Jan 12 (Reuters) - Crypto custody startup BitGo said on Monday it was targeting a valuation of up to $1.96 billion ​in its U.S. initial public offering, seeking to tap into ‌the investor appetite for crypto firms. The Palo Alto, California-based firm and some of its ‌existing shareholders are looking to raise as much as $201 million by offering 11.8 million shares priced between $15 and $17 each. The U.S. IPO market regained momentum in 2025, after nearly three years of sluggish activity, but ⁠expectati ...

But Yan wants Hyperliquid to become even bigger. “It’s something that no one else is really trying to build exactly at this point in time,” he said, “which is something that can really upgrade the financial system.”Big exchanges like Binance and Coinbase have thousands of employees. By contrast, Hyperliquid Labs—the company that supports the associated crypto exchange and blockchain of the same name—had just 11. Yet, in just over two years, Hyperliquid is competing with the industry’s very biggest names, po ...

South Korea has upended nearly a decade of crypto policy by allowing listed companies and professional investors to place part of their balance sheets into digital assets. The shift stands in contrast to tightening rules in Japan and Hong Kong. Asia no longer appears aligned on crypto regulation, and the divergence is becoming clearer. For the first time since 2017, South Korea’s Financial Services Commission (FSC) has finalized South Korea crypto rules that allow public firms and licensed investors to a ...

The 'world's smartest man' has been increasingly vocal about XRP’s potential. | Credit: CCN. Key Takeaways YoungHoon Kim, who claims an IQ of 276, is calling XRP a “super cycle.” Kim has been vocal about XRP in recent months, predicting it could outperform gold and silver in 2026. Ripple has secured key regulatory approvals from the U.K.’s FCA. The self-proclaimed “world’s smartest man,” YoungHoon Kim, is again spreading bullish predictions for XRP, saying the token has entered a “super cycle.” ...

Core Insights - Dubai's financial free zone has effectively banned privacy tokens such as Monero and Zcash due to new regulations requiring transaction transparency [1] - The Dubai Financial Services Authority (DFSA) has shifted to a firm-led suitability assessment model for crypto tokens, eliminating its previous list of recognized tokens [2] - Privacy-enhancing technologies are explicitly identified as negative indicators in the DFSA's supervisory guidelines, making them incompatible with know-your-customer requirements [3] Regulatory Framework Shift - The previous system included a list of recognized tokens like Bitcoin and Ethereum, while the updated framework places the responsibility on licensed entities to conduct suitability assessments [4] - Trading history and market liquidity are now part of the evaluation criteria, with approved fiat-backed tokens like Circle's USDC and Ripple's RLUSD remaining available [5] Global Regulatory Alignment - The DFSA's actions align with mainland Dubai's policies, as VARA had already banned privacy tokens in February 2023 [6] - The restrictions reflect a global trend in regulation, with the European Union's MiCA regulation also prohibiting anonymous crypto transfers starting in 2027 [7]

Market Overview - The cryptocurrency market capitalization has increased by 0.6%, currently standing at $3.2 trillion, with a total trading volume of $87.2 billion, which is lower than previous weeks [4][5][20] - 63 of the top 100 coins have experienced declines over the past 24 hours, while 4 of the top 10 coins have also seen price drops [4][5] Price Movements - Bitcoin (BTC) has appreciated by 0.7% to $91,271, while Ethereum (ETH) is up 1.2% to $3,128 [4][5] - Monero (XMR) recorded an 18.1% increase, trading at $569, while Provenance Blockchain (HASH) declined by 9.5% to $0.02155 [1][4] - Pol (POL) saw a significant drop of 11.3%, now trading at $0.1584, and XRP (XRP) fell by 2.1% to $2.05 [2][4] Institutional and Regulatory Developments - Coinbase announced it would withdraw support for major crypto legislation if the US Senate adds restrictions on stablecoin rewards, increasing tensions ahead of the markup scheduled for January 15 [6] - South Korea is potentially ending its nine-year ban on corporate crypto investment, allowing listed companies and professional investors to trade crypto [6] Investor Sentiment and ETF Flows - The crypto market sentiment is decreasing, with the fear and greed index standing at 40, indicating a neutral zone but with rising caution among market participants [14] - US BTC spot ETFs experienced outflows of $249.99 million, while ETH ETFs saw outflows of $93.82 million, indicating a trend of investors pulling funds from these categories [15][16][17] Market Risks - Bitcoin is highly sensitive to institutional risk, with analysts noting that confidence in the Federal Reserve's independence is being questioned due to ongoing legal challenges [10][9] - The potential for political interference in monetary policy could reinforce Bitcoin's role as a "non-sovereign risk asset" in the long term [10]

