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Dubai’s New Ads Rule and More

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This week’s roundup highlights regulatory tightening and innovations in the crypto sector across Asia and MENA. Dubai’s regulator implements new crypto marketing rules, which will be effective as of October 1, 2024. Meanwhile, in South Korea, Worldcoin was fined $830,000 for breaching data privacy laws, particularly by collecting sensitive biometric data.

With regulatory authorities stepping up oversight across the region, the crypto industry is experiencing a period of transformation that is reshaping its future.

As of October 1, 2024, companies promoting virtual assets in Dubai must comply with new marketing regulations introduced by the Virtual Asset Regulatory Authority (VARA). Under these guidelines, crypto advertisements must include a prominent disclaimer highlighting the risks of crypto investments. The disclaimer must clearly state that virtual assets can lose value in full or in part and are subject to significant volatility.

In addition to the new disclaimer requirements, VARA has introduced penalties for non-compliance. Firms violating these marketing guidelines could face fines of up to AED 10 million (approximately $2.7 million).

Read more: How Does Regulation Impact Crypto Marketing? A Complete Guide

The size of the fine will depend on the severity of the infraction. If the company repeatedly violates the regulations, it may also face increased fines.

Additionally, virtual asset service providers (VASPs) offering incentives related to virtual assets must now obtain compliance approval from VARA. This ensures that promotional materials do not obscure the risks investors may face when entering the highly volatile crypto market.

This regulatory update is part of Dubai’s ongoing efforts to balance crypto innovation with consumer protection. With the region positioning itself as a global hub for blockchain and digital assets, the new rules aim to safeguard retail and institutional investors from misleading promotional content.

Worldcoin and TFH Hit with $800,000 Fine for Data Breaches in South Korea

South Korea’s Personal Information Protection Commission (PIPC) has fined Worldcoin and its development company, Tools for Humanity (TFH), 1.14 billion Korean won ($830,000). This penalty was for violating the country’s data protection laws.

The fine stems from Worldcoin’s unauthorized collection of sensitive biometric information, including iris scans, from Korean users without proper consent. Moreover, the data was transferred abroad to Germany without notifying users. This action further breaches South Korean data privacy laws.

The PIPC ordered Worldcoin to implement corrective measures, including obtaining explicit user consent for sensitive data collection. The agency also demanded improvements in data storage and use transparency. Furthermore, the firm must introduce an effective data deletion mechanism for users who wish to opt out of the Worldcoin service.

Hong Kong’s Project e-HKD+ Explores Tokenized Assets and Digital Money

Hong Kong’s Monetary Authority (HKMA) recently launched the second phase of its digital currency project, now rebranded as Project e-HKD+. This phase aims to explore more advanced use cases for digital money, including tokenized deposits, as well as broader applications in both retail and corporate settings.

Project e-HKD+ brings together 11 firms that will conduct real-world trials on the settlement of tokenized assets, programmable payments, and offline transactions. These pilot programs are crucial for evaluating the feasibility and benefits of implementing digital currencies within the broader economy.

The outcome of Phase 2 will help shape the future design and regulatory framework for digital currencies in Hong Kong. Authorities will share key learnings with the public by the end of 2025.

Eddie Yue, Chief Executive of the HKMA, emphasized that the initiative is essential for positioning Hong Kong at the forefront of financial technology.

“The e-HKD Pilot Programme has provided a valuable opportunity for the HKMA to explore with the industry how new forms of digital money can add unique value to the general public. The HKMA will continue to adopt a use-case-driven approach in its exploration of digital money. We look forward to working closely with industry participants in Phase 2 to co-create various innovative use cases,” Yue stated.

The authority also plans to establish the e-HKD Industry Forum. This forum will be a collaborative platform where industry leaders can discuss the broader adoption of digital currencies.

Indonesia’s Largest Bank Launches Blockchain-Based Pilot Project

Indonesia’s largest state-owned bank, Bank Rakyat Indonesia (BRI), is launching a blockchain-based pilot project to improve transparency and security in financial transactions. Announced during the Indonesia Blockchain Conference (IBC), the project is designed to streamline supply chains and secure business transactions for BRI’s extensive customer base of 82 million.

Nitia Rahmi, Head of BRI’s Digital Banking Development Department, highlighted that this initiative is part of the bank’s broader commitment to embracing Web3 technologies. Rahmi explained that the project would improve BRI’s digital infrastructure and position the bank as a leader in blockchain adoption within the Indonesian financial sector.

