. While BTC has grown by more than 120 percent in 2024, it is worth noting that BTC had pumped 25 percent and 15 percent in 2020’s last week and 2021’s first week respectively before topping off in April and then November that year. Given Bitcoin’s four-year cyclic behaviour — analysts predict a similar move this year as well,” said the markets desk at CoinSwitch, cautioning investors.

Ether registered a price drop of 2.30 percent over the last day. On global exchanges, ETH trades at $3,375 (roughly Rs. 2.87 lakh) whereas on Indian platforms the price of the asset stands at $3,658 (roughly Rs. 3.12 lakh).

According to CoinSwitch, “Ether is poised for another leg up with institutional interest brewing towards the only other crypto ETF that the US trades apart from BTC.”

The crypto price tracker by Gadgets 360 shows Ripple, Binance Coin, and Solana on the loss-making side of the crypto chart.

Dogecoin, USD Coin, Cardano, Tron, Avalanche, Chainlink, and Shiba Inu saw price dips alongside Stellar, Polkadot, Bitcoin Cash, and Litecoin.

The overall crypto market cap fell by two percent in the last 24 hours. Presently, the sector’s valuation has reached $3.34 trillion (roughly Rs. 2,85,33,960 crore), showed CoinMarketCap.

Explaining this market plunge, Mudrex CEO Edul Patel said, “With reduced institutional activity during the holiday season, retail investors take control, waiting for a positive catalyst to drive price action.”

Tether, Uniswap, Monero, and Iota managed to see minor gains.

“The next few days could be crucial in determining whether Bitcoin can regain traction or if we’re headed for a prolonged consolidation phase. As always, caution remains essential, but this market’s ability to bounce back has proven time and again to be formidable,” Avinash Shekhar, Co-Founder & 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. 

Hong Kong is moving swiftly to regulate stablecoins, signalling their potential integration into the region’s financial systems. Regulators have drafted a ‘Stablecoins Bill’ that sets forth mandates and restrictions for stablecoin issuers and advertisers. The bill outlines the necessary steps to ensure consumer protection for individuals engaging with stablecoins—crypto assets pegged to reserved assets, such as fiat currencies, to maintain price stability amid market fluctuations.

Hong Kong’s Stablecoins Bill was recently submitted to the Legislative Council, marking its first reading. After passing this stage, the bill will undergo two more readings by regulators before becoming law. Each reading will involve thorough discussions, assessments, and any necessary revisions, according to a report by CoinTelegraph.

What Does the Bill Entail?

The first draft of Hong Kong’s Stablecoin Bill was published in the official Gazette earlier this month. The bill outlines stricter licensing requirements for stablecoin issuers in the region. Violations of these licensing and approval regulations could result in fines of up to $50,000 (roughly Rs. 42.6 lakh) and prison sentences of up to two years. The Hong Kong Monetary Authority (HKMA) will oversee the approval of these license applications.

Only licensed entities will be legally permitted to market their stablecoins. Advertising unlicensed stablecoins could lead to penalties, including jail sentences of up to six months, as suggested by the bill. This targets not only unlicensed issuers but also the marketing agencies promoting them.

The primary objective of the bill is to protect individuals using stablecoins in everyday financial transactions from potential losses. Regulators will carefully evaluate issuers’ backgrounds, asset reserves, and operational frameworks before granting licenses.

The document, that is 285 pages long, aims to make stablecoins usable in Hong Kong for automating incentives, loyalty programmes, as well as rebates for the citizens, said a report by the South China Morning Post.

Revisiting Hong Kong’s Crypto Journey in 2024

Hong Kong, which ranked as the world’s most crypto-ready nation in the 2022 Worldwide Crypto Readiness Report, has begun cracking down on unregistered crypto businesses. The Securities and Futures Commission (SFC) of Hong Kong blocked a number of non-compliant crypto platforms in March. Regulators have also rejected all crypto businesses that delayed applying for official permits starting in June. The SFC has expedited audits of operational crypto firms to ensure compliance and identify rulebreakers.

In April, Hong Kong approved BTC and ETH spot ETFs – allowing investors to engage with crypto assets via traditional stock markets. Hong Kong’s largest digital bank – the ZA Bank – launched crypto trading services to individual, retail traders.

This year, Hong Kong also established a subcommittee focused on researching crypto regulations, with the goal of developing a comprehensive regulatory framework in the near future.

Police have arrested a 23-year-old MBBS student in Madhya Pradesh’s Indore for sending around Rs. 8 lakh of cyber fraud money to a gang of Chinese youths by converting it into cryptocurrency, an official said on Wednesday.

Talking to reporters, Deputy Commissioner of Police (DCP) Rajesh Kumar Tripathi said the accused, identified as Vikram Vishnoi (23), was arrested based on the clues found in the case of cheating a city-based software engineer of Rs 1.35 lakh by placing him under “digital arrest”.

Vishnoi, who hails from Jodhpur in Rajasthan, is a third-year MBBS student of the Government Medical College in Maharashtra’s Alibag, he said.

Through Vishnoi’s interrogation, it came to light that he used to provide bank accounts to a gang on a commission basis for cyber fraud and was connected to five Chinese youths through a group on Telegram messaging app, he said.

“We came to know that Vishnoi used to convert the cyber fraud money deposited in Indian bank accounts into cryptocurrency and send it to the Chinese gang. We are investigating thoroughly the role of the Chinese gang in carrying out cyber crimes in India,” Tripathi said.

Additional Deputy Commissioner of Police Rajesh Dandotia said Vishnoi used to convert the cyber fraud money into cryptocurrency through an account of cryptocurrency exchange “Binance” and then send it to the crypto wallet of a Chinese youth with the secret name of “TLX” through QR code.
He said that Vishnoi has so far converted about Rs. 8 lakh into cryptocurrency and sent it to the Chinese crypto wallet of “TLX”.

Dandotia said the accused used to talk to the Chinese youth through a chatbot with mutual translation facility in English and Chinese languages.

In order to investigate the transfer of cyber fraud money to the Chinese gang, the Indore police have sent an email to Telegram and Binance to seek information.

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

Russian companies have begun using Bitcoin and other digital currencies in international payments following legislative changes that allowed such use in order to counter Western sanctions, Finance Minister Anton Siluanov said on Wednesday.

Sanctions have complicated Russia’s trade with its major partners such as China or Turkey, as local banks are extremely cautious with Russia-related transactions to avoid scrutiny from Western regulators.

This year, Russia permitted the use of cryptocurrencies in foreign trade and has taken steps to make it legal to mine cryptocurrencies, including Bitcoin. Russia is one of the global leaders in Bitcoin mining.

“As part of the experimental regime, it is possible to use Bitcoins, which we had mined here in Russia (in foreign trade transactions),” Siluanov told Russia 24 television channel.

“Such transactions are already occurring. We believe they should be expanded and developed further. I am confident this will happen next year,” he said, adding that international payments in digital currencies represent the future.

Earlier this month, President Vladimir Putin said that the current US administration was undermining the role of the US dollar as the reserve currency by using it for political purposes, forcing many countries to turn to alternative assets.

He singled out Bitcoin as an example of such assets, saying that no-one in the world could regulate Bitcoin. Putin’s remarks indicated that the Russian leader backs the extensive use of cryptocurrencies.

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

The crypto market is seeing record gains as Bitcoin’s upward momentum continues to create new benchmarks. Over the weekend, BTC spiked to its new all-time high, exceeding $106,000 (roughly Rs. 89.9 lakh). On Monday, the world’s most valuable cryptocurrency underwent some price correction. At the time of writing, BTC was trading at $104,527 (roughly Rs. 88.6 lakh) on global exchanges after climbing 2.15 percent in the last 24 hours, showed CoinMarketCap. On Indian exchanges like CoinSwitch and CoinDCX, meanwhile, BTC’s price grew by 2.57 percent to trade at $104,344 (roughly Rs. 88.5 lakh).

“Bitcoin seems to have marked its support over $2 trillion (roughly Rs. 1,69,66,500 crore) dollar market cap – making it the 7th largest asset in the world by market cap with Amazon and Google being less than 15 percent away,” the CoinSwitch market desk told Gadgets 360. “Pro Bitcoin company Microstrategy is set to enter Nasdaq 100 as per its 100th annual reshuffling. This means that it will now be a part of one of the world’s largest ETF with more than $300 billion (roughly Rs. 25,44,975 crore) in assets under management,” the crypto firm added.

At a time when US President-elect Donald Trump is talking about establishing Bitcoin as a reserve asset as soon as he takes offices, several crypto assets are rallying. Ether grew by 1.80 percent in the last 24 hours and is presently trading at $3,966 (roughly Rs. 3.36 lakh) on international exchanges. The price of ETH on Indian exchanges, meanwhile, stands at $3,935 (roughly Rs. 3.33 lakh).

As per the crypto price tracker by Gadgets 360, Solana, Dogecoin, USD Coin, and Cardano are trading in gains.

Tron, Avalanche, Polkadot, Bitcoin Cash, and Litecoin also reflected profits on Monday.

“Optimism for bullish momentum remains firm as the market awaits a 25-basis point cut by the Federal Reserve, triggering high overtures in the market. In the derivatives market, open interest in Bitcoin futures and options had hit record highs, indicative of an overwhelmingly bullish sentiment. The market can see short-term consolidations before a new bull run as selling volumes can outpace buying volumes,” Avinash Shekhar, the co-founder and CEO, Pi42, told Gadgets 360.

The valuation of the crypto sector rose by 1.61 percent over the last day. The current market cap of the sector stands at $3.69 trillion (roughly Rs. 3,13,00,425 crore), as per CoinMarketCap.

Tether, Ripple, Binance Coin, Chainlink, and Shiba Inu recorded losses on the price chart on Monday.

Prices of Stellar, Uniswap, Cronos, Cosmos, and Elrond also registered minor slips.

Market analysts have warned investors to be ready for price corrections in the coming days.

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 overall crypto market witnessed price correction across most cryptocurrencies over the last 24 hours. Bitcoin on Wednesday, December 18 registered a loss of 2.60 percent to trade at $103,740 (roughly Rs. 88 lakh) on foreign exchanges. Earlier in the day, Bitcoin had surged to a new all-time high of over $108,200 (roughly Rs. 91.8 lakh) before retreating to its current level. The price correction impacted Bitcoin on Indian platforms as well, such as CoinDCX and CoinSwitch, where it was trading at $103,701 (roughly Rs. 88.6 lakh) at the time of writing.

“Bitcoin recently surged to $108,260 (roughly Rs. 91.9 lakh) on Tuesday, representing an increasingly strong institutional interest. The market’s strong fundamentals include persistent demand from spot Bitcoin ETFs and tight supply,” Avinash Shekhar, Co-Founder and CEO, Pi42 told Gadgets360. “The most important thing for Bitcoin now is to hold above $102,000 (roughly Rs. 86.6 lakh) support, since a break below could set off a liquidity crunch and holding above could signal more upside.”

Ether saw a price drop of 4.25 percent over the last day on global exchanges. At present, ETH is trading at $3,841 (roughly Rs. 3.26 lakh) on foreign exchanges, showed CoinMarketCap. As per Indian exchanges, ETH value dropped by 4.88 percent bringing its price to $3,839 (roughly Rs. 3.26 lakh).

“Ethereum is in the consolidation phase right now but can mimic the rally of Bitcoin as the investors sentiments are bullish for Ethereum, as short positions are being liquidated all over the board. Ethereum gets a boost from its history of lagging and then catching up to Bitcoin’s momentum,” Shekhar added.

As shown by the crypto price tracker by Gadgets 360 – most altcoins are trading in the reds indicating losses on Wednesday.

Tether, Binance Coin, Dogecoin, Cardano, Tron, Avalanche, and Chainlink saw losses.

Shiba Inu, Polkadot, Bitcoin Cash, Near Protocol, and Cronos also registered price dips on Wednesday.

The overall valuation of the crypto sector tumbled by 2.77 percent in the last 24 hours. The present market cap of the sector has reached $3.62 trillion (roughly Rs. 3,07,42,307 crore), showed CoinMarketCap. Bitcoin’s dominance on the market stands at 56.65 percent.

Market experts anticipate a more favorable regulatory environment for cryptocurrencies in the near future.

“The crypto market has shown encouraging signs as US lawmakers have pledged to advance digital asset legislation, a long-awaited move for the sector. Key members, including the new Senate Banking Chair, have referred to crypto as the ‘next wonder’ of the world, signaling a strong commitment to regulatory clarity. This positive momentum reflects growing institutional interest and a favorable political environment for cryptocurrencies,” Shivam Thakral, CEO of BuyUcoin told Gadgets 360.

Meanwhile Ripple, Solana, Stellar, Uniswap, Litecoin, and Iota recorded minor profits on Wednesday.

Industry insiders have said that investors should remain cautious but optimistic about navigating their way out of macroeconomic uncertainties in the coming days.

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. 

India, securing the top position on Chainalysis’ Global Crypto Adoption Index for the second consecutive year in 2024, has earned widespread recognition for its vibrant and skilled community of Web3 developers. Jesse Pollak, a senior Coinbase official, shares this sentiment, describing Indian developers in the fields of crypto, DeFi, and blockchain applications as highly ‘sophisticated’ in their understanding and innovation with distributed ledger technology (DLT). As the creator of Coinbase’s Layer-2 blockchain, ‘Base,’ and the lead for Coinbase Wallet services, Pollak brings a wealth of expertise to these observations.

In December, Bengaluru hosted the second edition of India Blockchain Week, celebrating the industry’s achievements in 2024. The event united Web3 investors, developers, and community members to address existing challenges and outline focus areas for growth as the sector prepares for 2025. During the event, Jesse Pollak spoke with Gadgets 360, sharing insights on the roadmap for Coinbase’s Base blockchain and his observations on India’s evolving Web3 landscape.

Pollak had visited India earlier in November, traveling to Bengaluru—often referred to as India’s Silicon Valley—to engage directly with Web3 builders. Reflecting on these interactions, he highlighted the exceptional skills and technical expertise of Indian blockchain developers, which stood out during his on-ground meetings.

Pollak’s Observations on India’s Web3 Market

“Indian builders are sophisticated and passionate about contributing to the global on-chain economy. learned a lot from interacting on the ground with builders in Bengaluru,” Pollak told Gadgets 360.

During the discussions, Pollak noted that India’s Web3 sector faces a significant challenge beyond regulatory delays: the limited availability of borrowing and credit facilities.

This challenge stems from the strained relationship Indian banks have had with the crypto sector in recent years. In 2018, the Reserve Bank of India (RBI), skeptical of cryptocurrencies, prohibited banks from offering services to crypto firms. However, in 2020, the Supreme Court of India overturned this ban, paving the way for renewed interaction. Despite this, Indian banks continue to grapple with defining their stance and engagement with the Web3 industry.

ICICI Bank, HDFC Bank, Axis Bank, Yes Bank, Kotak Mahindra Bank, IndusInd Bank, and IDFC First Bank reportedly offer crypto buying, selling, and storage services alongside customer awareness and education services. The trend of banks issuing loans against crypto assets as collateral is still not as popular among traditional financial institutions.

“There is a huge opportunity for on-chain micro-lending and credit. Tokenisation of assets, on-chain identity credentials, and updating legacy systems can help bring this to reality. Another massive opportunity is cross-border payments. While traditional finance, international payments across borders can take days and be prohibitively expensive, onchain cross-border payments operate 24/7,” Pollak noted.

Currently, a significant portion of Web3 startups in India depend on funding from venture capitalists and alternative sources.

Pollak’s Vision for Base Blockchain

After thorough testing, Coinbase officially made its Base blockchain live in August 2023. The Layer-2 blockchain is built atop the Ethereum blockchain. As per its official website, Base aims to keep gas fees under 1 cent (roughly Rs. 0.002519) while also maintaining the transaction speed at under a second.

Discussing the future of Base, Pollak emphasised his commitment to transitioning the currently centralised blockchain toward greater decentralisation.

“Base benefits in many ways from our relationship with Coinbase. At the same time, we believe that Base must be decentralised, because decentralisation will help enable a global, open, on-chain economy that will unlock economic freedom around the world,” Pollak said.

Two key areas of focus in 2025 will be to make wallets easier and more accessible while also bringing more currencies on-chain, Pollak noted.

“In 2025, we’re focusing on making getting on-chain with a wallet dead simple. We want anyone –even people who have no experience on-chain — to be able to get started in seconds. Secondly, stablecoins are key to the global on-chain economy. But to bring the world on-chain, it’s crucial for people to be able to interact in their local currency. By 2026, we want to bring over 100 local currencies on Base,” the blockchain creator added.

Finnish telecom giant Nokia could be looking to deepen its presence in the Web3 space. The company has reportedly applied for a patent related to the encryption of digital assets, suggesting its intention to enter the blockchain arena with a focus on security. The patent, titled “Device Method and Computer Program to Improve Digital Assets Encryption,” was filed in June, but details about it have only recently come to light.

The patent outlines Nokia’s vision for a system designed to enhance the security of valuable cryptocurrencies. Leveraging advancements in encryption technologies, Nokia plans to develop a device that restricts access to authorised entities, ensuring the safekeeping of digital assets. Additionally, the device is expected to feature an index system to aid in monitoring and managing encryption processes efficiently.

For now, it remains uncertain when Nokia might receive official feedback on its patent application or how it plans to implement the technology.

This is not the first time that the equipment giant has ventured into the Web3 arena. Back in 2021, it announced the launch of a blockchain-powered Data Marketplace aiming to provide secure data trading and AI services.

In a blog published by Nokia, the company said that the global blockchain technology market is projected to swell to the valuation of $469.49 billion by 2030, citing data by Fortune Business Insights. It further added that it will “guide IT, operations, and network infrastructure evolution for success on the Internet of Value era.”

Other telecom and related firms have also expressed interest in exploring the Web3 space, joining Nokia in this emerging frontier.

In May, Vodafone’s Head of Blockchain Initiatives, David Palmer, suggested that blockchain networks, crypto wallets, smartphones, and SIM cards could converge in a Web3-driven transformation of Vodafone’s services. In 2022, Japan’s NTT Docomo and South Korea’s SK Telecom also ventured into the blockchain sector.

As we enter the final week of 2024, most cryptocurrencies have registered gains on the price charts. Bitcoin showed a gain of over one percent over the last day on Monday, December 23. At the time of writing, BTC was trading at the price point of $95,661 (roughly Rs. 81.3 lakh) on global exchanges, showed crypto tracking site CoinMarketCap. On Indian exchanges like Giottus, meanwhile, the value of BTC reached $100,499 (roughly Rs. 85.4 lakh) after recording a minor loss of 2.86 percent over the last day.

“The market continues to watch Bitcoin closely, poised for a move back above $100,000 (roughly Rs. 85 lakh) from current consolidation near $95,460 (roughly Rs. 81.19 lakh). Sentimental analysis of conditions suggests a recovery against prior sentiment contraction, despite ETF outflows and profit bookings. A move above $100,000 (roughly Rs. 85 lakh) would open up optimism-aimed toward $125,000 (roughly Rs. 1.06 crore) for BTC. A failure to maintain above $85,000 (roughly Rs. 72.2 lakh) will lead it downward in more extended corrections,” Avinash Shekhar, Co-Founder and CEO, Pi42 told Gadgets360.

Ether mimicked Bitcoin’s price movement on Monday and registered a minor gain of under one percent. The price of ETH stood at $3,315 (roughly Rs. 2.81 lakh) on foreign exchanges at the time of writing. On Indian exchanges, the value of ETH hit 3,317 (roughly Rs. 2.82 lakh) after seeing a loss of 0.16 percent.

“The market, at the time being, appears a bit skeptical yet leaning toward being bullish. The macroeconomic environment remains improving, with a resurgence of activity coming from smart investors in the market. Investors should remain cautious yet optimistic in this highly volatile market,” Shekhar noted.

Tether, Ripple, Binance Coin, Solana, and Dogecoin clocked gains on Monday.

Other altcoins that saw profits include Cardano, Tron, Avalanche, Chainlink alongside Stellar, Polkadot, Bitcoin Cash, and Litecoin also clocked gains.

“President-elect Donald Trump announced the appointment of Bo Hines as the executive director of the newly formed Presidential Council of Advisers for Digital Assets, also known as the “Crypto Council.” This council aims to foster innovation and growth in the digital assets sector. The market is optimistic about these developments, anticipating increased regulatory clarity and support for the crypto industry,” Shivam Thakral, CEO of BuyUcoin told Gadgets360 explaining the rally of altcoins.

The overall crypto market cap rose by 0.17 percent in the last 24 hours. With this, the valuation of the sector has reached $3.3 trillion (roughly Rs. 2,80,71,268 crore).

USD Coin, Monero, Augur, and Circuits of Value saw minor losses on Monday.

US President-elect Donald Trump, who pledged during his campaign to position the country as the “crypto capital of the planet,” is already making strides toward fulfilling that promise ahead of taking office in January 2025. In his latest move, Trump has appointed Yale alumnus Bo Hines as the Executive Director of the newly-formed ‘Crypto Council,’ which remains in its formative stages as new members join and shape its agenda. These steps signal Trump’s intent to clarify the legal, financial, and operational framework of the US crypto industry.

In a post on social media platform Truth Social, Trump announced that Hines will be taking up this crucial role in the crypto council – which is officially also referred to as the Presidential Council of Advisers for Digital Assets.

President-elect Donald Trump elaborated on his vision for the Crypto Council, describing it as an advisory group comprised of “luminaries” from the crypto industry. However, details about other members joining this body remain scarce at this time.

Earlier this month, before appointing Hines to the Crypto Council, President-elect Donald Trump named David Sacks as its Chairperson and the White House’s ‘Czar’ of Crypto and AI. Sacks, a former Chief Operating Officer at PayPal, has reportedly invested in high-profile ventures such as SpaceX and Uber.

In his post on Truth Social, Trump detailed the roles Sacks and Hines would play in shaping the Crypto Council’s mission and objectives.

“Bo is a graduate of Yale University, and Wake Forest University Law School. Bo will work with David to foster innovation and growth in the digital assets space, while ensuring industry leaders have the resources they need to succeed,” said the 78-year-old billionaire-turned-politician.

As senior leaders of the Crypto Council, Hines and Sacks will jointly focus on establishing a comprehensive legal framework to support the US crypto sector while addressing financial risks associated with the volatile digital assets market.

During his campaign, Trump pledged to make Bitcoin a reserve asset in the United States. In September, he launched a cryptocurrency venture named World Liberty Financial, aimed at advancing the DeFi sector. By November, the Trump Media & Technology Group filed for a trademark for ‘TruthFi,’ signaling potential ambitions in the Web3 space.

Amid these developments, Trump’s victory in the November US elections propelled Bitcoin to a record-breaking all-time high of over $108,135 (roughly Rs. 92 lakh). The overall valuation of the crypto market has also surged, reaching $3.3 trillion (roughly Rs. 2,80,91,561 crore) in recent days.

Trump’s ambitions extend beyond cryptocurrency, as he also aims to solidify the US as a leader in the AI industry.

In a Truth Social post, Trump announced Sriram Krishnan as the Senior Policy Advisor for Artificial Intelligence at the White House Office of Science and Technology Policy. A former Microsoft executive, Krishnan will collaborate with Hines and Sacks to develop policies governing the rapidly evolving crypto and AI sectors.

Following Donald Trump’s win in the 47th US elections, the crypto industry has seen a rise in valuation, anticipating pro-crypto reforms in the coming months. Leveraging this wave of optimism, Ripple has launched its own stablecoin, RLUSD. The US-based fintech company behind the XRP cryptocurrency introduced RLUSD as a stablecoin pegged 1:1 to the US dollar, making 1 RLUSD equivalent to $1 (roughly Rs. 85).

Stablecoins are cryptocurrency tokens backed by reserve assets such as gold or fiat currencies like the US dollar. Prominent examples include Tether, USD Coin, and Binance USD. Unlike independent cryptocurrencies like Bitcoin or Ether, stablecoins are less susceptible to market volatility due to their asset backing, making them a reliable option for both short- and long-term investment.

The launch of RLUSD marks Ripple’s entry into the stablecoin market. To support the RLUSD ecosystem, Ripple has established an advisory board to oversee the RLUSD ecosystem and provide strategic, regulatory, and operational guidance. Among its notable members is former Reserve Bank of India (RBI) Governor Raghuram Rajan, alongside other prominent advisors.

Talking about the future of stablecoins, Rajan indicated that these tokens could soon become an integral part of private payment systems.

“Stablecoins could become the backbone of private payments by offering a secure, scalable, and efficient alternative to traditional systems. Joining the Advisory Board provides me an opportunity to counsel RLUSD in the rapidly evolving financial landscape,” Rajan said in a statement.

Raghuram Rajan served as the RBI governor from 2013 to 2016, a period during which the central bank adopted a cautious stance toward the crypto sector. Under his leadership, the RBI issued its first official warnings to the public about the potential risks associated with these highly volatile virtual assets.

Earlier this week, Ripple posted more details about its advisory board on X.

Ripple’s Outlook for RLUSD

This month, the total valuation of the stablecoin market exceeded $200 billion (roughly Rs. 17,01,256 crore) for the first time, according to data by DefiLlama. Joining this growing ecosystem, Ripple’s RLUSD stablecoin is now live on Ethereum and related blockchains, as well as the XRP Ledger.

In the coming days, RLUSD will be launched on platforms like Bitso, MoonPay, and CoinMENA, with additional listings planned on other crypto exchanges.

Ripple aims to leverage RLUSD for large-scale international settlements for its enterprise customers. The stablecoin will also be promoted as a liquidity tool for remittance payments.

Since its inception in 2012, Ripple Payments has processed over $70 billion (roughly Rs. 5,95,474 crore) in transaction volume, offering services across more than 90 payout markets.

The overall crypto price chart saw major losses on Friday, December 20. Bitcoin registered a dip of 4.08 percent in the last 24 hours. At the time of writing, Bitcoin was trading at $97,100 (roughly Rs. 82.6 lakh) on foreign exchanges, showed CoinMarketCap. On Indian exchanges, meanwhile, Bitcoin reflected losses of up to over five percent. Despite this loss margin, the oldest and most expensive crypto asset is currently priced around $102,236 (roughly Rs. 87 lakh) on Indian exchanges.

“Bitcoin’s correction of prices below the $100,000 (roughly Rs. 84.7 lakh) mark is enforcing caution on statement by Jerome Powell, chair of the US Federal Reserve dismissing speculations that the Fed may add Bitcoin to its reserves. Historical data reveals that with each successive price rally for Bitcoin, corrections become less intense,” Avinash Shekhar, Co-Founder and CEO, Pi42 told Gadgets360.

Ether saw an almost 8 percent price drop on both national as well as international exchanges on Friday. On global exchanges, ETH is trading at $3,380 (roughly Rs. 2.87 lakh) as shown by CoinMarketCap. As per India’s CoinSwitch and CoinDCX exchanges, ETH incurred a loss of over eight percent to trade at $3,656 (roughly Rs. 3.11 lakh).

Tether, Binance Coin, Dogecoin, Cardano, and Tron registered losses alongside BTC and ETH.

Chainlink, Avalanche, Shiba Inu, Polkadot, Bitcoin Cash, Near Protocol, and Cronos also reflected price dips on Friday.

“This downtrend can be attributed to the Fed scaling back its target of four rate cuts next year to only two, accompanied by hawkish commentary. While the S&P 500 remains in positive territory, riskier assets like BTC and ETH have taken a significant hit. SOL has also dropped below $200 (roughly Rs. 17,019), erasing all of its post-election gains,” the CoinSwitch markets desk told Gadgets360, commenting on the development.

The overall crypto market cap tumbled by 4.47 percent in the last 24 hours. At the time of writing, the valuation of the crypto sector stood at $3.35 trillion (roughly Rs. 2,85,06,999 crore), as shown by CoinMarketCap.

USD Coin, Iota, and Status emerged among a handful of crypto tokens that managed to hold on to minor profits.

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.

Funds stolen by hacking cryptocurrency platforms surged 21 percent from a year ago to $2.2 billion (roughly Rs. 18,710) in 2024, a report from blockchain analysis firm Chainalysis showed on Thursday.

The hacking amount exceeded $1 billion (roughly Rs. 8,502 crore) for the fourth straight year and the number of incidents rose to 303 from 282 in 2023, it said. Hackers had stolen $1.8 billion (roughly Rs. 15,302 crore) in 2023.

The rise in crypto heists comes as Bitcoin jumped 140 percent this year to surpass $100,000 (roughly Rs. 85 lakh) mark, drawing institutional participation and backing from US President-elect Donald Trump.

“As the digital asset market booms, it is typical to see the illicit use of crypto grow in tandem,” Chainalysis’ cybercrimes research lead Eric Jardine said.

“Countering the proliferation of these crimes — especially fraud — will undoubtedly be a key challenge for the industry in the new year.”

Compromises to private key that controls access to users’ assets accounted for the majority of stolen crypto this year with most of the attacks targeting centralised platforms, the report said.

Among the most notable hacks are the theft of more than $305 million (roughly Rs. 2,593 crore) from Japan’s crypto exchange DMM Bitcoin in May and the loss of $235 million (roughly Rs. 1,997 crore) from India’s WazirX in July.

Crypto hacking linked to North Korea more than doubled from a year ago to a record high of $1.3 billion (roughly Rs. 11,053 crore) in 2024, Chainalysis said.

Cryptocurrency allows North Korea to circumvent international sanctions, the United Nations has said. The country routinely denies involvement in cyber hacking or crypto heists.

© Thomson Reuters 2024

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

SOL price predictions remain bullish even in the middle of a market-wide sell-off following the move by the Federal Reserve to halt rate cuts in 2025. Solana’s price is already forming a bull flag even as SOL dips below $200 in a move that analysts anticipate could lead to a bullish breakout past the $210 mark.

Some SOL price predictions forecast lower lows for SOL, especially if SOL’s price continues to dip below $190. Polkadot’s DOT is also on a major pullback, with its price hovering around $7 after surging all the way to $11.66 at the start of December.

SOL price predictions and DOT aside, the best new crypto to invest in right now is Lunex Network. After its presale gained momentum, Lunex’s LNEX token surged over 250% and is now priced at $0.0046 in a presale that has so far raised over $5.3 million. Can LNEX surpass its ATH?

Lunex Network is on track to be the best new crypto this bull run

A market-wide correction was expected, especially after the meteoric rally of Bitcoin and cryptocurrencies. If you are looking for a bargain, however, the best new crypto to jump into is Lunex’s LNEX token, which is pioneering the world’s first multi-chain DEX and aggregator.

The world of DEXs is often plagued by platforms that are slow to execute trades, and with the fast-paced nature of cryptocurrencies, a delayed trade can lead to massive losses. Most traders on DEXs have to contend with sniper bots, front running, and high slippage. What’s more, trading on-chain can often lead to tapping into low-liquidity pairs.

Lunex offers a hybrid model that combines the best of both centralized and decentralized exchanges. Thanks to Lunex’s aggregator, every trade is executed with the most affordable network fees and with the most liquidity. This approach is not only secure but fast and comes with zero slippage.

SOL price predictions set bullish targets despite market dip

Solana has had a wild ride in 2024, with its price surging all the way to a new all-time high of $269. That is a 239% uptick that saw most onlookers set bullish SOL price predictions. While SOL’s price is rebounding, there is still a likelihood for lower lows even as Solana’s ecosystem flips Ethereum in terms of dev growth. Apart from a growth in developers, Solana is also receiving increased institutional adoption as its network’s daily active addresses surge by 30%.

Polkadot (DOT) dips below the 0.5 Fibonacci Retracement

While the entire crypto market is in a downturn following the news from the Federal Reserve, Polkadot’s DOT seems to have been hit the most, with its price falling 41% to lows of $6.86. Polkdot champions interoperability and has attracted Harbour and Velocity Labs to launch a stablecoin on its open-source network. While this new development could be bullish for DOT, it remains to be seen whether DOT’s price will rebound.

Conclusion

Market corrections are normal in any bull market, and bullish SOL price predictions could still materialize. However, while the likes of DOT languish, Lunex’s LNEX token is emerging as the best new crypto this bull run thanks to its capacity to deliver institutional-grade liquidity to DEXs.

You can find more information about Lunex Network (LNEX) here:

Website: https://lunexnetwork.com

Socials: https://linktr.ee/lunexnetwork

Disclaimer: This article is a paid publication and does not have journalistic/editorial involvement of Gadgets360. Gadgets360 does not endorse/subscribe to the content(s) of the article/advertisement and/or view(s) expressed herein. Gadgets360 shall not in any manner, be responsible and/or liable in any manner whatsoever for all that is stated in the article and/or also with regard to the view(s), opinion(s), announcement(s), declaration(s), affirmation(s) etc., stated/featured in the same.

