Kazakhstan’s National Bank will begin licensing crypto exchange services that allow the conversion of crypto to fiat, establishing their legal status under new national rules. Kazakhstan plans to bring crypto exchange operators under formal regulation, with the National Bank tasked with licensing those converting digital assets into fiat. Yerlan Ashykbekov, head of the National Bank’s payment systems department, said during a recent briefing that a new category of participants is being introduced under Kazakhstan’s jurisdiction — providers of cryptocurrency exchange services, operating under a license and supervised by the National Bank. He added that their functionality will include crypto-to-fiat exchange operations, and that the list of cryptocurrencies available for purchase or sale by such organizations will be established by the central bank. According to Ashykbekov, the new legislation will formally define the legal status of crypto exchange operators. He also noted that the National Bank will supervise platform operators responsible for issuing and circulating digital financial assets, including stablecoins. You might also like: Mastercard brings p2p aliases for crypto transfers in UAE, Kazakhstan: report Crypto exchanges operating within the Astana International Financial Centre will continue to be governed by a separate regulatory regime. However, officials aim to create links between AIFC crypto platforms and the new network of licensed crypto exchange providers. The move follows repeated calls from Kazakhstan President Kassym-Jomart Tokayev to legalize and expand the country’s crypto sector, urging regulators to develop a comprehensive legal framework for cryptocurrencies. At a government meeting in late January, Tokayev emphasized the urgency of creating infrastructure for the broader legal circulation of cryptocurrencies, noting that most users in Kazakhstan still operate in the “gray zone.” Read more: Kazakhstan proposes ’70/30′ model to fund energy upgrades through crypto mining
crypto.news 2025-05-22 14:34
The post Exclusive: India’s Digital Rupee Pilot Sets Benchmark for CBDC Rollouts, Says Polygon Labs Payments Head appeared first on Coinpedia Fintech News Central banks around the world are actively researching, testing, and piloting central bank digital currencies (CBDCs), with several countries already rolling out digital money for public use. However, despite growing interest, day-to-day adoption among citizens remains limited. CBDCs offer several clear advantages. They allow governments and central banks to implement monetary policies more efficiently, making processes like tax deductions and foreign investment regulations automatic. Additionally, CBDCs cut down on the costs and complexities of printing and managing physical cash. India, widely recognized for its digital payment success with UPI, is now eyeing its next milestone with programmable digital money. The country launched its Digital Rupee pilot in December 2022, and by early 2024, it had onboarded 1.3 million users and over 300,000 merchants. The pilot uses a token-based offline model and integrates smoothly with existing digital infrastructure like UPI and Aadhaar. Aishwary Gupta, Global Head of Payments at Polygon Labs has opened up about how different countries are learning from their CBDC experiments. “As of 2024, over 130 countries, representing 98% of global GDP, are exploring CBDCs,” Gupta said in an interview with Coinpedia. “But adoption is uneven. China’s e-CNY has over 260 million wallets and processed more than $250 billion, but its daily usage remains limited. Nigeria’s eNaira has struggled with adoption, mainly due to trust and utility gaps.” He added that India’s early success is thanks to its strong digital infrastructure and public-private collaboration. Gupta believes CBDCs must address real-world challenges like financial inclusion and remittances while preserving privacy to gain public trust. “Public-private partnerships, strong identity frameworks, and clear communication are key. Ultimately, trust in CBDCs is not built through issuance, but through design, transparency, and impact,” the expert said. The Bigger Debate: Control vs. Privacy While central banks maintain that CBDCs are meant to complement cash, not replace it, critics argue they could eventually tighten government control over monetary systems. As the world moves toward tokenized assets and decentralized technologies, concerns around privacy, surveillance, and financial freedom in a CBDC-driven economy continue to grow. The global CBDC experiment is still in its early stages, but the conversations around trust, privacy, and the role of central banks in a digital future are only getting louder.