Core Insights - India's Financial Intelligence Unit (FIU) has implemented stricter compliance requirements for cryptocurrency platforms, focusing on enhanced identity verification for users nationwide [1][2] Group 1: User Verification Enhancements - Regulated crypto exchanges must now verify users through live selfie authentication and geographic location data during the onboarding process [1] - The new rules require dynamic movement in live selfies, such as eye-blinking or head turns, to prevent static images or deepfake attacks from bypassing identity controls [2] - Platforms must collect detailed information at sign-up, including latitude, longitude, date, timestamp, and IP address to ensure the identity of the user [3] Group 2: Documentation and Verification Requirements - Users are required to submit a secondary form of identification in addition to a Permanent Account Number (PAN), which may include a passport, Aadhaar card, or voter ID [4] - Email addresses and mobile numbers will undergo one-time password (OTP) verification, and a small bank transaction of 1 rupee will be used to verify account ownership [5] Group 3: Compliance for High-Risk Users - Users flagged as high-risk will face more frequent compliance checks, with KYC details updated every six months compared to an annual refresh for standard users [6] - Enhanced due diligence is required for high-risk individuals, including those with ties to tax havens or politically exposed persons (PEPs) [6] Group 4: Stance on Anonymity and ICOs - The FIU has taken a strong stance against anonymity-enhancing tools, such as mixers and tumblers, which are used to conceal transaction trails [7] - The guidance also strongly discourages Initial Coin Offerings (ICOs) and Initial Token Offerings (ITOs), citing heightened risks related to money laundering and terror financing [7]

Core Insights - India is tightening oversight of cryptocurrency platforms to curb illicit activities through stricter identity and monitoring requirements [1][2] Regulatory Changes - Crypto exchanges are now classified as Virtual Digital Asset (VDA) service providers and must implement enhanced Anti-Money Laundering (AML) and Know Your Customer (KYC) procedures [2][8] - New rules mandate live identity verification and stronger Client Due Diligence (CDD) processes to address concerns about the speed and pseudonymous nature of crypto transactions [3][8] Customer Identification Requirements - Exchanges must identify customers using reliable sources and collect a broader set of technical identifiers, including IP addresses, geolocation data, device IDs, wallet addresses, and transaction hashes [4] - Platforms are required to collect and verify a customer's Permanent Account Number (PAN) before allowing any VDA-related activity [4][5] Bank Account Verification - A "penny-drop" mechanism is now required to confirm ownership and operational status of linked bank accounts [5] - Users must provide a secondary government-issued ID and complete one-time password verification for registered email addresses and phone numbers [5] Industry Response - Industry participants have largely welcomed the new measures, indicating that they clarify compliance and reduce enforcement uncertainty [6][8] - The updated framework is seen as beneficial in removing ambiguity and ensuring consistent enforcement across platforms [6] Fundraising Regulations - The Financial Intelligence Unit (FIU) aims to discourage Initial Coin Offerings (ICOs) and Initial Token Offerings (ITOs) due to concerns over economic rationale, disclosure standards, and risk mitigation [7]

Core Insights - India's crypto market is entering a more regulated phase as authorities aim to close gaps in oversight, with the Financial Intelligence Unit (FIU-IND) introducing stricter KYC and AML rules for crypto platforms [1][3][7] Regulatory Changes - The new KYC norms, effective from January 8, 2024, apply to all platforms offering crypto-related services in India and build on earlier guidelines from March 2023 [3] - Key changes include mandatory live selfie verification, geo-tagging during onboarding, and OTP verification for email and mobile numbers [4] - Users must provide detailed personal information, including income, occupation, bank account details, PAN, and a secondary identification document [4] Compliance Requirements - Exchanges must conduct "penny-drop" bank verification, perform periodic KYC updates every six months for high-risk users, and annually for others [5] - Platforms must register with FIU-IND, undergo mandatory cybersecurity audits, and appoint a designated director for AML compliance [5] - Annual risk assessments and monthly suspicious transaction reports to authorities are required [6] Impact on the Industry - The stricter regulations may increase costs and compliance burdens, potentially stifling smaller platforms and innovation in the sector [7] - User onboarding friction could reduce adoption, but the measures align India with global AML standards for long-term stability [7]

Coinbase is pressuring lawmakers to preserve its ability to pay users rewards for holding stablecoins, as Congress prepares to move forward on a sweeping crypto bill. The Senate is set to mark up the U.S. crypto market-structure bill this week, but language targeting yield-bearing stablecoin accounts has emerged as a sticking point. If the bill goes beyond disclosure requirements and restricts non-bank firms like the Nasdaq-listed crypto exchange Coinbase from offering rewards, the company may pull its ...