Author: Sahil Poudel

Dubai Plans 17-Story Crypto Tower to Boost Web3 Innovation

In yet another leap into the future, a 17-story Crypto Tower is to be constructed in Jumeirah Lakes Towers, Dubai. This ultra-modern building, by DMCC and REIT Development, will house the innovation of blockchain, DeFi, and AI.

Measuring at 150,000 square feet, Crypto Tower is reportedly set to host offices of crypto startups, blockchain firms, and even AI innovators. It comprises nine floors housing offices, three of blockchain incubators and venture capital firms, and one special hub of AI innovation tstered by Chatoshi.ai.

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What really sets this tower apart, however, is the inclusion of blockchain-powered tenant services, ranging from on-chain voting to smart contracts; the building will make use of advanced tech to bring in more transparency and efficiency.

Other highlights include a 10,000-square-foot event space, an NFT art gallery, a gold bullion shop, and a swanky three-floor crypto club. Secure vault storage will also be made available for high-value assets.

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Set for completion by early 2027, the Crypto Tower reflects Dubai’s commitment to becoming a global leader in Web3 innovation. Ahmed Bin Sulayem, CEO of DMCC, stated, “This tower embodies our vision for the future of Web3 and strengthens Dubai’s position as a world-class innovation hub.”

Court Sides with Coinbase in SEC Crypto Regulation Dispute

Coinbase scored a major legal victory yesterday in its ongoing fight with the U.S. Securities and Exchange Commission over crypto regulations. The U.S. Court of Appeals for the Third Circuit sided with Coinbase, rebuking the SEC’s denial of Coinbase’s request for clear digital asset rules as “arbitrary and capricious.”.

It was a part of the increasing list of court losses that the agency has faced regarding crypto-related cases, ordering the SEC to give a more detailed explanation for its denial. Coinbase initially sought guidance from the regulator in 2022, requesting clarification on when digital assets were considered securities—a fundamental question for the crypto industry.

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In 2023, the SEC rejected Coinbase’s petition on the basis of no need for specific rules. However, the court disagreed, labeling the SEC’s reasoning as insufficient and lacking detail. Judge Thomas Ambro called the SEC’s response “conclusory,” while SEC Judge Stephanos Bibas warned that the agency’s approach of strict enforcement without clear guidelines could harm the entire crypto sector.

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Although the ruling does not force the SEC to write new rules, it does force the agency to be more specific. Coinbase’s Chief Legal Officer, Paul Grewal, hailed the decision as a move toward ending the regulatory uncertainty that has dogged the crypto industry.

BlackRock Unveils Bitcoin ETF for Canadian Investors

BlackRock has introduced the iShares Bitcoin ETF in Canada and is now available to trade on Cboe Canada. The fund will be listed under the ticker IBIT for CAD and IBIT.U for USD, which provides an easy and regulated manner in which Canadians can invest in Bitcoin.

The fund employs a “fund-of-funds” approach by holding shares of the U.S.-listed iShares Bitcoin Trust ETF, which physically holds Bitcoin. Coinbase Prime, a trusted digital asset custodian, provides the ETF with secure and cutting-edge technology to manage Bitcoin holdings safely.

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As such, Helen Hayes, Head of iShares Canada at BlackRock, said, “The iShares Bitcoin ETF provides a cost-effective way for Canadian investors to gain exposure to Bitcoin without the complexities of direct ownership.”

Trading on Cboe Canada, which handles about 15% of securities traded on Canadian exchanges, is also in keeping with the exchange’s reputation for introducing innovative financial products.

As of January 10, 2025, the ETF has net assets of approximately $701,338 with 25,000 outstanding units. The management fee is 0.32%.

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In short, by offering the Bitcoin ETF, BlackRock commits itself to make it easier and more convenient for resident Canadians to invest in Bitcoin, thus further fortifying its commitment to leading financial innovation.

Uniswap and Ledger Partner for Seamless DeFi Swaps in Ledger Live

Uniswap Labs and Ledger have joined forces to make token swaps simpler and safer. With their latest integration, users can now trade directly on Uniswap without leaving the Ledger Live app, ensuring their assets remain protected by Ledger’s hardware wallets.