coinpedia 2025-05-22 13:25
Key Takeaways: Pakistan will launch the Pakistan Digital Assets Authority to regulate crypto, DeFi, and tokenized platforms. The new body aims to attract global investment and support blockchain innovation across key sectors. With over 27 million users expected by 2025, Pakistan is positioning itself as a leading crypto market in the region. Pakistan is set to establish a new national authority to oversee its fast-growing crypto and blockchain ecosystem, marking a major policy shift after years of regulatory uncertainty. The Ministry of Finance has endorsed the creation of the Pakistan Digital Assets Authority (PDAA), which will act as the primary regulator for digital asset exchanges, wallets, custodians, tokenized platforms, stablecoins, and decentralized finance (DeFi) services. The announcement was made via a May 21 report by state broadcaster PTV. Pakistan Aims to Lead in Financial Innovation with New Digital Assets Authority Finance Minister Muhammad Aurangzeb described the move as a bid to not only catch up, but lead. “With the PDAA, we are creating a future-ready framework that protects consumers, invites global investment, and puts Pakistan at the forefront of financial innovation,” he said. The PDAA will also be responsible for tokenizing national assets and government debt, exploring regulated Bitcoin mining as a way to monetize surplus electricity, and supporting startups building blockchain-based infrastructure at scale. The initiative follows recommendations from the Cryptocurrency Council, a new advisory body launched in March, which lists former Binance CEO Changpeng Zhao as an advisor. “This is not just about crypto — it’s about rewriting our financial future, expanding access, and creating new export channels through tokenization, digital finance, and Web3 innovation,” Bilal Bin Saqib, head of the council, said. Pakistan has launched the Pakistan Digital Assets Authority (PDAA) to regulate its $25 billion informal crypto market and foster a secure digital asset ecosystem. #DigitalAssets #PDAA #Blockchain #Web3 #PakistanEconomy #CryptoRegulation pic.twitter.com/1SCX7Oh6fy — Startup Pakistan (@PakStartup) May 21, 2025 Pakistan’s regulatory stance has evolved rapidly. Just last year, officials had ruled out legalizing cryptocurrencies due to anti-money laundering concerns. But with Pakistan ranked ninth in Chainalysis’ 2024 global crypto adoption index, pressure has mounted to establish clear rules as local adoption surges. According to Statista, Pakistan’s crypto user base is projected to surpass 27 million by 2025, with market revenue expected to reach $1.6 billion. Trump-Backed WLFI Signs LOI with Pakistan Crypto Council Last month, World Liberty Financial (WLFI), a decentralized finance (DeFi) project endorsed by the Trump family, signed a Letter of Intent (LOI) with the Pakistan Crypto Council to promote blockchain adoption and DeFi growth across Pakistan. The agreement was formalized on April 26 during a high-level meeting between WLFI co-founders Zak Folkman, Zach Witkoff, and Chase Herro, alongside Pakistan’s Prime Minister and senior government officials. The partnership aims to accelerate blockchain innovation by establishing regulatory sandboxes to test blockchain-based financial solutions. Pakistan’s Finance Ministry is taking steps toward formal cryptocurrency regulation , which could significantly change the country’s historically cautious stance on digital assets. In a meeting with an international delegation focused on crypto investment and blockchain development, Aurangzeb emphasized the importance of exploring the sector’s potential rather than dismissing it outright. The delegation included notable figures such as Gentry Beach Jr., a key investor who has pledged $1 billion in funding to Pakistan, along with tech entrepreneur Nikita Goldsmith, blockchain consultant Alex Malkov, and Cosmic Wire CEO Jerad Finck. The post Pakistan to Launch Digital Assets Authority to Regulate Crypto and Blockchain appeared first on Cryptonews .