As blockchain technology gains momentum in Southeast Asia, BRI’s move aligns with a growing regional trend of integrating decentralized technologies into traditional banking systems. The bank’s adoption of blockchain is expected to set a precedent for other institutions looking to innovate and improve financial processes.

WazirX Secures Court Moratorium to Restructure After $230 Million Hack

On September 26, Singapore’s High Court granted a four-month moratorium to Zettai Pte Ltd, the parent company of the Indian crypto exchange WazirX. This decision follows the platform’s $230 million exploit in July.

This moratorium allows WazirX to restructure its liabilities and address users’ outstanding cryptocurrency balances. Initially, the exchange requested a six-month moratorium. However, the court decided on a four-month moratorium, factoring in the automatic 30-day moratorium that started with the initial filing.

Nischal Shetty, Director of Zettai and Founder of WazirX, expressed gratitude for the court’s decision. He described it as a critical step toward recovery and resolution. Shetty also emphasized that this breathing space is necessary for developing a fair, creditor-approved restructuring plan that maximizes recovery potential for affected users.

As part of the court’s conditions, WazirX has committed to full transparency. The exchange will make its wallet addresses public, release financial data, and address user concerns raised during the legal proceedings. Additionally, future voting on restructuring plans will be supervised by independent parties to ensure impartiality.

Read more: Crypto Project Security: A Guide to Early Threat Detection

WazirX Hacker's Wallet Balance.
WazirX Hacker’s Wallet Balance. Source: Arkham Intelligence

In parallel with these legal proceedings, blockchain data from Arkham Intelligence revealed that the hacker responsible for the exploit has almost entirely laundered the stolen assets. Of the $230 million, only $6 million of cryptocurrencies remains unlaundered. The hacker funneled the majority of the funds through the crypto mixer Tornado Cash.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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3 Altcoins to Watch in the First Week of April 2025

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As the crypto market enters Q2 2025, both investors and traders are anticipating a shift from bearish to bullish momentum. This change is essential for altcoins to recover, as many are currently facing challenges in bouncing back. However, growth potential remains for select tokens in the short term.

BeInCrypto has analyzed three altcoins to watch closely as April begins, highlighting the catalysts that could influence their price movements.

THORChain (RUNE)

RUNE’s price is currently at $1.117, hovering just above the $1.110 support level. For a potential rebound, the altcoin needs to reclaim $1.198 as support. Investor sentiment will play a crucial role in whether this upward movement materializes, leading to possible gains for THORChain (RUNE).

THORChain’s 3.4.0 upgrade is scheduled to take place this week, bringing significant improvements to the network. The upgrade could drive positive market sentiment, helping RUNE reclaim $1.198 as support. This momentum may push RUNE towards $1.396, aiding in recovering recent losses and supporting continued price growth.

RUNE Price Analysis.
RUNE Price Analysis. Source: TradingView

If the support at $1.110 is broken, RUNE may fall to $1.021, pushing it closer to losing the critical $1.000 level. A failure to maintain support could signal a bearish trend, invalidating the bullish outlook. 

Artificial Superintelligence Alliance (FET)

FET price saw a 20% decline over the last five days, dropping to $0.452 after losing the support of $0.458. This decline puts the altcoin under pressure. However, the doors for potential recovery are open due to upcoming developments within the network.

The Artificial Superintelligence Alliance network is set for a mainnet upgrade this week, bringing new features to the ASI-1 Mini. This upgrade is expected to act as a catalyst for the price, pushing it toward the key resistance levels of $0.524 and $0.572 to recover recent losses.

FET Price Analysis.
FET Price Analysis. Source: TradingView

If the bearish trend continues, FET could fall further to $0.400, which would invalidate the bullish outlook and lead to extended losses. The price would need to hold above critical support levels to avoid deeper declines.

Ethereum (ETH)

Ethereum’s price is nearing a 17-month low of $1,745, following a 13.42% drop after failing to break through the $2,141 resistance. This recent price action suggests the altcoin king is struggling to regain momentum. The market conditions remain unfavorable for a quick recovery at this point.

Despite the current market downturn, Ethereum could see some recovery as investors look to capitalize on low prices. A short-term bounceback is possible if ETH successfully flips $1,862 into support, potentially pushing the price above $2,000. This would mark a significant recovery attempt from the recent drop.

