By Shikha Singh
Australia Proposes New Crypto Regulation Structure, Plans to Integrate Digital Assets Into the Economy
The Australian Government announced an ambitious whole-of-government approach to regulating and integrating digital assets into the broader economy, inspired by work done in the European Union (EU) and Singapore. In a white paper published by the Australian Treasury, the country’s government says it will embrace tokenization, real-world assets (RWAs), and central bank digital currencies (CBDCs) as part of a broader push to modernize its financial system. The government says that the Australian Treasury, the Australian Securities and Investment Commission, as well as the Reserve Bank of Australia are planning to launch pilot trials that use tokenized money, including stablecoins, to settle transactions in wholesale tokenized markets.
Eric Trump Joins Metaplanet’s Strategic Board Of Advisers
Bitcoin-stacking firm Metaplanet has appointed US President Donald Trump’s son Eric to its newly established strategic board of advisers to further Metaplanet’s mission to become a “global leader in the Bitcoin economy.” The move is part of Metaplanet’s plan to establish a board of influential voices, speakers, and thought leaders around the world who are committed to furthering Bitcoin adoption. The Japan-based investment firm set a target to accumulate at least 10,000 Bitcoin before the end of 2025.
Canary Capital Files For PENGU ETF
Asset manager Canary Capital has filed to list an exchange-traded fund (ETF) holding Pengu (PENGU), the governance token of the Pudgy Penguins non-fungible token (NFT) project, US regulatory filings show. The ETF is the latest in a slew of filings for new US investment products tied to spot cryptocurrencies, including altcoins and memecoins. According to the filing, the ETF is intended to hold spot PENGU as well as various Pudgy Penguins NFTs. It would be the first US ETF to hold NFTs if approved.
Venture Capital Firms Invest $400mn In TON Blockchain
The Open Network Foundation, also known as TON Foundation, said several venture capital firms invested more than $400 million in the TON blockchain, signaling growing interest in the Telegram messaging ecosystem. Sequoia Capital, Ribbit, Benchmark, Draper Associates, Kingsway, Vy Capital, Libertus Capital, CoinFund, SkyBridge, Hypersphere, and Karatage participated in the investment by purchasing Toncoin, the native cryptocurrency of The Open Network. TON Foundation described the token purchases as strategic partnerships that will help expand the TON ecosystem, though no further details were provided.
Pump.fun Launches Own DEX, Drops Raydium
Pump.fun has launched a new decentralized exchange (DEX) called PumpSwap, which could potentially replace Raydium as the primary platform for trading Solana-based memecoins. Starting March 20, memecoins that successfully bootstrap liquidity on Pump.fun will migrate directly to PumpSwap, a feature designed to eliminate friction from token migrations, which previously occurred on Raydium. PumpSwap operates similarly to Raydium V4 and Uniswap V2 and aims to make trading smoother and more accessible. The launch comes after Raydium announced plans to launch its own memecoin launchpad, “LaunchLab,” creating increased competition in Solana’s decentralized finance (DeFi) ecosystem. Pump.fun is also adopting revenue sharing with memecoin creators, a feature from competitor GoFundMeme, which could help incentivize higher-quality token launches.
Clearinghouse Backs Ethereum Token Standard For US Securities
The Depository Trust & Clearing Corporation (DTCC), the US’s primary clearinghouse for securities transactions, has committed to promoting Ethereum’s ERC-3643 standard for permissioned securities tokens. By joining the Ethereum’s standard Association, DTCC aims to help advance the adoption of this token standard, which could play a significant role in the US’s tokenized security ecosystem. ERC-3643, a standard for permissioned Ethereum tokens, uses smart contracts and a decentralized identity protocol to ensure that only qualified users can hold tokens.
Trump’s Crypto Czar Meets UAE’s National Security Adviser On Crypto, AI
David Sacks, the White House’s crypto and AI czar, recently met with UAE officials, including Sheikh Tahnoon Bin Zayed Al Nahyan, the UAE’s national security adviser, to discuss emerging technologies, digital currencies, and investment opportunities at their intersection. He also met with senior US officials, including Commerce Secretary Howard Lutnick and Treasury Secretary Scott Bessent, and tech leaders like Larry Ellison, Larry Fink, Satya Nadella, and Jensen Huang to discuss AI and digital currencies. Tahnoon chairs the investment firm MGX, which plans to invest $7 billion in a massive AI data center project across the US, part of a broader $1.5 trillion empire. He also seeks easier access to computer chips after US export restrictions. MGX recently invested $2 billion in Binance.
South Korea Eyes KuCoin, BitMEX in Crypto Exchange Crackdown
South Korean authorities are investigating several crypto exchanges for allegedly operating without proper registration under the country’s financial regulations. The Financial Intelligence Unit (FIU) of the Financial Services Commission (FSC) is considering sanctions, including blocking access to exchanges that have failed to report as virtual asset service providers (VASPs), as required by the Specified Financial Information Act. Exchanges under scrutiny include BitMEX, KuCoin, CoinW, Bitunix, and KCEX, which reportedly marketed and supported Korean customers without complying with regulatory requirements. If these exchanges do not adhere to the rules, they could face criminal penalties and administrative sanctions.
Ether on Exchanges Falls To Near-Decade Low
Ether’s supply on crypto exchanges has dropped to its lowest level since November 2015, with only 8.97 million ETH remaining on exchanges. This represents a 16.4% decrease in supply since January, indicating that investors are moving ETH into cold storage for long-term holding. Analysts suggest that such a significant reduction in supply could lead to a “supply shock,” potentially triggering a price surge if demand remains strong or increases.
LG to Shut Down NFT Platform, Joining Wave Of Closures In The Sector
LG will shut down its NFT platform, LG Art Lab, after three years of operation. Launched in September 2022, the platform allowed users to trade NFTs and display digital art on LG’s smart TVs, collaborating with artists like Barry X Ball. The platform will return NFTs to users’ wallets by the end of April, with full closure expected by June 17. LG’s decision reflects a broader trend of NFT platforms closing due to the market’s decline. Other companies like Kraken and Nike’s RTFKT have also shut down their NFT-related projects. The NFT market, which saw rapid growth during the pandemic, has since experienced a significant downturn, with weekly trading volumes now under $100 million, compared to a peak of $3.24 billion in August 2021.
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