cryptonews 2025-05-22 13:19
Pakistan’s Ministry of Finance confirmed the creation of the Pakistan Digital Assets Authority to regulate the country’s blockchain and cryptocurrency sector. According to a May 21 report from state-owned broadcaster PTV, Finance Minister Muhammad Aurangzeb said the move is part of a broader push to modernise Pakistan’s financial system and position the country as a serious player in the digital economy. What is the Pakistan Digital Assets Authority? The Pakistan Digital Assets Authority (PDAA) is a newly approved regulatory body that will oversee the country’s blockchain-based financial infrastructure and digital asset ecosystem. Its mandate includes licensing, compliance, and innovation across platforms dealing with crypto and tokenized services . The PDAA will supervise entities such as cryptocurrency exchanges, custodians, digital wallets, stablecoins, and decentralised finance (DeFi) protocols, and is designed to streamline oversight under a single, agile framework tailored for digital finance. Beyond regulation, the authority is expected to play a key role in tokenizing national assets and government debt. Officials say this could open new channels for economic participation and transparency. The agency will also focus on monetising Pakistan’s surplus electricity through regulated Bitcoin mining. Regulators have already begun talks with various industry stakeholders to explore competitive energy pricing for the sector without subsidies. Among other duties, the PDAA will support Web3 startups and developers by providing legal clarity and an innovation-friendly environment. With over 60% of Pakistan’s population under 30, the country’s youth-driven tech-savvy talent is seen as a strategic advantage. According to Finance Minister Aurangzeb, the PDAA is central to Pakistan’s strategy, which seeks to balance innovation with consumer protection. “Pakistan must regulate not just to catch up — but to lead,” he said, adding that the goal is to invite global investment while ensuring FATF-compliant oversight. Pakistan softens crypto stance Under the previous administration, Pakistan took a hardline approach to crypto. In 2023, then Finance Minister Aisha Ghaus Pasha made it clear that the country had no intention of legalising digital assets, citing FATF concerns and the risks of regulatory evasion. Meanwhile, regulatory bodies like the State Bank of Pakistan reinforced that stance, repeatedly warning against crypto use and classifying assets like Bitcoin as illegal tender. But over time, that rigid stance began to soften , as grassroots-level adoption grew and policymakers started to explore the sector’s potential. By late 2024, the government proposed key amendments to the SBP Act to allow the central bank to issue digital currency and manage both physical and digital money. It was one of the first real signs that the country was preparing to embrace digital finance in a more structured way. That momentum continued into 2025 with the formation of the Pakistan Crypto Council (PCC), an advisory body launched under the Finance Division to guide policy on digital assets. The PDAA was among the key recommendations put forward by the council. Led by Web3 advocate Bilal Bin Saqib, the PCC has been vocal about the country’s potential to become a hub for blockchain innovation. Commenting on the recent development, Saqib said the effort goes beyond just crypto, framing it as a broader push to reshape Pakistan’s financial future by “expanding access, and creating new export channels through tokenization, digital finance and Web3 innovation.” The post Pakistan sets up Digital Assets Authority to oversee crypto regulation appeared first on Invezz
Invezz 2025-05-22 12:48
Pakistan has stepped up its cryptocurrency digital finance with the formation of a new authority to oversee the…
CryptoNewsZ 2025-05-22 12:48
The White House’s push for stablecoin regulation could trigger trillions of dollars in Treasury demand “practically overnight,” Trump advisor David Sacks says. David Sacks, President Donald Trump’s top advisor on crypto and artificial intelligence, said the administration expects the U.S. Senate to pass the GENIUS Act, a stablecoin regulation bill that he claims could drive massive new demand for U.S. Treasuries. In an interview with CNBC on Wednesday, Sacks said there are already over $200 billion in stablecoins, though currently unregulated, adding that providing legal clarity and a proper framework could create “trillions of dollars of demand for our Treasuries practically overnight, very quickly.” The bill, officially known as the Guiding and Establishing National Innovation for U.S. Stablecoins Act, cleared a key Senate hurdle this week when 66 senators voted to advance it, including 15 Democrats, giving the legislation enough support to avoid a filibuster. Sacks said the administration now has every expectation that the bill is going to pass, though he didn’t respond to a question about potential conflicts of interest involving Trump and his family’s crypto businesses. You might also like: With the Genius Act vote nearing final passage — who wins, and who loses? Critics have pointed to Trump’s financial ties to the crypto sector as the Trump family is backing World Liberty Financial, which recently launched a stablecoin called USD1. It’s backed by U.S. Treasuries and dollar deposits. Abu Dhabi’s MGX fund invested $2 billion in USD1 in Binance, a cryptocurrency exchange that admitted to violating U.S. anti-money laundering laws in a $4.3 billion plea agreement. The GENIUS Act would create a federal framework for stablecoin issuers and bring dollar-backed digital currencies under U.S. oversight. Sacks framed it as an economic opportunity, saying that stablecoins offer a “new, more efficient, cheaper, smoother payment system — new payment rails for the U.S. economy.” Still, the bill’s final passage could be delayed. A last-minute amendment from Sen. Josh Hawley that caps credit card late fees could create friction with banking groups. Read more: Hong Kong passes Stablecoins Bill to regulate fiat-backed stablecoins
crypto.news 2025-05-22 10:38
The Pakistani Ministry of Finance has announced a significant initiative to regulate digital assets in the country, unveiling plans for the establishment of the Pakistan Digital Assets Authority (PDAA). This dedicated body aims to oversee the blockchain-based financial infrastructure, ensuring compliance with Financial Action Task Force (FATF) standards while promoting economic inclusion and responsible adoption
Bitcoin.com 2025-05-22 10:30
Key Takeaways: Michigan introduced four new bills aimed at defining crypto policy and limiting federal control over digital assets. One bill would allow public pension funds to invest in Bitcoin through regulated exchange-traded products. Another bill proposes a state-level ban on supporting or promoting a U.S. central bank digital currency. Michigan lawmakers introduced four new crypto-focused bills on Wednesday, signaling a growing state-level push to define digital asset policy and limit federal influence over financial innovation. Rep. Bill Schuette (R-MI) introduced House Bill 4510 , which would authorize the state treasurer to invest retirement funds in cryptocurrencies, provided the assets averaged a market cap of at least $250 billion over the prior year. This effectively limits the scope to Bitcoin, which hit a record $111,000 this week. The bill mandates such investments be made through exchange-traded products managed by registered investment firms to ensure oversight. Another Bill Targets CBDCs A second bill, House Bill 4511 , sponsored by Rep. Bryan Posthumus (R-MI), targets federal efforts to roll out a central bank digital currency (CBDC). It proposes a ban on any state agency or department from supporting, testing, or promoting a U.S. CBDC. The legislation also seeks to shield digital asset holders from additional state-level restrictions or taxes. On the other side of the aisle, Rep. Mike McFall (D-MI) filed two companion bills—HB 4512 and HB 4513—focused on Bitcoin mining and environmental remediation. One bill outlines a “Bitcoin Program” that would grant private firms temporary rights to mine Bitcoin at abandoned oil or gas well sites, using leftover fuel. In return, companies would be responsible for site restoration. The accompanying bill offers state tax deductions for income generated through this type of mining activity. The program would be regulated by the Supervisor of Wells, who would oversee a public registry of eligible sites, conduct annual bidding rounds, and enforce restoration obligations. Michigan’s proposals add to a growing patchwork of crypto legislation emerging across the U.S. Earlier the same day, Texas lawmakers passed a bill to establish a state-run Bitcoin reserve. New Hampshire recently became the first state to authorize crypto and precious metal investments for public funds. Blackstone Makes First Crypto Move On May 20, Blackstone, the world’s largest alternative asset manager, made its first move into crypto markets , purchasing shares in BlackRock’s iShares Bitcoin Trust (IBIT), a spot Bitcoin exchange-traded fund. According to a filing with the U.S. Securities and Exchange Commission, Blackstone acquired 23,094 IBIT shares as of March 31, valued at approximately $1.08 million. Prior to that, shares of Indonesian fintech firm DigiAsia Corp surged by over 91% on May 19 , after the Nasdaq-listed company announced plans to raise $100 million to initiate Bitcoin purchases as part of a new treasury strategy. The Jakarta-based firm revealed that its board has approved the creation of a Bitcoin treasury reserve. DigiAsia says it intends to allocate up to 50% of its net profits toward acquiring Bitcoin, signaling a shift in how it plans to manage its capital amid growing corporate interest in digital assets. Notably, public companies continue to increase their exposure to Bitcoin, with Michael Saylor’s firm, Strategy, leading the charge. The Virginia-based company recently announced it would double its capital-raising efforts to $84 billion in order to acquire more Bitcoin. The post Michigan Lawmakers Introduce Four New Bills Targeting Crypto Regulation appeared first on Cryptonews .
