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Roman Storm to File Post-Trial Motions by Sept. 30; Retrial Scope at Stake
The legal parties involved in Roman Storm’s landmark case have decided on next steps following the Tornado Cash developer’s partial mistrial, an August 11 court filing shows. Roman Storm Case Formalizes Upcoming Schedule According to a court document filed on Monday , both federal prosecutors and Storm’s defense team have formalized the case’s upcoming schedule after the jury in the Tornado Cash co-founder’s trial delivered a mixed verdict last week. The defense is slated to file post-trial motions by September 30, while oppositions to those motions will be due by October 31. Replies to any opposition will be due on November 19. “The parties have since conferred, and the defendant has informed the Government that he intends to file post-trial motions that could affect the scope of a retrial on Count One and Count Three, and that the post-trial motions may also seek a retrial on Count Two,” the filing reads. Tornado Cash Developer Drums Up Donations Amid Legal Saga News of the case’s official schedule comes as Storm continues to receive contributions for his legal defense fund. According to the Free Roman Storm website , the DeFi developer has raised $5.3 million out of a $7 million goal. Most recently, a formerly detained Argentinian blockchain deve loper’s intern donated to Storm’s cause. Hey Fede, thank you so much for doing this I’m honestly shocked by your generosity. Hopefully all the misinformation can be cleared up among the misinformed foreign authorities. Truly grateful. https://t.co/ITLRF303vJ — Roman Storm (@rstormsf) August 12, 2025 “Roman’s legal defense matters because builders everywhere need to know they can push innovation forward and that the community will stand behind them when they do,” Fede’s intern said in a Monday night X post. “When we stop defending our innovators, we stop building the future,” he added. Storm was found guilty of operating an unlicensed money transmitting business in Manhattan federal court on August 7. However, the jury was unable to reach a consensus on the charges of conspiracy to commit money laundering and sanctions violations. It is still unclear if the U.S. government will try the crypto developer again on the hung jury charges. The post Roman Storm to File Post-Trial Motions by Sept. 30; Retrial Scope at Stake appeared first on Cryptonews .

cryptonews 2025-08-13 00:48
Belarusian central bank drafts rules permitting crypto payments
Bitcoin has just become a “very important topic” in Belarus, as its powerful leader is now calling for regulations that will facilitate cryptocurrency payments. The monetary authority in Minsk is ready with the necessary changes to produce “breakthroughs” in utilizing cryptocurrencies, including for payments under sanctions. Belarus aims for ‘crypto breakthroughs’ The National Bank of the Republic of Belarus (NBRB) has drafted legislative amendments that will allow the country to secure “breakthrough results in the usage of cryptocurrencies,” the official BelTA news agency reported, quoting its governor. Roman Golovchenko, chairman of the bank’s board, made the announcement following a meeting with Belarusian President Alexander Lukashenko on Tuesday, to whom he reported on the present state of the nation’s banking system. The central bank’s chief executive described the topic as “very important,” referring to the expanding domestic crypto market, currently represented mainly by exchanges registered as residents of the Belarus Hi-Tech Park (HTP). The latter is a special legal regime that provides preferential treatment to companies from various sectors in the IT sphere, including tax exemptions. It is governed by Decree No. 8 “On the Development of the Digital Economy,” which was signed by Lukashenko at the end of 2017. The document legalized crypto-related activities such as mining and trading, when it went into force the next spring, and opened the doors of the HTP to businesses dealing with digital assets. In a statement after the meeting with the Belarusian strongman, Golovchenko highlighted that the turnover on these platforms “grows rather confidently and demonstrates solid figures,” remarking: “Cryptocurrencies are here to stay. This is why it is necessary to very correctly and timely get ourselves integrated into this mainstream.” Golovchenko, who was recently appointed NBRB governor after serving as prime minister of Belarus, suggested the provisions of the presidential decree need an update as the application of cryptocurrencies and other digital financial assets has broadened since their adoption. He emphasized this is not just in terms of new regulation to prevent damages for the rest of the country’s economy, and elaborated: “We have certain proposals on how to achieve some breakthrough results from the point of view of engaging cryptocurrencies and digital financial assets as part of our financial policy.” The Belarusian head of state supported the central bank’s initiatives. They will be reviewed in detail at a dedicated conference in the near future, Roman Golovchenko unveiled. Lukashenko impatient on crypto payments During the meeting with his central bank governor, the Belarusian president specifically inquired about crypto regulations and suggested considering further measures regarding the cryptocurrency space. “Crypto market, cryptocurrency… What is it and how are we going to proceed?” Alexander Lukashenko was quoted by BelTA as asking Golovchenko. He also insisted: “How can we use it, especially now, to facilitate payments? There has been a lot of talk about this, yet Belarus’ cryptocurrency market remains underdeveloped. What will our next steps be?” Lukashenko then reminded that this had been discussed already with the National Bank’s previous chairman, Pavel Kallaur. “We raised this issue before. IT specialists approached us, saying we should take action in this direction. So, how will we proceed? This is important for me and for the country,” the longtime Belarusian leader stressed. Lukashenko’s statements come after Russia, of which Belarus is the closest political and military ally, introduced a special “experimental legal regime” for cryptocurrency transactions. The arrangement’s main purpose is to facilitate cross-border crypto payments for Russian companies amid heavy Western sanctions imposed over the invasion of Ukraine . These have severely restricted their access to global markets and traditional financial channels. Minsk, which now seems to be moving in the footsteps of Moscow, in terms of finding ways to utilize cryptos in foreign trade, has been the subject of similar international penalties for its involvement in the bitter conflict on Russia’s side. Get seen where it counts. Advertise in Cryptopolitan Research and reach crypto’s sharpest investors and builders.