WazirX users affected by the July hacking incident may face a longer wait for clarity on compensation. In a recent update, Zettai announced plans to present its proposed financial restructuring scheme to the Singapore Court on January 22, 2025. Zettai, the Singapore-registered entity managing WazirX’s crypto assets, oversees the Indian exchange, which lost over $230 million (roughly Rs. 1,900 crore) in the July 18 attack. Since the hack, WazirX has yet to fully restore its services and continues to face intense criticism on social media.

In a statement to Gadgets 360, Zettai confirmed it is awaiting Singapore Court approval to present its restructuring scheme to creditors. This means WazirX creditors may have to wait at least another month before any compensation is disbursed.

If the court allows the proposal to proceed, the scheme will require at least 75 percent approval from creditors to take effect. Only with this majority vote will the restructuring plan be implemented.

Amid mounting criticism, WazirX has disabled comments on its posts on X.

Zettai has highlighted that if creditors reject the proposed restructuring scheme, liquidation remains the only alternative for WazirX.

Emphasising that approval of the scheme is the quickest path for creditors to recover funds, Zettai stated, “Under a liquidation, the earliest that creditors can receive a distribution is in two-to-three years which is also likely to be lower in recovery due to costs of the liquidation.”

If liquidation becomes necessary, WazirX must first resolve its ongoing dispute with Binance, a matter the company describes as confidential and uncertain. The WazirX-Binance dispute began around 2021 when both parties initially stated that Binance had acquired WazirX. However, in 2022, Binance denied completing the acquisition, while WazirX maintained that Binance was its owner. This ambiguity has persisted for nearly two years and could take additional time to resolve.

As a result, WazirX creditors face a wait time ranging from two months to three or more years before receiving compensation.

Key Details of WazirX’s Planned Restructuring Scheme

As part of its restructuring plan, WazirX intends to issue recovery tokens to its creditors. These tokens can be traded in the market during the ongoing bull run, where BTC is fluctuating between $97,000 (roughly Rs. 82.6 lakh) and $108,000 (roughly Rs. 91.7 lakh).

Earlier this month, the exchange stated that, “under its planned scheme the net available liquid funds, which currently represent over 100 percent of the USD value of liabilities as on 18th July 2024, will be disbursed to scheme creditors in the proportionate token balances held in their portfolio, ensuring they benefit from the ongoing crypto bull run.”

The exchange has yet to provide detailed information about the scheme, which is expected to be disclosed after January 22, 2025. However, it stated that if the scheme is approved, initial fund distributions would begin within 10 business days.

Five months after the hack, the stolen funds from WazirX accounts remain untraced and unrecovered. In November, WazirX founder Nischal Shetty announced plans to develop India’s first decentralized exchange within the next twelve months.

Regulators in Spain and Germany have cracked down on World (formerly Worldcoin), the project led by OpenAI founder Sam Altman, directing it to delete iris scans of users collected in both countries. The latest action against the firm adds to a string of controversies that the project has faced since it was introduced in 2023. World requires people to have their eyes scanned for identification purposes, which could pose a privacy threat to users — unlike passwords, biometrics cannot be changed.

On Friday, German regulators released detailed directives for Altman’s web3 project. In the EU, the World project is headquartered in Erlangen, Bavaria. In an official statement, the Bavarian State Office for Data Protection Supervision (BayLDA) said Altman must align World’s operations with the EU’s data protection laws.

“With today’s decision, we are enforcing European fundamental rights standards in favour of the data subjects in a technologically demanding and legally highly complex case. All users who have provided Worldcoin with their iris data will in future have the unrestricted opportunity to enforce their right to erasure,” said BayLDA President Michael Will.

Spain’s data protection watchdog AEPD has also directed that all the biometric data collected by World so far in the country must be deleted.

The APED said that it has probed the project alongside the BayLDA , and the results show that the project is in violation of the European Union’s General Data Protection Regulation. In Spain, the World project has been under a temporary ban, which the High Court there upheld in March.

The ambitious project, that was first conceived in 2019, claims that it eliminates the need for individuals to share personal details with web protocols to interact online by offering World IDs. It claims to introduce more privacy while accessing the internet. To issue these IDs, the project collects the iris scans of people’s eyes through a machine designed by the company called Orbs.

As of Friday, the project’s website shows that 343,904 unique human verifications have been processed over the period of the last seven days. Data on the website also claims that the project’s app has garnered over 20 million users so far, while over 9.2 million unique humans are already part of its ecosystem.

In August, Colombia’s Superintendencia de Industria y Comercio (SIC) initiated an indictment process without formally charging the project in order to determine if World was in breach of the country’s personal data protection regime. Hong Kong blocked the project in May, citing privacy concerns.

Australia appears to be auditing the operations of crypto exchanges to protect its citizens from financial risks. In a recent development, Binance has come under legal scrutiny for misclassifying 505 retail investors. This follows a legal challenge against Kraken just days earlier. Both Kraken and Binance are facing lawsuits from the Australian Securities and Investments Commission (ASIC), the regulator overseeing the country’s financial markets.

The ASIC has filed a lawsuit in federal court, accusing Binance’s local subsidiary of misclassifying 505 retail investors as wholesale investors. As a result, the exchange allegedly failed to provide the required consumer protection for these retail investors.

Retail crypto investors typically purchase smaller amounts of crypto assets, while wholesale investors are larger-scale entities, such as financial institutions or hedge funds. Consumer protection regulations for these two groups vary based on the volume and frequency of their crypto transactions.

As per an official statement from the ASIC, Binance was offering crypto derivative products to retail investors between July 7, 2022 and April 21, 2023.

Under Australia’s financial regulations, retail clients of licensed crypto exchanges must receive a product disclosure statement upon entering the ecosystem. Additionally, retail investors are entitled to a compliant dispute resolution scheme.

Commenting on the matter, ASIC Deputy Chair Sarah Court stated that Binance has violated the Australian laws it agreed to adhere to when applying for operational licenses in the country.

“Many of these clients suffered significant financial losses. In 2023, we oversaw compensation payments by Binance of approximately $13 million (roughly Rs. 110 crore) to affected clients. Crypto derivative products are inherently risky and complex, so it is critical that retail clients are classified correctly,” Court added.

According to ASIC, Binance failed to provide product disclosure statements to retail clients and did not implement a complaint resolution system.

Binance has yet to respond to the development.

Earlier this year, Australia imposed a $5.1 million fine (roughly Rs. 43 crores or AUD 8 million) on Kraken for violations related to the design and distribution of its products.

Chainalysis, a blockchain data firm, plans to shift its focus from investigating Web3 violations to preventing them. This week, the US-based company announced its acquisition of Hexagate, a Tel Aviv-based Web3 security firm. The deal, finalised for an undisclosed amount, aligns with Chainalysis’s strategic growth plans for the coming year.

Hexagate provides a suite of tools for Web3 security, including risk mitigation, forensic analysis, and compliance, serving major crypto firms like Coinbase, Polygon, Uniswap, and Consensys. These capabilities caught the attention of Chainalysis, according to an official statement.

Commenting on the development, Chainalysis CEO Johathan Levin said, “over the past two years, they (Hexagate) detected all known hacks – and more than 98 percent were detected before they occurred. Their commitment to accuracy and collaboration reminded me of our own team.”

Levin noted that in recent years, crypto hackers have managed to displace billions of dollars from the crypto ecosystem – which otherwise has the potential to provide the safest financial systems internationally. In February for instance, a Chainalysis report said that payments from crypto-related ransom attacks doubled to a record $1 billion (roughly Rs. 8,304 crore) in 2023.

“It doesn’t have to be this way. Web3 is transparent by design, and with the right solutions, it can be the world’s safest financial system,” Chainalysis CEO added.

Chainalysis posted an official update regarding the aquisition on X.

https://x.com/chainalysis/status/1869369317336215861

With Hexagate now integrated into Chainalysis, the combined teams will focus on developing advanced security tools to protect smart contracts, stablecoins, wallet infrastructures, and layer-1 and layer-2 blockchain networks from malicious threats.

Looking ahead, Chainalysis anticipates that governments worldwide will intensify the monitoring of smart contracts to identify those potentially linked to illicit funds. The company plans to deepen its collaboration with these governments to enhance the tracking of illegal financial activities.

CoinSwitch has published an in-depth analysis of India’s crypto trends for the year, revealing that Shiba Inu, Dogecoin, and Pepecoin gained significant popularity. The report also highlights Delhi and Bengaluru as key crypto trading hubs. This release comes amid ongoing discussions by Indian regulators, who have not set a timeline for the implementation of comprehensive crypto laws. CoinSwitch’s crypto community has surpassed 20 million users in 2024, with women accounting for 11% of the total crypto investors and holders.

March and November saw the most crypto-related activities in India. In March, BTC was stable at $73,000 (roughly Rs. 62 lakh) approaching its halving.In November, Bitcoin began rallying, fueled by speculation around Donald Trump’s potential victory in the US elections, which drew interest from institutional investors. Following Trump’s win, Bitcoin has surged to a new all-time high of $108,000 (roughly Rs. 91.7 lakh).

“On March 5, India traded the most, potentially driven by anticipation in the days leading up to the fourth Bitcoin halving event,” CoinSwitch noted.

The report highlights that 75 percent of crypto investors in India are under 35, with 30 percent falling in the 18–35 age group. Jaipur, Kolkata, and Botad in Gujarat also emerged as active hubs for crypto adoption alongside major metro cities this year.

“Love for crypto goes beyond the top metro cities. This year, we have observed increasing participation from tier two and tier three cities including Patna, Ludhiana, Indore, Surat, Jammu, Kanpur, Dehradun, Nagpur, and Kanchipuram,” CoinSwitch noted.

Layer-1 blockchain tokens such as Ether, ADA, Solana, and Bitcoin attracted 37 percent of total Indian investors. On the other hand, 17 percent investors explored DeFi tokens like Sushi and Aave. Memecoins, gaming tokens, and Layer-2 tokens garnered the attention of 14 percent, eight percent, and five percent Indian investors, respectively. Overall, the report highlights that Indian investors are flocking to crypto assets despite volatility.

The report’s release aligns with a recent update from Minister of State (MoS) Finance Pankaj Chaudhary at the Lok Sabha. Earlier this week, Chaudhary said that formulating crypto regulations requires a comprehensive evaluation of taxonomy standards, alongside an assessment of the risks and benefits associated with VDAs. He also emphasised the need for global cooperation to address the borderless nature of crypto transactions.

In the US, President-elect Trump has announced plans to include Bitcoin among the country’s reserve assets. His commitment to drafting comprehensive crypto regulations is fueling optimism among institutional investors.

The crypto sector currently hosts over 2.4 million tokens, according to CoinMarketCap, leaving investors often uncertain about the legitimacy of their choices. Addressing this challenge, Binance has introduced a new feature named Alpha to its wallet service. Announced on Wednesday, December 18, Alpha will spotlight tokens associated with early-stage Web3 projects, offering insights into those that may be considered for future listing on the exchange.

Binance, the world’s largest crypto exchange by users and trading volume, has assembled a team of market experts to evaluate emerging cryptocurrencies. The team will spotlight tokens based on factors such as community interest, growing traction, and alignment with key market trends.

“By publicly highlighting a curated selection of early-stage projects, Binance Alpha fosters community trust, offering users insights into tokens with potential for future growth within the Binance ecosystem,” Winson Liu, the Global Lead of Binance Wallet said in a statement.

Binance stated in its press release that the Alpha feature aims to refine its token listing process while enhancing user experience.

The feature is now live on the Binance Wallet app, where early-stage crypto tokens are showcased in batches. Each batch will receive a 24-hour spotlight, during which users can explore detailed information about the projects these tokens represent.

Alpha also introduces a sub-feature called Quick Buy, enabling users to purchase Alpha-listed tokens instantly. After the 24-hour showcase, the highlighted tokens will remain accessible under the “Markets” tab on the Binance app, allowing users to continue tracking tokens of interest.

“Key improvements include automatic selection of the native chain’s token and default trading amount based on wallet holdings and automatic slippage adjustment during retries to improve transaction success rates,” the exchange noted.

The government has no specific timeline in sight to introduce new regulations for virtual digital assets (VDAs) in India, according to Minister of State (MoS) Finance Pankaj Chaudhary. The progress in regulation of VDAs in India was provided when Chaudhary answered questions from two Members of Parliament in the Lok Sabha on Monday. He also stated that VDAs, such as cryptocurrencies, are borderless in terms of usage, adding that regulations would require international cooperation.

Chaudhary was responding to a question put forth by Members of Parliament Appalanaidu Kalisetti and Lavu Sri Krishna Devarayalu, who were seeking answers from the government about efforts taken to establish a comprehensive regulatory framework to oversee the VDA sector.

The MoS Finance said that the formulation of crypto rules requires thorough evaluation of taxonomy standards along with an assessment of the risks and benefits linked to VDAs.

“There is no specific timelime for the process, including the publication of the Discussion Paper, as it may only be published after such stance or stances are determined based on the evaluated risks. Further, the need to balance investor protection and innovation must be assessed in light of the broader objective of protecting the Indian economy from the risks posed by the VDA sector,” the MoS Finance told the Lok Sabha.

“All jurisdictions, including India, are expected to evaluate their country-specific characteristics and risks, and engage with standard-setting bodies and the G20 to appropriately consider any necessary measures for crypto assets. A part of such a process may involve the publication of a Discussion Paper to obtain feedback on the stance or various,” he added.

Economic Affairs Secretary Ajay Seth said in July that the government’s discussion paper will include suggestions around the future of crypto regulation in India.

At the time, Seth had also said that regulators have invited ideas and feedback from the industry stakeholders on ways to ensure the sector’s growth while maintaining the security of national financial standards. Details on the development of this discussion paper are yet to be announced.

As of now, crypto incomes are taxed by 30 percent in India. Each crypto transaction also sees a deduction of one percent tax at source — crypto firms have been requesting the government to reduce these taxes.

Last year, the government’s Financial Intelligence Unit (FIU) mandated all firms dealing with VDAs to register with it to legitimise their operations in the country. In addition, all crypto firms have been directed to comply with India’s anti-money laundering laws to prevent the misuse of cryptocurrencies to move illegal funds.

During its G20 Presidency in 2023, the government spearheaded the movement to bring all the G20 nations together to collaborate on VDA regulations that could be deployed uniformly across countries. Work on these regulations is still in progress.

The UAE and the European Union, have already deployed comprehensive rules to regulate the crypto sector. The UK, is expected torelease detailed guidelines for VDA firms to adhere to by 2026.

The Vishvasya Blockchain Technology Stack. that was unveiled back in September, is now being implemented across an array of sectors. The development was recently disclosed by Jitin Prasada, the minister of state (MoS) for electronics and information technology (MeitY), to the Rajya Sabha. As per Prasada, this technology stack is enabling government officials across multiple states to use blockchain for verification of apps and services. The aim is to ensure that details about various documentations are logged permanently on blockchain in a format that prevents the information from being tampered with or altered.

Prasada addressed the ongoing use cases of the Vishvasya Blockchain Technology Stack responding to a question from parliamentarian Fauzia Khan. Three months after it was launched, Khan asked for information on how the technology stack was being applied across government departments.

According to Prasada, the technology stack was ready to be used across healthcare, education, administration, and agriculture sectors.

The MoS noted that the pilot implementation of some applications of the technology had already been completed. These include Praamaanik, a solution to verify mobile app origin, and Property Chain, a solution for recording property transactions and its verification for the states of Karnataka and Jharkhand.

Prasada also mentioned eStamps, a solution to provide a secure record of eStamp transactions with financial agencies, as a specific use case where Vishvasya Blockchain Technology Stack had been applied.

MeitY Secretary S Krishnan had led the launch of a suite of blockchain platforms, named Vishvasya Blockchain Technology Stack, back in September. The initiative marked the India government’s interest in exploring blockchain technology, that forms the foundational layer for Web3 sectors like cryptocurrencies and the metaverse.

Praamaanik is part of this technology stack, alongside NBFLite, a lightweight blockchain platform that developers could use to create solutions for education as well as startups.

In his statement to the Rajya Sabha, Prasada said that blockchain technology had the potential to improve the quotient of accountability in any digital system involving public transactions.

Karnataka, for instance, is utilising the Certificate Chain to record educational certificates for CBSE, Prasada noted. Certificate Chain is also a part of the Vishvasya stack.

The IT ministry is also observing how the National Blockchain Framework, launched on September 4, is offering blockchain-as-a-service (BaaS) to finetune the operations and data keeping systems for government agencies. NBF is a permissioned blockchain platform designed by several organisations, including Centre for Development of Advanced Computing (C-DAC) and Institute for Development and Research in Banking Technology (IDBRT), among others.

While the ministry is exploring blockchain applications, different Indian jurisdictions are tapping into the technology, as well. Earlier this year, for instance, Ahmedabad pushed out a notification seeking blockchain developers. The city has been looking to use blockchain to improve the storage and maintenance of city-wide records.

Bihar, Telangana and Maharashtra have also ventured into blockchain exploration in recent times.

Meta is researching and developing new AI models, that could have potential uses in Web3 applications. The Facebook parent firm has released an AI model called Meta Motivo, that can control the bodily movements of digital avatars. It is expected to make the overall metaverse experience better. The newly unveiled model is expected to offer optimised body motion and interaction of avatars in metaverse ecosystems.

The company claims that Motivo the ‘first-of-its-kind behavioural foundation model’. The AI model can enable virtual human avatars to complete a variety of complex whole-body tasks, while making virtual physics more seamless in metaverse.

Through unsupervised reinforcement learning, Meta has made it convenient for Motivo to perform an array of tasks in complex environments. A novel algorithm has been deployed to train this AI model that uses an unlabelled dataset of motions to help it pick up on human-like behaviours while retaining zero-shot inference capabilities, the company said in a blog post.

Announcing the launch of Motivo on X, Meta shared a short video demo showing what the integration of this model with virtual avatars would entail. The clip showed a humanoid avatar performing dance moves and kicks using whole body tasks. Meta said it’s incorporating ‘unsupervised reinforcement learning’ to trigger these ‘human-like behaviour’ in virtual avatars, as part of its attempts to make them look more realistic

The company says that Motivo can solve a range of whole-body control tasks. This includes motion tracking, goal pose reaching, and reward optimisation without any additional training.

Reality Labs is Meta’s internal unit that is working on its metaverse-related initiatives. Since being launched in 2022, Reality Labs has consecutively recorded losses. Despite the pattern, Zuckerberg has hedged his bets on the metaverse, testing newer technologies to fine-tune the overall experience.

Earlier this year, Meta showcased a demo of Hyperscape which turns a smartphone camera into a gateway to photorealistic metaverse environments. Through this, the tool enables smartphones to scan 2D spaces and transform them into hyperrealistic metaverse backgrounds.

In June, Meta bifurcated its Reality Labs team into two divisions, where one team was tasked to work on the metaverse-focussed Quest headsets and the other was made responsible for working on hardware wearables that Meta may launch in the future. The aim of this step was to consolidate the time the Reality Labs’ team puts in to develop newer AI and Web3 technologies.

India’s Web3-focussed non-government groups are stepping up efforts to establish international partnerships. On Monday, the India Blockchain Alliance (IBA) announced a partnership with UAE’s free zone for Web3 firms – the Ras Al-Khaimah Digital Assets Oasis (RAK-DAO). The aim of this alliance, is to take collaborations on Web3 related education, research, and development initiatives to the global stage, according to the IBA. This collaboration is expected to catalyse Web3 entrepreneurship while also expanding awareness around blockchain use cases.

Founded in 2018, the IBA is a non-profit organisation that brings together blockchain developers, Web3 firms, and venture capitalists working around blockchain. Meanwhile, the RAK DAO allows Web3 firms from India and other parts of the world to migrate to the UAE with legal and operational assistance.

As part of the partnership, Indian Web3 firms will be able to tap into UAE’s more regulated Web3 ecosystem. On the other hand, UAE-firmed crypto firms will be able to access India’s pool of Web3 developers and startups, many of which are part of the IBA’s ecosystem.

“This partnership paves the way for a collaborative blockchain ecosystem that supports businesses and innovators from both regions. Together, we can address industry challenges and drive meaningful advancements,” IBA founder Raj Kapoor said in a prepared statement.

The UAE has been one of the first locations in the world to have formed regulations to oversee the crypto sector. In October, the UAE scrapped value added tax on crypto transactions, attracting more Web3 firms to operate from the region.

In August, CoinDCX-made Okto wallet secured a business licence in UAE’s Ras Al Khaimah (RAK) city. The RAK-DAO is the world’s first Free Zone dedicated to incubating businesses related to the sector.

“This partnership reflects our shared vision to build a stronger, interconnected blockchain ecosystem. RAK-DAO is proud to collaborate with the India Blockchain Alliance,” Sameer Al Ansari, CEO of RAK-DAO said in a statement.

The IBA, however, is not the only Indian Web3 body that has been finalising similar partnerships. Back in September this year, the Bharat Web3 Association (BWA) signed Memoranda of Understanding (MoUs) with Australia and Indonesia. The aim of these MoUs is to unite global Web3 efforts and collaboratively enhance the ecosystem’s growth.

Polygon, the eco-friendly blockchain ecosystem that was co-founded by three Indian technology enthusiasts in Mumbai in 2017, was valued at $20 billion (roughly Rs. 1,69,744 crore) in 2022. Sandeep Nailwal is one of the co-founders and the COO of the blockchain firm, that competes with the likes of Ethereum and Cardano.  He has been working with Web3 technology since 2016. Today, India-made Polygon Labs is licenced in the EU, collaborating on projects in South Korea, while also expanding presence in other nations.  Nailwal spoke to Gadgets360 on an array of subjects, at the recently concluded India Blockchain Week 2024 in Bengaluru.

In a recent TV interview, Polygon Labs CEO Marc Boiron said that the blockchain brand has struggled in broader adoption due to racial prejudice against Nailwal and Polygon’s roots in India.  In this interview with Gadgets 360, the company’s founder addresses the alleged racial bias prevalent in the global Web3 arena while also voicing his opinion on India’s Web3 market, Polygon’s future, and the urgent need for Web3 regulation.   

Gadgets360: Are you concerned about Marc’s statement that that the Polygon’s PoS chain is struggling in broader adoption due to racial prejudice against you, and how does this impact developers in India? 

Nailwal: I appreciate Marc highlighting this issue but let me be clear about how I view this. Early in our journey, yes, we faced skepticism and bias. What I have learned is that nobody is doing this deliberately or systematically. The universe doesn’t owe us respect – we have to earn it. I used to get pained by this, but now I understand that worrying about prejudice is just wasting energy we could use for building.  

When Polygon started, people doubted whether an Indian team could build critical blockchain infrastructure. Today, Polygon PoS powers thousands of dApps and global brands deploy on the network. This didn’t happen by complaining. It happened through relentless execution.  

The only way to change these perceptions is through sustained success. Keep building, keep winning. Web3 is inherently borderless – it doesn’t care where you come from. What matters is what you build and how well it works.  

Gadgets360: What are the key factors that have driven Polygon’s growth so far?  

Nailwal: Several factors have contributed to the success of the Polygon network. First and foremost is the community. From the developers grinding away at DeFi protocols to enterprises taking their first Web3 steps, from NFT creators to dApp builders – they’re the ones driving real innovation. With a strong, engaged developer community, adoption follows naturally.  

We made a conscious choice to build a network that just works – the PoS chain. It’s simple, fast, and secure. We are not building for just one segment of Web3. That’s why we went all-in on ZK technology. It’s not about following trends; ZK is fundamental to blockchain scaling.  

Now, with AggLayer, we’re tackling chain connectivity and shared liquidity. Again, not because it’s trendy, but because it’s necessary — blockchain’s future hinges on overcoming its inherent fragmentation. For mass adoption, the user experience must rival the seamlessness of today’s internet. Agglayer’s mission is to enable liquidity to flow across the ecosystem, effortlessly.  

Gadgets360: How will Polygon address the challenge of blockchain scalability?  

Nailwal: Aside from fragmentation, scalability is blockchain’s biggest challenge. ZK technology is where we’re making the biggest breakthrough. This is the ultimate answer to scaling blockchain without compromising security. zkEVM and other rollups are pushing the boundaries of what’s possible with transaction throughput while staying compatible with Ethereum. The final piece is aggregation through AggLayer.  

All these chains can be connected into one unified ecosystem. Think about it – shared liquidity, seamless movement between chains, and a user experience that just works. This is how aggregated networks will support the next billion users.  

When you combine modular and monolithic approaches like this, you’re solving the issue for good beyond temporary patchwork fixes. This ecosystem will allow every chain to be connected, fast, and accessible. No compromises on security, decentralisation, or performance. That’s the future of Web3.  

Gadgets360: How does Polygon Labs view the Indian market?  

Nailwal: What excites me is how Indian companies are innovating with blockchain. Take Flipkart – they’ve already created over 3.6 million user wallets on Polygon PoS, and they’re just getting started. This shows how enterprise adoption can bring millions of users into Web3 seamlessly.   

Looking beyond Polygon, through my Blockchain for Impact (BFI) project, we’ve committed $200 million (roughly Rs. 1,697 crore) towards building India’s biomedical capabilities because we believe in long-term impact.  

Gadgets360: Can you comment on the global and Indian regulatory landscape around the crypto and Web3 sectors?  

Nailwal: The regulatory landscape around Web3 is complex, but real progress is taking place. Globally, countries are starting to understand that blockchain isn’t just about crypto – it’s about building better infrastructure for the digital economy.  

In India, we’ve had our ups and downs, but I’m optimistic. The government is taking time to understand the technology. Sure, there’s uncertainty, but let’s look at the talent pool we have. Indian developers are building incredible things in Web3, and with the right policy framework, we could become a global hub for innovation.  

Here’s what really matters – we need regulations that make sense. Not so loose that bad actors can exploit users, but not so strict that we kill innovation. The future of Web3 depends on finding this balance between innovation and protection. Good regulation actually helps adoption. 

Some responses have been condensed and slightly edited for clarity. 

The cryptocurrency market has entered a phase of price correction, experts shared with Gadgets360. On Wednesday, December 11, Bitcoin recorded a modest gain of 0.85 percent on global exchanges. At the time of writing, BTC was trading at $97,520 (roughly Rs. 82.7 lakh) on foreign exchanges, as per CoinMarketCap. On Indian exchanges, meanwhile, the price of BTC managed to rise by 0.60 percent. The asset is trading around $97,427 (roughly Rs. 82.6 lakh) on CoinSwitch and Giottus.

“The cryptocurrency market has witnessed remarkable developments, highlighted by a record-breaking inflow of $3.85 billion (roughly Rs. 32,675 crore) into crypto investment products, bringing the total for the year to $41 billion (roughly Rs. 3,47,934 crore). This surge is primarily driven by institutional interest, particularly in Bitcoin and Ethereum,” Shivam Thakral, CEO of BuyUcoin told Gadgets360.

Ether reflected minor losses of around one percent on both national as well as international exchanges. At the time of writing, ETH was trading at $3,655 (roughly Rs. 3.10 lakh) on global platforms. On Indian exchanges, the asset was priced almost the same — $3,664 (roughly Rs. 3.10 lakh).

“Ethereum faced rejection at $4,094 (roughly Rs. 3.47 lakh) on December 6, as sellers aggressively defended the level, signaling strong bearish resistance. The price is now at risk of retreating towards the 20-day EMA, a critical support zone in the short term. A sustained move below this level could indicate a shift in momentum,” the ZebPay trade desk told Gadgets360.

According to the crypto price tracker by Gadgets360 — Tether, Ripple, Solana, USD Coin, and Cardano are trading in minor profits on Wednesday.

Tron, Avalanche, Shiba Inu, Polkadot, and Uniswap also managed to retain gains to the crypto charts.

The overall crypto market cap rose by 0.50 percent in the last 24 hours. The valuation of the crypto market presently stands at $3.46 trillion (roughly Rs. 2,93,58,856 crore), showed CoinMarketCap.

Binance Coin, Dogecoin, Chainlink, Stellar, Bitcoin Cash, and Litecoin emerged on the loss-making side of the crypto chart on Wednesday.

“Memecoins turn bearish as selling pressure mounted and erase earlier gains. The memecoin sector has plunged to its three-week lows at $119.6 billion (roughly Rs. 10,14,800 crore) in market capitalisation on December 10. That puts things into a different light for Bitcoin with a relatively better view while the memecoins turn increasingly speculative and away from BTC’s optimistic bullish position,” said Avinash Shekhar, Co-Founder & CEO, Pi42.

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 on Thursday, December 12 reached the price point of $101,014 (roughly Rs. 85.7 lakh) on global exchanges. At the time of writing, data by CoinMarketCap showed that the price of BTC grew by 3.66 percent over the last 24 hours. This is the second time this month that the most expensive cryptocurrency has historically surpassed the $100,000 (roughly Rs. 84.8 lakh) price mark. On Indian exchanges like Giottus and CoinSwitch – BTC grew in price by over three percent to trade at $100,727 (roughly Rs. 85.4 lakh). Since its 2009 launch, Bitcoin has come a long way from trading at just $0.10–$0.20 (roughly Rs. 8.50–Rs. 16.9) in October 2010.

“Expectations of a 25-basis-point rate cut in the upcoming Fed meeting, following positive CPI data, boosted the market sentiment. Bitcoin faces its next resistance at $103,500 (roughly Rs. 87.8 lakh) and support standing at $98,400 (roughly Rs. 83.5 lakh),” Edul Patel, CEO of Mudrex told Gadgets360, explaining BTC’s spike.

Following Donald Trump’s victory in the US elections, the crypto market, led by Bitcoin, saw a significant surge. On December 5, Bitcoin crossed the $100,000 mark for the first time in its history. That same week, reports emerged about US SEC Chair Gary Gensler being set to step down in 2025 under Trump’s administration. Gensler, known for his crypto-skeptic stance, has been a central figure in regulatory crackdowns on firms like Kraken, Binance, and Coinbase.

On Thursday, following Bitcoin’s rally, experts noted that the overall market is experiencing a remarkable resurgence.

In conversation with Gadgets360, BuyUCoin CEO Shivam Thakral said that the “stablecoin sector has surpassed a historic $200 billion (roughly Rs. 16,97,209 crore) market capitalisation for the first time. This milestone reflects a 13 percent increase in just one month, driven by heightened demand for stable assets and significant adoption across various financial applications, including payments and remittances.”

As shown by the crypto price tracker by Gadgets360 — Ether, Ripple, Binance Coin, Dogecoin, Cardano, Tron, Chainlink. And Shiba Inu are also trading in gains.

The overall crypto market cap rose by 5.41 percent in the last 24 hours. With this, the valuation of the sector reached $3.65 trillion (roughly Rs. 3,09,71,199 crore) on Thursday, according to CoinMarketCap.

Meanwhile, Tether, Solana, USD Coin, EOS Coin, and Elrond saw losses.

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 President-elect Donald Trump opened the New York Stock Exchange (NYSE) on Thursday. While addressing the traders at the NYSE, Trump hinted at the implementation of pro-crypto policies during his term. The fresh expression of support from Trump towards the crypto sector came hours after Bitcoin crossed the $100,000 (roughly Rs. 84.8 lakh) in pricing for the second time. Market analysts say that the altcoin market has also ‘come alive’, riding on the same optimism, with several tokens posting double-digit gains that could lead to a system wide recovery for these digital assets.

On Thursday, Trump opened the markets from the NYSE headquarters, located in Lower Manhattan. Speaking to the media there, he indicated that he wishes for US to establish itself as a crypto adopter before other countries like China does. It is, however, noteworthy that crypto activities have been banned in China since 2021, but the country has made progress in creating the eCNY, its central bank digital currency (CDBC).

“We’re going to do something great with crypto because we don’t want China or anybody else – not just China, but others are embracing it, and we want to be the head,” CNBC quoted Trump as saying at the NYSE.

In the backdrop of this development, Bitcoin is trading at $100,211 (roughly Rs. 84.9 lakh) on foreign exchanges, as per CoinMarketCap on Friday, December 13. Ether is also trading at $3,895 (roughly Rs. 3.30 lakh) riding on BTC’s rally. The overall valuation of the crypto sector currently stands at $3.59 trillion (roughly Rs. 3,04,48,913 crore).

Speaking to Gadgets360, BuyUCoin CEO Shivam Thakral said Trump’s pro-crypto approach is fuelling the ecosystem with intense optimism. “The future appears bright for Bitcoin, Solana, and Dogecoin as they capitalise on increasing developer interest and mainstream adoption of cryptocurrencies,” Thakral said.

However, analysts have also warned investors against taking reckless investment decisions solely because the market is surging.

Trump recently warned the BRICS group of nations to prepare for a “100 percent increase” in tariff rates if they continue efforts to reduce the US dollar’s role in the global economy. The development came after Russian President Vladimir Putin expressed support for a digital assets platform that the BRICS nations would use for internal cross-border settlements.

