USDGlobal Crypto Rules Weekly Shows Nations Breaking From Dollar Dominance
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China and Russia Shift Energy Trades to Bitcoin, Signaling Move Away from U.S. Financial Systems
According to a recent VanEck report, China and Russia are utilizing Bitcoin for energy trade settlements, indicating a significant shift away from U.S.-led financial systems amidst escalating global trade tensions. Bolivia has joined this initiative, planning to import electricity via crypto payments, while French provider EDF considers Bitcoin mining with surplus electricity. Matthew Sigel of VanEck notes that interest in using Bitcoin for settlements is becoming more concrete. The evolving stance of the Federal Reserve, characterized by dovish interest rate expectations, may positively impact Bitcoin’s performance, particularly as dollar weakness is seen as a potential macro hedge. Bitcoin currently trades at $77,404.85 after recent highs near $85,000, with U.S.-listed spot Bitcoin ETPs showing net inflows of approximately $600 million this year. The report highlights the growing diversification of trade payment systems among countries seeking alternatives to the dollar-dominated framework.
Former Binance CEO CZ Joins Pakistan Crypto Council as Strategic Advisor
Changpeng ‘CZ’ Zhao, former CEO of Binance, has joined the Pakistan Crypto Council as a strategic advisor to enhance the country’s efforts in crypto infrastructure, education, and adoption. This appointment coincides with Pakistan’s initiative to develop its blockchain industry and attract international investments following the establishment of the Council in March 2025. CZ emphasized his non-political role, focusing solely on crypto regulatory frameworks. The Council’s CEO, Bilal Bin Saqib, reinforced Pakistan's ambition to lead in blockchain finance, citing global developments like the U.S. commitment to digital assets under President Trump. CZ's prior tenure at Binance ended in 2023 after he pleaded guilty to violating the Bank Secrecy Act, resulting in a prison sentence and a $50 million fine. Binance has been increasing its influence in South Asia, recently securing $2 billion from an Abu Dhabi firm, solidifying its market leadership with a significant share of global trading volume.
Dubai Links Real Estate Registry with Property Tokenization to Attract Global Investors
On April 6, 2025, the Dubai Land Department (DLD) and the Virtual Assets Regulatory Authority (VARA) signed an agreement to link Dubai’s real estate registry with property tokenization, enhancing digital asset adoption in the sector. This collaboration aims to improve digital infrastructure, increase market liquidity, and boost property management efficiency, all while supporting Dubai’s broader economic strategy to double its GDP in the next decade. The DLD has already piloted a project to convert real estate assets into blockchain-based digital tokens, making it the first real estate registration body in the UAE to tokenize property title deeds. This initiative is expected to drive over $16 billion in real estate investment by 2033. Scott Thiel, co-founder of Tokinvest, emphasized that this move signifies a transformative shift in real estate investment, positioning Dubai to attract a global pool of investors and signaling the onset of “Real Estate 2.0.”
Australia Shuts Down 95 Firms in $35.8M Pig Butchering Crypto Scam
On April 8, 2025, Australia’s regulators shut down 95 firms linked to a widespread “pig butchering” crypto scam that resulted in reported losses exceeding $35.8 million across 14 countries, including Australia, the US, and India. The Australian Securities and Investments Commission (ASIC) confirmed that these companies, many operating under false identities, deceived over 1,400 victims by using romance scams and fake trading platforms. A court found that only three of the companies held any assets, leading to recommendations for the deregistration of the remaining 92. ASIC has intensified its crackdown on financial fraud, dismantling about 130 scam websites weekly, with over 10,000 malicious sites taken down to date. Additionally, investigations into crypto ATM operators are underway due to suspicious transactions, reflecting the evolving tactics of scammers who increasingly utilize digital platforms for fraud.
