News linked to both this project and an event.
According to BeInCrypto, Chainalysis data shows that over the year ending June 2026, the South African crypto economy expanded by 52% to $39.3 billion, with increases across all tracked activity categories. Commercial payments, including those from South African merchants and P2P traders, reached $8.34 billion, outpacing institutional activity ($1.29 billion in inflows); stablecoin inflows through Sub-Saharan African P2P channels totaled $14.6 billion, on par with Bitcoin. A draft regulatory framework for crypto asset management released by the South African Treasury and Reserve Bank (SARB) on August 3 would stipulate that individuals may only transfer crypto assets abroad through authorized local service providers within existing foreign exchange limits, while businesses are prohibited from cross-border transfers of crypto assets. As of March 31, the Financial Sector Conduct Authority (FSCA) had issued licenses to 310 crypto asset service providers, though these entities must still secure separate authorization from the SARB. On October 21, Finance Minister Enoch Godongwana stated that after receiving thousands of public submissions, the Treasury will aim to release a revised second draft, with no timeline currently announced.
Under current law, operators conducting virtual asset business without proper registration may face up to five years in prison or a fine of up to 50 million South Korean won. Overseas operators targeting Korean residents are equally subject to this regulation. According to the FIU, these unregistered operators operate in a regulatory blind spot and may be exploited for money laundering. In June this year, a joint enforcement investigation by DAXA and compliant operators revealed that the average trading fees of the detained entities ranged from 1.5% to 10%, with the highest rate reaching approximately 62 times the average of Korea’s top five won-based exchanges (0.16%).
Odaily Report: The French Ministry of Finance, the Financial Markets Authority (AMF), the Bank of France, and the Prudential Supervision and Resolution Authority (ACPR) have jointly recommended to the European Commission that crypto platforms and other third parties be allowed to distribute rewards to stablecoin holders when specific conditions are met. The four institutions believe that such rewards should be regulated rather than banned outright.The four institutions proposed that platforms should disclose reward information to holders, must not promise guaranteed returns, and should not market rewards as savings products; regulators should also monitor the impact of rewards on bank deposits. France continues to support banning stablecoin issuers from paying interest, but opposes extending the ban to staking and lending activities.The European Central Bank and EU national central banks, meanwhile, advocate maintaining the ban on stablecoin interest and bringing indirect benefits such as rewards and fee waivers, as well as activities including lending and staking, within the scope of restrictions. The European Commission must submit a review report on the Markets in Crypto-Assets Regulation (MiCA) to EU legislative bodies by June 30, 2027, and may propose amendments. (Bitcoin.com News)
The International Criminal Police Organization (Interpol) reported that Operation Serengeti III was conducted across 21 countries from June 29 to August 31, 2026, resulting in the arrest of 1,462 suspects, the takedown of 10,909 malicious websites, and the seizure of over $105 million in illicit funds. Investigations also confirmed that 65,929 victims were targeted by cybercrime syndicates, with associated losses exceeding $385 million. The operation primarily targeted cyber fraud, ransomware, business email compromise, online scams, and digital extortion. In specific cases, Ugandan police dismantled two transnational fraud rings and arrested 365 foreign nationals; Angolan authorities shut down two illegal cryptocurrency mining farms, arresting nine individuals and confiscating more than 2,000 mining rigs; and another case in Nigeria involved over $2.4 million in suspected illicit proceeds, a significant portion of which was laundered through cryptocurrency transactions.
According to The New York Post, which cited sources familiar with the situation, prediction market platform Polymarket has terminated its Chief Marketing Officer, Matthew Modabber. He is a high school classmate and close ally of CEO Shayne Coplan, and has served in the role since January 2024. Prior to this, the company conducted an internal investigation into multiple controversies involving Modabber. In one instance, as reported by The Wall Street Journal in June, his team allegedly created fraudulent websites to promote staged videos claiming users had profited from fake trades. This incident prompted an investigation by the U.S. Commodity Futures Trading Commission (CFTC), though no violations have been confirmed to date. Separately, Politico reported that he allegedly used a personal PayPal account to pay influencers for promotional content without disclosing the business relationship. Sources stated that Coplan was initially frustrated with the legal team driving the dismissal decision, but later came to agree that terminating Modabber was in the best interest of the company. Board members believe Modabber hindered efforts to distance the company from its grassroots startup image amid preparations for a potential initial public offering (IPO). Both parties are currently finalizing the terms of his departure agreement, and Polymarket has declined to comment.