After COVID, the US Federal Reserve implemented consecutive interest rate hikes to stabilise its struggling economy, which negatively impacted smaller economies dependent on the US dollar. For countries like China and Russia, the push to reduce reliance on the US dollar grew stronger after the US imposed multiple sanctions on their nationals.

Meanwhile, Trump has demanded a commitment from the BRICS group that no new currency will be developed to replace the ‘mighty US dollar’. The US President-elect is also expected to introduce more crypto regulation in the US, he had said during his election campaigns.

The Bank of England (BoE) is trying to get the sense of how local businesses are viewing and engaging with cryptocurrencies in the UK. In a notable development, the Prudential Regulation Authority (PRA) has issued a directive to local enterprises to disclose their crypto holdings, if any. The PRA is touted as a BOE-affiliated financial watchdog in the UK. The development comes at a time when the UK is assessing the impact that virtual digital assets can have on its economy and financial systems, as part of efforts that started under former UK Prime Minister Rishi Sunak.

Like India, Russia, and the UAE, the UK has also been taking active steps to draft clear policies around cryptocurrencies. The directive issued by the PRA comes in alignment with this goal.

According to an official post from the BoE, local firms that are dabbling in crypto have been asked to submit this information by March 24, 2025.

“This will inform work across the PRA and the BoE on crypto assets by helping us calibrate our prudential treatment of cryptoasset exposures, analyse the relative costs and benefits of different policy options,” the BoE said. In a broader picture, the bank said, it will use this information to monitor the implications of crypto assets on the UK’s financial stability and for framing policies.

In taking this step, the BoE is adhering to a 2022 instruction from the Basel Committee, which laid out standards for banks to assess the ‘prudential treatment of crypto asset exposure’.

“Supervisors should exercise their authority to require banks to address any deficiencies in their identification or assessment process of crypto asset risks. In addition, supervisors may recommend that banks undertake stress testing or scenario analysis to assess risks resulting from crypto asset exposures. Such analyses can inform assessments of the bank’s capital adequacy,” the committee had said at the time.

The UK is working to finalise its crypto legislation by 2026. In November this year, UK’s Financial Conduct Authority (FCA) said its proposed regulations will focus on ensuring a fair, transparent marketplace for crypto assets, free from manipulation and exploitation.

To ensure that its crypto-related decisions do not expose people to financial risks, the UK authorities are screening crypto firms closely. In September, the FCA revealed that 90 percent of recent crypto firm registration applications have been rejected because web3 firms are lacking prevention measures against frauds and money laundering.

Shaktikanta Das, who assumed office as the 25th Governor of the Reserve Bank of India in December 2018, concluded his six-year tenure this week. In his farewell address, Das praised India’s tech-driven advancements in enhancing its financial ecosystem. He highlighted the introduction of the UPI payment system and the advanced trials of the eRupee CBDC as two of the country’s most remarkable achievements in recent years.

India is one of the few countries that has swiftly advanced research and development in the field of Central Bank Digital Currencies (CBDCs). This effort, led by the Reserve Bank of India (RBI), has been a source of immense pride for Shaktikanta Das.

“Almost every central bank is talking about CBDCs or they are experimenting, or they are discussing about CBDCs — but actual launching of a pilot project has been done by very few. The regulatory sandbox around the CBDC is again another area where RBI among other central banks, is a pioneer,” Das said.

A Central Bank Digital Currency (CBDC) is a blockchain-based virtual form of a nation’s fiat currency—in India’s case, the Indian Rupee (INR). Leveraging blockchain technology, CBDC transactions create an immutable and permanent record, enhancing transparency in financial operations. Additionally, CBDCs have the potential to significantly reduce global reliance on physical paper currency.

In his farewell speech, Das said that CBDCs like the eRupee have huge potential in the coming years.

“Infact, it is the future of currency – a true game changer. I’m sure its benefits will get harnessed fully in the near future and there will be a national level roll out,” he added.

Earlier this year, Das had said that India is looking at the CBDC as a way to internationalise the INR and eventually use it for international settlements. India has reportedly finalised agreements with Sri Lanka, Nepal, and Bhutan to clear settlements using the eRupee.

The government has appointed Sanjay Malhotra as the new RBI Governor, succeeding Shaktikanta Das. Malhotra previously served as the Revenue Secretary in the Ministry of Finance.

Australia has been tightening its regulatory oversight across various sectors. In the latest development, the country has imposed a $5.1 million fine (roughly Rs. 43 crores or AUD 8 million) on Kraken, the US-based crypto exchange. Kraken operates in Australia through the digital currency platform Bit Trade, which has been instructed by authorities to pay the penalty within 60 days.

The case against Bit Trade and subsequently Kraken, has been filed by the Australian Securities and Investment Commission (ASIC), an official document from Australia’s federal court showed.

In a separate blog post detailing the issue, the ASIC said that Bit Trade was in violations of obligations around design and distribution of its products – while also having offered credit services without completing the legal formalities and obtaining required licences.

“In August this year, the Federal Court found that Bit Trade’s product was a credit facility and required a TMD (target market determinations) as the product offered margin extensions in national currencies. As a result, the company breached its design and distribution obligations (DDO) each time it offered the margin extension product to a customer without the required TMD,” the blog explained.

According to Joe Longo, chairperson of the ASIC, protecting investors from exposure to improperly marketed products is a top priority. The blog also revealed that over 1,100 Australian citizens were issued Bit Trade’s margin extension product, through which the platform generated $7 million (roughly Rs. 59.4 crore) in fees and interest, as claimed by the ASIC.

“Those customers Bit Trade targeted suffered trading losses of more than $5 million (roughly Rs. 42.2 lakh), including one investor who lost almost $4 million (roughly Rs. 33.9 lakh),” the blog flagged.

Speaking to CoinTelegraph, Kraken said that it is disappointed with this outcome and sees it as a hindrance against growth in the continent.

“We believe this case highlights the urgent need for bespoke crypto legislation to address the shortcomings that are causing confusion and uncertainty for Australian crypto investors and businesses,” the report cited a Kraken spokesperson as saying.

Australian authorities are concerned that such practices by prominent Web3 firms highlight significant deficiencies in the compliance system. The ASIC has called for feedback from the Web3 sector on potential policy adjustments and guidance that could benefit the industry while safeguarding individuals from financial risks.

The crypto craze has gained significant traction within Telegram, fuelled by the platform’s introduction of mini Web3 games for in-app entertainment. However, this surge in interest has also attracted crypto scammers, who have ramped up malicious activities on the app. Security firm Scam Sniffer has issued a warning about scammers exploiting Telegram groups to target potential victims and drain their crypto wallets. So far, Telegram has not responded to these developments.

Scam Sniffer, in a post on X, reported that crypto scammers are creating fake accounts impersonating popular influencers. These fraudulent profiles actively comment on posts to identify and target potential victims.

“They comment on legitimate posts, inviting users to “exclusive” Telegram groups promising alpha and investment insights. Once in the Telegram group, users are immediately prompted to verify through OfficiaISafeguardBot. This fake bot creates artificial urgency with extremely short verification windows,” the security firm posted on X.

During the verification process, scammers inject a malicious code called PowerShell onto the device’s clipboard. According to Scam Sniffer, once executed, this code can breach the security of crypto wallets.

In April, Telegram CEO Pavel Durov claimed that Telegram’s userbase could soon hit the billion mark. Essentially, Scam Sniffer believes that scammers using the PowerShell code could be exposing thousands of crypto investors on the platform to financial risks.

In addition, the app has started letting users send and receive cryptocurrencies like Tether from within chats – a feature that scammers can exploit to obtain personal details like wallet addresses from their victims to eventually scam them.

“We’ve seen numerous cases recently where similar malware led to private key theft. Many users have fallen victim to these sophisticated attacks,” the cybersecurity firm noted.

How Can Telegram Users Protect Themselves

Experts from the global Web3 sector have repeatedly warned users to be cautious of strangers initiating conversations about finances and investments. In light of a recent scam on Telegram, Scam Sniffer strongly advises against executing unknown commands.

With social media’s global reach, users are encouraged to verify profiles carefully, especially as platforms like Instagram and X now allow anyone to purchase verification badges.

The security firm also urges users to immediately report and block strangers who pressure them to verify their identity to join suspicious groups.

With the increasing number of hacks targeting web-connected hot wallets, crypto holders are advised to research the use of cold wallets to better protect their assets.

Data Around Crypto Scams

In July this year, the Securities division of the Washington State Department of Financial Institutions (DFI) issued a warning against scammers posing as professors or academicians on social media to fish for unsuspecting victims.

In September, the FBI reported that people have lost more than $5.6 billion (roughly Rs. 47,029 crore) last year through cryptocurrency-related frauds. The number of cryptocurrency-related complaints represented about 10 percent of the total number of financial fraud complaints with associated losses adding up to almost 50 percent of the total losses

Crypto exchange Binance has joined forces with USDC-issuer Circle to expand the stablecoin ecosystem globally. The companies announced the development along the sidelines of the ongoing Abu Dhabi Finance Week on Wednesday, December 11. With this partnership, Binance claimed, it wishes to testify to the evolving on-chain financial sector. As for Circle, its USDC stablecoin (pegged against the US dollar) could see adoption among Binance users – especially at a time when countries like China and Russia are accelerating efforts to reduce reliance on financial settlements relying on the US fiat currency.

In a press release, Binance said it will adopt the USDC stablecoin to maintain its own treasury. The exchange crossed the 200 million user mark in June. As part of this partnership, Binance said it will roll out more trading pairs that include the USDC stablecoin.

“Our users will have even more opportunities to use USDC on our platform, including special promotions on USDC across trading and other products on Binance. We will also work closely with Circle to drive innovation and utility for stablecoins globally,” said Binance CEO Richard Teng in a prepared statement.

Launched in October 2018, the USD Coin (USDC) trades at the ratio of 1:1 with the US dollar. Presently, its total circulating supply stands at over 40.8 billion tokens – bringing its market valuation also to $40.87 billion (roughly Rs. 346 crore). As per data shown by CoinMarketCap, USDC is the sixth most valued crypto asset.

Circle recently became the first stablecoin issuer to comply with regulations in Canada. This means, that the USDC stablecoin is officially available for Canadian citizens to invest in and hold. In addition, Circle also holds operational licences in the EU as well as the US.

Commenting on its partnership with Binance, Circle CEO Jeremy Allaire said, “this is a tremendous opportunity for USDC as it becomes ubiquitous on Binance.”

“Through this partnership, Binance will make USDC more extensively available across their full suite of products and services, ensuring that their more than 240 million global users are able to seamlessly access and use USDC for trading, saving and payments applications,” he said in a post on X.

As part of the deal, Circle will give Binance and its users access to specially designed fintech tools that have been developed to boost security and adoption of the USDC stablecoin. The company has yet to provide details about the software that be provided to users.

Global payments leader Mastercard is deepening its expansion into cryptocurrency services with a new partnership. In its latest move, the US-based company has teamed up with the popular memecoin ecosystem Floki Inu. As part of this collaboration, Mastercard has introduced a debit card compatible with Floki Inu tokens, currently trading at approximately $0.0002313 (roughly Rs. 0.20). The Floki Inu developers have also launched a dedicated webpage outlining the features and benefits of this new debit card.

Mastercard has unveiled its latest debit card just in time for the holiday season, catering to increased spending on gifts and shopping. The card will be available in both physical and virtual formats, with a phased rollout planned. Physical cards will be introduced gradually across 31 European countries, while virtual cards will be accessible globally, offering crypto-backed shopping and gifting capabilities.

Key features of the card include zero transaction fees and exchange rates. Users can make monthly transactions of up to 20,000 USDT. For daily limits, the physical cards allow transactions up to 20,000 USDT, while virtual cards are capped at 5,000 USDT, the official webpage for the card noted.

In a post published by the official handle of Floki, users will have to pay a one-time fee of EUR 32 (roughly Rs. 2,867) for physical cards and EUR 10 (roughly Rs. 895) for virtual cards. In addition, users will also have to pay a top-up fee of two percent, the post noted. The card can be topped up with crypto tokens including Bitcoin, Ether, USDT, USDC, Binance Coin, Solana, Floki Inu, Dogs, HMSTR, Ton, and Tether.

For Floki Inu, this card could be a way to grow its userbase. Launched in July 2021, the Floki memecoin ecosystem operates as a decentralised project, with community members actively participating in its governance. As of December 10, Floki ranks 60th on CoinMarketCap, boasting a circulating supply of 9,597,320,681,907 FLOKI tokens and a market capitalization exceeding $2.2 billion (roughly Rs. 18,912 crore).

Mastercard has been actively exploring crypto-related services for some time. In May, the payment solutions giant launched an initiative to evaluate the application of its Crypto Credential program.

Earlier this year, Mastercard launched its Start Path program and onboarded five new startups to explore blockchain’s potential for developing scalable payment solutions. Additionally, in April, Mastercard partnered with 1Inch to introduce crypto debit cards.

Zettai, the Singapore-registered entity overseeing the WazirX crypto exchange in India, is seeking to engage with its creditors following the July hack that resulted in losses exceeding $230 million (roughly Rs. 1,900 crore). In response to the incident, Zettai began developing a financial restructuring plan under the supervision of the Singapore High Court. In a recent update, Zettai announced it has applied to the court for permission to convene a meeting with its creditors, during which it plans to present the proposed restructuring scheme for their approval.

Details on Restructure Plans

WazirX announced in a press release on Tuesday, December 10, that the proposed scheme was submitted to the court on December 6, 2024.

In its statement, the exchange emphasised that the scheme “prioritizes creditors by providing a structured roadmap for recovery. If the court permits Zettai to convene a meeting of its Scheme Creditors, the proposed plan can be presented for a vote.”

If approved, the scheme could have Zettai initiate initial fund distributions within 10 business days.

“Under the scheme the net available liquid funds which currently represent over 100 percent of the USD value of liabilities as on 18th July 2024, will be disbursed to scheme creditors in the proportionate token balances held in their portfolio, ensuring they benefit from the ongoing crypto bull run,” the exchange explained.

According to its own figures, the total claims against WazirX as of July 18 stood at $546.47 million (roughly Rs. 4,637 crore). As of December 5, the liquid assets under the exchange’s control were worth $566,385,206 million (roughly Rs. 4,806 crore).

Under the proposed scheme, WazirX plans to issue recovery tokens to its creditors. Zettai highlighted in its statement that amid the ongoing bull market—where Bitcoin is trading at or above $100,000 (roughly Rs. 84.8 lakh)—creditors have the potential not only to recover their capital but also to realise profits.

Elaborate details of the scheme remain undisclosed for now. WazirX will need approval from at least 75 percent of its creditors for the scheme to proceed. Only after securing this majority will Zettai approach the Singapore High Court for official approval. The voting will take place through a third-party independent platform, with results verified by an external scrutineer.

Revising WazirX’s Hack

On July 18, a multi-sig WazirX wallet, managed by Liminal Custody, was hacked for over $230 million. Both WazirX and Liminal have conducted internal investigations and denied any internal lapses that may have contributed to the breach. Users who lost funds in the hack have criticized WazirX for the delay in presenting a restructuring plan.

Back in November, WazirX founder Nischal Shetty stated that he would build India’s largest decentralised exchange within the next 12 months, despite facing heavy criticism from the country’s crypto community.

Meanwhile, the hacker(s) responsible for the incident have not yet been identified.

The crypto market seems to have stepped into a period of price correction after Bitcoin exceeded the price point of $100,000 (roughly Rs. 84 lakh) last week. On Monday, December 9, Bitcoin saw a minor profit of around 0.35 percent on national and international exchanges. At the time of writing BTC was trading at $99,395 (roughly Rs. 84.2 lakh) on global exchanges, showed CoinMarketCap. Meanwhile, on Indian exchanges like Giottus and CoinSwitch, BTC was trading at over $102,000 (roughly Rs. 86.7 lakh).

“As Bitcoin is trading near the all-time highs around the prestigious five-digit mark, bears have been showing glimpses of confidence. BTC dropped by two percent early this morning with altcoins following suit. After more than 15 days of decreasing bitcoin dominance (54.8 percent) and the start of an altcoin rally, major altcoins seem to have taken a breather today with the start of the new week,” the CoinSwitch markets desk told Gadgets 360.

Ether registered a price hike of 0.42 percent Monday morning. At the time of writing, ETH was trading at $3,943 (roughly Rs. 3.34 lakh) on foreign exchanges. As shown by the crypto price tracker by Gadgets 360, ETH price dropped by 1.63 percent, taking its value to $3,925 (roughly Rs. 3.32 lakh). This mixed price movement of ETH indicates the prevailing volatility on the crypto charts.

Ripple, Sonala, Binance Coin, Dogecoin, Cardano, Tron, and Avalanche — all registered price dips on Monday.

Shiba Inu, Polkadot, Stellar, Bitcoin Cash, Litecoin, and Near Protocol also recorded losses amid market fluctuations.

“With US CPI data expected on Wednesday, we anticipate some volatility in the crypto markets leading into it. Bitcoin dominance continues to be below 56 percent with Ethereum gaining strength against it last week. Ethereum is at a critical resistance level against Bitcoin. Most altcoins are following the market trend and are down modestly today,” Vikram Subburaj, CEO, Giottus, told Gadgets 360.

The crypto market cap dipped by 1.44 percent in the last 24 hours. The valuation of the sector presently stands at $3.63 trillion (roughly Rs. 3,07,55,153 crore), as shown by CoinMarketCap.

Tether, USD Coin, Uniswap, Monero, and Iota managed to hold onto minor gains of under one percent on Monday.

“The altcoin market is buoyed by the recent US presidential victory of Donald Trump, whose crypto-friendly policies have sparked optimism among investors. The market remains bullish driven by strong institutional demand and positive sentiment across the crypto landscape,” Shivam Thakral, CEO of BuyUcoin, 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.

Cardano Foundation has reportedly teamed up with Dubai-based SEE Institute to create and integrate eco-friendly blockchain solutions into existing systems around supply-chain management, governance, and education among others. In a first-of-a-kind initiative, the partnership also brings to the table a professional diploma in sustainable blockchain solutions. Blockchain forms the underlying technology for cryptocurrencies and the metaverse and has been the subject for exploration for various use cases.

The SEE Institute is part of the Fortune 500 group that focuses on sustainable education, research, and business incubation. The Cardano Foundation, on the other hand, is a not-for-profit organisation that oversees the ecosystem for the proof-of-stake (PoS) Cardano blockchain.

Representatives from the Cardano Foundation signed a memorandum of understanding (MoU) with the SEE Institute last week. This collaboration will explore the infusion of blockchain solutions across the sectors of waste management, energy, mobility, and water management, a report said

The conversation around blockchain education has grown louder in recent times. This month, the Cardano Foundation released its Financial Insights Report 2023. The report said that the organisation invested $4.18 million (roughly Rs. 35.4 crore) in promoting discussion, debate and research around blockchain concepts through programmes like the Cardano Academy, Cardano Explorer, and ‘Let’s Talk Cardano’ webinar.

Through its partnership with the SEE Institute, the Cardano Foundation will release a six-module course moving forward. This course will train professionals to take on global sustainability challenges with the help of blockchain-based innovations.

“We are excited to partner with SEE Institute and look forward to working with them, both to educate and to explore new use cases for blockchain technology, especially as an enabler for sustainable development,” Frederik Gregaard, CEO, Cardano Foundation, was quoted as commenting on the development.

In India as well, Web3 players are accelerating efforts to propagate awareness and education around blockchain and crypto. Last week, along the sidelines of the India Blockchain Week 2024, crypto investment firm Mudrex launched a free-for-all educational initiative. Called ‘Learn with Mudrex’, the initiative will offer learning sessions through articles, courses, and live sessions in eight Indian languages. Speaking to Gadgets 360 in Bengaluru where the event was hosted, the team behind Mudrex said it was looking to onboard 10 lakh learners onto the initiative in the next three months.

The Web3 regulatory landscape is preparing for significant reform, driven by Donald Trump’s shift in stance on the crypto industry. With Bitcoin surpassing $100,000 (roughly Rs. 84.6 lakh) shortly after Trump’s election win, Web3 stakeholders are optimistic. Speaking at India Blockchain Week (IBW 2024), Ryan Sungho Kim, co-founder and partner at Hashed, the research firm behind Hashed Emergent, shared insights with Gadgets 360 on how investment firms are navigating the evolving regulatory environment for Web3.

In India, regulatory uncertainties around the Web3 sector have repeatedly caused confusion and concern among stakeholders. The government is carefully assessing how to integrate Web3 with existing systems, a process that is proving to be time-consuming. As a result, the introduction of laws to regulate the sector has been slow and is still ongoing.

Speaking to Gadgets 360, Kim noted that from a venture capital perspective, regions where laws are still being debated appear more exciting and enticing.

“There’s a possibility to win,” Kim said. In broader context, he explained, that the drive to overcome challenges often leads to great results. In regions where web3 regulations are still taking shape, Kim said, the developer ecosystem is fueled to demonstrate to the authorities the varied use cases of new technologies like blockchain and crypto.

“The research that goes into exploring the technologies is far more comprehensive in emerging potential hubs. Places where the laws have been defined, I think the competition scale equalises. So always, chances of taking little risks expecting great results is a better case scenerio. This is possible in locations that are still working to finalise how they want to legalise the relatively advanced and nascent sector like Web3,” he said.

However, the seasoned Web3 investor also emphasised that industry insiders still have an opportunity to engage with authorities and collaborate on the law-making process in regions where Web3 regulations are being discussed.

India is gradually finalising laws to regulate the Web3 sector, which is supported by blockchain technology and often associated with volatile digital assets such as cryptocurrencies and non-fungible tokens (NFTs). Currently, crypto earnings in India are taxed at 30 percent, with an additional 1 percent tax deducted at source on each transaction. All Web3 entities are required to comply with anti-money laundering laws, which mandate reporting suspicious transactions to the authorities. In contrast, the European Union has introduced its MiCA regulations, outlining the legal framework for Web3 players.

According to Kim, India is a key market for the growth of blockchain-related technologies. In its recently released Web3 Landscape Report, Hashed Emergent highlighted that India is home to the world’s second-largest developer market and the third-largest founder base in the Web3 sector, representing 11.8 percent of global crypto developers and 5.4 percent of Web3 founders.

The report, unveiled at IBW 2024, revealed that Web3 founders and developers in India are actively working on areas such as centralised finance (CeFi), decentralised finance (DeFi), DePin, asset tokenisation, and gaming among others.

ndian Web3 founders from firms like Lightspeed, Kalaari, and PeakXV have raised over $462 million (roughly Rs. 3,909 crore) this year, reflecting an 82 percent increase compared to the previous year.

Looking ahead to next year, Kim predicted that efficient finance, community-focused memecoins, and AI will be key emerging trends in Web3.

“I think defi will bounce back to areas of interest for founders and investors in 2025. I mean, people will understand more on-chain activities and they will realise blockchain can help establish more efficient finance. Then memecoins will see expansion in the ecosystem. is a quite interesting phenomenon, because, memecoins are truly the easiest way to verify there’s a community, strong community. AI, meanwhile, is a perfect fit for Bitcoin which is likely to play an influential role in related areas next year,” Kim said.

The IBW 2024 event, held in Bengaluru this week, attracted thousands of members from India’s Web3 ecosystem. The Bitcoin price surge to over $100,000 (roughly Rs. 84 lakh) on December 5 was celebrated by the country’s Web3 community at the event.

Bitcoin catapulted above $100,000 (roughly Rs. 84.67 lakh) for the first time on Thursday, a milestone hailed even by sceptics as a coming-of-age for digital assets as investors bet on a friendly U.S. administration to cement the place of cryptocurrencies in financial markets.

Once it broke $100,000 (roughly Rs. 84.67 lakh) in Thursday’s Asian morning, boosted by U.S. President-elect Trump’s nomination of pro-crypto Paul Atkins to run the Securities and Exchange Commission, it was soon at an all-time high of $103,619 (roughly Rs. 87.74 lakh). It was last fetching $102,675 (roughly Rs. 86.94 lakh), up about 5% on the day.

The total value of the cryptocurrency market has almost doubled over the year so far to hit a record over $3.8 trillion (roughly Rs. 32,178,080 crore), according to data provider CoinGecko. By comparison, Apple alone is worth about $3.7 trillion (roughly Rs. 31,331,290 crore).

Bitcoin’s march from the libertarian fringe to Wall Street has minted millionaires, a new asset class and popularised the concept of “decentralised finance” in a volatile and often controversial period since its creation 16 years ago.

Bitcoin has more than doubled in value this year and is up more than 50% in the four weeks since Donald Trump’s sweeping election victory, which also saw a slew of pro-crypto lawmakers being elected to Congress.

“CONGRATULATIONS BITCOINERS!!! $100,000!!! YOU’RE WELCOME!!! Together, we will Make America Great Again!” Trump said on Truth Social, his social media network, on Thursday.

“We’re witnessing a paradigm shift,” said Mike Novogratz, founder and CEO of U.S. crypto firm Galaxy Digital.

“Bitcoin and the entire digital asset ecosystem are on the brink of entering the financial mainstream – this momentum is fuelled by institutional adoption, advancements in tokenisation and payments, and a clearer regulatory path.”

Trump – who once labelled crypto a scam – embraced digital assets during his campaign, promising to make the United States the “crypto capital of the planet” and to accumulate a national stockpile of bitcoin.

“We were trading basically sideways for about seven months, then immediately after Nov. 5, U.S. investors resumed buying hand-over-fist,” said Joe McCann, CEO and founder of Asymmetric, a Miami digital assets hedge fund.

Bitcoin’s proponents cheered Trump’s nomination of Atkins to the SEC.

A former SEC commissioner, Atkins has been involved in crypto policy as co-chair of the Token Alliance, which works to “develop best practices for digital asset issuances and trading platforms,” and the Chamber of Digital Commerce.

“Atkins will offer a new perspective, anchored by a deep understanding of the digital asset ecosystem,” said Blockchain Association CEO Kristin Smith.

“We look forward to working with him … and ushering in – together – a new wave of American crypto innovation.”

A slew of crypto companies including Ripple, Kraken and Circle are also jostling for a seat on Trump’s promised crypto advisory council.

Part of the Landscape

Bitcoin has proven a survivor through precipitous downturns.

Its move into six-figure territory is a remarkable comeback from a dip below $16,000 (roughly Rs. 13.54 lakh) in 2022 when the industry was reeling from the collapse of the FTX exchange. Founder Sam Bankman-Fried was subsequently jailed.

Analysts say the growing embrace of bitcoin by big investors this year has been a driving force behind the record-breaking rally.

U.S.-listed bitcoin exchange-traded funds were approved in January and have been a conduit for large-scale buying, with more than $4 billion (roughly Rs. 33,870,550 crore) streaming into these funds since the election.

“Roughly 3% of the total supply of bitcoins that will ever exist have been purchased in 2024 by institutional money,” said Geoff Kendrick, global head of digital assets research at Standard Chartered.

“Digital assets, as an asset class, is becoming normalised,” he said.

It is already becoming increasingly financialised, with the launch of bitcoin futures in 2017 and a strong debut for options on BlackRock’s ETF in November.

Crypto-related stocks have soared along with the bitcoin price, with shares in bitcoin miner MARA Holdings and exchange operator Coinbase each up around 65% in November.

Software firm Microstrategy, which has repeatedly raised funds to buy bitcoin and held an aggregate of about 402,100 bitcoins as of Dec. 1, has gained around 540% this year.

Trump himself unveiled a new crypto business, World Liberty Financial, in September, although details have been scarce and billionaire Elon Musk, a major Trump ally, is also a proponent of cryptocurrencies.

‘Who Can Prohibit It’

Cryptocurrencies have been criticised for their massive energy consumption and use in crime around the world, and the underlying technology is far from delivering a revolution in the way money moves around the globe.

The U.S. and Britain announced on Wednesday they had disrupted what they described as a global money laundering ring which used cryptocurrency to help rich Russians to evade sanction and launder cash for drug traffickers.

Although calculations vary, the Cambridge University Centre for Alternative Finance estimates bitcoin uses around the same amount of electricity each year as Poland or South Africa.

Still, as Russian President Vladimir Putin pointed out at an investment conference on Wednesday: “Who can prohibit it? No one.” And its longevity is perhaps testament to a degree of resilience.

“As time goes by it’s proving itself as part of the financial landscape,” said Shane Oliver, chief economist and head of investment strategy at AMP in Sydney.

“I find it very hard to value it … it’s anyone’s guess. But it does have a momentum aspect to it and at the moment the momentum is up.”

© Thomson Reuters 2024

India’s Web3 industry leaders have gathered in Bengaluru to discuss the digital renaissance driven by blockchain-based fintech. On Wednesday, December 4, Web3 venture capital firm Hashed Emergent launched the two-day headliner event of India Blockchain Week 2024 in the country’s tech hub. This marks the second edition of IBW, which made its debut in 2023. Leadership teams from leading crypto, DeFi, and blockchain firms are attending the event, engaging directly with India’s esteemed Web3 developer community.

Key topics at IBW 2024 include the urgent need for security solutions to prevent incidents like the recent WazirX hack, as well as a deeper understanding of self-custodial wallets and their potential drawbacks.

Discussions on self-custody wallets have intensified in recent months, fueled by a series of hacks, particularly those targeting custodial crypto exchanges. These wallet providers allow users to retain control of their private keys instead of storing them within the provider’s system.

In one of the event’s first panel sessions, CoinDCX CEO Sumit Gupta, Mudrex co-founder Edul Patel, and Bitgo COO Chen Fang addressed the current limitations of self-custody wallets, agreeing on the challenges that still need to be overcome.

“If you can handle self-custody, and you understand all of that, always move funds from custody. That’s the ethos with crypto. That’s the ethos around the blockchain. The problem is that a lot of people don’t know how to use it. Much more crypto has been lost for life by self-custody mistakes, than hacks that aren’t inside jobs,” Patel said with Gupta and Fang in agreement.

The need for increased education and awareness around crypto and Web3 was also a key topic of discussion across panels. Industry leaders emphasised that until more people understand the challenges behind the much-hyped solutions in Web3, new entrants should approach with caution.

Among the key highlights, the “Trump effect” on Bitcoin—driving its value close to $100,000 (roughly ₹84.7 lakh)—has sparked excitement within India’s Web3 community.

The recent departure of Gary Gensler as chair of the US SEC has also fueled optimism about crypto’s growth in the US, with hopes that this positive shift will extend to other countries. Under Gensler, the SEC had clashed with crypto giants like Binance, Kraken, and Coinbase, drawing criticism for stifling sector growth.

Later panels will feature representatives from Web3 firms such as Polygon, Supra, Aptos Labs, Monad, Astar Network, and Pi42, who will engage with stakeholders, investors, and developers in the Web3 space.

Bitcoin on Monday, December 2 showed a minor gain of 0.35 percent on the global price chart. Over the weekend, the most expensive crypto asset managed to retain its value above the price point of $96,784 (roughly Rs. 81.9 lakh) on international exchanges, according to CoinMarketCap. On Indian exchanges, meanwhile, BTC is trading at $96,206 (roughly Rs. 81.4 lakh). According to platforms like CoinSwitch and CoinDCX, Bitcoin experienced a slight dip of less than 1 percent on Indian exchanges on Monday. As December begins, the cryptocurrency market showed early indications of price corrections across several assets.

“Bitcoin continues its upward trend, climbing from $95,700 (roughly Rs. 81 lakh) to $97,600 (roughly Rs. 97.6 lakh), signalling bullish control as traders prepare for a potential rally past the $100,000 (roughly Rs. 84.6 lakh) milestone,” Edul Patel, CEO of Mudrex told Gadgets360.

Ether rose by 1.26 percent over the last 24 hours on global exchanges. As shown by CoinMarketCap, the value of ETH has come to $3,705 (roughly Rs. 3.13 lakh). On Indian exchanges, the value of ETH stands at $3,635 (roughly Rs. 3.07 lakh) after incurring a minor dip of 0.36 percent.

“Ethereum seems to have taken a solid trend line support around the 3650 USD mark and seems likely to test the resistance at $3,900 (roughly Rs. 3.30 lakh) as the overall market sentiment remains bullish for the week to come,” the CoinSwitch markets desk told Gadgets360.

Notably, Ripple saw a gain of 30.80 percent over the last 24 hours — overtaking Solana to claim the position of the 4th largest cryptocurrency.

“XRP has surpassed Solana to become the fourth-largest cryptocurrency in the past day, with a market valuation of more than $122 billion (roughly Rs. 10,33,444 crore). This impressive rise is fueled by positive sentiment surrounding Ripple’s pro-crypto policies and ongoing legal developments, which are shifting in favor of the company. As regulatory clarity looks imminent, the market is buzzing with optimism, which could lead to the wider adoption of cryptocurrencies. Investors are bullish on XRP’s future,” Shivam Thakral, CEO of BuyUcoin, told Gadgets360.

Dogecoin, Cardano, Avalanche, Tron, Shiba Inu, and Stellar also logged profits showed the crypto price tracker by Gadgets360.

