Latest news with #digitalassets
Crypto Insight
2 hours ago
- Business
- Crypto Insight
Bitget secures Georgia license as part of Europe expansion
Bitget has received regulatory approval from Georgia to operate as a digital asset exchange and custodial wallet provider within the Tbilisi Free Zone (TFZ). In a Thursday announcement, the company said its users in Georgia can now access Bitget's full range of services, including spot trading, futures and copy trading, all within a fully compliant, locally regulated environment. Bitget has been expanding in Europe since the European Union's Markets in Crypto-Assets Regulation (MiCA) began taking effect in 2024. Through its affiliate Archax, it holds authorization from the UK's Financial Conduct Authority. It is also registered with Italy's Organismo Agenti e Mediatori and is listed as a virtual asset service provider (VASP) in Poland, Bulgaria, Lithuania and the Czech Republic. 'As Europe moves toward the MiCA implementation, Georgia stands out as a key market providing regulatory clarity, tax advantages and real user adoption,' said Gracy Chen, CEO of Bitget. Chen highlighted that users also benefit from improved security measures such as proof of reserves and a dedicated protection fund. Georgia marks Bitget's latest expansion in Europe thanks to a favorable business climate and supportive regulatory framework. The Georgian government engages with businesses when shaping crypto-related laws and provides grants to blockchain and crypto companies through the Georgian Innovation and Technology Agency. Bitget Wallet launches QR crypto payments in Vietnam Building on its broader push to expand globally across multiple business lines, Bitget Wallet has introduced national QR payment support as part of its global PayFi initiative, with Vietnam becoming the first market to go live. The new feature allows users to make crypto payments using VietQR, Vietnam's national QR standard. The integration enables users to pay with stablecoins such as USDt and USDC, supporting multiple blockchains, including Ethereum, Tron, Solana, Base, TON and BNB Chain. Future updates will also introduce auto-swap functionality, allowing payments using any token without manual conversion. Jamie Elkaleh, chief marketing officer at Bitget Wallet, told Cointelegraph that 'users in Vietnam have already used Bitget Wallet to pay with stablecoins for everyday expenses like food, groceries and retail items simply by scanning VietQR codes.' In collaboration with licensed partner AEON's crypto payment framework, Bitget Wallet now enables stablecoin payments through more than 55 banks and payment institutions supporting VietQR, including VietinBank and Vietcombank. Over 2 million merchants nationwide accept the standard, spanning large retailers to small businesses. Vietnam's regulatory environment for crypto has been evolving. On Saturday, the National Assembly approved the Law on Digital Technology Industry, which formally recognizes crypto assets and sets the stage for the regulated development of the sector. Coming into effect on Jan. 1, 2026, the law defines crypto and virtual assets separately, and introduces cybersecurity and Anti-Money Laundering requirements aligned with global standards. Source:
Coin Geek
2 hours ago
- Business
- Coin Geek
Pro-Israel hackers steal $90M from Iranian exchange: report
Getting your Trinity Audio player ready... A pro-Israel hacking collective has made off with $90 million worth of digital assets in a hack on Nobitex, an Iranian exchange. The group, known as Gonjeshke Darande (which is Farsi for 'Predatory Sparrow'), took responsibility for the attack in posts on X. The group followed up by releasing Nobitex's source code and warning that all assets remaining with the exchange were at risk. 'The Nobitex exchange is at the heart of the regime's efforts to finance terror around the world,' claimed Gonjeshke Darande in an X post. 'Nobitex does not even hide the fact that it circumvents sanctions, but rather explicitly teaches this on its website. The regime's dependence on this exchange is so great that working at Nobitex is considered an alternative to military service, as this channel is vital to the regime.' According to the group, the trove includes $48.7 million in USDT, $6.7 million in Dogecoin, and $1.9 million in BTC. Notably, the group claimed it had 'burned' the stolen funds by sending them to addresses with no known keys, effectively destroying the hoard. Blockchain investigator Elliptic corroborates this, finding funds began flowing from Nobitex to addresses containing variations of the term 'F*ckIRGCTerrorists' on the morning of the attack. Earlier this week, the group took responsibility for another hack that destroyed data at Iran's state-owned bank Sepah, saying that it was an institution that 'circumvented international sanctions and used the people of Iran's money to finance the regime's terrorist proxies, its ballistic missile program and its military nuclear program.' However, the group has a longer history of targeting Iran. An attack in 2023 apparently shut