By Kapil Rajyaguru
Regulator should not stand in the way of innovations, CEA Anantha Nageswaran on crypto, online gaming and more.
Chief Economic Advisor (CEA) V. Anantha Nageswaran has called for greater self-accountability among regulators, urging them to strike a balance between fostering innovation and addressing social costs. Speaking at the 2024 Global Economic Policy Forum, organised by the Ministry of Finance and Confederation of Indian Industry (CII), Nageswaran emphasised the importance of regulatory transparency and responsibility in sectors like cryptocurrency, online gaming, and emerging technologies.
He underscored the importance of defining clear criteria for regulators to avoid stifling innovation while ensuring that economic activities align with societal goals.
Nageswaran highlighted that regulators should adhere to the same principles of transparency and accountability expected from the entities they oversee.
Martial Law Disrupts South Korea’s Crypto Progress to a Standstill.
South Korea’s cryptocurrency sector is facing challenges due to martial law, which has paused crypto-related legislation until mid-2025. However, key developments include a delay in the 22% crypto profit tax to 2027 and a sharp 30% drop in Bitcoin prices on Upbit. The lack of progress on laws like ICOs and crypto securities is causing concerns, with businesses fearing investment losses in other nations. While the Financial Services Commission has introduced basic corporate crypto account rules, broader issues remain unresolved, risking South Korea’s global competitiveness.
Riot Becomes 2nd Largest Bitcoin Miner, Buying 705 BTC.
Bitcoin recently hit an all-time high of over $103k, prompting Riot Blockchain to purchase $68.45 million worth of it, making it the second-largest miner with $1 billion in holdings. Firms such as MicroStrategy, leading institutional interest, have propelled the crypto market beyond $3.2 trillion. Mining profits have surged post-halving, with firms upgrading infrastructure to meet rising hashrate demands. Analysts predict Bitcoin may exceed $150k, driven by favorable regulations and market expansion.
Solana Funding Rate Falls 81% as Participation Hits December Lows.
Solana (SOL) is experiencing significant volatility, with its price dropping to a multi-week low and investor confidence waning. Funding rates have plummeted by 81% in 48 hours, reflecting a shift toward bearish sentiment as traders hedge against further declines. User engagement has also dropped, with active addresses hitting their lowest in December, raising concerns about reduced liquidity and adoption. Currently trading at $219, Solana faces a critical resistance level at $221.
Circle and Binance Partner to Expand USDC and Crypto Adoption Globally.
Circle Internet Group and Binance have announced a strategic partnership to accelerate global adoption of USDC and other digital assets. Revealed during Abu Dhabi Finance Week, the partnership integrates USDC into Binance’s offerings, including trading, savings, and payments, while Binance adopts USDC for its corporate treasury.
Circle will provide advanced technology and liquidity tools to enhance user experiences, and the collaboration aims to develop new products to embed stablecoins into everyday finance. Leaders from both companies emphasized shared goals of innovation and expanding crypto’s accessibility worldwide.
Japanese Crypto Exchange Coincheck to Make Public Debut on Nasdaq Today.
Coincheck’s Dutch parent company has listed its shares on Nasdaq under the ticker ‘CNCK’ following a $1.3 billion merger with Thunder Bridge Capital. Japan’s Monex Group, controlling the Amsterdam-based holding company, also listed warrants under ‘CNCKW.’ This marks a significant milestone for Coincheck, which Monex acquired in 2018 after a major crypto theft.
The reverse merger generated $31.6 million in gross proceeds and highlights Coincheck’s integration of Japanese business strengths with U.S. capital markets. This listing follows similar moves by other crypto firms, such as Coinbase in 2021 and Bakkt in 2022, while eToro is reportedly planning an IPO for 2025.
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