Crypto.com Scoops Australian Firm to Broaden Financial Products in Local Market.
Crypto.com has acquired Fintek Securities, an Australian brokerage regulated by ASIC, to expand its presence in Australia.
The deal gives Crypto.com access to Fintek’s Australian Financial Services Licence, enabling it to offer a range of financial products, including derivatives and securities, to local users.
This acquisition reflects a broader trend in the crypto industry of companies bypassing the lengthy licensing process through mergers and acquisitions.
Despite limited crypto regulation in Australia, Crypto.com is working closely with regulators to navigate the evolving landscape.
Bengal Man Arrested in Rs 2,000 Crore Crypto Heist on WazirX.
Delhi Police arrested SK Masud Alam for his role in a cyberattack on cryptocurrency exchange WazirX, resulting in a loss of Rs 2,000 crore ($230 million). Alam created a fake account that was sold to another individual, who used it to breach WazirX’s wallets. The attack targeted both hot and cold wallets, with no evidence of unauthorized system access.
WazirX cooperated with the investigation, providing KYC details and transaction logs. The attack led to a 45% loss of their holdings. Liminal Custody, the firm responsible for securing WazirX’s wallets, clarified its cooperation with authorities and continued compliance with legal data-sharing frameworks.
Bhutan’s Bitcoin Asset Value Crosses $1 bn.
Bhutan recently sold 367 Bitcoin for about $33.5 mn, following a previous sale of nearly $100 mn. The country, with 12,206 BTC worth $1.11 bn, is one of the largest government Bitcoin holders. Bhutan mines Bitcoin using green hydropower and plans to expand its mining capacity to 600 megawatts by 2025 in partnership with Bitdeer.
Despite a significant decline in reserves, Bhutan continues investing heavily in crypto mining, with $539 mn spent on mining infrastructure as part of its strategy to diversify the economy and boost digital transformation.
Russian Govt Approves Changes To Bill On Taxation Of Cryptocurrency Transactions.
The Russian government has approved draft amendments to the taxation bill for digital currencies. Under the new rules, digital currency will be treated as property for tax purposes. Income from mining will be taxed based on its market value, with allowable deductions for mining-related expenses.
Transactions involving digital currencies will be exempt from value-added tax (VAT), and income from crypto transactions will be taxed similarly to securities, with a maximum personal income tax rate of 15%.
Mining infrastructure operators will be required to report information about miners to tax authorities. The changes aim to balance business interests with state goals.
Spot Bitcoin ETFs Now Hold Over 5% of Total BTC Supply.
Spot Bitcoin ETFs are increasingly shaping the crypto market, now holding 5.33% of the total mined Bitcoin supply, up from 3.15% in January. This rise reflects a growing demand for physically-backed Bitcoin ETFs, with a significant correlation between ETF accumulation and Bitcoin price increases. For example, Bitcoin’s price surged to record highs in March and November, coinciding with large ETF inflows.
BlackRock’s iShares Bitcoin Trust (IBIT) leads the market, with over $40 billion in assets and substantial inflows. The adoption of Bitcoin ETFs is driven by supportive regulatory changes, such as approvals from the SEC and CFTC, and growing institutional interest. This regulatory backing has enhanced trust in the market, driving capital into Bitcoin ETFs.
BlackRock Secures License in Abu Dhabi.
BlackRock has secured a commercial license in Abu Dhabi, focusing initially on expanding its private markets and artificial intelligence (AI) infrastructure.
This aligns with the UAE’s broader investment strategy to become a global leader in AI, with other major companies like Microsoft also investing heavily in the region’s AI sector.
While BlackRock’s current focus does not include digital assets, its entry into the UAE’s crypto-friendly market has raised speculation about future involvement in cryptocurrency initiatives.
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