Cryptopolitan 2025-08-12 23:10
Roman Storm Retrial Delayed After Court Grants Extension
Roman Storm Retrial Pushed to Late 2025 Roman Storm’s legal battle over his role as Tornado Cash co-founder will extend well into next year after a US court approved a procedural delay that could push any potential retrial to December 2025. Court Approves Extended Deadlines In a filing to the US District Court for the Southern District of New York on Monday, Judge Katherine Failla agreed to a schedule proposed by both Storm’s defense team and federal prosecutors. The new timeline moves key deadlines far beyond the 70-day retrial window that typically follows a verdict. According to the order, the court believes “the ends of justice” outweigh the need for a speedy trial, citing the defense’s need for adequate time to prepare post-trial motions. Background on the Charges On Aug. 6, a jury convicted Storm on one count of conspiracy to operate an unlicensed money business. Jurors were unable to reach a verdict on two other felony counts: conspiracy to commit money laundering and conspiracy to violate US sanctions. Prosecutors have not yet confirmed whether they will pursue a retrial on these charges. Storm, indicted in August 2023, has been free on bail since his arraignment. His sentencing for the single conviction has not yet been scheduled. Tornado Cash Developers Under Continued Scrutiny Storm is not the only Tornado Cash developer facing legal challenges. Co-founder Roman Semenov, indicted alongside Storm, remains at large. Another co-founder, Alexey Pertsev, was convicted of money laundering in the Netherlands in 2024 and sentenced to more than five years in prison, a verdict he is appealing.

BTC Pulse 2025-08-12 22:49
Do Kwon Pleads Guilty to Fraud, Faces Up to 12 Years in Prison
Do Kwon , co-founder of Terraform Labs, has admitted to committing two crimes in the United States .