down 70% of the gas stations in Iran. In 2022, they claimed credit for a fire that broke out in an Iranian steel mill in a rare instance of physical damage resulting directly from a hacking attack. Gonjeshke Darande's claims about Nobitex are hardly controversial. Next to North Korea, the country is regularly named in the context of digital assets' role in helping states blunt or avoid international sanctions. A series of reports from Reuters in 2022 accused Binance of helping Iranian nationals to make $8 billion worth of digital asset transactions in violation of international sanctions, with most of the funds flowing straight to Nobitex. Iranian officials have openly advocated for using digital assets to get around sanctions, and Western-based companies—including Kraken—have been stung by regulators looking to punish entities who aid in sanctions evasion by processing transactions from Iran. Though the regime's ability to secure financing appears to be the hack's ultimate target, the funds taken from the exchange undoubtedly belonged to many individuals inside and outside Iran who have now lost access to their assets. Indeed, posts on the topic are flooded by ostensibly Iranian X accounts begging for their funds to be returned. Assuming Gonjeshke Darande sent the assets to wallets it had no access to; traditional wisdom would dictate that the funds are lost forever. However, there is growing recognition that individuals might be able to use the courts to force the return of their stolen assets so long as they can prove ownership. Services like Token Recovery have cropped up who make such recovery their business model. Whether anyone with assets held on Nobitex will successfully recover their funds remains to be seen. Given how much of the stolen assets are USD stablecoins, the dollars underlying each one are still held by their issuers, notwithstanding the hackers burning the coins themselves, which may make for an interesting avenue of redress for anyone affected. Watch: Here's how Triple Entry Accounting guarantees trust in accounting title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen="">
Finextra
18 hours ago
- Business
- Finextra
The UK's next Big Bang: Digital assets, blockchain, and Web3
0 This content is contributed or sourced from third parties but has been subject to Finextra editorial review. With HM Treasury and the Financial Conduct Authority (FCA) actively consulting on the future regulatory framework, real progress feels within reach. But as ever, the devil is in the details. Warm words and platitudes alone won't deliver what is required, and regulation is only part of the puzzle. That's why today, the UK Cryptoasset Business Council has launched its manifesto for change: a clear, actionable plan that sets out what more the UK Government must do to turn ambition into reality. But why does this matter? In the 1980s, the 'Big Bang' transformed the City of London into one of the world's preeminent financial centres. Today, a similar opportunity stands before us - if we are bold enough to take it. Blockchain tech, digital assets, and Web3 present the foundations for the next leap in socioeconomic modernisation, offering a once-in-a-generation opportunity to reinvent the UK's financial system, catalyse investment, build the foundations for the next iteration of the internet, and secure our place as a leader in the digital economy. However, this isn't just about tech, it's about growth, jobs, productivity, investment, public services, and the UK's ability to lead on a global stage in a rapidly evolving world. The tokenisation of assets alone could radically alter the architecture of financial markets. A 2025 joint Ripple and Boston Consulting Group report estimated tokenised assets, including stablecoins, could reach circa £18.9 trillion by 2033. Whether it's in equities, bonds, or real-world assets, blockchain infrastructure has the power to lower costs, increase transparency and liquidity, and unlock fractional ownership for a broader range of participants. But to harness these benefits, the UK must act swiftly and strategically - not just as a hub for investment, but as a place where innovation is born, built, and scaled. We must be creators of this future, not merely consumers of technologies developed elsewhere Time is not on our side. Jurisdictions like the US, Singapore, and the EU are moving quickly to embed digital assets and blockchain into their economic strategies. The EU's Markets in Crypto-Assets (MiCA) regulation is already attracting capital and talent, while the US is leveraging its dollar dominance to accelerate stablecoin adoption and infrastructure investment. Without clear action, the UK risks becoming a second-tier destination - a place where innovation is talked about but not enabled. The result would be a loss of jobs, talent flight, diminished capital formation, and waning influence in setting global standards. To preserve our competitive edge, we must not only catch up, but leap ahead. The UK is uniquely placed to lead. We boast deep capital pools, world-class universities, and