cryptonews 2025-05-22 10:22
Jeremy Jordan-Jones , the founder of Amalgam Capital Ventures, has been charged with fraud after US authorities accused him of tricking investors into giving him over $1 million for a fake blockchain project .
BitDegree 2025-05-22 10:13
Crypto.com has secured a MiFID license via its acquisition of Allnew Investments Ltd., paving the way for broader financial services offerings, including securities and derivatives across Europe. Crypto.com Moves Deeper Into Regulated Financial Services With MiFID License Crypto.com has officially entered the European traditional finance arena after securing a MiFID (Markets in Financial Instruments Directive)
Bitcoin.com 2025-05-22 09:30
Worldcoin (WLD) has joined the ongoing crypto rally despite regulatory challenges that have hindered growth for the iris-scanning digital asset project. While Bitcoin explores historic highs above $110K, WLD exhibits a bullish structure, catalyzed by the latest sale of $135 million worth of tokens by World Foundation’s subsidiary World Assets. Notably, early supporters, including Bain Capital Crypto and a16z (Andreessen Horowitz), purchased the tokens. The announcement indicated that the funding will offer Worldcoin financial support to bolster its global expansion after its latest entry into the United States . Criptovaluta.it @CriptovalutaI · Follow . @Worldcoin raises 135M from Bain and Andreessen Horowitz 7:22 PM · May 21, 2025 20 Reply Copy link Read 1 reply Moreover, the latest move comes after previous investments from leading companies like Selini Capital, Artic Digital, and Miran Ventures, confirming impressive institutional appetite for Sam Altman’s project. Notably, Worldcoin remains in pursuit of its objective of introducing internet-verified biometric identification, a narrative that has attracted limitations in multiple jurisdictions. Recently, Kenyan regulators directed the AI project to suspend its operations in the country and delete the collected biometric data. Worldcoin’s biometric device, Orb, which scans irises to generate unique user IDs, has attracted controversy globally. Individuals can use the IDs to partake in the WLD ecosystem, verify their uniqueness, and access different online services. Despite setbacks from surveillance and privacy concerns, the AI project continues to onboard users. Worldcoin will use the latest funding to support biometric data collection and issue World IDs. WLD price outlook The alt jumped from the 24-hour low of $1.103 to $1.2536 (a 13.65% increase) hours after the funding news. WLD trades at $1.24 after brief corrections from its daily high, though still 11% up on its 24-hour timeframe. Its trading volume has increased by 92% within the past day, signaling renewed trader and investor interest in the altcoin. Chart by Coinmarketcap The bullish outlook suggests a positive reaction due to institutional backing and capital inflow. These elements could support Worldcoin’s long-term growth. Nevertheless, WLD should reclaim $1.30 to change its short-term outlook to bullish. A candlestick closing above this mark could support rallies to $3.30 before extending to $3.60. That would mean a 190% surge from current prices. Meanwhile, the $3.30 – $3.60 resistance will likely catalyze near-term pullbacks. That could print a “classic” head and shoulders formation, setting the grounds for bullish continuation. Nonetheless, intensified regulations could halt the projected uptrend. In the near term, the altcoin should stabilize above $1.30 for extended rallies. Broad market sentiments would be vital for shaping WLD’s trajectory in the upcoming sessions. Bitcoin trades at record highs, and analyst Ali Martinez anticipates continued upswings as the top crypto enters a price discovery phase. BTC bulls target the $116K mark to open the gates towards the $126K zone. Source: Ali on X That could propel the bellwether digital token to $136K and $148K, a 33% upswing from the current price of $111,475. The post Worldcoin price jumps as World Assets offloads $135M in WLD tokens to early backers appeared first on Invezz