Gains were also shown by Polkadot, Bitcoin Cash, and Litecoin.

The overall crypto market cap rose by 1.80 percent in the last 24 hours. The valuation of the crypto sector, at this point, stands at $3.46 trillion (roughly Rs. 2,93,08,522 crore), as per CoinMarketCap.

Meanwhile, Tether, Solana, Binance Coin, USD Coin, Near Protocol, and Uniswap recorded losses on Monday,

Monero, Underdog, Cartesi, and Ardor also registered price dips.

“The overall crypto market performance underlines a potent recovery driven by innovation, investor optimism, and pivotal developments in blockchain ecosystems that sets a vibrant stage for 2025,” said Avinash Shekhar, Co-Founder and CEO, Pi42.

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 bulls are starting to express some doubts after what seemed like an inevitable march toward a record high price of $100,000 loses momentum. “While we’re seeing strong institutional buying pressure, particularly from entities like MicroStrategy’s continued accumulation strategy, the broader crypto ecosystem is experiencing a diversification of capital flows from both institutional and non-institutional participants,” said Chris Newhouse, director of research at Cumberland Labs.

As Bitcoin’s price plateaus, interest is rising in other digital assets, such as second-largest cryptocurrency Ether and XRP, which have lagged the original cryptocurrency during its record price rise after the victory of President-elect Donald Trump. The former president has become a crypto advocate, raising expectations for friendlier US regulation of the often-controversial asset class.

The groups of Bitcoin and Ether exchange-traded funds each posted record monthly net inflows in November, at $6.5 billion and $1.1 billion respectively, according to data compiled by Bloomberg. Friday’s daily Ether ETF subscriptions also hit an all-time peak.

“After six weeks of positive inflows, we have seen a week of sales and derivative traders are using ETF demand as a macro gauge for direction,” Fadi Aboualfa, head of research at Copper Technologies Ltd., said in a message on Monday. “Early Bitcoin ETF investors might be keen to rebalance their portfolios, having more than doubled their money.”

Options Market

Meanwhile, the crypto options market has seen more downside protection in Bitcoin at later expiries this month while Bitcoin futures have seen moderate leverage, remaining muted after the digital asset topped $99,000, according to data from Coinglass.

“On-chain data point toward active profit realization from traders in the medium-term cohort (traders who bought in the range of 55k-70k), and profit taking has been particularly intense with BTC trading north of 90k,” said Vetle Lunde, head of research at digital-asset research firm K33, citing data from The Bitcoin Lab.

Lunde said that metric is an estimate which tracks on-chain movements of Bitcoin categorized by prices at its last movement. However, it’s rare to see such significant concentration within one price cohort, so it points toward that cohort being particularly active at current prices, he said.

The open interest for both Bitcoin options and futures contracts has remained at muted levels after large liquidations amid Bitcoin’s rally in recent weeks.

“The market has taken a pause over the last 10 days as Bitcoin sits just under 100k. Vols have compressed slightly into the 64th percentile, whilst Ether holds significantly higher at the 81st,” Wintermute OTC trader Jake Ostrovskis said.

Adding to the market jitters on Monday was a post on X by the blockchain analysis firm Arkham that said around $2 billion worth of Bitcoin forfeited from the former Silk Road website was moved from US government wallets to the Coinbase exchange. Prices often slump when traders speculate that large amounts of Bitcoin may hit the market at once.

Bitcoin was steady at $95,734 as of 9:33 a.m. Tuesday in Singapore. It reached a record high of $99,728 on Nov. 22.

© 2024 Bloomberg L.P.

The BRICS nations are planning to launch a digital assets platform for internal cross-border settlements, a move that seems to have angered the US President-elect Donald Trump. Over the weekend, Trump warned BRICS countries, including India, to prepare for a 100 percent increase in tariff rates if they continue efforts to reduce the US dollar’s role in the global economy. The BRICS group, originally consisting of Brazil, Russia, India, China, and South Africa, now also includes Iran, Egypt, Ethiopia, and the UAE.

President Trump stated that if the BRICS nations go forward with their plans to reduce reliance on the US dollar, they will lose opportunities to sell any of their offerings to the US. In a tweet posted on December 1, Trump said, “The idea that the BRICS Countries are trying to move away from the Dollar while we stand by, and watch is OVER. We require a commitment from these Countries that they will neither create a new BRICS Currency, nor back any other Currency to replace the mighty U.S. Dollar or, they will face 100 percent tariffs and should expect to say goodbye to selling into the wonderful US Economy.”

It is noteworthy that this warning from the US President comes just days after Russia’s Upper House of Parliament approved a bill outlining the taxation framework for crypto assets – marking a step towards legalising cryptocurrencies in the country. In order to sustain a well-oiled crypto ecosystem within its territories, Russia also plans to exempt crypto miners from paying value-added tax (VAT) on mined cryptocurrencies. Russian President Vladimir Putin is yet to sign this bill into a law.

That being said, Putin alongside Indian Prime Minister Narendra Modi, and China’s Xi Jinping have not reacted to President Trump’s warning as of now.

Details on BRICS’ Plan with Digital Currencies

After COVID, the US Federal Reserve implemented consecutive interest rate hikes to stabilise its struggling economy, which negatively impacted smaller economies dependent on the US dollar.

For countries like China and Russia, the push to reduce reliance on the US dollar grew stronger after the US imposed multiple sanctions on their nationals. In China’s case, concerns over national security related to tech were a major factor, while Russia’s ongoing war with Ukraine led to sanctions not only from the US but also from other nations.

Since March 2024, the BRICS started to plan a digital payment network, backed by digital currencies. Tentatively called BRICS Pay, the platform is expected to facilitate cross-border settlements for the above-mentioned nations through digital assets like crypto and CBDCs.

The BRICS nations are also planning to launch this internal payment system alongside a secure messaging platform much like the SWIFT system – that is used by international banks presently to facilitate internal communications. The release timeline for this platform remains uncertain.

Bharat Web3 Association (BWA), India’s non-governmental Web3 advisory body, is taking a step to act on the growing cybersecurity threats looming large over the crypto sector. On Monday, December 2, the BWA announced the launch of the Alliance for Blockchain and Crypto Defence (ABCD). As part of this initiative, BWA will put together resources and programmes around newer technologies and methods that can help safeguard the Web3 landscape against hackers and vulnerabilities.

“Our goal is to meet all the regulatory requirements without compromising on growth. Building trust around Web3-related products and services holds the key to mass adoption of emerging technologies in India and globally,” BWA Chairperson Dilip Chenoy said in a statement shared with Gadgets360.

From standardising practices for identifying, reporting and mitigating scams to engaging community members in cybersecurity awareness sessions – BWA is looking at a comprehensive approach towards tackling Web3 security issues.

BWA will collaborate with the MeitY, State Cybercrime Cells, CERT-In, I4C, and the Financial Intelligence Unit – India (FIU-IND) to open discussions around current cybersecurity challenges and find applicable solutions.

In the later stages of the growth of the ABDC, BWA aims to expand the initiative globally. Through the initiative, the association is expecting to open gates to industry-specific information sharing on an international level, while also increasing dialogue with authorities all around the world.

“As the alliance develops, it will also invite key individuals to provide strategic guidance regarding how to achieve the objectives of the alliance,” the statement from BWA noted.

Earlier in September, an FBI report said customers lost more than $5.6 billion (roughly Rs. 47,029 crore) last year through cryptocurrency related frauds, marking a 45 percent jump from 2022. In the same report, the FBI also said that hackers and scammers had become more sophisticated in terms of deploying their attacks. The tracking of lost funds via crypto fraud is also part of ABDC’s agenda.

“The partnership aims to identify stolen assets by tracking suspicious wallet IDs in cooperation with crypto analytics firms and cybersecurity institutions. The alliance will develop a centralised platform where members can report fraudulent activities, which will be monitored and reviewed by a team of cybersecurity professionals. This will also include a Common Blacklist for Users, Entities, with addresses being collated from participants,” BWA said.

In the coming months, BWA will be open to Web3 stakeholders who can help the ABCD stay rooted in its idea of tacking cybersecurity issues.

BWA, founded in 2022, has been expanding its footprint outside of India this year. In September, for instance, it signed MoUs with Australia and Indonesia for coming together on Web3-related matters.

The cryptocurrency market showcased mixed movements on Friday, November 29. Bitcoin saw a slight uptick, gaining less than one percent on international exchanges. According to CoinMarketCap, Bitcoin is currently priced at $96,507 (roughly Rs. 81.5 lakh). On Indian platforms such as CoinSwitch, Bitcoin’s value rose by around one percent, reaching $98,653 (roughly Rs. 83.3 lakh). Over the past 24 hours, Bitcoin’s price has fluctuated between $94,000 (roughly Rs. 79.4 lakh) and its current level.

“As Bitcoin approaches the coveted $100,000 (roughly Rs. 84.4 lakh) mark, market participants are excitedly buzzing, anticipating further gains in the coming weeks. Many investors believe that this phase of consolidation will lead to greater profitability, attracting both new and returning participants to the market. With positive sentiment and bullish predictions, Bitcoin appears poised for an exciting journey in the realm of digital assets,” Shivam Thakral, CEO of BuyUcoin told Gadgets360.

Ether grew by 0.50 percent on international exchanges. At the time of writing, ETH was trading at the price point of $3,586 (roughly Rs. 3.03 lakh), showed CoinMarketCap. On Indian exchanges, the crypto asset is trading at $3,580 (roughly Rs. 3.02 lakh).

“Ethereum is reflecting strong market sentiment that’s driven by institutional interest, strong technical, and increasing adoption as momentum and positive sentiments grow within the crypto market,” Avinash Shekhar, Co-Founder and CEO, Pi42 told Gadgets360.

Binance Coin, Ripple, USD Coin, Cardano, and Tron clocked minor gains on Friday, showed the crypto price tracker by Gadgets360.

Polkadot, Near Protocol, Elrond, Iota, and Status also managed to hold on to small profits on Friday.

“Among key altcoins, XRP stands out with a five percent gain, fueled by its ecosystem’s partnership with Archax. Ethereum and Solana suffered modest declines of two percent,” Vikram Subburaj, CEO, Giottus told Gadgets360.

The overall crypto market cap rose by 0.30 percent in the last 24 hours. As per CoinMarketCap, the valuation of the crypto market has reached $3.34 trillion (roughly Rs. 2,82,69,197 crore).

Tether, Solana, Dogecoin, Avalanche, Shiba Inu, and Stellar registered losses.

Price dips also struck Chainlink, Bitcoin Cash, Uniswap, Litecoin, and Cronos are also trading in losses.

Ethereum faces pressing questions over its direction as a rejigged user experience saps activity and fees, stoking uncertainty about whether the blockchain will continue to underpin commerce in crypto. Critics point to a growing reliance on so-called Layer-2 blockchains, built on top of Ethereum to improve otherwise clunky and costly transactions. Layer-2 operators like Arbitrum and Optimism have reaped the rewards. Since March, Layer-2 transactions are up 430%, while fees collected by Ethereum have fallen 87% in the same period, data compiled by Bloomberg show.

The performance of Ethereum’s token, Ether, underscores the muddy outlook. It’s up about 75% in the past year, a period when Bitcoin more than doubled. Bitcoin lately also scaled record highs atop president-elect Donald Trump’s embrace of digital assets, whereas Ether remains far from all-time peaks.

“The layer-2 road map shipped without careful examination of the economics,” said Max Resnick, head of research at Special Mechanisms Group, which is owned by Ethereum developer Consensys Systems. “It’s clearly a concern.”

‘World Computer’

Founded over a decade ago with the aim of creating a “world computer,” Ethereum made it easier to build blockchain-based applications, turbo-charging the decentralized finance — or DeFi — ecosystem where people trade, lend and borrow digital assets peer-to-peer using automated software.

The network supports over $72 billion in tokens locked in DeFi apps, as well as over $100 billion of the nearly $190 billion stablecoin market, according to data from DefiLlama. But what has long been considered a dominant position is perhaps for the first time under threat.

While the blockchain has “ceded some pricing power” in the short term, it has done so to allow “all the Layer-2s to establish themselves and grow and flourish,” said Consensys Chief Executive Officer Joseph Lubin.

In the US exchange-traded fund sector, Ether products have received a tepid reception, recording a net inflow of $242 million compared with a $31 billion flood into Bitcoin ETFs in 2024, according to data compiled by Bloomberg.

Growing Supply

Since the blockchain’s “Dencun” upgrade in March, Ether supply has turned inflationary: the number of tokens in circulation is rising. An earlier upgrade, “The Merge” in 2022, was supposed to prevent that and lure investors.

The loss of fees to Layer-2 platforms has exacerbated the situation, because the supply of Ether is kept in check through the permanent removal of tokens representing a portion of transaction fees.

There is now a live debate about whether bringing Layer-2s into the fold was the right path for Ethereum.

“Nobody understands the road map except for like a cabal of people and they’re not really doing a great job of telegraphing the view in a simplistic manner,” said Zaheer Ebtikar, co-founder of crypto hedge fund Split Capital.

Proponents had hoped Layer-2s would be a net positive for Ethereum, but the overall benefit to the network “is now less clear than it was initially,” Strahinja Savic, head of data and analytics at FRNT Financial, wrote in a note.

Rival Networks

Ether suffers from middle-child syndrome, in that it’s under-performing Bitcoin, but is still large enough that only a notable uptick in institutional inflows would move the needle on price, Split Capital’s Ebtikar said. Ether currently has a market capitalization of about $400 billion.

Capital is flowing to rival networks like Solana, which after Ethereum supports the most assets locked on DeFi applications, DefiLlama data shows. Solana’s token is up 300% in the past 12 months.

More affordable networks such as Solana appear to be catching up to Ethereum in terms of their appeal for users, said Eliezer Ndinga, VP-Head of Strategy and Business Development at 21.co.

One key figure whose conviction is unshaken is Ethereum co-creator Vitalik Buterin. In an interview with Bloomberg News, Buterin said many Layer-2 teams have expressed an interest “in finding ways to be more collaborative and supportive of the Ethereum ecosystem.” Those ancillary networks are deeply integrated with Ethereum’s community, he added.

Resnick at Special Mechanisms Group struck a different tone, arguing that for the first time in its history, Ethereum is in “the danger zone” in that it faces a genuine rival in Solana. Ethereum must focus on scaling “in order to preserve its users and moat in the short-term,” Resnick said.

© 2024 Bloomberg L.P.

Web3 security firm GoPlus has introduced a dedicated browser extension to enhance safety for the Web3 community. Based in the British Virgin Islands, the company has launched the GoPlus Security Extension, compatible with browsers like Google Chrome and Microsoft Edge. This move follows a surge in security breaches within the $3.34 trillion global crypto sector.

The extension seems to have undergone browser testing for some time. According to its Google Chrome Web Store listing, the extension has already garnered 3,000 users and a five-star rating.

“GoPlus is transforming Web3 security with its transparent user security network, which provides open-access security data. It offers modular user security as a service to any blockchain,” the description on the Chrome Web Store states.

The browser extension includes features such as risk scanning for digital wallets, warning alerts, a security to do list, and customisable security policies, a launch note from GoPlus said.

GoPlus has integrated Artificial Intelligence (AI) into its Web3 security browser extension, featuring an AI bot and providing 24/7 support for users.

“This product is not just about identifying risks; it’s about giving users eternal peace of mind. By filling the critical gaps in existing security tools, we are creating a safer and more trustworthy ecosystem,” said Eskil Tsu, Co-Founder of GoPlus Security.

Along with its other features, the extension brings a ‘Security Layer’ which GoPlus explains as a comprehensive protection for “all on-chain activities”.

“Whether users are transferring tokens, interacting with smart contracts, or exploring decentralized applications, the Security Layer delivers real-time, dynamic safeguards, offering an end-to-end solution that covers the entire transaction lifecycle,” GoPlus said.

It is notable that browsers like Chrome and Opera have been introducing Web3-friendly features to cater to the growing community. Meanwhile, scams and hacks targeting the Web3 sector are also on the rise. Market players and analysts have been ramping up discussions to tighten security for the community.

Taiwan is taking regulatory steps to govern its growing crypto sector. In a recent move, the country has made compliance with anti-money laundering (AML) laws mandatory for crypto firms. With the crypto ecosystem expanding, Taiwan has become a hub for Web3 initiatives. According to Statista, Taiwan’s crypto market is projected to grow at an annual rate of 7.75 percent from 2024 to 2028.

This week, Taiwan’s Financial Supervisory Commission (FSC) announced that all crypto firms currently operating or planning to establish businesses in the country must submit for AML registrations. The FSC has expedited the registration deadline, moving it up to November 30, 2024, from the original date of January 1, 2025, as reported by CoinTelegraph reported citing information from official documents.

“Enterprises or persons established overseas to provide virtual asset services may not provide virtual asset services within my country unless they have registered the establishment of a company or branch in accordance with the company law and completed money laundering prevention registration,” the English translation of the official document printed in Mandarin said.

Virtual Assets Service Providers (VASPs) who are found to be in violation of FSC’s instructions could reportedly face up to two years in prison or a fine of up to TWD 5 million (roughly Rs. 1.30 crore).

Under Taiwan’s anti-money laundering regulations, companies must provide details on the measures they are implementing to prevent the use of their platforms for the movement of illicit funds via cryptocurrencies. Crypto exchanges are also required to monitor and report the names, account details, and locations of suspicious customers to the government in a timely manner.

The accelerated deadline for AML registrations in Taiwan follows recent fines imposed by the FSC on exchanges MaiCoin and BitoPro for AML violations.

The FSC is intensifying its oversight of crypto activities in Taiwan as it seeks to integrate Web3 services into the nation’s financial ecosystem. In October, FSC official Hu Zehua stated that the regulatory body is open to involving financial institutions in pilot programs for virtual asset custody services, following growing interest from private lenders in this area.

Similarly, countries like India and Japan have also mandated AML compliance for crypto firms. These regulations require crypto companies to assist law enforcement in monitoring and addressing potential criminal activities within the crypto space.

President Vladimir Putin’s government is swiftly moving to regulate the crypto sector amid Bitcoin’s historic boom. In a recent development, the Federation Council, Russia’s Upper House of Parliament, approved a bill outlining the taxation framework for crypto assets. Putin has long sought to reduce Russia’s reliance on the US dollar for international transactions, and tools like CBDCs and cryptocurrencies are seen as key to achieving this goal.

Under this bill, Russia has classified virtual digital currencies as property and introduced a tax of 13 to 15 percent on crypto sales generating personal income, a CoinTelegraph report citing information from the official document noted.

To position Russia as a crypto mining hub, the government has exempted crypto miners from value-added tax (VAT) on mined cryptocurrencies. Miners are required to comply with government regulations and report necessary information to local authorities. Violations of these guidelines may result in a fine of RUB 40,000 (roughly Rs. 30,754).

The bill has passed three readings in the Russian legislature and is awaiting President Putin’s signature to become law. The timeline for its finalisation remains unclear.

This move follows the election of Donald Trump as the 47th President of the United States, after which Bitcoin surged to a historic all-time high, nearing $100,000 (about Rs. 84.4 lakh).

President Putin appears to believe that virtual digital assets (VDAs) like Bitcoin can aid Russia’s economic recovery from the sanctions imposed by various nations following the country’s invasion of Ukraine in February 2022.

Since the start of this year, Russia has taken several steps to regulate the virtual digital assets sector.

Back in March, Russia joined Brazil, China, and South Africa – the BRICS group – in planning a digital payment network, backed by digital currencies. Recently, President Putin expressed support for this initiative, highlighting that digital currencies could benefit not only the BRICS countries but also other developing economies.

In July this year, President Putin signed the Digital Ruble Bill to help Russian citizens process payments via the Digital Ruble CBDC.

The cryptocurrency sector, currently valued at $3.31 trillion (approximately Rs. 2,79,67,613 crore), remains a niche market striving to establish its place in the global economy. Governments worldwide are still navigating the complexities of regulating crypto activities. Tornado Cash, a crypto mixer, has faced significant scrutiny in recent months due to its role in obscuring transaction trails, making fund recovery nearly impossible for victims of crypto scams and money laundering.

This week, a US federal court overturned the 2022 sanctions against Tornado Cash. The Fifth Circuit Court in New Orleans ruled that immutable smart contracts do not qualify as property, rendering existing laws inapplicable for imposing sanctions on the platform.

Understanding the Ruling

In 2022, Tornado Cash faced sanctions for allegedly facilitating the laundering of billions of dollars in cryptocurrency. The decision was later challenged by six users of the platform with support from Coinbase.

According to CyberScoop, the plaintiffs argued that Tornado Cash’s underlying smart contracts do not constitute property owned by the platform. Consequently, these contracts cannot be sanctioned under current laws, which allow sanctions on property but not on technology.

” We hold that Tornado Cash’s immutable smart contracts (the lines of privacy-enabling software code) are not the “property” of a foreign national or entity, meaning they cannot be blocked under IEEPA, and OFAC overstepped its congressionally defined authority,” the official court document said.

The New Orleans court’s latest ruling acknowledges that the sanctions against the crypto mixer lack legal basis. Responding to the decision, Coinbase’s Chief Legal Officer, Paul Grewal, described it as a victory for ‘privacy.’

“These smart contracts must now be removed from the sanctions list and US persons will once again be allowed to use this privacy-protecting protocol. No one wants criminals to use crypto protocols, but blocking open source technology entirely because a small portion of users are bad actors is not what Congress authorised,” Grewal posted on X.

A Closer Look at Tornado Cash’s Legal Struggles

Tornado Cash, a crypto mixer, allows users to conduct private financial transactions by swapping their cryptocurrency tokens for others of equal value within a shared pool. This process ensures anonymity but is often exploited by hackers and money launderers to obscure transaction histories and evade detection by law enforcement agencies.

Back in 2022 the Treasury Department’s Office of Foreign Assets Control (OFAC) imposed sanctions against Tornado Cash citing its alleged role in laundering over $7 billion (roughly Rs. 62,861 crore), a Reuters report said. As per the OFAC, North Korea’s notorious hackers from the Lazarus Group also used Tornado Cash to launder over $455 million (roughly Rs. 3,844 crore) from crypto thefts and hacks.

The platform was blacklisted in the US, leading to the arrest of its co-creator, Alexey Pertsev, in the Netherlands. Prior to his trial in March, Pertsev was released under surveillance after spending eight months in custody. In May, he was sentenced to 64 months in prison for money laundering.

Members from the Web3 community have criticised Pertsev’s arrest stating that the authorities were trying to curb financial privacy and independence by repressing services like Tornado Cash. For now, it remains unclear if the latest ruling in favour of Tornado Cash will have an impact on Pertsev’s situation.

The Dogecoin Foundation is looking to raise funding now that the re-election of Donald Trump as the US President has rallied the crypto market to record highs. In a detailed message recently posted on X, the official handle of the Dogecoin Foundation said that it was seeking sponsors to fund their 2025 vision for the growth of the Dogecoin ecosystem. In the upcoming year, the ecosystem of the popular memecoin is looking to expand into a new service, called Dogebox, for which it requires funding.

Dogecoin, which is presently trading at $0.3863 (roughly Rs. 32.5) on global exchanges, has been called the ‘people’s crypto’ by Elon Musk, who believes DOGE has more day-to-day utility compared to other crypto assets like BTC and ETH.

Through Dogebox, the ecosystem developers wish to onboard the “first million grassroot retailers to accept Dogecoin” as a payment option. This project is part of the open-source work that the Dogecoin Foundation has been working on for a while now.

Explaining the concept of Dogebox, the X post by the Dogecoin Foundation said, “The Dogebox Decentralised Infrastructure System will allow every day businesses to self-host and self-custody their own online shops, build integrations with existing systems, and allow regular node-runners to participate in decentralised payment systems that will reward them when people spend their Dogecoin for goods and services in their neighbourhoods.”

While the foundation has asked investors to reach out with their proposals, the organisation has not specified the funding amount it is looking to attract to develop Dogebox.

The foundation aims to give people alternatives to traditional financial practices, which includes banks, brokers, and other third parties to facilitate transactions between two parties.

“We are currently seeking major sponsors for 2025, to benefit collectively from building open-source utility for the future of decentralized payments: putting crypto to work for its intended purpose, as a means of exchange, free from tyranny for all humanity,” the tweet noted.

For now, the foundation has not disclosed a specific timeline for the development of Dogebox.

In 2023, the Dogecoin Foundation had launched a fund pool of five million DOGE tokens, aimed at funding the growth of the memecoin.

This week, open interest for Dogecoin reportedly exceeded $4 billion (roughly Rs. 33,725 crore), marking the highest point for memecoins in terms of bets from futures traders.

Hong Kong’s ZA Bank has announced the launch of crypto trading services, enabling retail users to trade assets like Bitcoin directly. Claiming to be Asia’s first digital lender to offer such a service, ZA Bank now allows users to buy and sell Bitcoin and Ether through fiat currencies HKD and USD via its app. To access this new feature, users must first open an account with ZA Bank and complete a risk assessment to ensure readiness for engaging with volatile crypto assets.

With this service, ZA Bank aims to simplify crypto access for retail users—individuals trading for personal gains—offering benefits like zero commission for a limited time. On a broader scale, the bank has expressed its ambition to disrupt the traditional finance (TradFi) sector.

“As the only bank in Asia offering funds, US stocks, and virtual asset trading services, ZA Bank is committed to advancing the Web3 ecosystem in alignment with regulatory policies and market demand, while fostering deeper integration between finance and technology. Start trading crypto with as little as USD 70 / HKD 600, offering maximum flexibility. Enjoy zero percent commission for the first three months,” said ZA’s announcement of the development.

Trading and holding crypto assets are legal in Hong Kong. However, the region does not recognise any crypto asset as equivalent to the HKD.

Back in 2022 Hong Kong was ranked first on the ‘Worldwide Crypto Readiness Report’ by Forex Suggest. The same year, Hong Kong authorities had said they were exploring ways to legalise crypto trading by retail investors, review property rights for tokenised assets, and monitor the legalities of smart contracts.

ZA Bank, licensed by the Hong Kong Monetary Authority in 2019, stated in its post that Hong Kong’s ongoing interest in exploring crypto assets led the company to introduce its crypto services.

“A recent survey by the Hong Kong Association of Banks4 reveals that nearly 70 percent of respondents believe that if banks offer virtual asset trading services, it would make buying and selling virtual assets more convenient or could help popularise cryptocurrency trading. The rise of cryptocurrency presents investors with more diverse asset allocation opportunities,” the announcement post explained.

As per Calvin Ng, Alternate Chief Executive of ZA Bank, the bank has entered into a partnership with HashKey Exchange to deliver bank-grade security in virtual assets trading.

This year, Hong Kong has accelerated efforts to establish a regulatory framework to oversee the crypto sector. In June, the HKSAR Legislative Council established a new subcommittee focused on drafting comprehensive crypto legislation.

Hong Kong authorities are also auditing the compliance of crypto firms to ensure that investors are safeguarded against scams.

Ernst & Young (EY), one of the ‘Big Four’ consultancy firms, has integrated the metaverse element from Web3 into its hiring process. The London based firm, that also has offices in India, has launched a service called eVe, that essentially offers a warm-up pre-interview preparation for candidates applying for a role at the company. The service is aimed at helping job applicants gather information around the dos and don’ts before appearing for in-person interviews.

The eVe platform lets job seekers engage with an AI avatar of an EY associate. This avatar can be seen in a metaverse setting of a photorealistic background of what looks like an EY office.

The avatar, that currently only supports the English language, prompts visitors to ask their questions around the interview process at EY.

“You can ask me a wide range of questions about interview preparation and wellbeing benefits at EY. For interviewing, you can inquire about behavioural interviewing, technical interviewing, or case studies. If you have a specific question in mind, feel free to ask,” the digital assistant says.

It goes on to explain how people can navigate through finding and applying for job opportunities at the firm, which has recorded an estimated global revenue of approximately $51 billion (roughly Rs. 4,29,796 crore) in 2024.

People can ask eVe about EY’s compensation benefits, pension plans, and other related follow-up questions.

It’s worth noting that the EY’s digital avatar does not provide a virtual tour of the EY offices yet. It does, however, saves the chat records for users to revisit notes shared by the AI assistant. The company has shared an email ID directed to its ‘metaverse lab’ unit for people to report any grievances they might have with the service of the platform.

As per a report by Business Insider, candidates who apply for jobs at EY are sent a link to eVe where they can have their FAQs around the interview process answered in detail. The eVe platform was thoroughly tested for months before being rolled out, the report added. Citing EY’s global lead of Metaverse Lab, the report noted that younger job applicants are spending an average of 15 to 20 minutes conversing with eVe.

According to a blog post by EY, its Cognitive Human Enterprise team has been creating a virtual world.

“With a market estimated to reach $800 billion (roughly Rs. 67,42,664 crore) in two years, the metaverse has the power to transform all industries. Organisations that address the innovation potential now will be well positioned to harness the opportunities that it will unleash,” the blog notes.

Bitcoin has shot up to its historical high of $98,000 (roughly Rs. 82 lakh) following the election of Donald Trump as the 47th president of the US. During his election campaigning, president-elect Trump showed immense support for crypto engagement, vouching for introducing changes in taxation and business policies. In another pro-crypto step, Trump’s media firm has filed for a trademark for ‘TruthFi’, hinting at exploring the Web3 arena.

The Trump Media & Technology Group is reportedly exploring a foray into Web3 finance – possibly an assets custody service. Josh Gerben, a trademark lawyer based in Washington, US, said the trademark application carrying the serial number 98859006 was filed last week. The TMTG primarily oversees Trump’s social networking platform Truth Social.

The TruthFi platform is expected to dabble in services facilitating crypto payments, digital asset trading, and financial custody services for virtual digital assets. As per the report by New York Times, if TruthFi comes into operation, it is likely that Trump’s media organisation could consider acquiring smaller Web3 firms and onboard people familiar with the sector. Earlier this month, a Reuters report claimed that Trump’s media firm was in discussions to acquire Bakkt, a crypto trading organisation.

After Trump was banned from various social networking firms like Facebook, Instagram, and X (formerly Twitter) in 2021, he launched Truth Social to compete with traditional social media platforms and advertised the platform as a promoter of free speech. As of September this year, Trump Media was valued at $3.22 billion (roughly Rs. 27,143 crore), shows Yahoo Finance. The figure stood at $8.47 billion in March this year.

It appears that the firm is now looking to explore different avenues for funding and is planning to venture deeper into the crypto sector, the valuation of which presently stands at $3.33 trillion (roughly Rs. 2,80,71,228 crore) as per CoinMarketCap.

The birth of TruthFi will, however, not be the first venture into Web3 for Trump, who previously called cryptocurrency a scam but decided to go pro-crypto during his campaigning. The American multi-billionaire has promised to make the US the “crypto capital of the planet.”

Back in September this year, Trump unveiled a new cryptocurrency business named the World Liberty Financial. While the project has been advertised as one that would transform DeFi, details about the business remain undisclosed by the Trump family.

In April, Trump launched his second NFT collection after churning out millions of dollars from the first one launched in December 2023.

Bitcoin touched a fresh record high on Friday, with its sights set firmly on the $100,000 barrier (roughly Rs. 84.4 lakh), in a stellar rally for the cryptocurrency sparked by expectations of a more friendly regulatory environment under a Donald Trump administration.

It has more than doubled in value this year and is up about 45 percent since Trump’s sweeping election victory on November 5, which has also seen a slew of pro-crypto lawmakers being elected to Congress.

The cryptocurrency was last up just over 1 percent on the day at $99,380 (roughly Rs 83.9 lakh), and is on track for its best monthly performance since February.

Its surge has made bitcoin one of the stand-out winners of so-called “Trump trades” – assets that are seen as winning or losing from Trump’s policies.

The cryptocurrency also appears on the cusp of mainstream acceptance since its creation 16 years ago. The approval of US-listed bitcoin exchange-traded funds in January this year have helped boost the market.

“The longer it survives it is taken more seriously, that’s just the reality of things,” said Shane Oliver, chief economist and head of investment strategy at AMP Sydney.

“As an economist and investor I find it very hard to value it…it’s anyone’s guess. But it does have a momentum aspect to it and at the moment the momentum is up.”

Indeed, bitcoin is up around 130 percent this year.

Trump embraced digital assets during his campaign, promising to make the United States the “crypto capital of the planet” and to accumulate a national stockpile of bitcoin.

Crypto investors see an end to increased scrutiny under US Securities and Exchange Commission Chair Gary Gensler, who said on Thursday he would step down in January when Trump takes office.

Under Gensler, the SEC sued exchange Coinbase, Kraken, Binance and others, alleging that their failure to register with the agency violated SEC rules, accusations the companies deny and are fighting in court.