a history of regulatory excellence. The City of London remains a global gateway for capital and commerce, but the status quo is no longer enough. The next phase of growth will be driven not by outdated financial engineering and legacy systems, but by digital innovation. Blockchain is no longer a niche, fringe experiment; it's rapidly becoming a core infrastructure layer for everything from finance to healthcare, logistics to law. We are also seeing a cultural shift. According to the FCA, 12% of UK adults now hold cryptoassets. Beyond speculative trading, Web3 is evolving as a new form of digital infrastructure - redefining economic enhancing user control, data sovereignty, and economic participation. The UKCBC believes that while a forward-thinking, proportionate regulatory framework is essential, it is not a silver bullet. Clarity benefits everyone - firms, consumers, and investors alike - but regulation alone won't unlock the UK's full potential in digital assets and Web3. Our current approach remains inconsistent, and in some cases, counterproductive. For example, the overly restrictive Financial Promotions regime and retail prohibition of crypto derivatives risk driving UK users toward unregulated offshore platforms. Likewise, the de-banking of crypto and Web3 firms undermines financial inclusion and innovation, cutting off critical fiat on-ramps. Regulation must be part of a broader strategic approach. The manifesto details a comprehensive and holistic strategy on how to make this an ambition: A cross-governmental blockchain action plan – Led by a dedicated blockchain and crypto czar, this should mirror the government's approach to AI: cross-departmental coordination, explore public service use cases, recognise the synergistic role between frontier technologies and better align with global strategic partners, particularly the US. A balanced regulatory framework – The UK must regulate services, not technology. Clear, risk-based regulation should distinguish between retail and wholesale markets, ensure fair prudential requirements, and promote innovation while protecting consumers. Make the city the global hub for digital asset trading – Tokenisation can supercharge London's financial markets, but only if we embrace technologies like stablecoins for settlement, recognise cryptoassets as collateral, and support permissionless networks. Enable responsible retail participation – Retail users are key to Web3 adoption. Mature assets like BTC and ETH should be excluded from the highest risk categories, and bans on crypto derivatives should be lifted. Support stablecoin innovation – As the US pivots away from CBDCs toward stablecoins, the UK must ensure that its own frameworks are flexible and proportionate, allowing access to central bank reserves and recognising the full utility of GBP - and foreign-denominated stablecoins. Recognise the role of public and permissionless blockchains – These networks drive decentralised finance (DeFi), lower intermediation costs, and improve transparency. The UK should embrace decentralised models and self-custody, rather than forcing legacy structures onto new paradigms. Stop the de-banking of the sector – 8 in 10 UK banks restrict transfers to crypto platforms. Moreover, a recent survey we conducted found that digital asset, Web3, and blockchain firms struggle to open or maintain UK bank accounts. This is incompatible with a modern financial ecosystem. Firms, particularly those regulated, must have fair access to banking, and banks should be transparent about their policies. Key findings include: 50% of firms had either been rejected from opening a bank account or had an account closed by one of the banks they were asked about. 14% managed to successfully apply for a bank account without it being closed at a later date. 81% of firms agreed that difficulties accessing banking services are a significant barrier to their company succeeding in the UK, and 70% found that this made it more likely that they would leave the UK. 76% found that difficulties accessing high street banks have meant their company has instead used a bank they view as riskier. Build a fair and modern tax framework – The tax system must be simplified and aligned with how digital assets function. From DeFi staking rules to exemptions for stablecoins, UK tax policy must evolve alongside regulation to maintain competitiveness. If we get this right, the rewards are substantial. Blockchain isn't just a financial tool - it's a foundational infrastructure for a new kind of economy: more open, more efficient, and more inclusive. With smart policy, strategic direction and effective communications, the UK can not only lead the charge but ensure that the benefits - jobs, investment, digital public goods - are felt across the entire country. What's needed now is political will - a clear signal that blockchain is a strategic priority for the UK's digital and economic future. This is 'our' Big Bang moment. The question is no longer if the world will embrace these technologies - it's where. Let's make sure the answer is the UK.