BitDegree 2025-08-12 21:56
Kazakhstan Bitcoin ETF: Groundbreaking Launch Transforms Central Asian Crypto Access
BitcoinWorld Kazakhstan Bitcoin ETF: Groundbreaking Launch Transforms Central Asian Crypto Access The cryptocurrency world is buzzing with significant news from Central Asia! Kazakhstan has officially launched the region’s very first Kazakhstan Bitcoin ETF (Exchange-Traded Fund). This groundbreaking development marks a pivotal moment, expanding regulated access to Bitcoin (BTC) for investors in a new and exciting way. This move, reported by The Bitcoin Historian on X, signals a growing maturity in the global crypto landscape and opens new avenues for crypto investment in a previously less-explored market. What Does the Kazakhstan Bitcoin ETF Mean for the Region? An ETF, or Exchange-Traded Fund, is an investment vehicle that holds assets like Bitcoin and trades on traditional stock exchanges. For the average investor, this simplifies access to cryptocurrencies significantly. Instead of directly buying and storing Bitcoin, which can be complex, individuals can now invest in the Kazakhstan Bitcoin ETF through their brokerage accounts, just like buying shares of a company. Simplified Access: Investors gain exposure to Bitcoin’s price movements without needing to manage private keys or digital wallets. Regulatory Clarity: The ETF operates within a regulated framework, potentially offering more security and trust compared to unregulated crypto exchanges. Broader Participation: This launch could attract institutional investors and traditional financial players who might have previously hesitated due to regulatory uncertainties, boosting the entire Central Asia crypto market. This initiative truly expands regulated Bitcoin access , making it easier for a wider audience to participate in the digital asset economy. Why is This Bitcoin ETF Launch So Significant? The importance of Kazakhstan’s move extends beyond its borders. As the first of its kind in Central Asia, this Bitcoin ETF launch sets a precedent for other nations in the region and beyond. It highlights a growing acceptance of cryptocurrencies within established financial systems. Furthermore, it signifies: Institutional Confidence: The establishment of a regulated ETF suggests that financial authorities and institutions are becoming more confident in the stability and viability of Bitcoin as an asset class. Market Maturation: This development contributes to the overall maturation of the global cryptocurrency market, moving it closer to mainstream financial products. Economic Diversification: For Kazakhstan, embracing such innovative financial products can help diversify its economy and position it as a leader in digital finance within the region. This positive step forward could encourage further innovation and attract more crypto investment into Central Asia. Navigating the Future of Crypto Investment in Central Asia While the Kazakhstan Bitcoin ETF is a monumental step, it is important to understand that all investments carry risks. Investors should always conduct thorough research and understand the underlying asset before making decisions. Here are some actionable insights: Stay Informed: Keep an eye on regulatory developments in Kazakhstan and other Central Asian countries. Future regulations could impact the market dynamics. Understand the ETF Structure: Learn how the ETF tracks Bitcoin’s price and any associated management fees or expense ratios. Diversify: As with any investment, consider diversifying your portfolio rather than putting all your capital into a single asset or ETF. This helps manage risk. The expansion of regulated Bitcoin access through such vehicles offers exciting opportunities. It paves the way for a more integrated and accessible global financial system where digital assets play a significant role. In conclusion, the launch of Central Asia’s first Kazakhstan Bitcoin ETF is a landmark event. It not only provides simplified, regulated access to Bitcoin for investors in the region but also signals a broader global trend towards integrating cryptocurrencies into traditional finance. This bold move by Kazakhstan is poised to catalyze further innovation and foster greater confidence in the future of crypto investment across the globe, especially within the emerging markets of Central Asia. Frequently Asked Questions (FAQs) Q1: What is a Bitcoin ETF? A Bitcoin ETF (Exchange-Traded Fund) is an investment fund that holds Bitcoin and trades on traditional stock exchanges. It allows investors to gain exposure to Bitcoin’s price movements without directly owning or storing the cryptocurrency. Q2: Why is Kazakhstan’s Bitcoin ETF launch important? This launch is significant because it is Central Asia’s first regulated Bitcoin ETF, setting a precedent for the region. It expands regulated Bitcoin access, attracts institutional investors, and contributes to the overall maturation of the global crypto market. Q3: How does a Bitcoin ETF differ from buying Bitcoin directly? With a Bitcoin ETF, you invest through a traditional brokerage account, similar to stocks. You don’t manage private keys or digital wallets. Buying Bitcoin directly involves purchasing it from an exchange and managing its storage yourself. Q4: What are the benefits of investing in a regulated Bitcoin ETF? Benefits include simplified access, regulatory oversight which may offer more security, and the potential to attract a wider range of investors, including institutions, thereby boosting market liquidity. Q5: Are there risks associated with the Kazakhstan Bitcoin ETF? Yes, like all investments, Bitcoin ETFs carry risks. These include market volatility of Bitcoin, potential regulatory changes, and tracking errors between the ETF’s price and Bitcoin’s spot price. Investors should conduct their own due diligence. If you found this article insightful, consider sharing it with your network! Help us spread the word about the exciting developments in the world of cryptocurrency and blockchain technology. To learn more about the latest crypto market trends, explore our article on key developments shaping Bitcoin institutional adoption. This post Kazakhstan Bitcoin ETF: Groundbreaking Launch Transforms Central Asian Crypto Access first appeared on BitcoinWorld and is written by Editorial Team