© Thomson Reuters 2024

Telegram’s Mini Apps initiative has secured substantial funding to advance its integration of Web3 technologies into the messaging platform. Bitget Wallet and Foresight Ventures have committed $20 million (roughly Rs. 168 crore) to drive the growth of Telegram’s Mini Apps, as reported by CoinTelegraph on Monday, November 11. As of July 2024, Telegram reported that 500 million of its 950 million global users engaged with Mini Apps each month.

The funding is intended to support the expansion of the Telegram Mini Apps ecosystem, enabling it to develop a strategic roadmap for growth and to continue offering Web3 games with crypto and NFT features to its global user base for enhanced in-app entertainment.

As per CoinTelegraph, Bitget Wallet has offered to let Web3 app makers use its own developer’s kit to make more games and services that integrate Web3 into Telegram’s interface. The developer kit is called OmniConnect and it was launched in September this year.

Web3 developers will also have opportunities to collaborate with existing Mini Apps to expand their game offerings under established brands. Launched in 2023, Telegram’s Mini Apps allow developers to build in-app applications using languages like HTML and JavaScript, making these apps accessible through Telegram’s app store.

Telegram reportedly informed CoinTelegraph that offering this in-app development feature was a natural progression, driven by developers’ demand for creating more sophisticated applications. These developers leverage the Telegram-affiliated TON blockchain to design and launch Web3 apps and games.

“TON Blockchain is the obvious choice to integrate when you consider the scale of some of these applications. Notcoin quickly gained 40 million users, while Hamster Kombat has around 300 million players,” the report quoted Alena Shmalko, ecosystem lead of the TON Foundation as saying.

The Web3 engine of TON gives Telegram’s platform a competitive advantage, opening up new monetisation opportunities for creators, and empowering users with genuine ownership of their digital assets.”

Dogs, Hamster Kombat, and Notcoin have recently emerged as some of the most popular names on Telegram Mini Apps, quickly gaining traction among Telegram users.

For Bitget, this investment in Telegram’s Web3 unit could serve as a strategy to encourage more developers to utilise its developer tools. The platform claimed that it had over 12 million monthly active users in September. The same month, Bitget and Foresight Ventures had announced an investment of $30 million into TON blockchain.

FTX filed a lawsuit against Binance Holdings and its former Chief Executive Officer Changpeng Zhao, seeking to claw back almost $1.8 billion (roughly Rs. 15,189 crore) it alleges was fraudulently transferred by Sam Bankman-Fried. 

Binance, Zhao and other Binance executives received the funds as part of a July 2021 share repurchase deal with Bankman-Fried, the FTX co-founder who is now in prison. In that transaction, they sold stakes of about 20 percent in FTX’s international unit and 18.4 percent in its US-based entity, according to a legal filing from the FTX estate on Sunday. 

Bankman-Fried paid for the stock repurchase using a mix of FTX’s exchange token FTT and Binance-branded coins BNB and BUSD valued at $1.76 billion (roughly Rs. 14,852 crore) at the time, according to the filing.

FTX and its sister trading house Alameda Research “may have been insolvent from inception and certainly were balance-sheet insolvent by early 2021,” the estate said in the filing. As a result, the share repurchase deal was made fraudulently, it alleged.

FTX also accused Zhao of posting a series of “false, misleading, and fraudulent tweets” shortly before FTX’s collapse, the content of which was “maliciously calculated to destroy his rival.” A November 6, 2022 tweet by Zhao stated that Binance intended to sell its FTT tokens, worth some $529 million (roughly Rs. 4,464 crore) at the time, causing withdrawals from the exchange to skyrocket.

“The claims are meritless, and we will vigorously defend ourselves,” a Binance spokesperson said in a statement on Monday. A representative for Zhao didn’t immediately reply to an e-mailed request for comment

The lawsuit is one of many filed by FTX against its former investors, affiliates and clients in the bankruptcy court of Delaware. Other defendants include former White House communications officer Anthony Scaramucci, digital-asset exchange Crypto.com and political groups such as the Mark Zuckerberg-founded FWD.US, according to court documents. 

© 2024 Bloomberg LP

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

The US authorities have charged five individuals with hacking multiple businesses and stealing $11 million (roughly Rs. 92.8 crore) using the Scattered Spider technique. The stolen funds were in cryptocurrency, known for its speed and relative anonymity in transactions. The accused—Ahmed Hossam Eldin Elbadawy, Noah Michael Urban, Evans Onyeaka Osiebo, Tyler Robert Buchanan, and Joel Martin Evans—now face charges, with further investigations underway to evaluate the case.

An official announcement shared by the US Attorney’s Office stated the individuals were allegedly targeting corporate employees with malicious text messages. The aim was to phish the victims for funds and sensitive information.

“The defendants then used the harvested employee credentials to log in and steal non-public company data and information and to hack into virtual currency accounts to steal millions of dollars in cryptocurrency,” the announcement said.

As per CoinTelegraph, at least 29 victims who fell prey to the hackers have spoken with the law enforcement officers. Claims made by the prosecutors reportedly reveal that one victim lost over $6.3 million (roughly Rs. 53.2 lakh) in crypto assets. The email and digital wallet of this particular victim was violated by the hacker.

“According to court documents, from at least September 2021 to April 2023, the defendants conducted phishing attacks by sending mass short message service (SMS) text messages to mobile phones of numerous victim companies’ employees – messages that purported to be from the victim company or a contracted information technology or business services supplier of the victim company,” the document noted.

The note stated that if convicted, each defendant could face over 20 years in prison. The FBI has been assigned to conduct further investigations.

Phishing and hacking incidents have increased both in the US and globally. The US authorities have urged the crypto community to exercise caution and avoid interacting with unexpected or suspicious emails from unknown sources.

As per a report by the FBI, which was released in September, crypto-related frauds grew by 45 percent in 2023 leading to losses worth over $5.6 billion (roughly Rs. 47,029 crore).

The Reserve Bank of India (RBI) is working with multiple national lenders on advanced trials of the eRupee central bank digital currency (CBDC). Despite recent advancements in the area, the central bank is no rush to roll out its CBDC to users in the country. The situation was addressed in Philippines by RBI deputy governor T. Rabi Sankar, reportedly during a conference. As part of his speech, Sankar said the central bank is in no hurry to expand the rollout of the eRupee, until its impact on the financial systems is thoroughly assessed.

Sankar told Bloomberg the that the rollout of the digital currency for general use in India could take some time. “We are in no hurry to roll it out immediately. Once we have some visibility of what the outcome or impact will be, we’ll roll it out. We don’t keep a specific timeline for that,” he told the publication.

Launched into trials back in December 2022, the RBI views it as a tool to internationalise the INR currency. The eRupee is expected to improve the present lags in facilitating cross border settlements.

Other countries like Russia and China are also taking steps to integrate their CBDCs into their financial systems. The aim is to reduce the reliance on the USD to process international settlements. The RBIU deputy governor told Bloomberg that India is working on CBDC-backed payment arrangements with Sri Lanka and the UAE.

In a bid to simplify an effective roll out strategy for these CBDC-friendly nations, the International Monetary Fund (IMF) recently proposed a framework. Called REDI. The framework lays focus on Regulation, Education, Design and Deployment, and Incentives – while planning the CBDC rollout. The IMF expects the CBDC ecosystem to face multiple challenges during the process of adoption.

At present, G20 members are researching the pros and cons of introducing CBDCs. As per a recently released report by the think tank Atlantic Council, a total of 134 nations are actively exploring digital versions of their currencies. These countries make up 98 percent of the global economy.

Through the eRupee CBDC, the RBI is counting on the eRupee to improve the speed and security of remittance settlements. In October, RBI Governor Shaktikanta Das highlighted that India is among the few major economies with a 24×7 real-time gross settlement (RTGS) system, poised to evolve with advancing technologies.

A CBDC (Central Bank Digital Currency) like the eRupee is the blockchain representation of fiat currencies, issued and regulated by the central banks. While they work like cryptocurrencies in terms of facilitating quick and relatively private financial transactions, they are overseen and controlled by financial authorities. Transactions processed through CBDCs are logged permanently on blockchain networks that are unchangeable and brings more transparency to financial histories.

Amidst the ongoing crypto rally, the price of Bitcoin saw a slight increase over the last 48 hours, while most altcoins have also seen their prices rise. On Wednesday, Bitcoin’s price rose by less than one percent on national and international exchanges. At the time of writing, BTC was trading at $92,425 (roughly Rs. 78 lakh) on international exchanges, according to CoinMarketCap. In India, Bitcoin is currently priced at $93,440 (roughly Rs. 78.8 lakh). In the backdrop of its price rally, MicroStrategy’s Michael Saylor said he plans to pitch Microsoft on adding Bitcoin to its treasury, arguing it would enhance the company’s stability and reduce risk.

“Options trading on Blackrock’s iShares Bitcoin Trust began yesterday and roughly 98 percent of all options are ‘call’ orders to buy BTC, which indicates bullish sentiment. Bitcoin spot ETFs have reversed their recent outflows and have registered $850 million (roughly Rs. 7,172 crore) in net inflows over the last two days,” Giottus CEO Vikram Subburaj said in a statement to Gadgets360.

The price of Ether rose by 0.28 percent on foreign exchanges on Wednesday. Its price has now reached $3,110 (roughly Rs. 2.62 lakh) internationally. As per Gadgets360’s crypto price tracker, the price of ETH in India stands at $3,187 (roughly Rs. 2.69 lakh).

Alongside BTC and ETH, altcoins like Dogecoin, USD Coin, Cardano, Wrapped Bitcoin, Cronos, and Monero also saw their prices increase.

Other altcoins that saw a slight increase in price include Floki Inu, Underdog, Iota, Braintrust, and Binance USD.

The overall crypto market cap grew by 0.24 percent in the last 24 hours, as per CoinMarketCap. With this, the valuation of the sector rose to $3.08 trillion (roughly Rs. 2,59,88,824 crore).

On the other hand, Tether, Solana, Binance Coin, Ripple, Tron, Shiba Inu, and Avalanche and other altcoins that were recently increasing in value experienced a slowdown on Wednesday.

“This market rally was fueled by reports that Donald Trump’s social media company was in talks to acquire crypto trading firm Bakkt, sparking optimism about a more crypto-friendly environment under the upcoming Trump administration. The introduction of options trading for BlackRock’s iShares Bitcoin Trust (IBIT) is another milestone, potentially boosting liquidity and providing investors with more ways to gain exposure to the asset. This development represents a crucial turning point in Bitcoin’s evolution, highlighting the growing institutional interest and a shift in market dynamics,” CoinDCX Co-Founder Sumit Gupta told Gadgets360.

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.

Goldman Sachs is looking to venture deeper into crypto-related services. In an interaction with Bloomberg News, Global Head of Digital Assets Mathew McDermott said that the new crypto platform currently under work would focus on facilitating traditional trading and crypto transactions on blockchain networks. The development comes days after pro-crypto billionaire Donald Trump was elected as the 47th President of the US – a decision that dramatically raised Bitcoin’s value to over $93,000 (roughly Rs. 78.5 lakh).

At present the New York-headquartered bank is in talks with various other fintech and Web3 firms, to equip the crypto platform with various features, the report by Bloomberg said.

This crypto platform, that could take between 12 to 18 months to launch, will be created as an individual company that would focus on catering to institutional investors and large-scale financial firms.

The interest of institutional investors in crypto has risen exponentially. In a recent conversation with Gadgets360, Catherine Chen, the Head of VIP and institutional investors at Binance said that the launch of crypto ETFs in the US and other parts of the world have made these virtual digital assets more accessible for big investors to experiment with, through traditional market places, without going through the efforts of signing up on crypto exchanges.

A report by Goldman revealed that crypto investments by family businesses have spiked from 16 percent in 2021 to 32 percent in 2023.

According to McDermott, the idea behind Goldman working on this Web3 project is to offer large-scale investors and family businesses a crypto platform that is ‘industry owned’ — essentially linked to an established traditional banking player.

Moving forward, the investment bank is also looking to resume lending services backed by Bitcoin, according to the report.

Goldman Sachs has been dabbling in crypto-related services for a while now. In May 2022, the bank offered its first ever Bitcoin-backed loan to Coinbase.

Cryptocurrency price charts around the world looked green on Monday, as the prices of most digital assets continued to rise. Bitcoin clocked gains of around one percent over the last day on both national and international exchanges. The asset, at the time of writing, was trading at $90,574 (roughly Rs. 76.4 lakh) on foreign exchanges, according toCoinMarketCap. As per Indian exchanges like CoinSwitch and CoinDCX, Bitcoin is trading at $91,119 (roughly Rs. 76.9 lakh). Over the last week, Bitcoin’s price has increased by 13 percent.

“The US is defining a new financial strategy through the proposed Bitcoin Act of 2024 and plans to create a Strategic Bitcoin Reserve of 1,000,000 Bitcoins within five years. The acquisition of up to 200,000 Bitcoins every year will ensure that BTC becomes a part of the traditional stores of value — more resilient, resistant to inflation, and unaffected by tradition,” Avinash Shekhar, Co-Founder and CEO, Pi42 told Gadgets360.

Ether also rose in value alongside Bitcoin on Monday. The second most valued cryptocurrency after Bitcoin, ETH is presently priced at $3,115 (roughly Rs. 2.62 lakh) on global exchanges. As per Indian exchanges, the value of ETH stands at $3,175 (roughly Rs. 2.68 lakh). The asset’s value has increased by one percent on both, national as well as international exchanges.

“ETH spiked as high as $3,500 (roughly Rs. 2.95 lakh) but later retraced to $3,100 (roughly Rs. 2.61 lakh), showing the ever-volatile market. It is notable that Ethereum ETFs had their best week, at $533.9 million (roughly Rs. 4,505 crore) in inflows despite minor outflows on Thursday and Friday,” Shekhar added.

As shown by the crypto price tracker on Gadgets360, Solana, Binance Coin, Ripple, and Dogecoin also increased in value, as did Cardano, Tron, Polkadot, Stellar, and Monero.

“The CEO of Ripple has voiced hope that the recently elected President will implement regulatory changes that could promote a transformative era for the US cryptocurrency market. Investors are optimistic about the market and expect significant growth opportunities in the next few weeks,” Shivam Thakral, CEO of BuyUcoin told Gadgets360.

The valuation of the crypto market has climbed to 3.06 trillion (roughly Rs. 2,58,25,589 crore). In the last 24 hours, the crypto market cap rose by 0.96 percent, as per CoinMarketCap data.

On the other hand, Tether, USD Coin, Avalanche, and Bitcoin Cash saw their values drop, while Litecoin, Cronos, and Polygon prices also dropped over the past 24 hours.

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 Financial Intelligence Unit (FIU) of Nepal has highlighted a rise in the misuse of crypto assets in the country. The agency, which closely monitors the crypto sphere, has said that the laundering of illicit funding through cryptocurrencies has spiked in the country. The Nepal Rastra Bank has released its ‘Strategic Analysis Report’ that claims that notorious actors have been converting their illegally obtained funds into cryptocurrencies because these assets provide private transactions. Nepal is working on a roadmap to combat these existing issues related to crypto exploitation.

Cryptocurrencies like Bitcoin and Ether bring an element of anonymity to financial transactions that are also facilitated in real time, making them difficult to trace. This makes it challenging for law enforcement agencies to follow transaction trails that could lead to the identification of initiators.

In its report, the FIU-Nepal (Nepal Rastra Bank) noted, “conversion of proceeds of fraud to cryptocurrency or for online betting purpose too is observed frequently. The purpose is to increase the time necessary for FIUs and LEAs to access and analyse the necessary financial data across sectors, and institutions making it difficult for tracing the funds, freezing the proceeds and recovering it.”

Nepal is also witnessing a rise in fraud cases that involve luring potential investors into finally risky crypto schemes.

“The advertisements direct the potential prey to deposit amount in certain bank accounts or wallet accounts. The amount thus deposited is later not returned as promised. In countries like Nepal where investment in virtual assets like cryptocurrency is illegal, the victims rarely come up with complaints against such scams for potential repercussions,” the report noted elaborating into its matter of concerns.

FIU-Nepal is currently conducting an analysis of the kind of actions that other countries have taken to tackle cyber-enabled frauds. The country is planning to launch educational campaigns to increase awareness around the financial risks involved with volatile crypto assets.

In addition, Nepal is exploring the development of a technologically advanced platform capable of tracing information across different financial institutions to intercept illicit proceeds.

In 2023, Nepal instructed all internet service providers (ISPs) in the country to block access to crypto trading platforms. At the time, there were growing concerns around the misuse of crypto assets for moving illicit funds. In Nepal, it is prohibited to utilise cryptocurrencies as any kind of a monetary instrument.

CoinSwitch has announced a new initiative to help new crypto investors try their hand at investing in virtual digital assets. The crypto exchange said on Monday that it has rolled out a new service called SmartInvest. Through this feature, the exchange has released a selection of smart investment strategies that early investors can access in order to take their first steps into investing in digital assets. The development comes just days after MeitY Secretary S Krishnan said that the IT ministry is committed to nurturing India’s Web3 ecosystem.

The exchange has added a new section to its app interface called CoinSwitch SmartInvest. Users will be able to access investment strategies curated by experienced traders, according to the platform. “Users can evaluate and choose from available strategies based on historical profits, minimum investment requirements, and adoption statistics. Once selected, SmartInvest’s algorithms execute trades automatically on behalf of users, with a share of profits allocated to strategy developers,” the company headquartered in Bengaluru explained.

Despite its strict regulatory stance on the crypto sector, India has shown notable growth in crypto adoption. Ast month, aChainalysis report revealed that India ranked first out of 151 nations in-terms of showing fast crypto adoption. This is the second consecutive year that India has topped Chainalysis’ index. The country sees crypto assets as financial tools for investment and trading and does not recognise any crypto as a legal tender alongside the rupee.

CoinSwitch claims that it caters to over two crore customers in India. By offering customised guidance plans, the company is now looking to onboard new users.

Balaji Srihari, the head of business at CoinSwitch also said that over the years, potential investors have spoken about the complexities of crypto trading — especially around how to start — which is one issue this initiative will attempt to address and resolve. “Choosing assets, timing entries and exits, identifying opportunities, all this is challenging for investors. We have recognised that many users lacked the skills or time to create their own strategies. SmartInvest bridges this gap, allowing investors to access expert-driven strategies without needing coding expertise,” he said.

Earlier this year, CoinSwitch launched a service that provides high net worth individuals (HNIs) with personalised investment advice and detailed risk management solutions. At the time, the exchange had claimed that its team of experts will assist institutional investors with tailored investment strategies, dedicated account management, professional tax filing, and exclusive market access.

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. 

ENS Labs, the firm that launched the Ethereum Name Service (ENS) in 2017, are gearing up for their next major project. By late 2025, they plan to launch a layer-2 blockchain network called Namechain, built on the Ethereum blockchain. Namechain will leverage zero-knowledge rollup technology to improve transaction efficiency, reducing both costs and processing times. In the ENS domain ecosystem, simpler names like “xyz.eth” typically hold more value than complex ones like “asd1as.eth.”

As per a report, the launch of Namechain is aimed at streamlining blockchain identities, making them more straightforward and user-friendly. Not only will this layer 2 blockchain simplify the process for ENS registrations but the network is also expected to make the service more accessible for users.

This week, ENS Labs made an official announcement about Namechain. In a post on X from their handle @ensdomains, ENS stated, “By dramatically reducing costs, improving performance, and providing a familiar Ethereum developer experience, our hope is to unlock new opportunities for ENS and Ethereum.”

ENS Labs has allocated an initial budget of $4 million (roughly Rs. 33 crore) in USDC stablecoin to support Namechain’s development, with funding provided by the ENS DAO, which oversees the ENS protocol. The full budget required for testing and deploying this Layer-2 network, however, has not yet been disclosed.

ENS Labs’ latest initiative follows the rising popularity of its Ethereum Name Service (ENS). ENS is a decentralised domain name protocol that simplifies complex Ethereum wallet addresses, transforming them into easy-to-read names like “ABC.eth,” making crypto transactions more accessible and user-friendly.

In July 2022, ENS tracker Dune Analytics reported that daily ENS registrations had spiked significantly, reaching over 50,000 new addresses that month. The same year, Nike’s Web3 arm called ‘RTFKT’ obtained ten ENS domains.

Notably, registrations of ENS domains recorded a drop of 22.9 percent in September this year, as per a report by CoinMarketCap. The report also notes that ENS is a crucial component of the Web3 ecosystem, with the total number of active domains now standing at over 1.9 million.

In October, Google completed the integration of ENS on its Search engine. This development is aimed at making it easier for people to search for any name based on the ENS domain, signified by ‘.eth’.

Coinbase is actively seeking to enhance its suite of services. This week, the crypto exchange completed its acquisition of Utopia Labs, a San Francisco-based blockchain fintech firm. The acquisition aims to refine Coinbase’s on-chain payment systems and services, although financial details have not been disclosed. Coinbase’s valuation was approximately $59.49 billion (roughly Rs. 5,02,159 crore) in March, dropping to $36.26 billion (roughly Rs. 3,06,073 crore) by September.

Moving forward, the Utopia Labs team will join forces with the team behind Base – which is Coinbase’s own layer-2 scaling network, the exchange said in an official blog post. The exchange is expected to enhance recordkeeping for smart contracts, transactions, and tokenization activities directly on the blockchain.

“Base is supporting developers who build onchain apps, those apps attract users on-chain, Wallet onboards those users, and in turn more users incentivise more developers to build on-chain. In pursuit of this, I’m excited to share that the Utopia Labs team is joining Base to help accelerate our on-chain payments roadmap within Coinbase Wallet,” said Jesse Pollak, creator of the layer-2 blockchain Base.

In the coming months, Coinbase will attempt to bring low-cost, fast, and global payments to its users. The focus will also be on strengthening its stablecoin services—cryptocurrencies that are backed by reserve assets like fiat currencies or gold.

“Stablecoins amounted to $8.5 trillion (roughly Rs. 7,17,48,727 crore) in transaction volume across 1.1 billion transactions Q2 2024, and continuing to improve the user experience will be crucial as stablecoin payments continue to grow,” Pollak added.

Founded in 2021, Utopia Labs claims to have developed several solutions to enable low-cost transactions for Web3 projects. The platform shared the official announcement of its acquisition by Coinbase with its follower base of over 16,000 on X.

For Coinbase, this acquisition follows its recent demonstration of what it called the world’s first AI-to-AI crypto transaction. In September, CEO Brian Armstrong showcased an AI entity purchasing tokens from another AI entity, highlighting the potential of AI integration within Web3.

In July, OpenAI’s Chris Lehane joined Coinbase’s board of directors as one of three new appointees.

Recently, the exchange introduced its Pre-launch Market initiative to support upcoming crypto projects by serving as a launchpad. Coinbase has also been actively challenging the US SEC, seeking clear guidelines on compliant business practices and areas requiring caution.

Over the past 24 hours, Bitcoin’s value briefly surged to $93,469 (roughly Rs. 78.8 lakh). However, the onset of a price correction prevented it from maintaining that level. As of Friday, November 15, Bitcoin is trading at $87,617 (roughly Rs. 73.9 lakh) on global exchanges and $88,506 (around Rs. 74.4 lakh) on Indian platforms. The cryptocurrency has experienced a price decline of approximately 2.5 percent on both international and domestic markets.

Commenting on the market status, Vikram Subburaj, CEO, Giottus said that recent comments from Fed Chair Jerome Powell may have impacted BTC’s price movement alongside a price correction. “Powell said there is no urgency to reduce interest rates further. Post this, Bitcoin saw a modest dip,” Subburaj said.

Ether saw a bigger price decline than Bitcoin on Friday. Incurring a loss of over five percent on both national and international exchanges, ETH is presently trading around the price point of $3,042 (roughly Rs. 2.56 lakh).

As per the crypto price tracker by Gadgets360, several cryptocurrencies recorded losses than profits on Friday.

Tether, Solana, Binance Coin, Dogecoin, and USD Coin slipped down the price ladder.

Tron, Shiba Inu, Avalanche, Bitcoin Cash, Chainlink, and Polkadot also saw price dips on Friday.

The overall crypto market cap dipped by 2.48 percent over the last day, showed CoinMarketCap. At the time of writing, the valuation of the crypto market was at $2.91 trillion (roughly Rs. 2,45,75,066 crore).

Ripple, Cardano, Near Protocol, Stellar, and Monero clung to profits on the price chart.

Despite the ongoing market volatility, Bitcoin seems to be on an upward trajectory.

“Bitcoin has become the 7th largest asset surpassing Saudi Aramco,” Edul Patel, Co-founder and CEO of Mudrex told Gadgets360 – predicting that Bitcoin’s support has moved up to $86,200 (roughly Rs. 72.7 lakh) whereas the next resistance point is at $90,900 (roughly Rs. 76.7 lakh).

The UK government is advancing efforts to integrate blockchain technology into its financial systems. In a recent announcement, Finance Minister Rachel Reeves revealed plans to pilot a digital gilt instrument in the country. This initiative will utilise Distributed Ledger Technology (DLT), commonly known as blockchain. Gilt instruments, a type of government bond widely used in the UK and other Commonwealth nations, are regarded as low-risk investment options.

In her first Mansion House speech this week, Finance Minister Rachel Reeves announced that the UK Treasury is developing a “Financial Services Growth and Competitiveness Strategy.” As part of this initiative, the government aims to showcase how technologies like blockchain can enhance the nation’s fintech ecosystem.

As per a post by UK Finance, the office has received feedback from financial institutions that a sterling-denominated digital gilt would garner broader investor participation.

“We believe this provides a way for the UK capital markets to guard against firms moving elsewhere to invest in new technologies and capital in jurisdictions where the government approach and regulatory environment has been historically nimbler,” the post said.

The UK’s leadership is exploring blockchain technology to support this initiative for several reasons, as outlined in the ministry’s statement. For the upcoming gilt instrument, the UK seeks to utilise Distributed Ledger Technology (DLT) to enable automation, smart contracts, and seamless management of the entire securities lifecycle. Moreover, blockchain’s immutable and permanent data storage capabilities can enhance transparency within financial systems.

“The objective is likely to have an established Digital Financial Market Infrastructure (D-FMI) to run a DLT based platform for the end-to-end trade lifecycle. The strategy involves using an integrated DLT platform for primary issuance, allocation, settlement, and custody, with potential for secondary market trading among pre-approved participants,” the post explained.

The UK plans to initiate trials of the digital gilt instrument within six months, with a broader rollout to follow in gradual phases.

Apart from fintech, UK firms working across other verticals are also finding ways to put the blockchain technology to use. Vodafone, for instance, is looking to integrate DLT with its operations.

The European Banking Authority (EBA) is ramping up its regulatory oversight of the crypto sector. In a recent development, the EBA has issued two detailed sets of guidelines to govern the operations of Crypto-Asset Service Providers (CASPs) and Payment Service Providers (PSPs). As part of these directives, the EBA has emphasised the need for compliance monitoring agencies to intensify efforts to mitigate risks that could harm consumers.

The agency has asked payment service providers to screen all firms looking to register their businesses in European nations. The EU lawmakers have asked virtual digital asset service providers (VASPs) to conduct multi-level due diligence including a thorough risk assessment.

“EU regulations on restrictive measures do not prescribe how financial institutions should comply with restrictive measures regimes but highlights the need to put in place the required due diligence procedures and conduct the appropriate checks in order to avoid breaches of the Regulation,” a post by the EBA said.

The first set of guidelines provides fintech firms with instructions on aligning their governance structures and internal policies. The second set outlines the steps these firms must take to process crypto transactions in compliance with legal requirements.

“Carry out a restrictive measures exposure assessment, which should inform institutions’ decision on the types of controls and measures they need to apply to comply effectively with restrictive measures,” the directive mentioned.

The document further advises fintech and Web3 platforms to implement a screening system that aligns with the restrictive measures mandated by EU regulators. The finalised guidelines will be translated into all official EU languages and published on the EBA website, though the timeline for release remains undisclosed.

The EU has been actively regulating the virtual digital asset (VDA) space for some time. Last year, it finalised its MiCA regulations, which establish clear dos and don’ts for Web3 businesses. Given the high volatility of crypto assets, governments worldwide, including the EU, are focused on safeguarding their citizens from potential financial risks.

Tether Holdings Ltd., the world’s largest digital asset company, is getting into the tokenisation of stocks, bonds, funds and commodities.

The platform Hadron by Tether, launched Thursday, will allow users to convert assets into products ranging from stablecoins that are pegged to fiat to digital tokens backed by commodities or other forms of collateral. The British Virgin Islands-registered company is targeting businesses and governments as customers, Tether said in a statement.

Turning assets into tokens can allow them to be traded quicker and at a lower cost. The assets can be traded on blockchains by transferring them from one cryptocurrency wallet to another.

These potential advantages led Wall Street companies like BlackRock Inc., JPMorgan Chase & Co. and Franklin Templeton to offer tokensed money market and mutual funds over the past couple years.

Stablecoins, a form of crypto token pegged to another asset, use reserves to support their value. They are integral to the way crypto markets operate, acting as a less volatile alternative for traders looking to swap between digital assets and to store their wealth. Tether’s stablecoin USDT, which is pegged to the dollar and backed by Treasuries and other assets, currently has over $126.6 billion tokens in circulation. 

The tokenisation platform is the latest effort by Tether to expand beyond its core business. The firm announced last week that it completed the funding of its first crude oil transaction in the Middle East as part of a plan to become a lender in commodities trading. 

The closely-held company has been the center of controversy in the past. Tether has previously faced fines from the Commodity Futures Trading Commission and settled with the New York Authority General surrounding allegations that it lied about its reserves in the past and made misleading statements. 

© 2024 Bloomberg L.P.

The financial authorities of Kenya managed to collect KES 10 billion (roughly $77.3 million or Rs. 653 crore) from VASPs in FY 2023-24. The announcement was made by KRA board chairman Anthony Mwaura this week during the Taxpayers’ Day celebration. By requiring official registration of crypto firms, Kenya has effectively tracked businesses involved in digital asset trading, enabling the country to collect the reported crypto-related tax revenues.

Between 2023 and 2024, the Kenya Revenue Authority was able to collect taxes from a total of 384 digital asset dealers, local publication The Standard reported recently.

In the next five years, the KRA is aiming at collect KES 60 billion (roughly $464 million) from players operating in Kenya’s Web3 ecosystem.

This is the first tax cycle for crypto firms in Kenya after the country enforced Finance Act of 2023, which introduced a three percent tax on the transfer or exchange of digital assets. This rule is called the Digital Assets Tax (DAT) and applies to traders as well as the exchanges facilitating the trading of digital assets.

To ensure that Web3 firms are in accordance with the tax laws, the Kenyan authorities have decided to use technologies like Artificial Intelligence (AI) and Machine Learning (ML) to detect any attempt of tax evasion.

As per a 2022 UN report Kenya has the largest share of crypto users in Africa. The country, as per UN, had over four million crypto owners in 2022.

Statista estimates that Kenya’s Crypto sector will at least see a four percent growth between 2024 and 2025. As Kenya’s crypto sector expands, authorities are taking proactive measures to protect citizens from financially risky projects.

Last year, Kenya became the first country to subject the World initiative, founded by OpenAI’s Sam Altman, to an investigative probe. The World project, which aims to provide blockchain-based universal proof-of-personhood through ‘World IDs’ and iris scans, has been under scrutiny. Earlier this year, Kenya directed the project to officially register in the country.

While steps are being taken, Kenya has yet to establish a comprehensive regulatory framework for the crypto sector.

Congress is likely to adopt legislation governing cryptocurrencies during President-elect Donald Trump’s administration, Jay Clayton, a former top Wall Street regulator and potential political appointee, said on Wednesday.

Clayton also said he favored easing regulatory burdens to encourage companies to go public, remarks foreshadowing broad-based changes in public policy now anticipated by industry, which spent heavily to influence this month’s elections.

“I think we will see crypto legislation,” Clayton told a gathering of securities lawyers in New York. “I think it becomes much easier to have crypto legislation if you’re tackling some of these problems that can be tackled at the executive and the administrative level.”

Under President Joe Biden, regulators have pursued aggressive enforcement actions against crypto companies and have declined to adopt regulations called for by industry.

Clayton, who is in contention for a role in Trump’s second administration including attorney general, also described sharp differences with the Biden administration’s approach to market regulation and legal enforcement.

Regulations requiring corporate disclosures of climate transition costs, such as those adopted earlier this year by the Securities and Exchange Commission, are “terrible” since they can dissuade companies from going public.

“If you’re thinking about entering the public markets and you’re seeing that working its way through the system, you’re like, ‘Really? I gotta gather all this data that has nothing to do with how I run my business?'” Clayton said.

Clayton also said recent Supreme Court precedents that have curtailed the executive branch’s powers should encourage regulators to review existing litigation and regulations to see if they remain “viable.”

When asked about any plans to join the Trump administration, Clayton declined to comment on specifics but said: “If asked for a role where I could be effective, I’ll say yes.”