The integration is powered through the Uniswap Trading API, which grants access to the functionality of the Uniswap decentralized exchange from within Ledger Live. “Our mission is to unlock value through universal exchange,” said Mary-Catherine Lader, COO of Uniswap Labs. “Partnering with Ledger allows us to create a smoother, safer experience for self-custody users.

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The key aspect of this integration is the “clear signing.” It simply means that users will see and understand the details of their transactions in plain language before they actually sign, adding in an extra layer of security. In the words of Ian Rogers, Chief Experience Officer at Ledger: “Clear signing is the only secure way users should be authorizing transactions.”

For one, the integration allows Ethereum-based token swaps, such as exchanging ETH for stablecoins directly within Ledger Live.

Ledger, which has sold over 7 million devices worldwide and secures more than 20% of global crypto assets, sees this as a big step forward. Ian Rogers summed it up: “Ledger Live lets you earn yield, buy, send, and now swap your digital assets with Uniswap – all while staying secure.”

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This partnership highlights a growing focus on combining simplicity with security for DeFi users.

North Korean Hackers Stole $659 Million in Crypto Last Year

In a rare joint statement, South Korea, the U.S., and Japan blamed North Korean hackers for stealing a record $659 million in cryptocurrency previous year. The stolen funds are believed to be going toward North Korea’s illegal weapons programs.

This marks the first time any three nations have blamed North Korea and that also directly for such insane large scale crypto robbery. Among the major targets were India’s WazirX exchange, losing $235 million, and Radiant Capital, which suffered a $50 million hack. An additional $374 million was stolen from platforms like DMM Bitcoin, Upbit, and Rain Management, according to industry reports.

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Hacking groups like Lazarus, linked to North Korea, are behind these thefts. They executed sophisticated cyberattacks, often employing malware to breach systems. “The DPRK’s cyber program poses a serious threat to global financial stability,” the statement warned.

The statement urged blockchain firms and crypto exchanges to bolster their defenses and avoid unknowingly hiring North Korean IT workers. “Our governments are committed to preventing thefts by the DPRK and recovering stolen funds,” it added.

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North Korea has a long history of using cybercrime to fund its missile and weapons programs. As these attacks grow in frequency and scale, the three nations pledged to work together to counter these rising cyber threats.

Singapore Blocks Polymarket: A Tough Stand on Crypto Betting

Singapore has banned Polymarket, a decentralized crypto prediction platform, due to strict gambling laws. Allowing users to create and bet on real-world events using cryptocurrency, it failed to obtain a license from the government to legally operate in the city-state.

Singapore’s Remote Gambling Act, since 2014, has only permitted certain state-approved betting activities: things like lotteries and sports gambling. Sites like Polymarket, operating outside the ambit of such regulation, are banned without hesitation. The government has now officially blocked access to the site, effective January 11.

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This is not the first time such regulatory hurdles have had to be faced by Polymarket. Recently, it settled with the Commodity Futures Trading Commission in the United States that had been clamping down on several unregulated DeFi platforms. CFTC Chair Rostin Behnam said that they were very much focused on digital asset platforms falling within the legal ambit.

Its struggles are not singular, however. China, along with several European and Asian countries, has come down hard on online gambling or crypto gaming platforms. Without centralized regulation, such sites sometimes find it tough to call the legal line in jurisdictions where strict controls are in place.

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As governments around the world continue to turn the screws on DeFi, sites like Polymarket are increasingly finding it tough to expand.

Bitcoin Crash Wipes $138B, $520M Liquidated in 24 Hours

It came with huge selling, along with liquidations, when Bitcoin-the king of cryptocurrencies-plunged about 3% within four hours on the second day in a row. The result is being witnessed in the falling price of Bitcoin to $91,644.04, washing away about $138 billion of valuation from the market within a few hours.

Combined liquidations over the last 24 hours have reached an eye-watering $520 million, with long positions taking the brunt of this at $450 million and shorts at $66.06 million. In the last 12 hours alone, total liquidation amounts to $420 million. The single biggest loss occurred on Binance, where a BTC/USDT position worth $8.21 million was liquidated.