Bitcoin World 2025-08-12 18:15
Wisconsin Democrats scale up scrutiny on crypto ATMs with new bills
Wisconsin Democrats introduced companion Senate Bill 386 weeks after filing Assembly Bill 384 to tighten regulations on crypto kiosks amid rising scam-related losses. The proposals require crypto kiosks and ATMs to have money transmission licenses, imposing additional regulations on current laws under the Department of Financial Institutions’ Division of Banking. The proposals also require retail crypto spots to have strict KYC verifications and a daily transaction cap of $1,000 per customer. Fees will be capped at 3% or $5 of the amount transacted. The bills also required crypto kiosks and ATMs to display “Fraud Alert” warnings about scammers posing as loved ones, charities, or government representatives. The Democratic lawmakers believe crypto terminals around most of the country’s grocery stores and gas stations need urgent control. Data from Coin ATM Radar showed that Wisconsin alone has nearly 582 Bitcoin ATMs . The lawmakers said they were responding to a nationwide increase in fraud that cost victims almost $247 million in 2024. The proposals require refunds for scams reported within 30 days to be made available to the victims and allow law enforcement to track money, as in traditional banking. Roys warns ‘exciting’ emerging tech invites scams State Sen. Roys warned that although emerging tech could be “exciting,” it also invited scams or fraud. She hopes her fellow Senate members will “do something” about these rising crypto fraud cases this session. Roys pointed out that many of these crypto kiosks resembling ATMs evade many regulations. The Senator added that States need to step up customer protection because crypto kiosk guardrails are less transparent or regulated than most people assume. She said she wants to see Wisconsin crypto consumers “protected too.” Sergeant Scott Goldberg, an investigator at the Wood County Sheriff’s Department, claimed that victims were losing between $2,000 and upwards of $60,000 at a time in scams. He said fraud complaints at crypto kiosks started two years ago. However, he was concerned that how often they happened was not as important as how much was lost at a time. “That’s the real concern. In Wood County, we’re probably an average-sized county in the state population-wise, so I can’t imagine what it is like down in Dane County or Milwaukee County, where the mass populations are, or in the Fox Valley, where there’s just a lot more people.” – Sgt. Scott Goldberg , Investigator at the Wood County Sheriff’s Department Goldberg complained that scams are taking place everywhere, but law enforcement is “handcuffed” to the extent to which it can help with such scams. However, he warned that consumers should be vigilant. People should pause, stop, and physically call banks and law enforcement agencies when they run into suspected fraud. Kumar says bills help build public trust Dileep Kumar, Director at Digital South Trust, said the bills aimed to build public trust, albeit limiting high-value trades. Kumar also noted that the bills could reduce anonymity but pave the way for safer and more credible crypto adoption in daily transactions. Roys claimed that everyone wanted to spend their money however they chose without fear of losing it all to fraudsters. The co-founder of the Giottus crypto exchange, Arjun Vijay, pointed out that physical kiosks without strong KYC protocols are implicated in illicit activities and money laundering. Wisconsin lawmakers emphasized they are proposing an anti-fraud bill, not an anti-crypto bill. The bills propose that kiosk operators collect and verify every individual’s full legal name, date of birth, telephone number, residence address, and email. The operators must also obtain a copy of an individual’s government-issued ID, passport, or driver’s license. Cryptopolitan Academy: Tired of market swings? Learn how DeFi can help you build steady passive income. Register Now

