1. Singapore Officials Warn Public to Stay Away from Cryptocurrencies link

Ms. Sun Xueling, Minister of State, Ministry of Home Affairs of Singapore, said that cryptocurrency fraud cases accounted for a quarter of the total loss amount involved in fraud last year. In the largest fraud case last year, the victim clicked on a fake meeting link, downloaded and ran malicious code on the computer, and lost about S$125 million. “Our advice to the public is to stay away from cryptocurrencies. The risk of getting scammed is very high, and if you become a victim of a scam, the chance of getting a single cent back is very slim.”

2. Russian Finance Ministry States Crypto Assets Will Not Be Included in National Welfare Fund Investments link

Interfax reported that Vladimir Kolychev, Deputy Minister of the Russian Ministry of Finance, told reporters that the Russian Ministry of Finance has no plans to change the current investment structure of the National Welfare Fund, and in particular, will not add crypto assets to it — crypto assets are too volatile, and the current level of accumulation in the National Welfare Fund does not allow for high-risk investments to be considered. In the current standardized structure of the National Welfare Fund, the maximum proportion of the Chinese yuan can reach 60%, and that of gold can reach 40%. Kolychev said that he has not heard of any discussions in Russia about creating a cryptocurrency strategic reserve similar to the plan of the Trump administration.

3. Japan’s Financial Services Agency Submits Crypto Regulation Amendments, Proposes “Intermediary Business” Category link

The Financial Services Agency of Japan has submitted an amendment to the Payment Services Act to the National Diet. The new regulations require exchange operators to retain users’ assets domestically to prevent the outflow of funds in the event of bankruptcy. At the same time, the supporting assets of trust-type stablecoins can include US Treasury bonds with a maturity of no more than three months or “time deposits that can be cancelled in the medium term”, up to 50% of the issuance amount. In addition, the bill proposes to establish a category of “intermediary business” to regulate enterprises that only act as transaction intermediaries, so as to lower the compliance threshold. Previously, the Web3 working group of the Liberal Democratic Party had proposed transferring the regulation of cryptocurrencies to the Financial Instruments and Exchange Act (FIEA) and implementing a separate tax system.

4. UAE National Bank, Wholly Owned by Dubai Government, Offers Crypto Services Through Subsidiary link

The Emirates NBD, which is wholly owned by the Dubai government, has launched the Liv X application through its digital banking subsidiary Liv, offering cryptocurrency buying and selling services. This service relies on the infrastructure of Aquanow, a digital asset platform licensed by the Dubai Virtual Assets Regulatory Authority (VARA), and is provided with custody services by Zodia, which is supported by Standard Chartered Bank. In recent years, Dubai has attracted exchanges such as Binance, Cryptocom, and OKX to obtain approvals by virtue of its clear regulatory framework.

5. Indian Region Adopts Avalanche Blockchain to Store Over 700,000 Land Records link

The administrative authority of the Dantewada district in Chhattisgarh, India, has announced that it has digitized over 700,000 land records dating back to the 1950s and stored them on the Avalanche blockchain. In collaboration with the Indian blockchain startup LegitDoc, this ensures transparency and tamper-proofing. District official Mayank Chaturvedi stated that this move has resolved the long-standing issue of citizens facing delays in obtaining records. Now, these records can be accessed through self-service kiosks in each sub-division, and authorization is required for sensitive information. Project head Jayant Nahata emphasized that this will reduce disputes and enhance the convenience for farmers and tribal communities.

6. Vietnam Plans to Pilot Digital Asset Exchange in March link

Nguyen Duc Chi, the Deputy Minister of Finance of Vietnam, announced the plan to conduct a pilot of a digital asset exchange in March. This state-licensed “trading platform” aims to safeguard the rights and interests of participants while embracing the cryptocurrency revolution. Previously, Prime Minister Pham Minh Chinh of Vietnam instructed the Ministry of Finance and the State Bank of Vietnam to draft a legal framework for cryptocurrencies within this month.

7. Cambodia’s National Bank Revokes Payment License of Huione Pay link

According to Cambodian media reports, the National Bank of Cambodia has revoked the banking license of huionepay. The group is alleged to be operating the world’s largest illegal online trading platform, with the amount involved in the case reaching as high as $24 billion. A spokesperson for the National Bank of Cambodia revealed to the media that the banking license of huionepay has been revoked due to its failure to comply with the existing regulations and the relevant requirements of the regulatory authorities.

8. Thai Authorities Continue Crackdown on Illegal Crypto Activities link

Thai police raided five unlicensed cryptocurrency companies, arresting 11 individuals and seizing six computers and other evidence. Investigations have shown that these companies were operating electronic money businesses illegally, with an annual trading volume of approximately 1 billion Thai baht (around $29.3 million). They served as intermediaries to assist local investors in purchasing overseas investment products. The Economic Crime Division (ECD) pointed out that their illegal activities posed a money laundering risk and led to capital outflows. Recently, the Thai authorities have been continuously cracking down on illegal cryptocurrency activities. This includes a proposal in January to ban Polymarket, and last month’s joint action with China to freeze $2.5 million worth of cryptocurrency assets and arrest two Chinese citizens suspected of fraud and human trafficking.

9. U.S. Begins Releasing Some Seized Chinese-Made Crypto Mining Machines, Many Still Held link

The United States has recently started to release some of the previously seized Chinese-made cryptocurrency mining machines. Previously, as many as 10,000 devices were stranded at various ports of entry. Taras Kulyk, the CEO of Synteq Digital, revealed that thousands of devices have been released and said that some personnel from the U.S. Customs and Border Protection (CBP) hold a negative attitude towards bitcoin mining, causing obstacles to the industry. Ethan Vera, the COO of Luxor Technology, confirmed that some of the detained devices have been released, but most of them are still under detention, and pointed out that the regulatory authorities’ concerns about the radio frequency emissions of the mining machines are unfounded.

10. Chinese Auto Trading Platform Cango Inc. Increases BTC Holdings by 472, Totaling 1,944 BTC link

The Chinese auto trading platform Cango Inc., listed on the NYSE, has recently acquired an additional 472 BTC, bringing its total holdings to 1,944 BTC. Previously, in December 2024, Cango acquired 32 EH/s of computing power from Bitmain for $256 million and reported a production of 393 BTC in November.

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