Bitcoin News Today TheBitTimes.com

An Ethereum (ETH)-based altcoin is skyrocketing after gaining support from South Korea’s second-largest crypto exchange. In a new announcement, crypto trading platform Bithumb says that it is now supporting the interoperable cross-chain bridge Across Protocol (ACX), triggering rallies for the digital asset. News of the event caused ACX to surge, as it went from a March 21st low of $0.275 to a peak of $0.462 just a few hours later, a rise of nearly 68%. It has since retraced and is trading for $0.319 at time of writing, a 10% gain during the last 24 hours. In its whitepaper, Across Protocol says it is the only cross-chain platform powered by intents. Explains Across Protocol, “Intents introduce a third party, a relayer (alternatively named filler, or solver), that does the job of delivering assets / executing user transactions quickly. An intent is a type of order where a user specifies an outcome instead of an execution path. In practice, intents ...

1. Reuters: Russia Uses Cryptocurrency in Oil Trade with India to Evade Western Sanctions link Insiders have disclosed that Russia is employing cryptocurrencies in its oil trade with India so as to evade Western sanctions. Some Russian oil companies are making use of cryptocurrencies such as BTC, ETH, and USDT to convert Indian rupees into Russian rubles. According to the insiders, even if the United States lifts the sanctions against Russia in the future and dollar transactions are restored, the Russian oil trade is likely to persist in using cryptocurrencies, for it represents a convenient instrument that contributes to accelerating the transaction process. 2. Singapore Exchange to Launch Bitcoin Perpetual Futures Contracts link The Singapore Exchange (SGX) plans to introduce Bitcoin perpetual futures contracts in the second half of 2025, further expanding the traditional exchange’s presence in the cryptocurrency derivatives market. A spokesperson for the SGX stated via email that th...

1. Hong Kong’s Weekly News 1.1 Hong Kong Considers Tax Incentives for Crypto Investments link Christopher Hui, Hong Kong’s Secretary for Financial Services and the Treasury, announced at Hong Kong Fintech Week that virtual assets are being included in a new proposed tax incentive policy. This initiative aims to provide tax benefits for a range of asset types, including virtual assets, real estate, emissions derivatives, insurance-linked securities, interests in non-corporate private entities, and private credit investments. Hui noted that the tax incentives will primarily target institutional investors, although he did not elaborate on the specific details or requirements of the policy. 1.2 HKEX to Launch Virtual Asset Index Series link On November 15, the Hong Kong Stock Exchange (HKEX) will launch the HKEX Virtual Asset Index Series, providing a reliable benchmark price for the virtual asset category. This index series will offer transparent and dependable benchmark pricing for Bitco...

1. Russia Mined Over $3 Billion Worth of Bitcoin in 2023, Generating $556 Million in Taxes link In 2023, Russia mined approximately 54,000 Bitcoins, valued at over $3 billion, generating around 50 billion rubles ($556 million) in tax revenue for the Russian government. Bezdelov, the president of the Russian Association of Crypto Mining, believes that the recent legalization of crypto mining will attract more investors and further boost tax revenues. Previously, Russian President Putin signed a bill officially legalizing cryptocurrency mining. Only registered Russian legal entities and individual entrepreneurs are allowed to mine, though individuals below the government-set energy consumption limit can mine without registration. 2. ​Korean Financial Supervisory Service (FSS) Plans to Audit Virtual Asset Exchanges link The South Korean Financial Supervisory Service (FSS) plans to audit virtual asset exchanges to detect any suspicious or illegal transactions. If system vulnerabilities are...

A South Korea n court has sentence d the CEO of crypto exchange Bitsonic to seven years behind bars for stealing 10 billion won ($7.5 million) worth of customer deposits, while its tech chief will spend a year in prison. Arrested in early August, chief Jinwook Shin was accused of manipulating crypto prices and trading volumes on Bitsonic, and stealing user investments. He was indicted on charges of fraud, forgery, and obstruction of business by computer. Bitsonic’s VP of technology, referred to as Mr. A, was indicted on charges of obstruction of business by computer. He was accused of creating and running a program that allowed Shin to manipulate the system in his favor. On Wednesday, South Korean outlet Yonhap News reported that the duo had received a combined eight years in prison. According to the Seoul Eastern District Court, Shin and Mr. A are “avoiding responsibility and showing no remorse.” A “significant amount” of the stolen funds have not...

The Kim Nam-guk Prevention Law comes in response to a scandal involving some National Assembly members moving large amounts of crypto. The South Korean government is moving forward with new laws to require officials to report on their holdings of cryptocurrencies like Bitcoin (BTC). South Korea’s National Assembly has unanimously passed a bill that obligates lawmakers and high-ranking public officials to report on their crypto assets. The lawmakers approved the new bill during a plenary session on May 25, the local news agency News1 reported. According to the report, the bill involved amendments to the National Assembly Act and the Public Service Ethics Act. The amendment to the National Assembly Act was unanimously passed with the support of 269 votes from 269 lawmakers present. The amendment to the Public Service Ethics Act received 268 votes from 268 lawmakers present. Passed on May 22, the amendment to the National Assembly Act officially places cryptocurrency in the list of reg...

Terra Founder Do Kwon Extradition to South Korea Dan Sung-han, director at the Seoul Southern District Prosecutor’s Office, says Terra co-founder Do Kwon should be extradited to South Korea rather than the US, reported Wall Street Journal on May 5. He believes m ost of the evidence and Terra affiliates are in South Korea and prosecutors are best prepared for court proceedings. advertisement South Korean prosecutor acknowledges that the Terra-LUNA crisis helped advance discussions on the need for tighter regulation of the crypto industry. South Korea and the United States are currently seeking the extradition of Do Kwon from Montenegro. He was detained in March by authorities and indicted for using fake passports and documents to board a flight to Dubai. On March 29, Montenegro’s Minister of Justice Marko Kovac stated the extradition decision will be taken in a separate court proceeding after the passport forgery case. Moreover, extra...