Coin Geek
18 hours ago
- Business
- Coin Geek
Vietnam legalizes 'crypto,' limits AI use under new law
Getting your Trinity Audio player ready... Vietnam has officially legalized digital assets after the National Assembly of Vietnam, the country's legislature, overwhelmingly approved the Law on Digital Technology Industry on June 14, with 441 of 445 lawmakers voting in favor of the bill. The legislation defines digital assets as 'digital technology products created, issued, transferred, and authenticated using blockchain technology, with prices and property rights in accordance with civil and relevant laws.' This definition includes security tokens/encrypted securities assets, payment tokens, utility tokens, and mixed tokens—all of which are now regulated and provided with clear property rights, per the law. When it comes into force on January 1, 2026, the legislation will also bring incentives for digital technology development, particularly semiconductor manufacturing, artificial intelligence (AI), and digital technology startups. Outside of incentives, the law mandates the implementation of measures to ensure network safety and security to 'prevent and combat money laundering, terrorist financing, and financing the proliferation of weapons of mass destruction.' This is likely an attempt to get Vietnam off the Financial Action Task Force (FATF) 'grey list' for 'jurisdiction under increased monitoring,' which it has been on since June 2023. Vietnam has seen digital asset adoption skyrocket in recent years despite the legal uncertainties prior to the law's passage, with blockchain analysis firm Chainalysis ranking the country fifth globally for digital asset adoption in 2024. In March, local media reported that Prime Minister Pham Minh Chinh had directed the Ministry of Finance and the State Bank of Vietnam to finalize digital asset regulation proposals by the end of the month in a bid to reach a national growth target of 8% by year-end. The regulation took a couple more months than hoped, but now the country has a dedicated digital asset law, it's a case of better late than never. The next stage will involve the government outlining specific business conditions, classifications, and oversight mechanisms for the asset types defined in the regulation. Categorizing digital assets One of the key features of the new legislation is the creation of three main categories of digital assets, based on the technology used and purpose of use, namely: virtual assets that can be used for exchange or investment purposes; crypto assets that use encryption technology to authenticate assets during creation, issuance, storage, and transfer; and other digital assets. According to the law, virtual and crypto assets do not include 'securities, digital forms of legal currency, and other financial assets as prescribed by civil and financial laws'—meaning these products would either fall under the category of 'other digital assets' or fall outside the remit of the Digital Technology Law. AI provisions While encouraging innovation and development in AI, certain activities are strictly prohibited by the new law. Specifically, an AI system that deploys techniques for the purpose of 'influencing the behavior of an individual without the individual being aware of it' or using said techniques to 'entice or deceive to materially distort the individual's behavior by impairing the ability to make decisions resulting in significant harm.' It is also illegal to deploy or develop an AI system used to evaluate or classify individuals based on social behavior or systems that exploit people who are vulnerable due to age, disability, economic or social circumstances. Vietnam's tech hub ambitions The new legislation is a signal of Vietnam's ambition to become a digital tech hub, and it sets an ambitious target of 150,000 digital technology enterprises by 2035, according to local media. In order to achieve this, the law lays the groundwork for providing preferential treatment for digital technology companies when it comes to land, credit, and tax, as well as incentives for research, testing, development, production, and application of digital technology products and services. For example, companies developing semiconductors, AI systems, and digital infrastructure can receive corporate income tax rates as low as 10% for 15 years, along with exemptions from import duties and land rental fees. In a range of other incentives, the salaries and wages of experts, scientists, and people with special talents working on projects are also exempt from personal income tax for a period of five years, while large-scale projects investing over $80 million in data centers or $160 million in semiconductor facilities are eligible for additional 'special' incentives. Watch | From BRICS to Blockchain: How Global Trade and Digital Currencies Are Evolving title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen>