© Thomson Reuters 2024

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

The government has yet to announce new rules or modify its approach towards the Web3 industry, after it mandated registrations with the Financial Intelligence Unit – India (FIU-IND) for crypto firms last year. Despite the country’s gradual approach towards exploring the sector, the number of Web3 firms in India is gradually rising. In a recent report, the Bharat Web3 Association (BWA) notes that India’s Web3 ecosystem already comprises over 400 firms, while one state has emerged as the industry hub for the crypto sector in the country.

The report reveals that Karnataka has emerged as the hotspot for Web3 firms, housing at least 97 Web3 firms. Other states that are seeing a rise in Web3 firms in India include Maharashtra, Telangana, Haryana, and Uttar Pradesh.

Meanwhile, blockchain solutions emerged as the Web3 vertical with the largest concentration of companies operating within it, according to the report. Presently, 79 firms have been identified by the BWA for conducting research and development work around the use cases of blockchain technology.

This development, however, seems natural given that blockchain exploration is one Web3 field that the government has shown a keen interest in. India’s IT ministry has launched a suite of blockchain stacks for developers to safely experiment with the technology. Even TRAI has relied on blockchain technology to blacklist spam callers.

A total of 18.7 percent of Web3 firms in India are focussed on developing blockchain-based solutions to improve areas including supply-chain management, healthcare, and fintech among others. “We hope to quantify and bring attention to the start-ups contributing to the silent Web3 revolution in India,” said Dilip Chenoy, chairperson, BWA.

After blockchain services, the next most popular Web3 area is the exchange business for virtual digital assets. A total of 42 Web3 brands are working around VDA transactions – making for 42 percent of the total 422 firms.

Blockchain infrastructure companies, decentralised finance, gaming, and entertainment are other areas that are attracting entrepreneurs looking to establish Web3 businesses, according to the report.

“At Meity, we are committed to nurturing a Web3 ecosystem that is conducive to technological advancement while ensuring robust digital governance. The rise of Web3 technologies provides us with the opportunity to develop use cases that serve the public good through enhanced transparency while fostering a inclusive digital economy,” MeitY Secretary S Krishnan said in a statement included in the BWA report. “I believe Indian innovators hold the know-how to not just navigate this emerging space but the capability to lead it,” he added

The crypto market is presently more unstable than usual following the election of pro-crypto Donald Trump as the 47th President of the US. Bitcoin, which surged past the price point of $89,900 (roughly Rs. 75.9 lakhs) earlier this week, saw a minor drop of just over one percent in the last 24 hours. On Wednesday, November 13, Bitcoin’s trading value came to $87,382 (roughly Rs. 73.7 lakh) on international exchanges, which showed CoinMarketCap. On Indian exchanges, BTC prices dipped by 2.10 percent. Despite this loss, Bitcoin is trading at $85,987 (roughly Rs. 72.5 lakh).

“This, for Bitcoin, marks the first downturn since Trump’s recent victory, which initially sparked market optimism. Despite this minor setback, analysts remain optimistic about Bitcoin’s future. The recent volatility is attributed to investor profit-taking, broader market dynamics, and economic uncertainties. According to investors, Bitcoin’s foundations are still solid, and there may be further regulatory developments and continued institutional interest,” Shivam Thakral, CEO of BuyUcoin.

Ether saw bigger losses than Bitcoin on both national as well as international exchanges. Incurring this dip of over four percent, ETH is trading at $3,180 (roughly Rs. 2.68 lakhs) on global exchanges. In India, ETH is priced at $3,117 (roughly Rs. 2.63 lakh), showed the crypto price tracker by Gadgets360.

Tether, Solana, Binance Coin, Dogecoin, USD Coin, Cardano, and Shiba Inu joined BTC and ETH in registering losses.

Commenting on this slight change in asset prices, Vikram Subburaj, the CEO of Giottus, said these price corrections are natural – but the overall market sentiment is bullish at the moment.

Leading altcoins such as Solana, Cardano, BNB, and Ethereum have mirrored Bitcoin’s slight downturn but have managed to stabilise, showing early signs of recovery on the hourly charts. Weekly gains remain solidly in the double digits. Market sentiment remains bullish, with the Fear and Greed Index climbing to 84, signalling extreme greed,” Subburaj said.

Owing to market fluctuations, the overall crypto market cap tumbled by 4.12 percent over the last day. As per CoinMarketCap, the overall valuation of the crypto market presently stands at $2.86 trillion (roughly Rs. 2,41,39,115 crore).

Ripple, Tron, and Stellar managed to hold onto minor gains on the price chart.

As per Edul Patel, the founder of Mudrex, “Dogecoin is expected to see increased activity as Trump picks Elon Musk and Vivek Ramaswamy to head the Department of Government Efficiency.”

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 cryptocurrency market has seen a massive surge in recent days, following US President-elect Donald Trump’s victory in the recently concluded election. Bitcoin has seen its price rise by as much as 26.55 percent over the past week, while the total market cap of the crypto sector briefly surpassed the $3 trillion (roughly Rs. 2,53,13,310 crore) mark, according to data from real-time price tracking websites. Bitcoin surged past the $89,900 (roughly Rs. 75.9 lakh) over the past 24 hours and it is presently trading at $87,675 (roughly Rs, 73.9 lakh).

Most cryptocurrencies have also risen in value after Trump won the US Presidential election earlier this month. The 78-year-old is set to become the 47th President of the US. Market analysts have told Gadgets360 that crypto investors are hopeful that the President-elect will adhere to his crypto-related promises made during his campaign.

Why Crypto Investors Are Optimistic About Donald Trump’s Return to the White House

During his campaign, Trump reportedly said he would replace US SEC chair Gary Gensler with a crypto-friendly candidate. In recent years, Gensler has initiated investigations into multiple crypto companies like Coinbase and Binance.

He also promised to make Bitcoin a reserve asset like gold and suggested that crypto taxes should be removed, reports have noted. Vouching for a new era for the virtual digital assets industry, Trump has also reportedly said that he will support self-custody of assets for investors, which could help them protect their funds from hacks on crypto exchanges.

Crypto Firms React to Ongoing Bitcoin Rally

Crypto market analysts believe that Trump’s victory in the recently concluded US Presidential election has fuelled optimism in the sector. “Trump’s support for digital assets could lead to more progressive regulations, fostering an environment conducive to greater institutional and retail investment in the sector. This represents a transformative moment for the crypto and Web3 space,” Vishal Sacheendran, Head of Regional Markets at Binance told Gadgets360.

ZebPay COO Raj Karkara said Trump’s election would prompt more investors to turn to Bitcoin amid the ongoing rally. “Bitcoin’s dominance stands strong at around 58.25 percent, highlighting its central role in the crypto ecosystem. According to CoinMarketCap, community sentiment aligns with this rise, with nearly 76 percent viewing the momentum as bullish, signalling heightened investor confidence. ZebPay has also seen a 55 percent increase in trading volume over the past 24 hours, driven by Bitcoin’s rise and notable activity in other altcoins,” Karkara noted.

It is worth noting that that the crypto market is presently extremely volatile. While BTC is on an upward surge, multiple altcoins are trading sideways. Market experts have advised investors to trade with caution and due diligence.

The founder of a cryptocurrency mixing service known as Bitcoin Fog was convicted in Washington federal court of helping to launder tens of millions of dollars from darknet markets known for selling illegal drugs.

A jury on Tuesday concluded Roman Sterlingov, 35, provided a service that jumbled digital tokens to make it more difficult to find the source of proceeds from illegal activities. Prosecutors said Bitcoin Fog processed more than $400 million (roughly Rs. 3,375 crore) in untraceable transactions, including $78 million (roughly Rs. 658 crore) involving known darknet markets. 

The verdict is the latest win for the US in a crackdown on crypto criminals, including the November conviction of FTX co-founder Sam Bankman-Fried. Sterlingov, a Russian-Swedish national who testified in his own defense and denied he ever ran Bitcoin Fog, faces up to 20 years in prison on the most serious charges. Sterlingov, who’s been in custody for nearly three years, will be sentenced on July 15. 

“The defendant set up the whole operation to help criminals hide their assets,” prosecutor Catherine Pelker told jurors during closing arguments. Pelker said it is clear from the evidence that Sterlingov was “instrumental” in setting up Bitcoin Fog.

After about two days of deliberations, jurors found Sterlingov guilty on all four counts, which included conspiring to launder money, money laundering, and two charges related to running an unregistered money transmitting service.

“Darknet criminals should know by now that operations like Bitcoin Fog cannot provide the anonymity for cryptocurrency transactions that they claim they can,” Matthew M. Graves, the US Attorney for the District of Columbia, said in a statement.

Defense lawyer Tor Ekeland called the verdict “disappointing” and said they will appeal. 

“This is just the halfway point,” Ekeland said.

During the monthlong trial, prosecutors showed jurors how the government traced the flow of crypto from darknet markets through Bitcoin Fog. They also highlighted a multistep process they say Sterlingov used to pay for the Bitcoin Fog domain name more than a decade ago.

The government also turned to two other crypto criminals to testify about mixers: Ilya Lichtenstein, who pleaded guilty to a money laundering conspiracy last year, and Larry Harmon, who admitted to running a mixer called Helix. 

Lichtenstein, who was charged along with his social-media rapper wife, told jurors he used Bitcoin Fog to launder some of the $4.5 billion (roughly Rs. 37,977 crore) in crypto stolen from the hack of Bitfinex. Both he and Harmon said they didn’t know Sterlingov.

Sterlingov testified he worked in information technology and helped create domain names for clients while employed by a marketing and web firm and as a freelancer. He said he didn’t remember whether he created the Bitcoin Fog domain name and doubted that he’d done so. He also didn’t recall certain transactions, noting they’d happened long ago. 

The government said it found some small-value transactions that originated from an account registered in Sterlingov’s name that appeared to test Bitcoin Fog before it launched in 2011. Sterlingov has said he was a user of Bitcoin Fog, but didn’t collect fees as the government claimed.

“There is no evidence anywhere that Mr. Sterlingov operated Bitcoin Fog,” including no eyewitness accounts or server logs, Ekeland told jurors during closing arguments. 

The government didn’t find any references to Bitcoin Fog on Sterlingov’s electronic devices or notebooks, Ekeland said. He also questioned the logic of Sterlingov using a secretive multistep process to fund Bitcoin Fog when the transaction started with an easily-traceable account registered in Sterlingov’s name.

The defense also questioned the reliability of Wall Street-backed firm Chainalysis, which the Justice Department and Treasury Department have consistently used to help trace the flow of crypto in money laundering cases. 

The government said that the company is reliable, and the judge agreed. Prosecutors said they also used other methods to link Sterlingov to operating Bitcoin Fog. Chainalysis has previously called attacks on its credibility a “fundraising ploy” and an effort to assist the crypto world escape accountability.

In October, Russian President Vladimir Putin confirmed that the BRICS nations are in discussions about using digital currencies to reduce Western influence on fintech. Currently, the group is considering the creation of a digital assets platform aimed at reducing reliance on US dollars for international transactions. President Putin has expressed support for this initiative, highlighting that digital currencies could benefit not only the BRICS countries but also other developing economies.

According to Putin, the BRICS nations are planning to launch a service tentatively called BRICS Pay, as reported by Crypto Briefing. This platform will be used by member countries, including Brazil, Russia, India, China, South Africa, Iran, Egypt, Ethiopia, and the United Arab Emirates.

Built on a blockchain network, the platform is expected to facilitate cross-border settlements for the above-mentioned nations. Financial assets such as cryptocurrencies and CBDCs will enable transactions without the need for brokers or intermediaries. Additionally, using digital assets for payments can reduce service fees typically charged by payment facilitators for fiat currency transactions.

To support these payments in digital currencies, the BRICS nations are also looking to launch a messaging system like SWIFT – which is a secure platform for information sharing that is used by several financial institutions.

The BRICS group has been attempting to bring de-dollarisation into effect since earlier this year. In March this year, Russian publication TASS reported that the creation of a potentially decentralised platform has been proposed to the group to integrate digital assets into the existing financial systems of the involved economies.

In recent years, the US dollar has faced significant volatility due to consecutive interest rate hikes in the post-COVID-19 era. For China and Russia, the need to reduce reliance on the dollar is particularly pressing, as the US has imposed multiple sanctions on payments originating from these countries.

The 16th BRICS Summit was held in Kazan, Russia between October 22 and October 24. The issue of navigating the current international payment systems, which the BRICS view as being dominated by the dollar, was reportedly one of the top agendas during the meeting.

It is worth noting that India is also collaborating with G20 nations to develop a comprehensive set of global crypto regulations. However, the RBI and officials from India’s Ministry of Finance have yet to disclose any details about the digital assets platform currently under discussion by the BRICS group.

The crypto market has experienced significant volatility since November 5, following the election of Donald Trump as the 47th President of the US. Bitcoin has surged to a new all-time high, trading above $81,000 (roughly Rs. 68.3 lakh) over the weekend. At the time of writing, Bitcoin is priced at $81,500 (roughly Rs. 68.7 lakh) on global exchanges, according to data from CoinMarketCap. Over the past 24 hours, Bitcoin’s value has climbed by approximately three percent, reaching this significant price milestone. On Indian exchanges, BTC is currently trading at $81,709 (roughly Rs. 68.9 lakh) as of Monday, November 11.

“Bitcoin surged to an all-time high of over $81,000 (roughly Rs. 68.3 lakh) driven by Donald Trump’s victory in the US and the election of pro-crypto candidates to Congress. This political change has raised hopes for a more favorable regulatory landscape and fewer limitations on cryptocurrency markets,” Shivam Thakral, CEO of BuyUcoin told Gadgets360 explaining the Trump-Bitcoin connection. “It is anticipated that this newly supportive legislative landscape could stimulate innovation and adoption within the industry. Investors are hopeful about the possibility of long-term growth and stability in the cryptocurrency space as confidence rises.”

Ether underwent a minor dip of under one percent on Monday on both national and international exchanges. At the time of writing, ETH was trading at $3,170 (roughly Rs. 2.67 lakh) on global exchanges whereas in India, the asset is priced $3,306 (roughly Rs. 2.79 lakh), showed the crypto price tracker by Gadgets360. It is noteworthy that Ether has exceeded the mark of $3,000 (roughly Rs. 2.53 lakh) for the first time this year.

“Ethereum has also rallied amid positive sentiment following Bitcoin’s latest peak. This upward momentum may fuel price action across broader markets,” said Mudrex CEO Edul Patel.

Dogecoin, USD Coin, Ripple, Cardano, Tron, and Shiba Inu saw profits.

Polkadot, Near Protocol, Cronos, Stellar, Bitcoin SV, and Polygon also registered price surges tailing behind BTC on the crypto chart.

The overall crypto market grew by 1.42 percent in the last 24 hours, as per CoinMarketCap. Presently, the crypto market cap has come to the mark of $2.73 trillion (roughly Rs. 2,30,37,294 crore), showed CoinMarketCap.
Tether, Solana, Binance Coin, Avalanche, Litecoin, and Leo reflected losses on the price charts.

Monero, Iota, and Binance USD are also trading sideways amid the volatility.

“The $100,000 (roughly Rs. 84.3 lakh) mark is indeed the next major psychological milestone for Bitcoin and reaching it could be fueled by further institutional inflows, ETF expansion, and supportive regulatory shifts. This momentum, combined with Bitcoin’s unique fundamentals of scarcity, decentralisation, and institutional acceptance, makes it a compelling asset in diversified portfolios,” said Sumit Gupta, co-founder of CoinDCX while suggesting investors to take researched decisions before engaging with the volatile market at the time.

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. 

Rohit Wad, a computer science engineer from India’s second tier city of Bhilai presently leads the technology initiatives at Binance, touted as the largest crypto exchange in the world. In conversation with Gadgets360 last week, Wad emphasised that for Web3 adoption to grow, developers must strike the right balance between convenience and security to ease user hesitations about exploring the space. Previously a Corporate VP at Microsoft, Wad took on the role of Binance’s CTO in April 2022.

Wad was present at Binance Blockchain Week, that was recently held in Dubai to unite the crypto community. As the Chief Technical Officer (CTO) of Binance, the IIT Bombay alumnus is tasked with spearheading the development of scalable Web3 service offerings to serve the exchange’s global user base, which exceeds 237 million registered users.

Speaking to Gadgets360, Wad shared that his vision for Binance focuses on combining the user-friendly features of familiar apps and interfaces with enhanced security measures. This approach aims to support users as they navigate the complexities of volatile cryptocurrencies in upcoming services.

“Many people on their phone with the banking app enable face recognition, right? This lets the app unlock very quickly, making face scanning convenient. But it’s also insecure. The big thing that we are trying to figure out is how we can drive comfort and security into the crypto community through our services,” Wad said, advising other Web3 app makers also to concentrate on merging these two requirements in their services.

In a recent development, Binance onboarded Amazon Web Services (AWS) to access its suite of offerings to finetune the experience of Binance users with the AI-based products the exchange offers. As part of this partnership, the exchange will use the Amazon Bedrock and Amazon Elastic Container Service (Amazon ECS) to fuel its AI efforts for ‘intuitive customer service’ experience.

It is however, noteworthy, that cyber criminals have been able to breach the AWS systems in the past. Back in 2022, hackers were reportedly able to violate Amazon cloud storage buckets, firewall misconfigurations, and vulnerabilities in AWS server configurations linked to Pegasus Airlines. At the time, over 6.5 TB of sensitive data had come under risk including social security numbers, credit card information, email addresses, phone numbers of over 600,000 Pegasus flyers.

However, Binance is placing its bets on AWS to power its internal automated system diagnostics and polish its user onboarding process.

Wad pointed out that Binance currently deploys multi-factor authorisation – another suggestion he extended to emerging Web3 developers – to prevent unauthorised access to its user funds and ensuring safety. He further explained how even if somebody was to use AI to initiate a breach they could be identified.

“We kind of know what your patterns were before, so, if your new patterns (the hackers’ patterns) are very different from your previous patterns, we can flag this. We have enhanced checks that go in and that might stop or block your account. You can just say, okay, this account cannot do any withdrawals anymore, until you authenticate with the customer service staff. That’s something that we can do completely on our end, yeah, and the two-factor authorisation is something that we are training or educating our users to do,” Wad said.

Amid growing number of hacks on Web-connected hot wallets – discussions around the need for more hardware wallet solutions had picked pace around the world. Wad said that Binance, as of now, does not have a hardware wallet service in the works. The exchange had launched a cold storage solution for institutional investors in January last year.

The exchange is also not working with third-party custody solutions because they believe that “our wallets and our multi signature systems are probably the best in the world, and so we don’t work with someone else”, Wad stated.

Discussing the current challenges surrounding on-chain transfers at Binance, Wad emphasised the urgent need to improve transaction speeds. He explained that, at present, customers seeking faster transactions must pay hefty gas fees, resulting in excessive costs. Wad highlighted that finding a comprehensive solution to this issue is a key area of focus for Binance.

Catherine Chen, Head of VIP and Institutional investors at Binance, sat down for an exclusive conversation with Gadgets 360 during the recently held Binance Blockchain Week in Dubai. She highlighted the growing interest in crypto among institutional investors this year, driven largely by the US SEC’s approval of crypto ETFs earlier in the year.

In September, Binance CEO Richard Teng announced that the exchange had seen a 40 percent increase in institutional investments this year. He also revealed that by the first half of 2024, Binance had reached 200 million users, accounting for approximately 36 percent of the global crypto user base.

Speaking to Gadgets 360, Chen explained that the volatility of crypto assets continues to make investors hesitant to engage with them. She noted that the key challenge for exchanges in gaining trust from both large and small investors is ongoing research to identify the needs of potential users and develop services that offer clients a sense of stability and confidence.

Binance’s Tri-Party Arrangement

Having transitioned from the traditional financial ecosystem to crypto, Chen observed that investors—particularly high-net-worth individuals and corporate entities—feel secure when partnering with familiar, established banks to manage their finances. However, she noted that this same level of trust is often absent in decentralised finance, which eliminates the role of intermediaries like banks in transactions between parties.

“Let’s say, an institutional client, for them to open an account and start trading, for instance, they still need to do considerable amount of due diligence. We very closely engage with our institutional clients to try and understand what their pain points are. This is when I usually name the example of the banking tri party arrangement which we rolled out last year,” she said.

In this system – Binance, the institutional investor, and banks come into an arrangement as three individual parties.

“We basically design and then come up with banking triparty, whereby we allow our client to post dollar or dollar equivalent collateral to a bank. This stays in the client’s name in separate, customised accounts, okay with the bank and our balance sheet. We then give client a loan so that they can use towards trading on Binance.com,” Chen explained.

In systems like these, investor apprehensions around tying up funds to a crypto exchange are eased out. The involvement of a bank makes investors more trustworthy about the safety of their funds. Essentially, Chen implied that while cryptocurrencies have begun to grab the attention of HNIs, they still prefer a layer of centralisation perhaps out of familiarity and habit.

“We’ve been engaging with a lot of institutional investors, and this is something that everybody wants among the institutional investors. So again, this reduces friction, helps investors mitigate the counterparty risks they are concerned about. And again, it’s something that both crypto native, large scale, crypto native institutional client or the newly entrant asset manager or institutional clients wants,” Chen highlighted.

The exchange refused to disclose the names of lenders that it is working with to retain its large scale investor clients.

To Institutional Investors and Platforms Seeking to Rope Them as Clients

In recent years, companies like Tesla and MicroStrategy have invested in crypto assets. Various other corporates like Apple and Microsoft, meanwhile, have refrained from adding crypto assets to their respective investment portfolios. In fact, Microsoft recently posted a feedback form asking its shareholders if the company should include crypto investments on its balance sheets. As part of the recommendation from the board, the form asks users to vote against Microsoft assessing crypto investments.

In a suggestion to these firms, Chen said it’s time to embrace technology.

“If there is a way to very easily integrate Apple Pay with crypto payment — that would just massively reduce so many friction points in transactions. Frankly, it’s a lot more efficient of a settlement method with you cutting out the middle mate. For big existing incumbents like Apple and Microsoft, if they are able to basically embrace the asset class and recognise the value that is bringing it will smoothen the overall journey of mass adoption,” the Binance official stated.

The lack of reliable information around virtual digital assets (VDAs) is making investor education challenging for crypto firms, the Binance official said. Addressing the emerging exchanges and firms looking to deal with institutional investors, Chen said, the focus should first be on conducting awareness initiatives.

Along with the pros of investing in crypto, the community needs to be informed about the risks and potential consequences that volatile assets like BTC pose, Chen said. She believes that the ecosystem of traditional finance is now on auto-pilot – sustaining the existing technologies.

In a message to potential investors, she said crypto and blockchain are definitely going to be a big part of the future of finance – and the sooner people receive accurate awareness about VDAs, the easier their transition will be to more advanced financial services.

However, the 2.4 million cryptocurrencies currently in circulation are highly susceptible to significant fluctuations due to industrial, economic, political, or geographic changes, whether on a macro or micro scale. Industry experts strongly recommend that potential investors conduct thorough research before engaging with crypto assets and platforms.

JPMorgan is expanding its alliance with blockchain technology. In a recent development, the US-based bank said it has rebranded its blockchain unit, originally launched as ‘Onyx’, to ‘Kinexys’ to signify its operational roadmap for Web3 adoption. The rebranding brings along an array of new financial products and services with blockchain at the centre. This development follows JPMorgan’s intensified exploration into Real World Asset (RWA) tokenisation.

Expanding on the rebranding, the bank explained that the name ‘Kinexys’ is derived from the word ‘kinetic,’ meaning ‘caused by motion.’

“This is representative of the way we move money, assets and financial information around the world with speed, ease and efficiency. Together with our clients, we aim to move beyond the limitations of legacy technology and realise the promise of a multichain world,” Umar Farooq, co-head of JPMorgan Payments said in a statement.

As of November 2024, JPMorgan’s market cap is reportedly ₹58.517 trillion (roughly $ 693.5 billion), making it the world’s 13th most valuable company by market cap.

In its statement, the bank asserted that integrating blockchain into its systems has established a secure infrastructure for clients to transfer cross-border funds seamlessly, even outside of traditional market hours, while also enabling new services related to RWA tokenisation.

“Soon, we’ll be adding foreign exchange (FX) capabilities to Kinexys Digital Payments (formerly JPM Coin System). We’ve also announced a proof-of-concept (POC) from Kinexys Digital Assets and Kinexys Labs. This POC demonstrates on-chain privacy, identity and composability—major themes that will play significantly into our continued evolution,” the statement announced.

Over the past two years, JPMorgan’s Onyx initiative has attracted prominent institutional clients, including Siemens, Ant International, and BlackRock. As per company figures, Onyx managed to exceed $1.5 trillion (roughly Rs. 1,26,55,856 crore) in notional value, processing an average daily transaction volume of over $2 billion.

“We’re furthering our exploration of privacy, identity and composability in blockchain ecosystems. nhanced privacy measures are crucial for improving access to digital assets, while streamlining identity management is intrinsically linked to the potential for tokenised assets at scale,” JPMorgan noted.

Beyond blockchain, the New York City-based bank is also exploring other Web3 technologies. Despite a slowdown in the metaverse sector, the bank announced last December that it was looking forward to test the ‘immersive training applications’ of metaverse.

In May 2022, the bank predicted that as regulatory oversight of crypto assets grows, they will eventually integrate with traditional finance. That same year, the bank also explored launching a crypto wallet service to address emerging market demands.

Cybersecurity firm SentinelLabs has raised an alert over a significant threat targeting crypto community members using macOS. According to their findings, the North Korean group BlueNoroff is distributing fake crypto news to entice users into downloading a multi-storage malware infection onto their MacBook. Dubbed the “Hidden Risk” campaign, this attack has been circulating since early 2024. Once activated, the malware can phish victims, leading to potential financial losses.

The malware is triggered via suspicious mails, SentinelLabs said in its report. These emails feature fake crypto news that appears to have been sent from the identity of a legitimate influencer.

“The emails hijack the name of a real person in an unrelated industry as a sender and purport to be forwarding a message from a well-known crypto social media influencer,” the report said.

If the target macOS user opens the malicious URL attached to the email it redirects users to a PDF with the ‘delphidigital[.]org’ domain, which is reportedly controlled by the BlueNoroff groups.

“The full URL currently serves a benign form of the Bitcoin ETF document with titles that differ over time. However, at some point, this URL has or does switch to serving the first stage of a malicious application bundle entitled ‘Hidden Risk Behind New Surge of Bitcoin Price.app’,” the report noted.

According to SentinelLabs, BlueNoroff has established a network of infrastructure focused on cryptocurrency interests, mimicking legitimate Web3 solutions. This enables the group to target individuals engaged in crypto, extracting their information for phishing attacks.

So far, Apple has not responded to the findings published by the cybersecurity firm.

In September, the FBI reported that crypto consumers lost over $5.6 billion (roughly Rs. 47,029 crore) to cryptocurrency-related fraud in 2023, marking a 45 percent increase from 2022. The agency also noted a rise in crypto-focused hacks attributed to North Korea.

In October, crypto tracking firm Arkham Intelligence revealed that an unknown hacker had compromised a US government crypto wallet containing assets seized from the 2016 Bitfinex hack. Arkham reported that around $20 million (roughly Rs. 168 crore) had been stolen from the wallet.

Crypto community insiders have repeatedly warned individuals to avoid engaging with crypto-related content from unfamiliar or unverified sources.

Following Donald Trump being elected as the 47th US President this week, Bitcoin has surged to new highs. Reaching a second all-time high (ATH), Bitcoin’s price climbed to $76,029 (roughly Rs. 64.14 lakh) on global exchanges, according to CoinMarketCap. Over the past 24 hours, BTC’s value has risen by more than two percent worldwide. On Indian exchanges like CoinDCX and CoinSwitch, BTC is trading above $76,875 (approximately Rs. 64.8 lakh) as of Friday, November 8.

“Bulls continue to dominate the crypto market owing to the pro crypto expectation from the upcoming regime change in the United States. Late last night the federal reserve of US also announced a rate cut of 25 bps, exactly as the market was expecting with Bitcoin ticking higher post the decision was made,” the CoinSwitch Markets Desk told Gadgets360, explaining the surge.

Ether saw a price hike of 2.47 percent over the last day. On global exchanges, the asset is trading at $2,910 (roughly Rs. 2.45 lakh). In India, meanwhile, ETH’s price reached $2,940 (roughly Rs. 2.47 lakh) as per the crypto price tracker by Gadgets 360. Notably, while Bitcoin achieved two new all-time highs this week, Ethereum remains significantly below its record of $4,878 (roughly Rs. 41,145), last reached in November 2021.

“World’s second largest crypto by market cap, ETH, too showed some strength as it hit its highest price in more than three months. $3,000 (Roughly Rs. 2.5 lakh) could be a major resistance for Ethereum to cross post which $4,000 (roughly Rs. 3.37 lakh) will be the next target for bulls,” CoinSwitch added.

On Friday, many cryptocurrencies are trading profitably, riding the post-election market momentum. During his campaign, President Trump expressed support for considering Bitcoin as part of the nation’s reserve assets and indicated plans to implement policies favorable to the crypto-mining industry.

At the time of writing, Solana, Cardano, Leo, Monero, and Stellar were trading in greens.

The overall crypto market cap rose by 1.35 percent in the last 24 hours. Presently, the crypto market cap stands at 2.15 trillion (roughly Rs. 1,81,39,883 crore), showed CoinMarketCap.

Other altcoins like Binance Coin, USD Coin, Dogecoin, Tron, Shiba Inu, and Avalanche are trading sideways. They are just as prone to rapid losses as they are to sudden spikes.

“While market fluctuations may cause some short-term volatility” Vishal Sacheendran, Head of Regional Markets at Binance has alerted the investors about the shaky market circumstances.

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. 

Asset management firm UBS has announced that it has completed the pilot trial of a blockchain solution, that will help financial institutes streamline their service offerings around tokenised assets. The Switzerland-based firm currently has a market cap of over $104.3 billion (roughly Rs. 8.8 trillion). Diving deeper into blockchain use cases, UBS teamed up with Chainlink and the Swift network in order to conduct the pilot trials.

The solution tested by Chainlink, Swift, and UBS is the “Digital Subscription and Redemption System” for tokenised funds. Chainlink is a decentralised blockchain network that connects off-chain data with smart contracts, while the Swift Network is a secure messaging platform used by financial institutions.

Expanding on the development, Swift stated that the solution was created as part of Project Guardian, under the oversight of the Monetary Authority of Singapore (MAS).

“The new pilot demonstrates how financial institutions can facilitate off-chain cash settlements for tokenised funds. This initiative would enable digital asset transactions to settle with fiat payment systems across more than 11,500 financial institutions, across over 200 countries and territories,” the statement said.

According to a report by The Paypers, Chainlink and Swift’s role in the pilot was to demonstrate how blockchain can enhance the redemption and subscription processes for tokenised funds.

The UBS initiated the process of creating this solution after identifying certain inefficiencies that prevail in traditional financial operations. These setbacks include delayed settlements, a lack of real-time transparency, and manual interventions among others.

“Financial institutions can leverage blockchain technology, the Chainlink platform and the Swift network to settle subscriptions and redemptions for tokenised investment fund vehicles, thereby allowing the straight-through-processing of the payment leg without the need for the global adoption of an on-chain form of payment. This helps in the automation of the entire lifecycle of the fund redemption and subscription process,” the statement released by Swift noted.

Understanding Blockchain and Tokenised Funds

Blockchain networks save data and information in a cluster of small packets rather than keeping data stored in one server. This makes the data more protected against hacks, bringing security to the fintech sector. Additionally, information logged on blockchain networks is saved permanently and cannot be altered. Large scale financial institutions like JPMorgan, Mastercard, and Standard Chartered among others are also exploring the uses of blockchain in areas like asset tokenisation.

The process of creating digital units of a physical or virtual property that is held on blockchain networks is known as asset tokenisation. Tokenising an asset can increase the liquidity of the assets. Tokenised assets allow owners to quickly raise capital by issuing tokens on a blockchain, enabling others to purchase and trade them on various exchanges.

Nearly four months after a hack resulted in losses exceeding $230 million (around Rs. 1,900 crore), WazirX is still focused on restructuring its finances and finalising its operational roadmap. In a virtual town hall held this week, founder Nischal Shetty revealed plans to launch a decentralised exchange (DEX) alongside the existing WazirX platform. Shetty noted that a DEX could reduce risks inherent to centralised exchanges and is aiming to establish India’s largest decentralised exchange within the next 12 months.

Centralised exchanges like WazirX serve as asset custodians – retaining the private keys and funds within their systems. Their operations are aligned with government policies that require the collection of KYC details of users and an agreement to monitor user activities and flag suspicious ones. Decentralised exchanges, on the other hand, let users hold responsibility of their funds and private keys via non-custodial services. In addition, DEXes also offer more private transactions compared to their centralised counterparts.