Invezz 2025-05-22 08:29
Digital currencies traded in green on Thursday as Bitcoin traversed new all-time highs , trading at $110,601. While altcoins followed suit with significant gains on their daily price charts, the situation was different among SafeMoon holders. SFM painted its 24-hour chart red, losing more than 10% as the US federal jury found former SafeMoon CEO Braden Karony guilty on all three accounts: money laundering, wire fraud, and securities fraud. WF @WhaleFUD · Follow BREAKING:Former SafeMoon CEO Braden John Karony has been convicted on all three criminal charges brought against him. 11:23 PM · May 21, 2025 341 Reply Copy link Read 76 replies The token saw a sharp decline from $0.00002112 to $0.00001889 (a 10.56% dip) after the news. Notably, US regulators arrested SafeMoon executives in November 2023 for fraud charges. Ex-SafeMoon CEO guilty on all criminal charges A 12-day trial ended with the US jury convicting Braden Karony of conspiracies to commit money laundering, wire fraud, and securities fraud, facing up to a 45-year jail term. The prosecutor alleges that Karony and his co-conspirators misled innocent investors about their access to the liquidity pool and used the assets for personal gains. However, yesterday’s press release explained: As SafeMoon’s market capitalization grew to more than $8 billion, the defendant fraudulently diverted and misappropriated millions of dollars’ worth of liquidity from the SafeMoon liquidity pool for their personal benefit. Meanwhile, the perpetrators used the stolen funds to purchase luxury cars and invest in real estate. Misappropriation of investor funds saw the firm filing for bankruptcy in December 2023 . With the guilty conclusion, the judge also ruled that one residential home and the sale proceeds from another, worth around $2 million, should be surrendered. The court has warned fraudsters who victimize crypto investors and ruin investor trust in the digital assets industry. Such events have hindered the growth and stability of emerging technologies. Meanwhile, Karony’s conviction represents a key moment for the SafeMoon project, which experiences turbulence as fraud allegations tarnish the $8 billion empire. For SMF investors, the verdict has further deteriorated the already shaky confidence in SafeMoon’s future. While Karony stepped down as CEO before the trial, the guilty conviction adds to the controversies the project has witnessed since its remarkable performance in 2021. SFM’s price outlook The native token exhibited significant bearishness amidst the legal development. SFM decoupled from the ongoing broad-based rallies with a 10% dip in the past 24 hours. It hovers at $0.00001889, with increasing daily trading volumes signaling soaring selling activities. Chart by Coinamrketcap SafeMoon trades 83% below its 2025 high of $0.00011047, attained in early March. Technical indicators support SFM’s short-term bearish trajectory. For example, the MACD on the 4H chart displayed red histograms with a visible bearish crossover. Moreover, the Relative Strength Index of 38.56 suggests more declines before the alt hits the oversold territory. SafeMoon’s future remains uncertain. The organization hasn’t commented on the guilty conviction yet. Enthusiasts will watch how the team will try to rescue the project and regain investor trust. The post SFM price drops 10% after former SafeMoon CEO found guilty in fraud case appeared first on Invezz
Invezz 2025-05-22 07:54
Kazakhstan to allow crypto exchanges to deal with fiat