California Attorney General Rob Bonta announced on October 16 that his office has reached a $500,000 settlement with Fidelity Digital Assets, National Association (the successor entity to Fidelity Digital Asset Services), regarding the company's prior practice of restricting California retail customers from transferring cryptocurrency to external wallets. Regulators determined that this practice may have violated the California Commodity Law of 1990, which restricts certain speculative commodity contracts unless the buyer receives physical delivery within a specified timeframe. The California government views the ability to withdraw cryptocurrency as a functional equivalent of delivery.From November 2022 to April 2025, California customers could buy and sell cryptocurrency on the Fidelity platform but were unable to send assets directly to external wallets. Fidelity stated that the restriction stemmed from the New York State Department of Financial Services (NYDFS) not having approved the relevant functionality at the time; approval was granted in April 2025, and the transfer feature was extended to all California retail customers in June 2025.
On June 15, the Supreme People's Procuratorate published a theoretical article stating that virtual currency perpetual contract platforms should be subject to piercing-style review: any platform that lacks genuine external order matching, settles internally, has operators acting as the house, and whose profits and losses depend on market price fluctuations should be identified as an online gambling platform and characterized as the crime of running a casino; the defense raised by platforms that they "cite public market data" does not hold. The article states that the crime of illegal business operations applies only to intermediary models with genuine external order matching and no house betting against users; currently, more than 95% of platforms on the market are internal betting operations, and actual controllers as well as technical development, operations and promotion, and fund settlement personnel may all be held accountable. Such transactions constitute invalid civil juristic acts; investors' claims for return of principal and payment of returns will in principle not be supported, and losses shall be borne by themselves.
Odaily — Stablecoin issuer Circle reported approximately $1.4 billion in revenue for the first half of 2026, of which about $819 million (59%) was paid to USDC distribution partners and for transaction costs, while another $473 million (approximately 34%) went toward licensing, banking partnerships, liquidity, compliance, and other expenses.Circle's net profit for the first half accounted for approximately 7% of revenue. Circle stated that the company holds more than 55 licenses and registrations, has partnerships with over 25 banks, and has deployed native USDC on more than 35 blockchains.Circle Payments Network users and eligible Circle Platform customers can redeem USDC free of charge on a near-real-time basis, 24/7 year-round, with standard redemptions typically completed within two business days. Circle minted and redeemed over $315 billion in USDC during the first half.USDC on-chain transaction volume exceeded $36 trillion in the first half of 2026, accounting for approximately 77% of global stablecoin transaction volume in June; minting and redemption volume reached $170 billion in the second quarter, up 105% year-over-year. (Bitcoin.com News)
Odaily reports: Circle disclosed that in the first half of 2026, USDC retained only 7 cents of net profit per $1 of revenue. According to a blog post published on October 16 by Circle Chief Business Officer Kash Razzaghi, Circle generated approximately $1.4 billion in revenue and reserve income in the first half of the year, of which $819 million was distributed to distribution partners and used for transaction costs, equivalent to about 59 cents per dollar of revenue. Circle stated that the low revenue retention rate demonstrates the sustainability of its model, and said that competitors' higher revenue-sharing ratios mean they are saving costs on underlying infrastructure.Circle holds more than 55 licenses and partners with over 25 banks, with more than 150 partners participating in the USDC economic revenue share. In the first half of 2026, USDC on-chain transaction volume exceeded $36 trillion; in June 2026, USDC's share of global stablecoin transaction volume rose to 77%, up from 60% in the same period the previous year. Open USD launched in June 2026, featuring free minting and redemption, and distributes reserve income directly to participants.