Cryptopolitan 2025-08-12 14:00
Wisconsin Targets Crypto Kiosk Scams With New Senate, Assembly Bills
Wisconsin legislators are taking new steps to address scams linked to cryptocurrency kiosks .

BitDegree 2025-08-12 13:37
Wisconsin lawmakers unveil second crypto ATM bill to curb fraud
Wisconsin legislators have introduced a bill to bring crypto ATMs under state licensing and impose strict consumer safeguards, as these machines continue to draw legal scrutiny within the United States for their role in crime. Led by Senator Kelda Roys with support from six other lawmakers, Senate Bill 386 mirrors a companion measure that was already filed in the State Assembly last month. Across both SB 386 and the Assembly Bill 384, filed by Rep. Ryan Spaude (D-Wis.), lawmakers want to place cryptocurrency kiosk operators under the state’s money transmitter licensing system and add new layers of oversight for machines scattered across convenience stores, gas stations, and other retail spaces. Crypto ATMs are accessories in crime Wisconsin lawmakers have fast-tracked the measures in response to an uptick in fraud cases where bad actors have used crypto ATMs as a tool to dupe victims. The Treasury Department’s Financial Crimes Enforcement Network recently released a report highlighting that the number of crypto ATM related fraud complaints jumped 99% in 2024. Over $247 million was reportedly lost to these incidents, marking a 31% hike. Supporters of the measure argue that the largely unregulated nature of these terminals makes them a soft target for scammers, often preying on elderly residents and vulnerable communities. As such, regulators have proposed a framework that they believe would keep the more than 500 Bitcoin ATMs currently active within the state in check. How will Wisconsin regulate crypto ATMs? Under the proposed framework, any operator of a virtual currency kiosk in Wisconsin would need to obtain a state money transmitter license. Every kiosk would be required to display a prominent “Fraud Alert” both on its physical casing and electronically on the transaction screen. The warning, printed in at least 20-point type, would outline common scam tactics—such as impersonating loved ones, government agencies, or law enforcement—and warn users not to proceed if instructed to send virtual currency by someone they do not know. Every customer would have to acknowledge the warning before they would be able to transact. As an added layer of protection, first-time users will be required to submit their full legal name, date of birth, address, phone number, and email, along with a government-issued photo ID. For all other subsequent transactions, customers would be required to verify their identities, and a photo of the customer would be taken at the kiosk. Transaction limits and refunds Another key protection measure is a daily transaction limit of $1,000 per customer. For operators, the bill requires that fees be capped at the greater of $5 or 3% of the transaction amount. SB 386 also mandates a refund obligation, wherein victims of fraud would have a chance of recovering any lost cryptocurrencies if they notify both the operator and law enforcement within 30 days of the incident. No tolerance policy in the US As of August 12, at least five US states have introduced similar rules, with some even going as far as placing outright bans on crypto ATMs. In June, Spokane, Washington, became the first city in the state to outlaw the machines entirely. Operators were given 60 days to pull out more than 40 kiosks after police linked them to a surge in scams, many of which funnelled money overseas. Similarly, Grosse Pointe Farms , a small town in Michigan, which doesn’t even host any cryptocurrency ATMs, revealed plans to enforce strict mandates for ATM operators last month. Nebraska chose tighter controls instead of a ban. Its Controllable Electronic Record Fraud Prevention Act requires licensing, sets a $2,000 daily limit for new users, caps fees at 18%, and forces operators to issue refunds to scam victims who file reports within 90 days. Meanwhile, North Dakota is weighing its own version of rules, with daily limits, fraud alerts, and blockchain analytics to keep suspicious activity in check. The post Wisconsin lawmakers unveil second crypto ATM bill to curb fraud appeared first on Invezz