Coin Geek
18 hours ago
- Business
- Coin Geek
JPMorgan confirms plans to launch JPMD ‘stablecoin'
Getting your Trinity Audio player ready... JPMorgan (NASDAQ: JPM) has confirmed that it plans to launch JPMD, a stablecoin-like' deposit token,' which will function like a digital representation of a commercial bank deposit. A spokesperson for the bank revealed the plans to CNBC on June 17, hot on the heels of the financial behemoth filing for a new trademark for 'JPMD,' which kicked off a round of speculation that it was expanding its digital asset activities. According to JPMorgan, JPMD will launch on Coinbase's (NASDAQ: COIN) Ethereum-based Base blockchain. JPMD will supposedly allow for round-the-clock settlement as well as an interest-paying mechanism. However, it will only be available to JPMorgan's institutional clients. 'We see institutions using JPMD for onchain digital asset settlement solutions as well as for making cross-border business-to-business transactions,' global co-head of Kinexys, J.P. Morgan's blockchain unit's Naveen Mallela told CNBC. Rumors around JPMorgan's blockchain plans began to intensify after the JPMD trademark was filed on June 15. The application stated that the trademark is intended to be used in connection with a host of goods and services, relating to digital asset use cases. For example, it cites 'providing trading, exchange, transfer and payment services for digital assets, namely, virtual currency, digital tokens, payment tokens, decentralized application tokens and blockchain enabled currency.' Later, it lists 'Financial services, namely, facilitating the deposit, holding and withdrawal of electronic funds' and 'Financial services, namely, a financial futures exchange for trading currency including digital currency.' Virtually any service you'd feasibly expect JP Morgan to provide in connection with digital assets is covered in the application's description. The acronym JPMD, however, was speculated to refer to a stablecoin offering—JPMorgan Dollar. The trademark application was made under Sections 1(b) and 44(d) of the United States Trademark Act. Section 1(b) filings are used where the company applying for the trademark has a 'bona fide intention' to use the trademark in connection with goods and/or services in the near future. Section 44(d) is used when a trademark application has previously been filed in another jurisdiction—in this case, JPMorgan filed the same trademark application in Singapore on June 11. The timing is notable. The stablecoin question in the U.S. has received increased attention from the public and private sectors over the past few months. The U.S. Senate's Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, which is the country's push to fully regulate stablecoin issuance, passed a vote on the Senate floor last month. It specifies who may issue stablecoins and how they must be backed and, in its current form, would require non-publicly listed entities to seek regulatory approval before issuing stablecoins. Perhaps detecting a seachange for stablecoins is on the horizon; the Wall Street Journal reported in May that the largest banks in the U.S. are considering teaming up to launch a stablecoin, including Bank of America (NASDAQ: BAC), Citigroup (NASDAQ: C), Wells Fargo (NASDAQ: WFC) and JPMorgan. It also reported that retailers Amazon (NASDAQ: AMZN) and Walmart (NASDAQ: WMT) were exploring their own stablecoins to shave off transaction fees currently being charged by legacy payment processors. All of this is buoying the stablecoin and broader digital asset markets. Circle (NASDAQ: CRCL), the issuer of one of the most prominent stablecoins, soared to all-time highs this week, reaching $151 a share. Virtually all Bitcoin ETFs are up roughly 5% on the month and around 30% in the past three months. Watch: Blockchain is much more than digital assets title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen="">