A working paper from the Bank for International Settlements (BIS), based on weekly U.S. data from January 2019 to June 2025, found that when bank deposit rates rise, the growth rate of the stablecoin market slows. The paper's authors include BIS economist Iñaki Aldasoro and Rashad Ahmed of the Andersen Institute for Finance and Economics.In the sample, stablecoin market capitalization grew by about 15% over a typical 10-week period. Baseline estimates show that after a one-basis-point increase in deposit rates, that growth rate falls to about 12%; an alternative method used to identify causality shows the growth rate falling to about 6%, though the stablecoin market still continued to grow.The correlation is stronger for Circle-issued USDC than for Tether-issued USDT, which the authors attribute to USDC's closer ties to U.S. users. The paper notes that banks can influence the pace of stablecoin adoption through deposit pricing, and recommends that regulators assess whether stablecoin issuers should be allowed to pay yield to holders and whether issuers should be required to hold a portion of their reserves in bank deposits.The working paper represents only the views of the authors and does not necessarily reflect the position of the BIS; the sample covers a single high-interest-rate cycle, during which stablecoins paid no interest to holders. The U.S. Treasury, the Office of the Comptroller of the Currency (OCC), and the Federal Deposit Insurance Corporation (FDIC) are drafting implementation rules for the GENIUS Act, which takes effect next January and sets out rules for the issuance, use, and custody of stablecoins. (Decrypt)
Odaily reports: U.S. District Judge Alvin Hellerstein on October 15, 2026, declined to vacate the $5 million settlement agreement between crypto exchange Gemini and the U.S. Commodity Futures Trading Commission (CFTC), leaving the paid fine and permanent injunction in effect. Previously, the CFTC had stated that the original lawsuit should never have been brought.The dispute stemmed from Gemini's involvement in proposed Bitcoin futures contracts. The CFTC filed suit in June 2022, alleging that Gemini misled regulators regarding trading safeguards, customer financing, special fee arrangements, and activities that could potentially affect contract pricing; the two parties settled in January 2025, with Gemini neither admitting nor denying the allegations.In May 2026, following an internal review, the CFTC and Gemini jointly sought to vacate the settlement, citing issues with whistleblower credibility, evidence, and enforcement practices. The judge found that the relevant circumstances had existed prior to the settlement and that a change in enforcement priorities was insufficient to vacate a binding court order; the CFTC retains its enforcement discretion. (Bitcoin.com News)
Odaily News: Circle published an article disclosing that in the first half of 2026, USDC onchain transaction settlement volume exceeded $36 trillion, with total minting and redemption exceeding $315 billion, averaging approximately $1.7 billion per day. As of June, USDC's share of global stablecoin transaction volume rose from 60% a year earlier to approximately 77%.Circle stated that in the first half of the year, the company generated approximately $1.4 billion in revenue, of which about $819 million was used for USDC distribution partner payouts and transaction costs, accounting for 59% of total revenue; another approximately $473 million was used for infrastructure investments including licenses, banking partnerships, settlement liquidity, compliance, and product development, accounting for about 34%, with net profit representing approximately 7% of revenue.Circle noted that more than 150 partners currently participate in USDC ecosystem revenue distribution, and partners can earn reserve income shares by expanding the scale of USDC they hold. In addition, all Circle customers can redeem USDC for free through standard channels, typically with settlement completed within two business days; eligible Circle Payments Network and Circle Platform customers can also enjoy 24/7, near-instant free redemption services.
According to Odaily, Bitcoin News posted on X that the EU is reviewing MiCA, and the related consultation involves requiring developers of non-custodial Bitcoin wallets to obtain certification before offering software to the public. The European Securities and Markets Authority (ESMA) stated that open-source development, self-custody, automated smart contracts, and permissionless infrastructure should not automatically be regarded as regulated intermediaries, while also proposing a new regulated service for crypto asset service providers that offer clients access to decentralized protocols. This review has not yet changed the current rules. The European Commission will evaluate the relevant feedback and, in accordance with Article 140 of MiCA, submit a review report by June 30, 2027.
Odaily reports: Juan Curutchet, head of financial and foreign exchange institution supervision at the Central Bank of Argentina (BCRA), stated that it will not push for the integration of cryptocurrencies and digital assets into banking and payment channels in the next two years. The ban on crypto services by financial institutions introduced in 2022 will remain in effect.Juan Curutchet pointed out that Argentina's current economic fragility is insufficient to support the advancement of such measures. Whether the ban will be lifted in the future depends on economic conditions, and the relevant topic may be discussed during a second Milei term.Despite the ban remaining in place, Argentine banking groups are advancing institutional stablecoin projects through independent entities, aimed at programmable money, treasury management, payments triggered by on-chain events, and collateralized credit management.In the 12 months ending June 30, cryptocurrency transaction value in Argentina exceeded $88.5 billion, making it the second-largest crypto hub in Latin America. (Bitcoin.com News)
As reported by Journal du Coin, France’s 2027 budget bill was submitted to the National Assembly on October 1, with the Finance Committee beginning to vote on ten cryptocurrency-related amendments on October 7. As of October 8, three have been passed: stablecoin conversions are treated as taxable events (starting January 1, 2027), cryptocurrencies valued over €800,000 are subject to an exit tax, and cryptocurrency losses can be deferred and deducted over a ten-year period; a proposal to expand the wealth tax to cover crypto assets was rejected; and a tax-cut amendment submitted by Paul Midy was directly declared invalid for violating Constitutional Article 40, which prohibits reductions in public revenue. Additionally, the EU DAC8 directive mandates that platforms collect user identity and transaction data starting January 1, 2026, with initial reports to tax authorities due by June 15, 2027, taking effect automatically without a parliamentary vote. Another proposal would require reporting of self-custody wallets valued above €100,000, carrying maximum fines of €10,000 for violations. The aforementioned amendments are not yet legally binding. The plenary session will deliberate on them from October 13 to 19, with the final vote set for November 17.