Following the hack on one of WazirX’s multi-sig wallet managed by Liminal Custodies, Shetty believes there is a need to launch a new service that provides users with greater control over their funds and private keys.

“Coming to the new business initiative that we are trying to come up with a decentraslied exchange. This will be completely separate, not related to WazirX. People just go back to using centralised exchange because of the ease of use and the convenience. DEXes are seen as only meant for power users, very complicated, only accessible to really technically sophisticated users – otherwise it’s not for everybody. So the objective here is, in light of the incident, is to give people an option to experience a safer and far better trading experience,” Shetty said.

Despite a significant hit to its market credibility and reputation, WazirX has already begun initial development of the new platform. However, users have been vocal in their criticism, frequently expressing frustration over the exchange’s slow approach to processing reimbursements since the attack.

The new platform will also let users stake their crypto assets to support a blockchain network in return for rewards. The platform will additionally bring Futures Trading and Over-the-Counter desk for fast traders.

Meanwhile, WazirX is working with a legal advisory agency named Kroll in Singapore to restructure its finances and reimburse its users. It has, however, been made clear that the impacted users will only be getting back a certain percentage of their lost funds – not the entire amount. The exchange believes a restructuring plan should be finalised by January 15.

Bitcoin on Wednesday, November 6 created a new all-time high, just hours ahead of the US election results that seem to be inclining in Donald Trump’s favor at the time of writing. On foreign exchanges, Bitcoin is trading at $74,935 (roughly Rs. 63.08 lakh), showed CoinMarketCap). Over the last day, the value of BTC has spiked by 9.15 percent on a global average. Meanwhile, on Indian exchanges like CoinSwitch and Giottus, BTC price has risen by around 6.50 percent to trade at $75,975 (roughly Rs. 63.9 lakh).

“The market seems to have reacted in advance to Trump’s earlier hints about potentially designating BTC as a strategic reserve asset. In the backdrop, BTC has reached a historic high,” Ryan Lee, Chief Analyst at Bitget Research told Gadgets360. “However, significant uncertainties remain. The election results could still shift as more votes are counted, and historically, final outcomes can differ significantly from early projections. Should Trump succeed in the election, any crypto-friendly policies introduced could drive the market value of digital assets significantly higher, potentially replicating BTC’s impressive surge seen in Q1 of this year.”

Ether joined Bitcoin in reaping profits from the election hype. Internationally, ETH value spiked by 6.70 percent over the last day. At the time of writing, ETH was trading at $2,590 (roughly Rs. 2.18 lakh) on foreign exchanges, showed CoinMarketCap. On Indian exchanges, ETH is trading at $2,680 (roughly Rs, 2.25 lakh).

Most cryptocurrencies on Wednesday reflected profits on the price chart. These include Tether, Solana, Binance Coin, USD Coin, Ripple, and Dogecoin.

Cardano, Shiba Inu, Avalanche, Bitcoin Cash, and Chainlink also registered profits.

“This momentum has also sparked double-digit gains across altcoins, highlighting the broader market’s strength. A Trump victory could add fuel to this outlook, with potential regulatory appointments inclined towards crypto-friendly policies. Reduced regulatory ambiguity could encourage even greater institutional participation, likely elevating Bitcoin’s value and sparking broader altcoin interest,” Sumit Gupta, co-founder, CoinDCX told Gadgets360.

The overall crypto market cap rose by 11.05 percent over the last day. As per CoinMarketCap, the valuation of the crypto sector presently stands at $2.48 trillion (roughly Rs. 2,08,78,724 crore).

Tron, Monero, Iota, and Augur meanwhile, reflected minor losses on the price chart on Wednesday,

Market analysts have cautioned crypto investors to be careful during this wave of volatility.

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. 

Misuse of virtual digital assets (VDAs) for money laundering has been a top concern for regulators globally since cryptocurrencies began attracting widespread investor interest. India and the UAE, two regions seeing significant growth in the VDA sector, have now joined forces to address this issue. This week, the Financial Intelligence Units (FIUs) of both nations met in New Delhi to finalise an agreement aimed at combating the illicit use of crypto assets by criminal entities for money laundering activities.

During the meeting, the FIUs of India and the UAE acknowledged the growing threat posed by money laundering, with evidence pointing to an increase in such activities. Another critical issue addressed was the use of virtual digital assets (VDAs) in terrorist financing. Due to the largely untraceable and still relatively unregulated nature of crypto transactions, illicit actors are increasingly exploiting these assets to move illegal funds.

“The meeting was enriching for both the sides as they discussed and touched upon various areas such as the IT systems used by respective jurisdictions, public-private partnership initiative of FIU-IND (FPAC), private- private partnership for reporting entities in India for AML/CFT strategic analysis and (the exchange of) tools used by the two FIUs,” the release detailing the meeting said.

Under the agreement, India’s FIU will share its expertise and insights on managing virtual digital asset service providers (VDA-SPs).

Since December 2023, FIU-IND has assumed a more active role in regulating India’s virtual digital asset (VDA) space. In December last year, 28 crypto firms had registered with the FIU in India to obtain operational approvals in the country. Later that month, the FIU issued show cause notices to Binance and Kraken among other crypto firms for initiating India operations without acquiring the necessary registrations.

Shortly thereafter, all crypto firms, both domestic and international, were required to register with FIU-IND to obtain legal operational status in India—establishing the FIU’s endorsement as a mark of legitimacy for VDA firms in the country.

“FIU-Qatar highly appreciated the IT system (FINNET 2.0) used by FIU-IND and mentioned that it is one of the most sophisticated systems used by any FIU. They expressed keenness to further understand the Private-Private Partnership Initiative from FIU-IND which facilitates the collaboration amongst private sector players in AML/CFT regime,The FIU unit of the UAE will be working with its’ the statement noted.

While India has taken a more gradual approach to finalising its crypto regulations in collaboration with the G20, the UAE has moved swiftly to regulate its crypto sector, which is currently valued at $2.48 trillion (roughly ₹2,08,78,724 crore).

Back in October – the UAE scrapped value added tax on crypto transactions.

The meeting of the UAE’s FIU comes just days after the country started intensified its crackdown on illegal and financially risky crypto activities. Earlier that month, Dubai’s Virtual Assets Regulatory Authority (VARA) issued a cease-and-desist order against seven crypto entities for operating without the necessary approvals.

China’s e-commerce giant Alibaba is reportedly scaling back its metaverse ambitions amid the rapid growth of AI. According to the South China Morning Post (SCMP), Alibaba is cutting dozens of positions within its metaverse division, with sources suggesting the company aims to restructure and enhance efficiency. Previously, Alibaba invested $60 million (roughly Rs. 504 crore) in Nreal, a Chinese AR glasses maker, as part of its metaverse initiatives.

Alibaba’s metaverse unit is called Yuanjing, which was reportedly established back in 2021. As per reports, the latest job cuts from Alibaba’s Yuanjing unit are impacting the teams in Shanghai and Hangzhou.

The exact number of layoffs within Alibaba’s metaverse unit remains undisclosed, and the company has yet to release an official statement on the matter.

As per the SCMP report, ‘billions of yuan’ have been poured into Alibaba’s metaverse unit, which employs a ‘few hundred’ workers.

The metaverse is a blockchain-powered virtual ecosystem where users interact as digital avatars. Within these immersive, lifelike digital worlds, people can socialize, work, shop, play games, and enjoy entertainment—all from the comfort of their homes.

In recent years, excitement around the metaverse has fluctuated significantly. Brands like Lamborghini, Samsung, and Apple have explored the metaverse as a way to engage with younger audiences.

Since its launch in 2020, Mark Zuckerberg’s Meta has faced consecutive losses in its metaverse-focused division, Reality Labs, which reported further declines as recently as April. Similarly, China’s Baidu has shifted focus from the metaverse to AI. Last year, following Baidu’s pivot to generative AI, its head of AI development resigned.

Despite the reported layoffs, Alibaba is expected to retain its Yuanjing unit, which will continue research and development focused on metaverse use cases, the report notes.

Back in June 2023, blockchain firm Near Foundation had entered a partnership with China’s Alibaba Group to help developers build on its blockchain infrastructure.

A consortium of financial technology and cryptocurrency companies including Robinhood, Kraken and Galaxy Digital on Monday introduced a joint stablecoin pegged to the US dollar.

The aim of the newly formed Global Dollar Network is to accelerate usage of stablecoins worldwide and promote an asset that provides proportionate economic benefits to its partners, the companies said.

Why It’s Important

Stablecoins are digital tokens designed to keep a constant value. They are backed by traditional currencies such as the US dollar or euro.

As cryptocurrencies like Bitcoin have rocketed in value this year thanks to forecasts for lower US interest rates and the introduction of new crypto exchange-traded products, more companies have devoted resources to promoting stablecoins.

Stablecoins are often used for converting crypto tokens into traditional currencies because they are shielded from the wild price fluctuations seen in other cryptocurrencies.

The Global Dollar Network is based around a new stablecoin called USDG, which will be issued out of Singapore by crypto platform Paxos. The token will be governed by a committee made of representatives from the network’s partners, which also include Anchorage Digital, Bullish and Nuvei.

USDG will face the uphill task of elbowing into a concentrated market where the two biggest players – Tether and USD Coin – account for nearly 90 percent of the total market capitalisation, according to data from CoinGecko.

The move from the firms involved comes as crypto players largely anticipate US officials warming to digital assets, regardless of who wins the presidential election on Tuesday.

“Global Dollar Network will return virtually all rewards to participants and is open for anyone to join. It is designed to incentivise global stablecoin usage and accelerate societal wide adoption of this technology,” Paxos CEO Charles Cascarilla said.

© Thomson Reuters 2024

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

China’s Huawei recently unveiled its new operating system called HarmonyOS Next to power its hardware devices. Among other upgrades, HarmonyOS Next reportedly comes with support for China’s central bank digital currency (CBDC). Huawei aims to drive widespread adoption of the digital currency. The brand is among the top smartphone brands in China and is said to cater to around a billion users – potentially enabling broad access to the e-CNY and accelerating its reach to the masses. The e-CNY is also known as the digital renminbi (RMB).

China has been accelerating its efforts to develop and test its CBDC. By representing fiat currency on blockchain, CBDC transactions are recorded on blockchain networks, creating a permanent and immutable ledger. This enhances the transparency and reliability of CBDC transactions.

Huawei device users in China will not be required to install the CBDC app released by the authorities there, a report by CoinTelegraph said citing reports by local Chinese publications. This integration is further expected to ramp up financial monitoring that is overseen by the People’s Bank of China.

In April 2022, the country made its CBDC trials available in 23 cities including Shanghai, Beijing, and Shenzhen to enable residents in these cities to pay for goods and services with the e-CNY.

In July 2023, China started testing offline payments through the e-CNY to cater to merchants and citizens residing in regions of low web connectivity. The same year in November, the Standard Chartered bank entered China’s CBDC trials.

A recent survey on CBDCs by the CFA Institute had said that emerging markets like India and China have found a broader acceptance for CBDCs among other Asia-Pacific regions. The report noted that 70 percent of users surveyed in China favoured the launch of the CBDC.

Huawei’s involvement in China’s Web3 ecosystem has been in alignment with the stance of the country’s government.

While the tech giant is showing support for the e-CNY CBDC, it recently also joined a newly formed organisation in China that aims to set standards for Web3 technologies like Metaverse and NFTs. Cryptocurrencies, meanwhile, remain banned in China since 2021.

As the US prepares to elect its 47th President on November 5, volatility has noticeably increased across investment markets, including stocks and crypto. Bitcoin on Monday, November 4 saw a minor profit of under one percent on both national and international exchanges. At the time of writing, BTC was trading at $69,050 (roughly Rs. 58 lakh) on foreign exchanges, as per CoinMarketCap. On Indian exchanges like CoinSwitch and Giottus, meanwhile, the asset is priced at $70,168 (roughly Rs. 59 lakh).

“While the world is waiting for the result of the US presidential elections, It is worth noting that the number of transactions on the Bitcoin network on a monthly basis has already reached its all-time high in October, surpassing the 20 million mark. Even though Bitcoin is so close to its all-time highs and has crossed 60 percent dominance in the market (the first time in close to four years),” the CoinSwitch markets desk told Gadgets360 commenting on the markets.

Ether reflected a price drop of 0.28 percent in the last 24 hours. On foreign exchanges, ETH is trading at $2,465 (roughly Rs. 2.07 lakh) as per CoinMarketCap. On Indian exchanges, ETH is priced $2,756 (roughly Rs. 2.31 lakh).

Presently, Tether, Binance Coin, and Solana recorded price drops alongside Dogecoin, Cardano, Shiba Inu, and Avalanche.

Other cryptocurrencies that logged losses on Monday include Chainlink, Bitcoin Cash, Polkadot, Leo, Litecoin, Near Protocol, and Uniswap — as per the crypto price tracker by Gadgets360.

The overall valuation of the crypto sector dipped by two percent in the last 24 hours. Currently, the market cap of the digital assets sector is around $2.25 trillion (roughly Rs. 1,89,18,641 crore), showed CoinMarketCap.

USD Coin, Ripple, Tron, Monero, and Stellar managed to hold onto minor profits on Monday.

Ardor, Braintrust, Elrond, and Circuits of Value also registered minor gains.

“Although technical charts suggest momentum is building, investors’ reaction to the election outcome is expected to be the key driver of rice action,” Edul Patel, CEO Of Mudrex told Gadgets360.

In the days ahead, crypto insiders anticipate market fluctuations driven by the US election results and an upcoming Federal Reserve policy meeting later this week.

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. 

Binance stepped into the final leg of its annual community event, Binance Blockchain Week, on Wednesday. The theme for this year’s event is ‘Momentum’, through which the crypto exchange aims to acknowledge the continuous growth of Web3 sector over the last year despite regulatory, legal and technical challenges globally. The Binance senior leadership, including CEO Richard Teng and Co-Founder Ye Hi, were in attendance at the event, interacting with what the exchange claimed was a crowd of over four thousand people at the Coca Cola Arena in Dubai.

HE Khalfan Belhoul, the CEO of the Dubai Future Foundation, joined Teng on the stage on Wednesday to talk about an array of topics, including regulatory advancements in the crypto space, stablecoins, asset tokenisation and the potential use cases of blockchain and Web3 technologies across sectors.

Multiple panel discussions have been slated for the day, which will focus on topics including investment dynamics related to crypto, unique market conditions, and venture capital firms’ increasing interest in exploring early-stage crypto startups and projects.

In the backdrop of this event, Binance has announced the launch of ‘Binance Wealth’ — a new service that caters to the special needs of high-net-worth individuals (HNIs). In addition, the exchange has appointed Jeff Li as its new vice president of product. Li has been tasked with overseeing the expansion of Binance’s suite of products in the coming months. Prior to joining Binance, Li served as the global head of finance for TikTok.

Web3 players including Pepe Coin, Iota, Solana, and The Ton Foundation, among others, have set up booths at the Coca Cola Arena, engaging with Web3 enthusiasts that have flown to Dubai from different parts of the world.

Over the next two days, crypto industry stakeholders will be diving deeper into the challenges and opportunities the sector faces at the moment. The panels that are part of the event are also expected to touch upon the subjects of the predicted transition of Web2 technologies to Web3, the integration of Artificial Intelligence (AI) into Web3, as well as the future of institutional investors in crypto despite the volatile element of virtual digital assets (VDAs).

Blockchain trends that have emerged in recent years, required upgrades to the existing Web3 infrastructure, and the increasing importance of compliance needs for Web3 are among other topics that are slated to be addressed by the panelists.

The afternoon sessions delved into the challenges and opportunities in the crypto space. Topics included the reluctance of Web2 companies to adopt Web3 technologies, the health of the institutional market, and the potential of generative AI in Web3.

Elliptic founder Tom Robinson, Sandbox co-founder Sébastien Borget and Polygon Labs’ Sandeep Nailwal are set to discuss ways to improve the end user experience for Web3 protocols as part of their scheduled sessions.

Last year, Binance had held its annual blockchain conference in Istanbul, Turkey.

The highly lucrative crypto sector has a global market capitalisation of $2.32 trillion (roughly Rs. 1,95,03,927 crore), but it does come with concerns, especially because of its volatile and largely unregulated nature. Given the situation, Web3 firms trying to establish their brands are often facing a challenging roadmap to market and bring their services to potential customers. Ahead of the Binance Blockchain Week scheduled to be held in Dubai this week, company’s chief marketing officer Rachel Conlan talked to Gadgets360 about the exchange’s areas of focus in terms of its marketing dos and don’ts as the firm expands its businesses globally.

Conlan was appointed to the position of Binance’s CMO back in 2023 right after Richard Teng replaced company founder Changpeng Zhao as the CEO. Over the past year, Conlan has keenly observed what works for Web3 marketing and what are its major challenges.

The Binance executive told Gadgets360 that the exchange plans to merge awareness initiatives with Web3 technologies to educate the international community on how they can use crypto to diversify their portfolios.

“I firmly believe that building trust with new users who are unfamiliar with crypto should be the top priority for any player who wants to be in this industry. The space is still comparatively new and can seem complex for new users especially because of regulatory uncertainty on a global level,” Conlan told us. “As more regulatory clarity will emerge, it will make new users participate in crypto with enhanced transparency. Web3 firms must lay special focus on education and community engagement because they are the key pillars to support the brand.”

In our chat, we also dived deeper into how Binance’s marketing strategy has evolved as the exchange has faced regulatory scrutiny and legal challenges, as well as market restrictions in multiple parts of the world. Here are edited excerpts from our conversation:

Gadgets360: How does Binance’s marketing approach differ from that of traditional financial services companies?

Rachel Conlan: While traditional companies emphasise brand loyalty and rely heavily on conventional advertising, our strategy is centered around community-driven engagement, events and education. We leverage social media and digital platforms to create authentic conversations with our users, simplifying complex crypto concepts and making the space more accessible.

Moving forward, we’re evolving our marketing strategy to meet the next generation of users — wherever they are on their crypto learning journey. We’re tailoring our content and engagement to provide value at every stage. This allows us to guide users while ensuring they feel informed.

Gadgets360: How do you incorporate community feedback into Binance’s marketing strategies? How important do you think community-driven events are?

Rachel Conlan: Through direct feedback, surveys, and interactions at events, we try to incorporate their inputs to shape everything — from product development to the way we communicate.

We have introduced #BinanceBuild, a weekly social update, where we share updates with our community on the progress of various initiatives. Through #BinanceBuild, users can see if their suggestions are being implemented and the progress, giving them insight into how their feedback is driving real change.

Community-driven events make for an essential part of this approach. Whether through online forums, in-person meetups, or larger initiatives like Binance Blockchain Week, we actively engage with our community to gather real-time feedback.

It’s imperative for Web3 firms to ensure that their marketing plans are aligned with the needs and expectations of their community members.

Gadgets360: Do you see NFTs and the metaverse being part of the future of Binance’s marketing efforts?

Rachel Conlan: Although the NFT market has seen a decline in recent years, we believe these cycles are a natural part of any emerging industry, particularly in the evolving crypto space. At Binance, we see NFTs not merely as digital assets but as powerful tools for building deeper, more authentic connections. NFTs do have the potential to strengthen engagement.

The metaverse, meanwhile, represents an exciting new frontier for virtual engagement. It offers vast opportunities for brands to create interactive digital spaces, host virtual events, run immersive educational experiences, and open new doors for user interaction.

Our long-term vision is to harness these technologies to create a seamless connection between the digital and physical worlds, expanding what’s possible with the innovations of Web3. Ultimately, these tools represent different entry points for users to interact with blockchain and web3 technology.

Gadgets360: How do you balance marketing Binance’s products while adhering to regulatory guidelines in different countries, given that crypto-related ads are restricted in multiple nations?

Rachel Conlan: While we’ve secured 20 licenses and registrations globally, the regulatory landscape remains unclear in many markets, adding complexity to balancing marketing and compliance. Conducting thorough research on local regulations and working within the frameworks enables us to tailor our strategies, even when the rules aren’t fully defined.

In markets where regulatory clarity is still evolving, we focus on education and community engagement rather than aggressive product promotion. We look at content like webinars, articles, and social media resources to users understand the crypto landscape, the benefits and risks of our products. We also maintain an open dialogue with local regulators to ensure our messaging complies with the evolving rules.

We have been ramping up our engagement with crypto influencers to reach users who are already familiar with the space. We have also partnered with names like Cristiano Ronaldo and F1’s Alpine team to reach beyond the crypto world and into everyday conversations. These collaborations help make Binance more relatable and recognisable to a broader audience.

Gadgets360: What are some of the biggest challenges you face as CMO in an industry that is constantly evolving?

Rachel Conlan: The crypto landscape is constantly shifting due to rapid technological advancements, evolving regulations, and changing market conditions. The constant requirement to keep up with this ever-changing crypto landscape to stay relevant is a challenge. Customising marketing campaigns as per the requirements of specific regions takes bone-breaking research and discussions.

Balancing the excitement around emerging trends with the responsibility to educate our audience needs us to always be alert. With so much attention on technologies like decentralised finance and the metaverse, it is extremely important that our marketing efforts focus not just on hype but on providing genuine value and understanding to our users.

Despite its notorious volatility and lack of regulation, the crypto sector appears to be gaining traction within the global investment community. By December, software giant Microsoft is expected to finalise its stance on adding Bitcoin to its balance sheets. Currently, the company is inviting shareholder feedback to gauge support for exploring Bitcoin investments. This development comes just weeks ahead of Microsoft’s 2024 Annual Shareholder’s Meeting.

The Redmond, Washington-based company submitted a filing to the US Securities and Exchange Commission (SEC) this week, that revealed this development. The document shows that the company board members have ‘recommended’ the voters to vote against Microsoft assessing Bitcoin investments.

Bitcoin was founded in 2009 by its anonymous creator famed by the pseudo name, Satoshi Nakamoto. Around October 2009, BTC was priced $0.0009 (roughly Rs. 0.076). Over the course of the last 15 years, BTC’s value has touched the mark of $73,738 (roughly Rs. 69.9 lakh). As of Friday, October 25, BTC was trading at $67,767 (roughly Rs. 56.9 lakh) with its total market cap standing at a whopping $1.34 trillion (roughly Rs. 1,12,66,679 crore).

Despite its significant market presence, Bitcoin remains highly volatile amid macro- and microeconomic shifts, posing substantial investment risks. Microsoft’s decision to seek stakeholder input on Bitcoin investments suggests that the crypto sector is increasingly capturing the interest of institutional investors.

In the past, Microsoft has dabbled with the crypto and Web3 space but has not added Bitcoin or any other crypto to its balance sheets.

In 2022, the company was scouting for a “Director of Business Development- Cryptocurrencies” indicating that it was exploring blockchain technologies. The same year, Microsoft invested in the ConsenSys blockchain firm.

Meanwhile, in 2023, reports suggested that Microsoft’s Edge browser could see an inbuilt Ethereum wallet.

In the past, Elon Musk’s Tesla and Micheal Saylor’s MicroStrategy have etched their names among highly valued companies with investments allocated to cryptocurrencies.

The crypto market is experiencing heightened volatility amid the upcoming US elections and broader macroeconomic factors. On Friday, October 25, Bitcoin saw a slight decline of 0.40 percent, bringing its global trading value to $67,767 (roughly Rs. 56.9 lakh), according to CoinMarketCap. However, in India, Bitcoin’s value remained stable, trading at $69,022 (roughly Rs. 58 lakh) on platforms like CoinSwitch and CoinDCX, with gains of just under one percent.

“The upcoming weekly close of BTC on Sunday can prove to be a pivotal one as a closing above $68,000 (roughly Rs. 57 lakh) could mean a clear breakout of the bull flag Bitcoin has been consolidating in for since March, 2024. With US ETFs recording a $2.1 billion (roughly Rs. 17,655 crore) of inflows in the last five days, the highest ever so far, the total holding of all of the exchange traded funds could soon cross one million Bitcoin tokens,” the CoinSwitch markets desk told Gadgets360, commenting on the asset’s trajectory.

Ether saw a 1.20 percent drop in value over the past day. At the time of writing, ETH was trading at $2,569 (roughly Rs. 2.16 lakh) on Indian exchanges, showed the crypto price tracker by Gadgets360. Internationally, ETH incurred a loss of 1.11 percent to trade at $2,489 (roughly Rs. 2.09 lakh).

“Ethereum has bearish sentiment, and the decline in the ETH/BTC ratio reveals a shift in investor interest. Historical trends would indicate that Bitcoin tends to enter a positive Q4 cycle and is likely to get into new all-time highs by December,” said Avinash Shekhar, Co-Founder and CEO, Pi42 predicting at a gradual recovery for ETH in the coming months.

Solana, USD Coin, Ripple, Dogecoin, Cardano, Avalanche, and Shiba Inu saw losses on Friday alongside BTC and ETH.

Polkadot, Near Protocol, Uniswap, Cronos, and Polygon — also reflected price dips.

Despite multiple cryptocurrencies logging losses on Friday, the overall sector valuation retained its place in the green zone with 0.34 percent profit over the last day. The crypto market cap currently stands at $2.32 trillion (roughly Rs. 1,95,03,927 crore), as per CoinMarketCap.

Tether, Binance Coin, Tron, Chainlink, and Bitcoin Cash showed small profits on Friday.

Leo, Litecoin, Monero, Stellar, Bitcoin SV, and Cosmos also held onto minor gains on the price chart.

“There is optimism in the crypto landscape echoed by the overall market sentiment, which remains cautiously positive despite recent fluctuations,” Shivam Thakral, CEO of BuyUcoin told Gadgets360.

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. 

Ubisoft has a history of experimenting with Non-Fungible Tokens in gaming, and the company is set to further explore NFT gaming space with a new release. The Paris-based publisher, that makes popular triple-A titles like Assassin’s Creed and Far Cry, launched Champions Tactics: Grimoria Chronicles, a new free-to-play turn-based RPG with NFT integrations, on Wednesday. The competitive multiplayer title brings together traditional gaming and elements of Web3 to Ubisoft’s player network on PC. Champions Tactics: Grimoria Chronicles is now available to download via the Ubisoft Connect launcher.

Champions Tactics: Grimoria Chronicles is a multiplayer tactical RPG set in the dark fantasy world of Grimoria. In the NFT-integrated game, players build teams of digital collectible “Champions” that come with unique abilities. With their Champions, players can take part in strategic, turn-based battles against other players online. Champions are NFTs and can thus be sold or traded on the marketplace. Players can also combine two existing Champions to create a new one by paying a crafting fee.

“Champions are magical playable figurines in the dark world of Grimoria. Each one of them is a living relic, an intricately crafted embodiment of Grimoria’s history, a testament to the legendary Champions who once shaped its fate,” the official website of the game said, explaining the premise of the game.

To access the game, players would need an active Ubisoft account, be at least 18 years of age, and have a supported Blockchain wallet like Metamask or Sequence.

Ubisoft said that there are 75,000 NFT “Champions” available at launch. These NFTs can be minted on the gaming-focussed Oasys public blockchain network that relies on proof-of-stake consensus protocol.

The NFT “Champion” characters are priced starting at $6.33 (roughly Rs. 532) worth of OAS – the native token of the Oasys blockchain – on the game’s official marketplace. Ranking at the 340th spot on CoinMarketCap’s crypto index, the OAS token is currently trading at $0.03582 (roughly Rs. 3.01).

Players can invest in NFT Champion characters and use them in the game’s ranked mode to earn rewards. As mentioned earlier, with the help of the game’s Forge system, two existing champion NFTs can be merged together to create a new character with special qualities to help the players in combat. According to Ubisoft, the crafting fee can be paid in Gold, the in-game currency, or in crypto ($OAS).

Champions Tactics was revealed in 2023 and received closed and open betas earlier this year, ahead of its official launch on October 23. The free-to-play PvP title is only available on PC via Ubisoft Connect.

This is not the first time Ubisoft has dabbled in NFTs. In 2021, the gamemaker launched the Ubisoft Quartz platform for players to purchase Digits. These playable NFTs were launched in beta with Ghost Recon Breakpoint. After player backlash and limited interest, the company said it was winding down Quartz Digits in 2022.

NFTs are blockchain-based digital collectibles that often carry underlaying monetary benefits, trading value, as well as rewards and special benefits in gaming ecosystems. The push to bring NFT monetisation to gaming, however, has met with widespread criticism from gamers. Nevertheless, several game publishers have attempted to integrate NFTs in their titles.

As per Global Markets Insights, the global gaming NFT market size stood at the valuation of $2.76 billion (roughly Rs. 23,204 crore) in 2023 and is estimated to grow by over 60 percent between 2024 and 2032.

A separate report by Fortune Business Insights last year forecasted that the blockchain gaming market would be churning up to $614 billion (roughly Rs. 51,07,086 crore) in the next seven years leading to 2030.

While NFTs in games have faced backlash in the gaming community, Web3 games allow internal trading of game related NFTs that promise players passive income. The data of in-game asset sales have shown growth at the rate of 21.8 percent between 2017 and 2021.

In April this year, Samsung joined forces with the Wilder World Metaverse Game to offer NFT rewards as part of its Web3 TV bundle.

Buenos Aires has become the world’s first city to launch a blockchain-based digital identity system for its residents. This initiative allows over 3.6 million people to store more than 60 ID documents on the government-backed MiBA platform. Since Sam Altman’s controversial Worldcoin project emerged last year, the Web3 community has been abuzz with discussions about using blockchain-based ID systems to verify real humans in response to the rise of bots.

The Buenos Aires government’s initiative seeks to provide residents with a new level of privacy and security for managing sensitive documents digitally, a report by Argentinian publication Ambito said this week.

Blockchain networks are seen as a potential alternative to Web2 servers, storing data in small blocks distributed across the network. This decentralized structure makes the data more secure, as it cannot be easily compromised by hackers in a single attack. Moreover, information stored on blockchain is permanent and unalterable, adding a layer of transparency to data management.

In Buenos Aires, users of the MiBA app have been assigned decentralized digital identities, integrated with QuarkID wallets and powered by the Layer-2 blockchain ZKsync. The MiBA app is a local digital platform that allows residents to access city administration documents and services.

With this new feature, Buenos Aires now allows MiBA users to securely store birth, death, student, and marriage certificates, along with vaccination records, gross income tax documents, and other official credentials.

“This initiative demonstrates the power of blockchain to revolutionise other use cases, such as government services, by empowering citizens to securely own their data,” the report by Ambito quoted Diego Fernández, Secretary of Innovation and Digital Transformation for the City of Buenos Aires as saying.

The government of Argentina’s capital calls this initiative a key step toward empowering residents to take ownership and responsibility for their personal data.

In addition to exploring blockchain use cases, Argentina is also researching the use of Bitcoin. In May, Argentine officials began discussions with their counterparts in El Salvador to learn from their strategies and experiences in adopting Bitcoin, which is currently trading at $67,300 (roughly Rs. 56.5 lakh) as per CoinMarketCap.

With a gross domestic product (GDP) of approximately $640 billion, Argentina is one of the largest economies in Latin America, as per WorldBank. An earlier report by Reuters, however, highlighted that the Argentina’s economy recorded a year-on-year drop of 8.4 percent in March, which may have prompted the country to explore diversifying its financial instruments by incorporating Bitcoin.

Notably, the central bank of Argentina had banned banks and financial institutes from offering crypto-related services in May 2022.

While Argentina has already deployed blockchain-based digital IDs, third party projects like World and Humanity Protocol are working to get people verified as real humans on blockchain networks on a global level.

The G20 nations initiated the development of a unified set of cryptocurrency regulations in 2023, with India leading the effort during its presidency. With Brazil taking the reins, the country aims to advance this work towards a global crypto framework. Global financial organisations are now providing their feedback on virtual digital assets (VDAs). Recently, the Bank of International Settlements (BIS) and the Financial Stability Board (FSB) have released their respective reports on VDAs that highlight the benefits and risks of asset tokenisation.

In their reports, the FSB and the BIS have pointed to a trend of assets tokenisation picking up pace on the global level and the implications this development could have on the global monetary ecosystem. Asset tokenisation is the virtual representation of physical assets on blockchain networks in the form of digital tokens. These assets can range from real estate, financial instruments, and bonds to art and commodities among other things.

A Markets and Markets report reveals that the global tokenisation market was valued at $2.3 billion (roughly Rs. 19,337 crore) in 2021 and it is projected to reach $5.6 billion (roughly Rs. 47,083 crore) by the end of 2026.

FSB Report Reveals Tokenisation is Growing

The report from the FSB said limited publicly available data on tokenisation suggests that its adoption is very low, but it appears to be growing. The Switzerland-based institution said that tokenising an asset could improve efficiency in clearing and settling transactions at reduced costs. Other potential impacts of this trend could add expanded opportunities for investors with more transparency and flexibility in utilisation.

Meanwhile, the FSB has expressed concerns around the financial stability vulnerabilities associated with blockchain tokenisation linked to “liquidity and maturity mismatch; leverage; asset price and quality; interconnectedness; and operational fragilities”.

