Author: Mohammed Ali

Article written by Mohammed Ali

Bhutan to adopt Bitcoin (BTC), Ethereum (ETH), and Binance Coin (BNB) as reserves

January 9, 2025 1 min read

The idea of digital asset strategic reserves is becoming popular. Vancouver’s Mayor has proposed making the city Bitcoin-friendly to protect reserves. Meanwhile, the Satoshi Action Fund plans to introduce up to 20 bills for Strategic Bitcoin Reserves across various US states. With the upcoming Trump election and expectations of a crypto bull run, many countries are starting to see the benefits of digital assets for reserve preservation. El Salvador was

Arbitrum awards its largest developer grant to South Korea’s Lotte Grou

January 9, 2025 1 min read

Arbitrum has made headlines by granting its largest developer grant to South Korea’s Lotte Group. This partnership aims to transform metaverse gaming using blockchain technology. The focus is on Caliverse, Lotte’s AI-driven metaverse platform, which will incorporate Arbitrum’s Layer-2 blockchain solutions. This integration promises smoother crypto payments and enhanced virtual experiences. The announcement took place at CES 2025 in Las Vegas. Although the grant’s value is not disclosed, it was

South Korea’s Exchange Chairman plans to introduce crypto-based ETFs this year

January 6, 2025 1 min read

Eun-Bo Jeong, the Chairman of South Korea’s Exchange, has expressed a keen interest in launching crypto-based exchange-traded funds (ETFs) this year, responding to a growing global demand for such financial products. During the Securities and Derivatives Market Opening Ceremony on January 2, Jeong underscored the necessity for innovative financial solutions to rejuvenate South Korea’s capital markets, which have faced significant economic challenges over the past year, including a contracting domestic

WazirX says creditors will receive their funds following court’s approval

January 4, 2025 1 min read

The WazirX hack, which resulted in the theft of over $230 million, has sparked significant controversy in 2024, leaving affected users in limbo for months. Recently, WazirX announced plans to distribute funds to eligible creditors through a restructuring scheme, pending court approval. A creditors’ meeting is scheduled for the 22nd of this month, which is a crucial step in the process. Once the court grants approval, WazirX aims to initiate

China enforces stricter rules requiring banks to monitor and report risky crypto transactions

January 2, 2025 1 min read

China has implemented stringent regulations aimed at monitoring and reporting risky foreign exchange and cryptocurrency transactions, as part of its ongoing effort to combat illegal cross-border financial activities. The State Administration of Foreign Exchange (SAFE) has mandated that banks track transactions related to underground banking, cross-border gambling, and illicit crypto activities. This initiative requires banks to scrutinize the identities of individuals and institutions involved, trace the sources of funds, and

Vietnamese authorities allegedly prevent losses of nearly $1.17 million

December 31, 2024 1 min read

Vietnamese authorities have stopped a major cryptocurrency scam, saving nearly 30 billion Vietnamese dong (about $1.17 million) and protecting 300 potential victims from fraud. The crackdown focused on Million Smiles, the company responsible for the fake scheme involving a made-up cryptocurrency called Quantum Financial System (QFS). The scheme drew in investors by misleadingly presenting QFS as part of a unique financial system tied to ancestral treasures and spiritual beliefs, making

MoonPay receives regulatory approval as MiCA compliant

December 31, 2024 1 min read

MoonPay, a crypto payments platform, has received a license under the European Union’s Markets in Crypto-Assets (MiCA) regulation, approved by the Dutch Authority for the Financial Markets (AFM). This approval allows MoonPay to operate its services across Europe in compliance with MiCA guidelines. Co-founder and CEO Ivan Soto-Wright emphasized that this achievement reflects MoonPay’s commitment to regulatory compliance and its role in bridging traditional finance with the evolving crypto landscape.

IRS classifies DeFi platforms as brokers under new

December 30, 2024 1 min read

On December 27, 2024, the IRS released a new rule that changes how decentralized finance (DeFi) is viewed by labeling DeFi front-end platforms as brokers, similar to decentralized exchanges (DEXs). New rules require platforms like Uniswap to follow Know Your Customer (KYC) protocols and share detailed transaction data with the IRS, starting in 2027. In the past, DeFi platforms focused on being decentralized and protecting user privacy, but these new

Sberbank joins Russia’s central bank’s plan to expand access to digital currency across the country

December 30, 2024 1 min read

Sberbank, the biggest bank in Russia, is now part of the digital ruble pilot program with TBank and Tochka Bank, as the Central Bank of Russia (CBR) announced on December 28. This initiative now has 15 credit organizations, up from 12, and plans to add 14-15 more banks by 2025, according to Olga Skorobogatova, former First Deputy Governor of the CBR. The digital ruble, the third type of Russian currency

HEX founder Richard Heart faces an Interpol Red Notice over allegations of massive tax fraud

December 24, 2024 1 min read

Richard Heart, who started HEX and is well-known in cryptocurrency, is now dealing with significant legal issues, including an Interpol Red Notice. This notice is about claims of tax evasion of hundreds of millions of euros and a violent attack on a minor. Richard James Schueler, known as Heart, is wanted for extradition by international authorities. Heart insists that the serious accusations are part of a plot against him. He

Tether invests $775 million in Rumble

December 22, 2024 1 min read

Tether, the company behind the USDT stablecoin, has gained attention for investing $775 million in Rumble, a video-sharing platform that emphasizes Bitcoin and cloud services. This plan, shared on December 20, involves a cash investment of $250 million and the option to buy up to 70 million shares at $7.50 each. Even with this investment, Rumble’s CEO, Chris Pavlovski, still controls the company. Tether’s CEO, Paolo Ardoino, pointed out that

Bitcoin hits new all-time high of over $106K

December 16, 2024 1 min read

Bitcoin (BTC) recently jumped to over $106,000 during early Asian trading hours, then dropped back to about $104,500. This fluctuation happens as people expect a U.S. Federal Reserve (Fed) rate cut, likely reducing the main borrowing cost by 25 basis points to between 4.25% and 4.5%. This would mean a total reduction of 100 basis points since September. Market participants are cautious that the Fed’s statements might lower expectations for