By Shikha Singh
Bhutan’s City To Add Bitcoin, Ethereum & Binance To Strategic Reserves.
Bhutan’s Gelephu Mindfulness City (GMC) has integrated Bitcoin (BTC), Ethereum (ETH), and Binance Coin (BNB) into its strategic reserves, making it one of the first Special Administrative Regions (SARs) to adopt digital currencies officially. The high liquidity, large market caps, and secure blockchain networks of these assets led to their selection.
This decision aligns with GMC’s broader blockchain initiatives, including Bitcoin mining, and follows the enactment of the Application of Laws Act 2024,’ which provides a legal framework for digital asset regulation.
Chinese Crypto Mining Giant Taps Ethiopia’s Energy for New 51MW Facility.
BIT Mining, a Chinese Bitcoin mining company, is acquiring a 51-megawatt mining facility in Ethiopia for $14 million, leveraging the country’s low-cost electricity, which is 70% cheaper than Ohio.
The facility will house 18,000 mining machines and focus on recycling older, less profitable rigs from high-cost regions like Ohio, extending their usability and increasing profitability.
Judge Freezes SEC Lawsuit Against Coinbase Amid ‘Conflicting’ Crypto Rulings.
A federal judge has paused the SEC’s lawsuit against Coinbase, sending the case to the Second Circuit Court of Appeals to address whether cryptocurrencies fall under securities laws.
Judge Katherine Failla ruled the issue is legally novel, with conflicting court decisions nationwide.
The ruling challenges the SEC’s claim that most crypto assets are illegal under current laws and could dismiss key claims against Coinbase.
Legal experts see this as a turning point for digital asset regulation, as upcoming pro-crypto political shifts may further impact enforcement.
Top Portuguese Bank BiG Now Blocking Crypto Transfers, Cites AML Risks.
Portuguese bank BiG has announced it will restrict fiat transfers to crypto platforms, citing anti-money laundering (AML) and counter-terrorism financing (CTF) obligations.
The bank highlighted guidance from the European Central Bank, European Banking Authority, and Bank of Portugal as the basis for its decision.
BiG plans to conduct enhanced due diligence and monitor crypto-related transactions, refusing transfers when deemed necessary.
This move marks a shift in Portugal’s traditionally crypto-friendly stance, aligning with broader European regulatory trends.
South Korea’s FSC To Allow Corporate Investments in Crypto Assets.
South Korea’s Financial Services Commission (FSC) has proposed allowing corporate investments in crypto assets, signaling a major step for the country’s crypto market.
FSC Director Kwon Dae-young emphasized the need for global alignment on listing standards and rules for virtual asset exchanges.
Currently, restrictions limit corporate accounts from investing in virtual assets. The proposed changes would begin with non-profit corporations and later extend to broader regulations on virtual asset distribution and issuance.
Key plans include shareholder eligibility reviews, social credit requirements, and improved self-regulation, particularly for volatile tokens like meme coins.
The FSC also aims to relax stockholding limits, increasing them from 5% to 15%, and enhance data sharing within financial groups.
These measures could drive institutional adoption of crypto, increasing liquidity and fostering bullish sentiment, despite recent market downturns.
Hyperliquid Under Fire As Validators Expose Key Decentralization Flaws.
Hyperliquid (HYPE) token faced criticism over centralization and lack of transparency, leading to a 15% price drop in the last 24 hours amid market volatility.
Validators raised concerns about closed-source code, centralized APIs, and restricted participation. Kam, a crypto community figure, accused Hyperliquid of limiting validator competition and favoring testnet participants.
In response, Hyperliquid defended its validator selection process and announced plans to decentralize through a Foundation Delegation Program.
It also addressed concerns about API server restrictions and pledged to open-source its code once development stabilizes.
Despite the controversy, the HYPE token has gained 64% over the past month, though its price currently sits at $21.62.
Hyperliquid recently introduced a staking feature on its decentralized exchange, adding optimism about its long-term potential.
However, the project’s future hinges on addressing centralization concerns and delivering on its promises for transparency and inclusivity.
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