News linked to both this project and an event.
According to The Block, South Korea’s National Assembly has passed an amendment to the Foreign Exchange Transaction Act, requiring enterprises engaged in cross-border inflows and outflows of crypto assets to register with the Minister of Economy and Finance to strengthen systematic oversight of cross-border crypto asset flows. The amendment introduces a new definition of “virtual asset transfer business,” covering activities involving the transfer of crypto assets between South Korea and overseas jurisdictions through buying, selling, or exchanging—such as those conducted by cryptocurrency exchanges and digital asset custodians. Separately, it is reported that South Korea’s Financial Services Commission plans to extend the Travel Rule to all crypto transactions; South Korea also intends to impose a 22% tax on crypto asset gains exceeding 2.5 million KRW starting January 2027.
According to The Block, BNY announced the expansion of its crypto custody business into the Abu Dhabi Global Market (ADGM) in the UAE through partnerships with Finstreet and the ADI Foundation, offering institutional clients crypto-asset custody services. Initially, the service will support custody for BTC and ETH. The three parties will subsequently explore extending these services to the ADI Foundation’s underlying blockchain infrastructure and gradually expand to stablecoins, tokenized real-world assets, and other regulated digital instruments.
According to The Block, South Korean cryptocurrency exchange Bithumb announced it has signed a memorandum of understanding (MOU) with SSI Digital (SSID), the blockchain subsidiary of Vietnam’s largest securities firm, SSI. Under the MOU, the two parties will jointly establish and operate a digital asset exchange in Vietnam, covering areas including wallet and custody systems, security risk management, regulatory compliance, and product development. The agreement was signed in March this year and officially announced today. Bithumb stated that, subject to approval by local regulatory authorities, it may make a strategic investment in SSID’s cryptocurrency exchange project.
According to The Block, Senator Kirsten Gillibrand stated clearly on Wednesday at the Consensus Miami conference that she would not support the Cryptocurrency Market Structure Act unless it includes an ethics provision. She emphasized that members of Congress, the President, the Vice President, and senior executive branch officials must not profit from the industry by virtue of their insider status, bluntly declaring, “Without this provision, corruption will destroy this industry.” Previously, before the presidential inauguration, both Donald Trump and his wife launched meme coins. Their family-led DeFi and stablecoin project, World Liberty Financial, has also sparked widespread controversy. Bloomberg estimates that Trump has already earned at least $1.4 billion from cryptocurrency-related businesses.
According to The Block, Kraken has launched CFTC-regulated crypto spot margin trading for U.S. retail users. Users can use their held crypto assets as collateral to trade with up to 10x leverage—without needing to first sell assets to obtain liquidity. This product is the first offering launched by Kraken’s parent company, Payward, following its acquisition of crypto derivatives platform Bitnomial and leveraging Bitnomial’s regulatory license. Payward previously stated that it plans to roll out regulated perpetual contracts and options products for U.S. users in the future.
According to The Block, cryptocurrency exchange Bullish announced on Tuesday that it will acquire global transfer agent Equiniti from private equity firm Siris for $4.2 billion, aiming to integrate its tokenization infrastructure with a compliant shareholder services company that processes $500 billion in payments annually.
Coinbase Australia has launched a dedicated support service for Self-Managed Super Funds (SMSF), providing Australian trustees with a compliant and secure digital asset investment solution to help incorporate crypto assets like Bitcoin into retirement portfolios.According to Coinbase's official blog, the service leverages its recently obtained Australian Financial Services License (AFSL) and local team capabilities, offering entity verification processes tailored to Australian fund structures, downloadable audit reports compliant with local accounting standards, and institutional-grade security measures.Data from the Australian Taxation Office shows there are currently over 653,000 SMSFs in Australia, managing assets worth A$1.05 trillion and serving more than 1.2 million members. Coinbase stated that SMSFs are among the few retirement structures globally that allow individuals to directly manage digital assets, becoming a key gateway for investors to include cryptocurrencies in their long-term retirement strategies. (The Block)
According to The Block, Coinbase Australia announced on Monday that it will support cryptocurrency investments for self-managed superannuation funds (SMSFs), providing trustees with a compliant channel for allocating crypto assets. The service offers downloadable data compliant with Australian Accounting Standards, as well as a streamlined entity verification process tailored to local fund structures.