Invezz 2025-08-12 12:42
Federico Carrone Out of Custody, Pledges $500,000 ETH for Roman Storm’s Defense
Federico Carrone , one of Ethereum's core developers, has confirmed he is back in Europe after spending 24 hours in custody in Turkey .

BitDegree 2025-08-12 12:03
New Filing Claims Fenwick & West Was Deeply Linked to FTX Fraud
Former users of the collapsed crypto exchange FTX are asking a court to let them update their lawsuit against Fenwick & West .

BitDegree 2025-08-12 11:50
Wisconsin Lawmakers Renew Push to Regulate Crypto Kiosks Amid $247M Fraud Losses
Wisconsin legislators are making a renewed push to rein in cryptocurrency kiosks, filing a second bill in two weeks aimed at curbing fraud tied to the machines. Key Takeaways: Wisconsin lawmakers have introduced twin bills to regulate the state’s 582 crypto kiosks. FinCEN reported a 99% surge in kiosk-related scams in 2024, with losses reaching $247 million. The proposals cap daily transactions at $1,000. Senate Bill 386 , introduced Monday by Sen. Kelda Roys and six colleagues, mirrors Assembly Bill 384, filed last month by Rep. Ryan Spaude and ten co-sponsors. Both measures target the 582 Bitcoin ATMs scattered across the state’s gas stations, grocery stores, and convenience shops. FinCEN Flags 99% Surge in Crypto Kiosk Scams, $247M in Losses The bills come as the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) warns of a sharp rise in crypto kiosk scams, with fraud complaints up 99% in 2024 and reported losses climbing 31% to nearly $247 million. Wisconsin’s proposals would place kiosk operators under the state’s money transmitter licensing system and impose strict consumer protections, including fraud alerts, transaction caps, and tighter identity checks. If passed, both bills would cap daily exchanges at $1,000 per customer and limit operator fees to $5 or 3% of the transaction amount. Machines would be required to display bold warnings, such as: “FRAUD ALERT! Criminals seek to defraud virtual currency customers by impersonating loved ones, government officials, law enforcement officers, or charities.” The legislation also mandates robust identity verification before any transaction, collecting a customer’s name, date of birth, address, phone number, and government-issued photo ID. Proponents say these measures, while reducing anonymity, are essential to building public trust. Wisconsin’s SB386 would force #Bitcoin ATMs to require full KYC, photo ID, and cap transactions at $1k. pic.twitter.com/JM2tydjE7i — TFTC (@TFTC21) August 11, 2025 “While crypto ATMs were developed as a natural extension of the crypto ecosystem… the absence of robust KYC protocols has made them vulnerable to money laundering and illicit activities,” said Arjun Vijay, founder of exchange Giottus. The bills go further by requiring refunds for fraud victims who notify authorities within 30 days, a move designed to protect elderly and vulnerable residents who have been prime targets in scams. Wisconsin’s efforts follow similar crackdowns abroad, including Australia’s transaction limits and New Zealand’s planned ban on crypto kiosks. In the US, Washington state’s Spokane city council recently voted to remove all kiosks after federal probes linked them to billions in fraud-related losses. Both bills are now before the Committee on Financial Institutions, with identification requirements slated to take effect 60 days after passage if approved. More Countries Clamp Down on Crypto ATMs Wisconsin’s move follows similar efforts abroad. In Australia, AUSTRAC recently introduced stricter rules for crypto ATM operators, including tighter cash limits and monitoring. Last month, the regulator refused to renew the registration of a local crypto ATM operator , Harro’s Empires. The agency placed operating conditions, including transaction limits, on them. In the US, Spokane, Washington, has banned crypto ATMs entirely , citing their use in scams targeting vulnerable residents. Lawmakers in the US Senate are also attempting to tighten laws on a state and local level, with one attempt led by Illinois Senator Dick Durbin. He has introduced the Crypto ATM Fraud Prevention Act, which would bring in legislative measures designed to protect the public, while attempting to limit inconvenience for law-abiding users. New users would be prevented from spending more than $2,000 a day at one of these machines, rising to $10,000 in a 14-day period. The post Wisconsin Lawmakers Renew Push to Regulate Crypto Kiosks Amid $247M Fraud Losses appeared first on Cryptonews .