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This drop follows Bitcoin’s recent gains and reflects a sharp market correction, catching many traders off guard. With nearly 197,007 traders across exchanges liquidated, the turbulence serves as a stark reminder of the crypto market’s notorious volatility, where fortunes can evaporate in the blink of an eye.

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While the market struggles to stabilize, most investors are now stepping back, trying to figure out whether this is just a temporary correction or the start of a greater decline. All eyes, for the time being, rest on the next move of Bitcoin, as the entire market holds its breath.

Indian Railways to Launch NFT Tickets for MahaKumbh Pilgrimage

The Indian Railways will implement blockchain for NFT tickets in collaboration with Chaincode Consulting, on the upcoming MahaKumbh Mela to be held in Prayagraj, Uttar Pradesh. This is one of the sacred Hindu events which happens every 12 years, and in the year 2025, it will attract over 450 million devotees.

Announced on January 13 via X, the collaboration with IRCTC will utilize the Polygon blockchain in developing NFTs-an affordable and ecologically viable blockchain for scaling. These NFTs would be available on the NFTtrace platform, which improves traceability in tickets and thus ensures safety in travel.

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It stitches real-world assets with blockchain technology, taking the experience for over 1.2 million daily passengers using IRCTC to a whole new level. The NFT tickets would be not just special souvenirs for the passengers but can also be publicly verified on blockchain by authorities or the general public.

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The 2025 MahaKumbh promises to be an international spectacle, with celebrity appearances by Richard Gere, David Lynch, and the Dalai Lama. Indeed, a very progressive initiative that will raise the stakes for India in mingling its rich tradition with cutting-edge technology-a promising future for NFT and crypto adoption.

Ripple and MoonPay Donate $50K RLUSD to Support LA Firefighters

Ripple Labs and MoonPay have joined in support of these fearless firefighters by donating toward helping the California wildfires. Each firm donated $50,000 in RLUSD, the stablecoin from Ripple, to support the Los Angeles Fire Department Foundation in battling those wildfires that swept through neighborhoods like Pacific Palisades, Pasadena, and Calabasas.

The wildfires started on January 7 and have so far caused destruction, killing at least ten people and displacing more than 150,000 individuals from their residences. Several thousand houses have been burned to ashes, and containment has not been easy. For instance, the Palisades Fire is only 8% contained, while the Eaton Fire is at a low 3%.

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The fact that one came from Ripple and another from MoonPay underlines the use of cryptocurrency to extend swift aid during an emergency.It would be a great help to find, with Ripple, more paths to take toward firefighting, knowing full well that these digital assets could make the difference wherever help can hardly show up soon enough.

The LAFD Foundation thanked Ripple, saying, “this is a crucial move of support that comes at the most trying of times for the firefighters amidst all the budget cuts in the department.” Yet even with these challenges, the firefighters remain resolute, working around the clock to protect lives and homes, hoping for progress in the days ahead.

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This generous donation is a sure-shot pointer to how crypto can make a difference when every bit of it is needed, offering hope to firefighters and communities alike.

Kenya Prepares to Legalize Cryptocurrency in Bold Policy Shift

Kenya is now about to make the revolutionary move of legalizing cryptocurrencies. The Kenyan government, which was previously cautious about crypto risks, has opened up toward its potential.

While crypto was never banned in Kenya, authorities always warned against it, citing links with scams, cybercrimes, and even terrorism. But the introduction of new legislation marks a significant pivot toward acceptance and regulation.

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Treasury Cabinet Secretary John Mbadi recently emphasized Kenya’s status as a financial innovation hub in Africa. “The rise of Virtual Assets (VAs) and Virtual Asset Service Providers (VASPs) has brought transformative opportunities to the financial system, both locally and globally,” Mbadi said in an interview with Standard Media.

Kenya ranks second in Africa, after Nigeria, for crypto adoption, with over $1.5 billion in Bitcoin holdings, equivalent to 2.3% of its GDP. Globally, it holds the 21st spot, thanks to high internet penetration and a large underbanked population.

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This shift comes after Kenya suspended Worldcoin in 2023 due to privacy concerns. Now, as the country looks to 2025, the focus is on fostering innovation while tackling cybercrime risks. “We’re committed to building a legal framework that balances opportunity and security,” Mbadi added.

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