According to The Block, on Monday, five major U.S. banking trade groups issued a statement regarding the latest compromise text of the U.S. Clarity Act, stating that the proposal “falls short of its intended goals.” This statement came just days after Senators Thom Tillis and Angela Alsobrooks finalized the compromise.
According to The Block, Payward, Kraken’s parent company, has announced the completion of its acquisition of Chicago-based crypto-native exchange Bitnomial, thereby obtaining a full suite of U.S. derivatives licenses from the Commodity Futures Trading Commission (CFTC), including Futures Commission Merchant (FCM), Designated Contract Market (DCM), and Derivatives Clearing Organization (DCO) licenses. Payward stated that it will first launch spot margin trading on Kraken, followed by perpetual contracts and options products, all available to eligible U.S. customers. This acquisition will also provide partners—including banks, brokers, and payment service providers—with a channel to offer U.S. derivatives to their end customers. Bitnomial will operate independently under Payward while retaining its existing licenses and regulatory framework. The transaction’s value is reported to be up to $550 million, comprising cash and stock, implying a valuation for Payward of approximately $20 billion; however, the final terms have not been disclosed.
Payward (Kraken’s parent company) has announced the completion of its acquisition of Bitnomial, marking its official entry into the U.S. crypto derivatives market with full regulatory credentials. Following the transaction, Payward now holds a comprehensive set of U.S. CFTC licenses, including Futures Commission Merchant (FCM), Designated Contract Market (DCM), and Derivatives Clearing Organization (DCO) status, enabling it to launch compliant derivatives services in the U.S. market.Payward stated that it will gradually roll out spot margin trading under the Kraken brand, followed by plans to launch perpetual contracts and options products, while expanding institutional-grade derivatives capabilities through the Bitnomial framework. It is reported that Bitnomial, as a Chicago-based native crypto derivatives trading platform, has long held the three core CFTC licenses and has been relatively aggressive in listing new assets. After the transaction, it will retain its existing licenses and regulatory framework, continuing operations within the Payward system.Additionally, this acquisition continues Payward’s recent expansion moves: the company had previously secured a $200 million investment from Deutsche Börse Group and filed IPO-related documents with the U.S. SEC, signaling its accelerated push into globally compliant derivatives and capital market pathways. (The Block)
BlackRock has submitted a comment letter to the Office of the Comptroller of the Currency (OCC), opposing the reserve asset restrictions proposed in its draft rules implementing the GENIUS Act. In the comment letter, the firm specifically targets the rules for "permitted payment stablecoin issuers," calling for no quantitative cap on tokenized reserve assets.BlackRock stated that the proposed restrictions are unrelated to regulatory objectives, and the risk of reserve assets should be determined by their credit quality, duration, and liquidity rather than whether they are held or transferred on a distributed ledger. This comment letter was submitted in response to multiple rule proposals from the OCC covering reserve composition, capital requirements, custody, and other related matters. (The Block)
U.S. lawmakers have reached an agreement on stablecoin yield provisions, a point of contention that had stalled the Clarity Act in the Senate for months. Senators Tom Tillis and Angela Alsobrooks have finalized the text of the related compromise. Section 404 of the agreement stipulates that crypto companies cannot offer interest or returns that are economically or functionally equivalent to bank deposits, but allows for incentives related to the use of genuine platforms.Coinbase CEO Brian Armstrong stated that the Senate Banking Committee should be urged to deliberate on the bill as soon as possible. This development could provide momentum for what has been a long-stalled review process. (The Block)
According to The Block, MoonPay has launched the stablecoin debit card “MoonAgents Card,” enabling AI agents and users to spend directly from on-chain wallets. The card is integrated with the Mastercard network and issued by Monavate, a regulated global payment platform.