Ukraine Proposes 18% Crypto Tax Amid Regulatory Overhaul
Ukraine is proposing a new tax regime for cryptocurrency, introducing an 18% personal income tax along with a 5% military levy on crypto earnings, although lower rates of 5% or 9% may apply in certain situations. The tax will cover activities such as mining, staking, and airdrops but will exempt crypto-to-crypto trades, aligning Ukraine with other crypto-friendly nations. Importantly, simply holding cryptocurrency will not incur taxes; taxes will only apply when crypto is converted to fiat currency or used for goods and services. Additionally, specific transactions may attract Value Added Tax (VAT). The proposal is currently under parliamentary review, with a decision expected soon, while a broader regulatory framework based on the European MiCA directive is anticipated by October 2025. This shift from a tax-free zone to a structured tax system could significantly reshape Ukraine's cryptocurrency landscape, impacting investment strategies.
Argentina Launches Investigation into President Milei's Alleged Role in LIBRA Token Crash
Argentina's Congress has initiated a bipartisan investigation into President Javier Milei’s involvement in the LIBRA token scandal, following the cryptocurrency's dramatic rise and subsequent 90% crash. The investigation was approved with 128 votes and will scrutinize Milei's promotional efforts that spurred LIBRA's market cap to $4.5 billion before it plummeted, resulting in over 75,000 investors losing more than $250 million. Experts have branded the event a “rug-pull,” indicating potential fraud, leading to lawsuits against Milei and others. High-ranking officials, including Economy Minister Luis Caputo, are set to testify, reflecting public outcry for accountability amid calls for stricter regulations on cryptocurrency endorsements by politicians. While opposition leaders advocate for these changes, Milei's supporters argue the probe is politically motivated. This scandal underscores the critical need for transparency and regulatory frameworks in the rapidly growing digital asset landscape, making it a pivotal moment for investors and policymakers alike.
South Korean Banks Push for Looser Crypto Partnership Rules to Enhance Collaboration
South Korean banking leaders, including heads from major banks like KB Kookmin and Woori, met with lawmakers to advocate for relaxed regulations on collaborations with cryptocurrency exchanges. They want to shift from the current model that restricts exchanges to partnerships with only one bank, arguing it limits consumer and institutional choices. Woori Bank's president emphasized that allowing multiple bank partnerships for each exchange could enhance systemic stability. Notably, K-Bank tripled its user base from 2.19 million to 6.6 million after partnering with Upbit. As regulations ease, banks are preparing for increased institutional interest in crypto.
Thailand Enforces Strict Regulations on Foreign P2P Crypto Platforms Amid Financial Crime Crackdown
Thailand is tightening regulations on unregulated foreign peer-to-peer (P2P) crypto platforms to combat online financial crime, following updates approved by the Cabinet to key emergency decrees. The Thai SEC announced that under the new laws, violators can face penalties of up to three years in prison and fines of up to 300,000 baht (approximately $8,700). These measures enable authorities to suspend suspicious transactions and mandate crypto asset service providers to report scam-related activities. The law holds not only crypto firms but also banks, telecom companies, and social media platforms accountable for damages linked to cybercrimes. This enforcement initiative follows recent police raids on five unlicensed crypto firms, leading to 11 arrests tied to a $29.3 million money laundering operation. Despite the crackdown, Thailand is also exploring cryptocurrency adoption, including Bitcoin ETFs and a blockchain-based trading platform for securities.
Japan Proposes Two-Tier Crypto Classification: Utility Tokens as Type 1, Bitcoin and Ethereum as Type 2
Japan's Services Agency (FSA) is advancing its crypto regulatory framework by proposing a classification system for digital assets, dividing them into Type 1 and Type 2 categories. Type 1 includes utility tokens and other crypto assets used for business purposes or project funding, focusing on eliminating information asymmetry between issuers and users. Type 2 encompasses decentralized cryptocurrencies, such as Bitcoin and Ethereum, which do not raise funds for specific businesses, making it challenging to impose disclosure requirements. This initiative reflects Japan's broader strategy to enhance the crypto industry’s growth while transitioning from a historically restrictive stance to a more supportive regulatory environment. The FSA is also considering lifting its ban on cryptocurrency exchange-traded funds (ETFs), further illustrating its commitment to fostering a more transparent and robust crypto market. These developments signify Japan's proactive approach in supervising digital assets, aiming for a balanced regulatory landscape.
This article has been refined and enhanced by ChatGPT.
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