St. Louis Fed President Musalem stated that the Federal Reserve must continue to tighten monetary policy to bring inflation back to its 2% target. He indicated that the next six to nine months could be an appropriate window for interest rate hikes, but did not provide a clear view on the specific decision at the October meeting.
Odaily News: First Digital is a Hong Kong-based digital asset company and the issuer of FDUSD. The company has entered into a definitive merger agreement with Nasdaq-listed CSLM Digital Asset Acquisition Corp III, with a pre-transaction valuation of $250 million. Upon completion of the transaction, the two parties are expected to form a new holding company and list on Nasdaq, with completion anticipated in the first half of 2027, subject to regulatory approvals and other closing conditions. As of June 30, 2026, FDUSD's cumulative trading volume has exceeded $4.7 trillion. For the fiscal year ended June 30, 2025, First Digital generated approximately $87 million in revenue. First Digital stated that FDUSD's reserve assets consist of cash and cash equivalents held in segregated accounts, with monthly attestations conducted by independent firms. The company's Finance District platform has launched 4 products to date but has not yet generated significant revenue.
Odaily News: Crypto asset platform operator Bitcoin Group SE announced that the German Federal Financial Supervisory Authority (BaFin) has rejected the crypto asset service provider license application submitted by its subsidiary futurum bank AG under the Markets in Crypto-Assets Regulation (MiCA). The company is evaluating alternative operating models and seeking to restore Bitcoin.de trading as soon as possible through a regulated partner.Moritz Eckert, CEO of Bitcoin Group SE, stated that the company had prepared for the rejection of its application and will now review the decision, with the option to file an objection or resubmit the application in the future. Bitcoin.de is a German crypto trading platform operated by futurum bank AG, with over 1.1 million registered users.Bitcoin.de was originally a peer-to-peer trading marketplace and switched to a broker model this year, with plans to offer over 100 cryptocurrencies, crypto asset exchange, and staking services. The platform was originally scheduled to launch the new model at the end of June, but it was delayed due to waiting for MiCA licensing, and trading has been largely suspended since June 12. (Cointelegraph)
Odaily News: Polymarket has filed a lawsuit in a Dutch court seeking to overturn a ban imposed by the Dutch gambling regulator on its prediction market. The company argues that its event contracts are derivatives and should be regulated by the Dutch Authority for the Financial Markets (AFM), rather than the Dutch Gaming Authority (KSA).On January 20, the KSA ordered Polymarket to cease providing services to Dutch users within four weeks or face weekly fines of €420,000, up to a maximum of €840,000. The KSA stated that inspectors had registered an account through a Dutch IP address, topped up €10 using a Dutch bank account, and purchased $1 worth of "Yes" shares in the "Next Dutch Prime Minister" market.Polymarket said it implemented IP blocking on February 18, but the KSA determined that the measure came one day after the deadline and decided to impose a €420,000 fine. On June 23, the KSA dismissed Polymarket's objection, noting that Dutch law prohibits betting on non-sporting events and that licensed operators are also not permitted to accept cryptocurrency payments. (Bitcoin.com News)
According to Cointelegraph, data from the Korea Financial Intelligence Unit (KoFIU) shows that operating profits of crypto exchanges in South Korea fell by 78% in the first half of 2026 compared to the previous six-month period, while exchange sales declined by 41% over the same timeframe. Market trading activity also cooled noticeably, with the average daily trading volume at domestic virtual asset exchanges dropping by 44% compared to the prior period. The total market capitalization of crypto assets decreased by 33%, KRW-denominated customer deposits fell by 35%, but the number of accounts eligible for trading saw a slight increase of 0.4%. The survey covered 26 registered virtual asset service providers, including 17 exchange operators and 9 custodian and wallet service providers, with data spanning from January 1 to June 30 this year.