this week, U.S. Democratic Senators Elizabeth Warren and Ron Wyden sent letters to Tether CEO Paolo Ardoino and U.S. Commerce Secretary Howard Lutnick, expressing concerns over a loan provided by Tether to a family trust fund benefiting Lutnick’s children.The letter notes that prior to becoming Commerce Secretary, Lutnick led Cantor Fitzgerald, which has served as the custodian for Tether’s reserves since 2021. The senators question whether the loan may have helped Lutnick’s children obtain funds to acquire their father’s stake in Cantor Fitzgerald, raising concerns about potential conflicts of interest or bribery. Additionally, the senators expressed concerns over Tether’s past compliance record and its lobbying activities during the legislative process of the GENIUS Act, emphasizing the need to ensure that politically connected crypto stakeholders do not receive special treatment. (The Block)
Bitcoin remained near $76,000 on Thursday. After the Federal Reserve held interest rates steady, market attention quickly shifted to internal policy divergence and macroeconomic uncertainty. Analysts noted that Bitcoin remains suppressed below the key resistance range of $78,000 to $79,000, lacking short-term breakout momentum.Thomas Perfumo, Chief Economist at Kraken, stated that the market is currently more focused on policy uncertainty stemming from internal "divisions" within the Federal Reserve rather than the inaction itself. This is particularly true against the backdrop of Chairman Jerome Powell's continued tenure and the potential expectation of Kevin Warsh succeeding him, creating a lack of clear policy transition.Glassnode data shows that Bitcoin remains "trapped" below the True Market Mean, with resistance concentrated in the $78,000 to $79,000 range and support lying between $65,000 and $70,000. While selling pressure has eased, demand remains insufficient to support a sustained upward breakout.On the macro front, the Fed has shown rare, severe internal disagreements, interpreted by the market as rising uncertainty over the inflation path. Analysts from institutions like Bitget Wallet and 21Shares point out that the expectation of "higher rates for longer" is suppressing risk asset performance, pushing the crypto market into a wait-and-see phase.Regarding capital flows, U.S. Bitcoin spot ETFs have recorded net outflows for three consecutive days, with a single-day outflow of approximately $138 million on April 29. Ethereum ETFs saw outflows of about $87.7 million over the same period. Although individual products still saw inflows, the overall trend indicates cooling institutional demand.Meanwhile, CME open interest and ETF assets under management have stabilized but have yet to show strong signals of capital return. In the derivatives market, short positions in perpetual contracts have reached an all-time high, suggesting a potential squeeze if sentiment improves. However, the current market remains dominated by a low-volatility, low-confidence consolidation structure.Overall, Bitcoin is caught in a tug-of-war between an improving support structure and weak demand. Sustained ETF outflows, policy uncertainty, and macroeconomic risks collectively suppress its ability to break through the key resistance range. (The Block)
According to The Block, Gemini’s Olympus division has officially received a Derivatives Clearing Organization (DCO) license from the U.S. Commodity Futures Trading Commission (CFTC), enabling it to serve as an internal clearing house for settlement, risk management, and collateral management—eliminating reliance on third-party clearing and potentially reducing operational costs. Combined with its previously obtained Designated Contract Market (DCM) license, Gemini now possesses full-stack, compliant capabilities across futures, options, perpetual contracts, and prediction markets. Gemini is currently pursuing a Futures Commission Merchant (FCM) license to complete its full suite of CFTC authorizations, positioning itself for direct competition with Kraken and Coinbase.
According to The Block, South Korean credit card company Shinhan Card has announced a partnership with the Solana Foundation to jointly advance a proof-of-concept project testing a real-world stablecoin-based payment system. The project aims to explore the feasibility of stablecoins in actual payment environments, leveraging the Solana network as the underlying infrastructure for transaction processing. Meanwhile, South Korea is actively advancing the legislative process for its Digital Asset Basic Act, a bill designed to establish a comprehensive and unified regulatory framework for the digital asset industry.
According to The Block, cryptocurrency venture capital firm Hashed has obtained a Financial Services Permission from the Abu Dhabi Global Market (ADGM). With this license, Hashed plans to collaborate with institutional investors in the Middle East within a regulated environment.
: Solana ecosystem multi-signature protocol Squads announced the completion of an $18 million strategic funding round, led by Solana Ventures, with participation from Coinbase Ventures, Haun Ventures, L1D, and others. Its total cumulative funding has now reached $42.9 million. According to reports, Squads' stablecoin payment platform Altitude allows enterprises to conduct 24/7 global payment settlements in stablecoins through self-custodial wallets, and connects to the global payment network via its compliance and risk control system. (The Block)