cryptonews 2025-08-12 11:32
South Korean Investors Shift To Crypto-Related Stocks Amid Stablecoin Push – Report
South Korean retail investors have recently shifted their focus when investing in overseas stocks, moving from US big tech stocks to crypto-related equities amid growing global interest in the sector. South Korean Investors Turn To Crypto Stocks Over the past few months, South Korean individuals investing in overseas stocks have shifted from US big tech equities to crypto-linked stocks, recent data showed, with a focus on stablecoin-related companies. Citing data from the Korean Center for International Finance (KCIF), Yonhap News Agency reported that the percentage of crypto-linked equities in the top 50 net-bought stocks by local retail investors increased from 8.5% in January to 36.5% in June before dropping to 31.4% last month. Meanwhile, net purchases of the top seven US big tech stocks declined nearly 74% from a monthly average of $1.68 billion between January and April to $440 million in May, further dropping to $260 million in July. According to the report, South Korean investors became net sellers of overseas stocks in May and June but returned to net buying in July with $499 million in purchases. Nonetheless, the new momentum was considerably weaker compared to the $3.8 billion monthly average buying between January and April. “Since June, the domestic stock market has outperformed overseas markets, while the local currency has strengthened, prompting individual investors to withdraw their investments from foreign markets,” Yonhap News Agency noted, citing the KCIF report. On Monday, Bloomberg also highlighted that South Korean retail investors have flocked to BitMine Immersion Technologies over the past month, as investors “continue to be drawn to the kind of high-risk, high-reward opportunities on offer in crypto.” The news media outlet reported that local retail investors have poured $259 million into Bitmine stocks since the start of July. According to Korea Securities Depository data, this made the company the most purchased foreign security stock during that period. Notably, BitMine is a Bitcoin and Ethereum Network Company “with a focus on the accumulation of Crypto for long-term investment.” It recently became the largest ETH treasury in the world and the third-largest crypto treasury globally, with its holdings surpassing 1.15 million ETH, valued at $4.96 billion at current prices. Retail Shift Fueled By Stablecoin Momentum According to the KCIF report, the surge in crypto-related equities, and particularly stocks related to stablecoins, follows the passage of landmark crypto legislation in the US. President Donald Trump signed the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act into law last month, setting a framework for much-needed stablecoin regulation and innovation in the country. Amid the US push, stablecoins have also seen growing momentum in several jurisdictions, including South Korea. In June, a member of the Democratic Party of Korea (DPK) proposed a comprehensive legislation to establish a more structured regulatory framework for crypto assets in the country, which included a licensing system for stablecoin issuers. In July, South Korea’s ruling and opposition parties also proposed rival bills to establish a regulatory framework for digital assets pegged to the Korean Won (KRW) to advance the ongoing efforts to institutionalize the sector. As reported by Bitcoinist, the banking sector is preparing for the upcoming legislation, studying two legalization scenarios, as it remains unclear whether non-bank entities will be allowed to be stablecoin issuers. The financial institutions are also considering a business model in which banks establish a joint venture to collectively issue stablecoins, and have reportedly contacted various non-bank companies to prepare for the legalization and issuance of KRW-pegged digital assets.

Bitcoinist 2025-08-12 10:00

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