Tokenised assets are currently being used for investments and trading. The FSB, however, has noted that in some cases tokenised assets have been used to complete payments.

BIS Says Effects of Tokenisation on Financial Systems Remains Uncertain

The BIS has collaborated with the Committee on Payments and Market Infrastructure (CPMI) to compile its report. This report claims that the effect of tokenisation on the future financial system remains uncertain, with a spectrum of potential adoptions.

“Although tokenised systems could allow for an unlimited set of anonymous market participants to engage in multiple functions and to have access to multiple assets, this outcome is highly unlikely in regulated financial markets,” the report states.

The BIS and the CPMI said that several factors will constrain the extent to which different assets and markets are tokenised which include investment trade-offs as well as policy, legal and regulatory setbacks.

Additionally, this report highlighted that the independence of tokenised assets is limited. Given that the issuance, recording, and transfer of tokens relies on the execution of functions on the linked platform, digital tokens cannot exist independently of the programmable platform. The report also acknowledges that the trend of tokenisation is making inroads into the regulated financial sector.

What Happens Next

The finance ministers and central bank governors of the G20 nations are scheduled to meet on October 23-24. The release of these reports by these financial institutes is well aligned with these meetings.

The members of the G20 will review the reports and take the discussions forward.

According to a Reuters report released in May, Brazil’s financial authorities have decided to analyse all Web3 use cases and their possible consequences to formulate new, detailed rules.

Once decided, these rules will be rolled out gradually to give industry players an ample timeline to bring their businesses into compliance with them. The Central Bank of Brazil has also claimed that it will be bring in a comprehensive set of rules to its Web3 community by the end of the year.

Bitcoin, in the last 48 hours, managed to retain its trading price above the mark of $65,000 (roughly Rs. 54.6 lakh) despite volatility affecting the overall crypto market. On Wednesday, October 23 Bitcoin reflected a minor loss of 0.62 percent on the price chart. On international exchanges, BTC is trading at the price point of $67,095 (roughly Rs. 56.4 lakh), showed CoinMarketCap. Meanwhile, on Indian exchanges like CoinDCX and CoinSwitch, BTC’s price is hovering over the mark of $68,029 (roughly Rs. 57.1 lakh).

“In the last 24 hours, Bitcoin saw a slight dip amid rising US Treasury yields impacting riskier assets. The cryptocurrency market is still thriving, as evidenced by the impressive $2.2 billion (roughly Rs. 18,497 crore) inflow into Ethereum and Bitcoin ETFs in the last week, which suggests strong institutional interest. This surge reflects growing confidence as investors anticipate potential bullish trends. As we look ahead, the outlook remains positive for Bitcoin and other cryptocurrencies,” Shivam Thakral, CEO of BuyUcoin told Gadgets360.

Ether registered a drop of 1.14 percent over the last 24 hours. On foreign exchanges, ETH is trading at $2,613 (roughly Rs. 2.19 lakh). Nationally, ETH is currently priced around $2,657 (roughly Rs. 2.23 lakh), showed the crypto price tracker by Gadgets360.

“Ethereum which is currently trading at about $2,610 (roughly Rs. 2.19 lakh), on the other hand, has stuck at the critical 100 day EMA resistance, making its recovery to $3,000 (roughly Rs. 2.52 lakh) more difficult. Further losses to $2,400 (roughly Rs. 2.01 lakh) or possibly $2,200 (roughly Rs. 1.84 lakh) are probable if there is weak support below $2,600 (roughly Rs. 2.18 lakh),” Avinash Shekhar, Co-Founder and CEO, Pi42 told Gadgets360.

Avalanche, Shiba Inu joined Solana, Ripple in registering losses on Wednesday.

Dogeocoin, Cardano, Avalanche, and Shiba Inu also reflected price dips on the price chart.

The overall valuation of the crypto market valuation dropped by 0.75 percent in the last 24 hours. At the time of writing, the global crypto market cap stood at $2.31 trillion (roughly Rs. 1,94,21,625 crore) as per CoinMarketCap.

“The altcoin market is following Bitcoin’s trajectory. Despite technical indicators remaining unidirectional, Crypto Fear and Greed Index continues to stay above 70 in the greed territory,” Vikram Subburaj, CEO, Giottus told Gadgets360.

USD Coin, Tron, and Monero registered minor price hikes on Wednesday. Circuits of Value and Augur also joined this relatively short list.

“On a brighter note, we observed a modest uptick in gaming tokens yesterday, indicating renewed interest in that sector. Additionally, Avalanche has launched a VISA crypto card, enabling users to spend their crypto at Visa-accepting merchants, marking a significant step towards mainstream adoption,” the CoinSwitch Markets Desk noted.

On Monday, October 21, India’s crypto exchange ZebPay announced it has reached a milestone of ten years in the country’s crypto industry. Over the past decade, the platform said it had garnered six million registered users and surpassed $1 billion (roughly Rs. 8,407 crore) in trade volume by 2017. As it enters its second decade, ZebPay aims to expand its retail market share in India’s growing Web3 space. ZebPay plans to introduce new features and services designed for family offices, high-net-worth individuals (HNIs), and institutional investors. The exchange noted a rising demand for personalised crypto solutions in recent times.

“Whether it’s through advanced trading options or strategic investing, we’ve aimed to provide an all-in-one solution for crypto enthusiasts,” said Raj Karkara, COO, ZebPay while commenting on the development.

To commemorate the milestone, ZebPay has introduced trading challenges offering rewards to its users. Registered with the Financial Intelligence Unit (FIU), the exchange has reduced fees on select cryptocurrency trading pairs and launched referral programs and other promotions as a token of appreciation for its customer base.

“It has been an incredible journey. Throughout this decade, our mission has been clear – to democratise access to Bitcoin while upholding the highest standards of security and compliance,” Rahul Pagidipati, CEO, ZebPay said.

ZebPay’s official X account also shared an announcement celebrating ten years of operations with its follower base of over 84,500.

In 2023, ZebPay’s Vice President of Blockchain, Anuj Garg had told Gadgets360 India’s exploration of blockchain technology could enhance the country’s e-governance system by making it more secure and tamper-proof. As the company celebrates its tenth anniversary, it reaffirmed its commitment to leveraging blockchain use cases for financial services.

In its future manifesto, ZebPay stated that its mission is to empower members to attain financial freedom in the Web3 economy.

Last week, India claimed the top spot in the ‘2024 Global Crypto Adoption Index’ by Chainalysis, surpassing 151 countries for the second consecutive year. Despite maintaining a strict regulatory stance on the crypto sector, the report highlighted India’s significant growth in crypto adoption.

The crypto sector, currently valued at $2.38 trillion (roughly Rs. 2,00,08,386 crore), may have just seen the largest acquisition deal of the year. US and Ireland-based fintech firm Stripe has reportedly spent $1.1 billion (about Rs. 9,248 crore) to acquire Bridge, a platform that facilitates stablecoin issuance. Michael Arrington, founder of TechCrunch, claimed in a post on X that the deal has been finalised.

Arrington’s announcement lacked detailed information but received positive feedback from his followers, many of whom expressed that integrating crypto with traditional fintech should be the first step in promoting crypto adoption.

While an official confirmation from Stripe and Bridge remains awaited, a report by Bitcoin.com states that Stripe is aiming to expand its footprint in the virtual digital assets (VDAs) sector via the acquisition. The platform is likely to use the software offered by Bridge, that enables businesses to accept stablecoin payments, to broaden its usability to more Web3 users. Stablecoins are cryptocurrencies that are pegged against fiat currencies.

Multiple reports have further called this acquisition the biggest so far in the Web3 space. Gadgets360 can neither confirm nor deny these reported claims.

As per its official website, Bridge is “built with stablecoins” that lets users move, store, and accept stablecoins while also letting entities issue their own stablecoin in minutes. For Bridge, this significantly adds to its valuation, which previously stood at around $200 million (roughly Rs. 1,681 crore).

Stripe, meanwhile, is currently experimenting with crypto-based purchases in the EU. Earlier in October, it added a Pay with Crypto feature to its platform in the EU that allows merchants to accept stablecoin payments.

Back in 2022, the platform announced the launch of a ‘fiat-to-crypto’ service that would allow users to exchange their dollars for cryptocurrency. Around the same time, the company had onboarded Matt Huang, the co-founder of crypto-focused venture capital firm Paradigm, to be a part of its board of directors.

The crypto market is experiencing a bull run, with analysts attributing the surge to the upcoming US elections. Amid this momentum, Bitcoin has broken free from a three-month price slump. On Monday, October 21, Bitcoin was trading at $68,771 (roughly Rs. 57.8 lakh) on international exchanges, showed CoinMarketCap. Over the last 24 hours, BTC’s profit margin rose by around one percent on both national and international exchanges. As per Indian exchanges like CoinSwitch and Giottus, BTC is priced $69,982 (roughly Rs. 58.8 lakh).

“With the US presidential elections approaching soon, investors are optimistic about a more crypto-friendly environment, further driving market activity. Bitcoin is continuing its upward momentum. This surge has attracted record weekly inflows into spot ETFs, with $2 billion (roughly Rs. 16,813 crore) pouring in over the past seven days,” Edul Patel, CEO of Mudrex told Gadgets360, commenting on the market status.

Ether logged a price hike of 3.62 percent over the last day. The second-most expensive asset after BTC, ETH, is trading at $2,739 (roughly Rs. 2.3 lakh) on international exchanges, as per CoinMarketCap. On Indian exchanges meanwhile, the pricing of ETH is hovering over the mark of $2,760 (roughly Rs. 2.32 lakh), showed the crypto price tracker by Gadgets360.

“ETH broke out of a symmetrical triangle and showing strong bullish momentum. It can continue going to $2,850 (roughly Rs. 2.40 lakh), where selling pressure might emerge. The structure of a retest here would indicate buying on dips, whereas a drop below the 20-day EMA would indicate bearish sentiment,” Avinash Shekhar, Co-Founder and CEO, Pi42 told Gadgets360.

Meanwhile, the market rally also helped most altcoins see gains. Solana, USD Coin, Ripple, Tron, Avalanche, Shiba Inu, and Polkadot — all tailed BTC and ETH into registering profits on Monday.

Dogecoin, Leo, Litecoin, Cardano, and Polygon also secured profits on the price chart.

“Key altcoins have surged with confidence. Memecoins continue to be among the top gainers this week. A strong finish to the month is expected leading into US elections in November,” Vikram Subburaj, CEO, Giottus told Gadgets360.

The overall crypto market cap rose by 1.76 percent in the last 24 hours. With this, the sector’s valuation has reached $2.38 trillion (roughly Rs. 2,00,08,386 crore) as per data by CoinMarketCap.

Stellar, Cronos, Neo Coin, Iota, and Circuits of Value recorded losses.

“We should note here that OND quarter (October-November-December) historically has always been bullish, especially if it is a BTC halving year. Adding to the optimism, the USDT market cap has hit a record $120 billion, (roughly Rs. 10,08,726 crore) reinforcing its position as the world’s largest stablecoin. The current US election year is adding fuel to the bullish outlook. Prediction markets are showing increased odds of Donald Trump’s victory,” the CoinSwitch markets desk told Gadgets360.

Robinhood launched its long-awaited desktop platform and added futures and index options trading features to its mobile app on Wednesday, as the fintech firm aims to take market share from traditional brokerages.

The 11-year-old commission-free trading app, which became synonymous with mom-and-pop investors in 2021, is now seeking to mature into a full-fledged financial services provider and compete with established brokerages that serve institutional investors.

The Menlo Park, California-based company said its desktop trading platform, dubbed ‘Robinhood Legend,’ will focus on active traders.

“We’ve matured alongside our customers and have heard loud and clear that they want access to more advanced products and more active trading tools,” Chief Brokerage Officer Steve Quirk told Reuters.

“Our long-term goal is for Robinhood to be the primary financial services company that meets all of customers’ needs.”

The platform, available at no additional cost, will offer advanced trading tools, real-time data, as well as custom and preset layouts.

Meanwhile, the app will allow users to trade futures on the benchmark S&P 500 index, oil and bitcoin, among others. Customers can also trade index options

Battle for Market Share

Long dominated by high-profile names like Vanguard, Charles Schwab, and Fidelity Investments, the US brokerage industry saw its first disruption in decades when Robinhood pioneered commission-free trading in 2013.

A decade on, Robinhood is expanding to cater to more seasoned investors. Trading in futures and options has typically been the domain of large banks, hedge funds and asset managers, due to higher margin requirements, increased volatility, complexity and commissions.

Subscribers to Robinhood’s premium Gold tier will be able to trade futures for as low as 50 cents per contract, while non-Gold users will need to pay a commission of 75 cents.

This compares with Schwab’s charges of $2.25 (roughly Rs. 190) per contract, while Morgan Stanley’s E*TRADE takes $1.50 (roughly Rs. 126) for futures and $2.50 (roughly Rs. 210) for crypto futures.

Robinhood’s fees for index options, set at 35 cents per contract for Gold members and 50 cents for others, is also lower than industry peers.

The company had 11.8 million monthly active users and 1.98 million premium ‘Gold’ customers, as of June 30.

Analysts have previously said Robinhood’s entry into futures trading this year could be met with some caution by retail traders if it charges a fee, but it could also create new opportunities for expanding its market share.

Earlier this year, the company had committed to expanding margins while focusing on driving “profitable growth” in 2024. Three consecutive quarters of reported profits have also bolstered investor enthusiasm, contributing to a year-to-date stock gain of over 100 percent. 

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With the US election just 20 days away, set for November 5, the crypto market appears to be emerging as a key beneficiary. Bitcoin, mentioned by both Presidential candidates in their speeches, is experiencing a rapid price surge as the election approaches. On Thursday, October 17, Bitcoin recorded a 10.59 percent increase over the past seven days on foreign exchanges, according to CoinMarketCap. At the time of writing, BTC was trading at $67,413 (roughly Rs. 56.6 lakh) on international exchanges. On Indian exchanges like CoinSwitch and Giottus, meanwhile, the asset is trading at $68,958 (roughly Rs. 57.9 lakh).

“Bitcoin is winking at $67,500 (roughly Rs. 56.7 lakh) after a long stretch of a 220-day downtrend indicating the rebuilding of investor confidence. The upcoming US election will be one of the major reasons for the next bull run. The Fear and Greed Index remains steady at 71 in the ‘Greed’ zone,” Avinash Shekhar, co-founder and CEO, Pi42 told Gadgets360, commenting on the market status.

Ether showed a price hike of around one percent in the last 24 hours. The second-most expensive cryptocurrency after BTC, ETH is presently trading at $2,628 (roughly Rs. 2.20 lakh) on foreign exchanges. As per the crypto price tracker by Gadgets360, ETH is trading at $2,681 (roughly Rs. 2.25 lakh).

On the crypto charts, Dogecoin, Cardano, Avalanche, Chainlink, and Litecoin joined BTC and ETH on the profits side on Thursday.

Stellar, Cronos, Polygon, EOS Coin, and Underdog managed to retain minor gains on the price chart as well.

“Market optimism was fueled by strong participation in Trump-backed WLFI tokens and anticipation of crypto-friendly regulations as the US presidential elections approach. The rising inflows into Bitcoin ETFs, which have seen over $19 billion (roughly Rs. 1,59,626 crore) in net, also contributed to the bullish sentiment. Meanwhile, BlackRock’s positive outlook and Standard Chartered’s forecast of BTC reaching $73,000 (roughly Rs. 61.3 lakh) have further boosted momentum,” said Mudrex CEO Edul Patel.

The overall valuation of the crypto market rose by 0.74 percent in the last 24 hours. With this, the valuation of the sector has come to $2.32 trillion (roughly Rs. 1,94,90,934 crore), showed CoinMarketCap.

Meanwhile Tether, Binance Coin, Solana, USD Coin, and Tron registered losses on Thursday.

Shiba Inu, Polkadot, Near Protocol, Leo, Cosmos, and Bitcoin SV also recorded price drops on the crypto chart.

Worldcoin, the controversial blockchain-based human ID project, has been renamed amid ongoing investigations in several countries. OpenAI CEO Sam Altman, the mastermind behind the initiative, revealed the rebranding to ‘World’ during a company event in San Francisco on October 17. Along with the new name, Altman also introduced a range of new initiatives aimed at expanding the project’s scope.

“As the scale of the project grows along with the importance of World ID’s proof of human protocol, the name ‘Worldcoin’ no longer encapsulates the mission of the project—to accelerate every human,” said an official blog by World. “World is truly a network of real, verified humans built to enable an optimistic future in which humans will continue to be at the center of AI progress.”

At the event Altman joined Alex Blania, the co-inventor of World, in announcing the developments that make for the new parts of the initiative.

New Orb Devices

The Orb devices that are used by World to collect eye scans of its users have been revamped alongside the new branding. The new Orb device is fueled by Nvidia’s Jetson chipset and is claimed to be five times more powerful than the previously used Orb devices while also being more compatible in nature with Artificial Intelligence (AI).

In the coming months, these updated Orbs will be made available at flagship Worldcoin locations and self-serve kiosks.

World Chain Mainnet

Altman’s Web3 initiative now has its own blockchain, called the World Chain, which is a Layer-2 blockchain built atop the Ethereum motherchain. During the event, the World team said that the World Chain is the only blockchain out there that has the largest number of already verified humans.

“World Chain is live. As of October 17, all 15 million World ID holders and World App users have either migrated or are in the process of migrating to World Chain,” the blog post detailing this angle of the Worldcoin rebranding noted.

This blockchain is aimed at prioritising onchain anonymous human verification – that will provide a platform for real humans to build together. The second focus area for the World Chain is to accelerate the adoption of cryptocurrencies and subsequently contribute to democratising financial access and inclusion for more people.

Back in July this year, the Worldcoin Foundation had launched the first ever preview of this World Chain exclusively for developers.

World ID 3.0

With the introduction of World ID 3.0, ID holders can now store information from their physical NFC-enabled passports directly in the World App on their devices. The project assures that any data stored off-device will remain inaccessible to both the World Foundation and third parties.

This feature eliminates the need for users to share personal details such as age, nationality, or passport information when verifying their IDs, as this can now be done through their World IDs. Additionally, World ID 3.0 includes advanced technology designed to combat online fraud.

“World ID Deep Face is a cutting-edge technology that combines Orb imaging, personal data custody and Face Auth to enable people to verify that they are communicating with real humans and combat the rising threat of deep fakes, whether in real-time video or chat interactions,” the blog explained.

World App 3.0

Being advertised as a ‘super app for humans’, World App 3.0 has been created to scale the World Network to more users. Following on the footsteps of Telegram, the World App 3.0 also offers Mini Apps to enable third party developers to enter the Web3 ecosystem through the World portal.

“World App 3.0 has a more useful wallet featuring Vault and World Pay (where available), can hold World ID Credentials and features powerful new security and community features,” the blog highlighted.

Project History So Far

The true impact of these changes on Altman’s ambitious and controversial project will soon become evident. Launched in 2023, the Worldcoin initiative has onboarded over 6.9 million individuals from more than 160 countries as of Friday, October 18, using 844 active Orbs.

However, the Worldcoins’ use of eye scan technology has led to operational challenges in several countries, including Colombia, Kenya, and Spain.

Despite its strict regulatory stance on the crypto sector, India has shown notable growth in crypto adoption. This week, blockchain research firm Chainalysis released its ‘2024 Global Crypto Adoption Index’, where India ranked first out of 151 nations. The country leads in overall crypto adoption, centralised service value, and retail centralised service value. Remarkably, this is the second consecutive year India has claimed the top spot, having also ranked first last year for the highest grassroots adoption of cryptocurrencies globally.

According to the Chainalysis report, India falls within the Central and Southern Asia and Oceania (CSAO) region. The report highlights that the CSAO region leads the world in crypto sector growth, with crypto asset inflows totaling approximately $750 billion (around Rs. 63.05 lakh crore) between July 2023 and June 2024.

“CSAO dominates our 2024 index, with seven of the top 20 countries located in the region. CSAO has a unique set of crypto markets with high levels of activity on local crypto exchanges, with merchant services, and in DeFi,” the report said.

India’s Crypto Landscape

In India, cryptocurrencies are viewed as virtual digital assets suited for investment and trading, though none are recognised as legal tender alongside the Indian Rupee (INR).

Since 2022, the government has imposed a 30 percent tax on capital gains from crypto activities and a 1 percent tax deducted at source (TDS) on every transaction. According to the finance ministry, this measure is crucial for tracking crypto transactions, which are often difficult to trace due to their anonymity.

In December last year, India mandated that all firms dealing with cryptocurrencies must obtain an operational license from the national Financial Intelligence Unit (FIU).

Despite these evolving regulations, crypto-related fraud and hacking incidents have surged in India. In July this year, the country’s crypto sector was shaken when hackers breached a wallet on the WazirX exchange, resulting in losses exceeding $230 million (around Rs. 1,900 crore). While WazirX has been cooperating with authorities like CERT-In to investigate the breach, an official statement from the finance ministry is still awaited.

Commenting on India’s approach towards the crypto sector, Chainalysis said, “The good news is that India’s path to crypto adoption is becoming clearer, due to continued engagement between the industry and regulators. Although this shift is more recent, we look forward to seeing how India’s crypto market develops in the coming years.”

More Observations from Chainalysis

After India, Nigeria, Indonesia, the US, and Vietnam secured the second, third, fourth, and fifth positions, respectively, in the overall crypto adoption rankings.

Meanwhile, Ukraine, Russia, Phillipines, Pakistan, Brazil, and Turkey are ahead of the UK on the Chainalysis index – despite UK’s decisions to bring comprehensive rules to govern the crypto industry.

Chainalysis reported that in 2023, the growth in crypto adoption was primarily driven by lower-middle-income countries. This year, however, crypto-related activities have surged across countries in all income brackets.

The report further noted that, “Between the fourth quarter of 2023 and the first quarter of 2024, the total value of global crypto activity increased substantially, reaching higher levels than those of 2021 during the crypto bull market.”

The report indicated that the launch of Bitcoin ETFs in the US contributed to a significant rise in Bitcoin activity across all regions.

Discussing the US crypto market, Chainalysis highlighted that the country has the largest and most influential market globally, standing out by a considerable margin.

Last week’s roundup of crypto promoters and traders following an elaborate sting operation by federal prosecutors served as a reminder that fake trades used to inflate prices continue to be lingering issue in the digital asset world. 

The wash trading strategy used to boost the FBI-created token NexFundAI remains a common practice on decentralised-finance exchanges (dexes), and can be encountered on certain centralised exchanges as well, according to researcher Kaiko.

“Our data shows that many of the 200k+ assets on Ethereum dexes lack utility and are controlled by single individuals,” Kaiko analysts said in a report Thursday.

Some token issuers are setting up short-lived liquidity pools on the exchange Uniswap, and they control the pool liquidity and do wash trading to attract other investors, Kaiko said. Once others have come in, the issuers dump the token, earning yields of up to 22 times their initial Ether investment in around 10 days, Kaiko said.

“This analysis reveals widespread fraudulent behavior among token issuers, extending beyond the FBI’s NexFundAI investigation,” the report said.  

A Uniswap spokesperson didn’t return a request for comment. 

Certain centralised exchanges, such as HTX and Poloniex, also appear to have wash trading, Kaiko said. The exchanges have the highest number of assets with volume-to-liquidity ratios above 100 times, which can be an indicator of wash trading, according to Kaiko. Justin Sun, who is associated with both exchanges, was accused by the Securities and Exchange Commission last year of manipulating the secondary market for TRX token through wash trading. Sun has said the case “lacks merit.” 

“At HTX, market integrity is our top priority. We are committed to providing a fair and transparent trading environment for all of our users,” an HTX spokesperson said. “While we appreciate the research being conducted in our industry, we must categorically deny any allegations of market manipulation.”

Examining the meme token Pepe, for example, Kaiko found “big differences in volume trends between HTX and other platforms in 2024. PEPE volumes on HTX stayed high and even rose in July, while they dropped on most other exchanges.”

“We also can see that tokens such as meme coins, privacy tokens, and low-cap altcoins often show unusually high volume-to-depth ratios,” Kaiko said.

Poloniex didn’t return a request for comment.

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This week, the Asia unit of the Financial Stability Board (FSB) convened in Hong Kong, bringing together members from India, Cambodia, China, Japan, Korea, Malaysia, New Zealand, and Pakistan, among others. The meeting aimed to share insights on the financial stability implications of crypto-assets, tokenization, and artificial intelligence across the continent. Co-chaired by Eddie Yue, Chief Executive of the Hong Kong Monetary Authority, and P. Nandalal Weerasinghe, Governor of the Central Bank of Sri Lanka, the discussions emphasized collaboration in navigating these evolving challenges.

During the meeting, members of the Financial Stability Board Regional Consultative Group for Asia (FSB-RCG) voiced concerns that the current crypto regulatory landscape is creating an uneven playing field for entities operating outside the regulatory framework, according to an official statement from the organisation.

The crypto sector, that is presently valued at $2.32 trillion (roughly Rs. 1,94,90,934 crore), is undergoing a regulatory restructuring in multiple parts of the world. The European Union (EU) is among the first in the world to have released a comprehensive rulebook to govern industries linked to volatile crypto assets and other Web3 elements. Dubai is among the first Emirates in the UAE to have established an authority body dedicated to oversee the crypto sector.

India, Australia, the UK, and the US meanwhile are still in the process of finalising their respective crypto frameworks. Last year, India spearheaded the G20 group into working on formulating a set of guidelines that can be uniformly deployed over the crypto sector on an international level. Now, Brazil is advancing this research as the current president of the G20.

The FSB, along with the International Monetary Fund (IMF) are also working with the G20 nations to draft this framework. A release timeline is not known at the moment.

Meanwhile, the FSB-RCG observed that the regulatory landscape for crypto is continuously evolving, resulting in the establishment of more exchanges in recent times but also fragmenting liquidity across jurisdictions.

Despite these regulatory advancements, the notorious volatility of crypto remains a persistent challenge.

“Recent market volatility in the region highlights ongoing concerns over the macroeconomic environment,” the statement from FSB-RCG said.

The rise of frauds and scams in the crypto industry was also a topic of concern for the organisation.

“Members acknowledged the relevance of the FSB’s toolkit for third-party risk management, which aims to help financial institutions monitor, identify, and manage risks arising from third- party services. They noted that operational risks are compounded by the increasing number and complexity of financial fraud cases,” the statement added.

In the coming months, the FSB will be releasing a report that will summarise the work on interest, liquidity risk, and depositor behaviour highlighting the role of technology and social media around various aspects of cryptocurrencies.

The FSB comprises six Regional Consultative Groups, formed under its Charter to unite financial authorities from both member and non-member countries for discussions aimed at promoting financial stability. Each RCG typically meets twice a year. The FSB Secretariat is based in Basel, Switzerland.

Web3 venture firm Hashed Emergent is reviving India Blockchain Week (IBW) for its second edition, aiming to spotlight India’s early-stage Web3 developers and companies. Sponsors include prominent Web3 firms like Polygon, Aptos, Starkware, and the Starknet Foundation, alongside other platforms. Investors from various Indian cities will connect with startups seeking funding to accelerate their growth.

This initiative includes several events designed for startups and developers to showcase their Web3 protocols. Highlights include the IBW Chain-Agnostic Hackathon, IBW Web3 Demo Day, and ETH India Hackathon, among others.

The event is scheduled to take place between November 30 to December 8.

“India is home to incredibly talented developers and leaders who are advancing web3 in remarkable ways,” Avery Ching, the co-founder and CTO of Aptos Labs said in an official statement. San Francisco-based Aptos Labs provides people with access to tools and services related to Web3 technologies.

Chiming in with Ching, Monad Labs’ CEO Keone Hon said, “India is at a unique inflection point in Web3 adoption, with its thriving developer community, commitment to entrepreneurship, and pace of economic activity.” Monad Labs works towards advancing blockchain technology and is based in New York, US.

Despite India’s cautious stance on fully integrating cryptocurrency into its financial system, the country has consistently expressed interest in exploring blockchain technology. Often positioned as an alternative to Web2 servers, blockchain not only ensures the permanent security of information but also divides data into smaller packets, enhancing protection against hacks and data loss. This technology is also known as Distributed Ledger Technology (DLT).

Recently, India’s IT ministry launched the Vishvasya Technology Stack to provide Blockchain-as-a-Service (BaaS) through data centers across Pune, Hyderabad, and Bhubaneswar. Several state governments have also implemented blockchain to refine their data keeping.

According to a report by KPMG India and Hashed Emergent, India is playing a key role in global blockchain growth, accounting for over 12 percent of the world’s Web3 developers and hosting more than 1,000 startups. Hashed Emergent expects the IBW Conference in Bangalore this December to serve as a crucial platform for dialogue between policymakers and industry experts, helping chart a roadmap for India’s future in the sector.

Last year’s IBW featured prominent speakers like Ethereum co-founder Vitalik Buterin, Sebastien Borget from The Sandbox, and Charles Guillemet from Ledger.

Binance, which recently gained FIU approval in India, is collaborating with local law enforcement to investigate crypto-related crimes. In a recent update, Binance announced its involvement with Delhi Police in probing a renewable energy fraud case. As part of this investigation, Rs. 84 lakh (100,000 USDT) has been seized. In a statement issued on October 15, Binance stated that it helped investigators trace funds that the perpetrators had converted into crypto assets, exploiting the privacy and untraceability features of cryptocurrencies.

A fraudulent entity called “M/s Goldcoat Solar” falsely claimed to have secured rights from India’s Ministry of Power to participate in the country’s goal of expanding solar power capacity to 450 GW by 2030. The entity misled several individuals into believing they could invest in this national energy plan and earn significant returns.

According to police investigations, the group converted a portion of the funds collected from victims into cryptocurrency. The exact number of victims affected by the scam remains undisclosed.

“Binance was approached by the Delhi Police for investigative assistance during a sharing session conducted in India. Through a series of virtual meetings, Binance provided analytical support, helping investigators follow the money trail,” the exchange has said.

Gadgets360 reached out to Delhi Police for further details on the case, but is still awaiting a response.

This marks the second time in recent months that Binance has emphasised its role in assisting Indian law enforcement in uncovering crypto-related frauds.

In September, the exchange said that it helped India’s Enforcement Directorate (ED) crack down on the Fiewin gaming scam that had drained $47.6 million (roughly Rs. 400 crore) from its users. The funds were reportedly transferred into multiple crypto wallets addresses, which Binance helped the ED identify and trace.

“By connecting with law enforcement agencies, we can provide timely and crucial support in financial investigations, and we will continue to do so to help combat financial crimes,” said Jarek Jakubcek, Head of Law Enforcement Training at Binance.

Last year, Binance founder and former CEO Changpeng Zhao pleaded guilty for failing to deploy adequate anti-money laundering measures on the exchange and for prioritising the growth of Binance’s business over compliance with US laws. The exchange, under its new CEO Richard Teng, is now expediating efforts to keep strong links with law enforcement agencies on a global level.

“Binance has been conducting sharing sessions with global law enforcement agencies, and this case highlights the positive outcomes of these collaborations,” Jakubcek noted.

Bitcoin surpassed $67,000 for the first time in more than two months, but quickly whipsawed traders as volatility returned to the digital asset sector with US elections approaching.
“The confluence of factors ranging from markets to politics has created a potent mix of short squeezes, speculative positioning, and fresh capital inflows, driving Bitcoin to these new local highs not seen since July,” said Chris Newhouse, director of research at Cumberland Labs.

The largest cryptocurrency increased as much as 3% on Tuesday to $67,878, before swinging between gains and losses in New York.

“Overall, markets have been moving sideways since the crypto hit its all-time high” in March, said Fadi Aboualfa, head of research at crypto custodian Copper Technologies Ltd. The industry’s so-called Fear and Greed Index, which tracks accumulation and sentiment among Bitcoin traders, has registered 2024 as the token’s greediest year on record, Aboualfa said, “so it’s normal to expect some cooling off.”

The original cryptocurrency had moved less than 5% for 34 straight sessions through Thursday, which was on par with the longest such streak of calm in a year, according to data compiled by Bloomberg. The doldrums in price movement has disappointed many in the crypto community since the asset class has historically performed well in October, earning the nickname “Uptober.”

There was a significant uptick in Bitcoin futures and perpetuals open interest last week, with interest increasing by around 33,000 Bitcoin ($2.1 billion), according to ETC Group. Futures open interest reached an all-time high in US dollar terms, the firm said in a note on Tuesday.

“What we’re seeing now closely mirrors the price action and market structure from one year ago, when CME activity accelerated midway through October,” said Vetle Lunde, head of research at K33 Research. Futures premiums have rallied to five-month highs on CME, Lunde said, indicative of significant demand by institutions seeking to add to their exposure on cryptocurrencies.

© 2024 Bloomberg L.P.

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