ETH Price Analysis.
ETH Price Analysis. Source: TradingView

If bearish conditions continue, Ethereum’s price might fall below $1,745, testing the next support at $1,625. A failure to hold this level would invalidate the bullish outlook and open the door for further declines, extending the recent losses.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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Top Crypto Airdrops to Watch in the First Week of April

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As traders and investors anticipate the beginning of April and the onset of the second quarter (Q2) of 2025, crypto airdrops present an opportunity to join promising communities while they are still on the ground floor.

This week, three notable crypto airdrops stand out as worth watching.

Walrus

Walrus (WAL), a decentralized storage protocol on the Sui blockchain, launched its mainnet and token generation event (TGE) on March 27. The event coincided with South Korea’s Upbit exchange listing WAL.

The TGE saw Walrus distribute 4% of its 5 billion token supply via an airdrop. Eligible participants, including early Sui ecosystem users and testnet contributors, received Soulbound NFTs redeemable for WAL tokens. As April commences, 6% of Walrus tokens are reserved for future community rewards.

“At the moment 4% of the 10% tokens allocated for the airdrop have been distributed, so Walrus still has tokens to reward users,” Cryptorank.io noted.

WAL powers storage payments, staking, and governance, with listings on exchanges like Crypto.com and MEXC offering prize pools. The project’s airdrop comes after raising $140 million from Andreessen Horowitz, Standard Crypto, Electric Capital, and Comma3 Ventures, among others.

Meanwhile, Walrus’s market cap exceeds $573 million, reflecting strong adoption potential. Data on CoinGecko shows it was trading for $0.45 as of this writing.

Walrus (WAL) Price Performance
Walrus (WAL) Price Performance. Source: CoinGecko

Staking opportunities with validators like Mysten Labs or Nansen enhance rewards, but high commissions (up to 60%) apply. One of Walrus and Sui’s founders recently announced that users could stake WAL tokens to get airdrops. As this could mean airdrops from Walrus and projects from the Sui ecosystem, engaging with Sui dApps and testnets remains key for future allocations.

Nansen

The project has raised up to $88.2 million from investors such as Andreessen Horowitz, Coinbase Ventures, Accel, and Mechanism Capital, among others. Coupled with the fundraiser, Nansen has a valuation of $750 million.

Nansen, a leading blockchain analytics platform, confirmed an airdrop, drawing excitement due to its prominence and past reward patterns. The project launched a staking program and announced a point system in 2025.

“We’re excited to announce that we have acquired Stakewithus (SWU)! SWU is a non-custodial staking service provider with $80m+ staked by 30k+ users & supports 20+ chains You can now analyze data, monitor your portfolio, and stake assets in one place with Nansen,” read the announcement.

Users can stake assets (STRK and TRX), and points are expected to be credited retrospectively. Nansen also mentions the NSG token, so participants will most likely receive an airdrop for points.

Market participants should monitor Nansen’s social channels and partnerships for updates, as airdrops typically reward active users or data contributors.

With no token launched yet, any potential airdrop might tie into a future native token, likely incentivizing early adopters or premium subscribers. Given Nansen’s influence in the crypto space, tracking wallet activity and on-chain data, its airdrop could attract significant attention.

Participants should engage with its tools and stake in supported ecosystems to position themselves for unannounced opportunities.

OG Labs

This modular AI chain combines Layer-1 blockchain with decentralized AI, focusing on scalable Data Availability for AI applications.

The status of OG Labs airdrop stands confirmed, bringing forth an emerging player in the crypto space. This makes it a speculative target for market participants. It boasts up to $325 million in funds raised from investors such as Delphi Ventures, Hack VC, Animoca Brands, and OKX Ventures, among others.

The airdrop is potentially tied to Web3 innovation or NFT ecosystems (given the “OG” moniker). It follows models like Walrus, rewarding early testers or community members.

“There are new activities on the OG test network – we can request test tokens and make swaps,” Cryptorank.io noted.

The OG Labs airdrop requires no investment. Users can engage through OG Labs’ Newton Testnet, which tests-core functionalities like decentralized storage, consensus, and data availability services. Participants must complete at least 20 transactions, stay active for three days, and interact with features like swaps, storage scans, and NFT minting.

“Interact with the OG Labs Testnet and Become Eligible for the Airdrop,” crypto researcher Guatamgg stated.

Additionally, users can boost eligibility by taking Discord roles such as OGurus or OG Role. These activities involve community contributions and verification steps. This airdrop targets active ecosystem participants, aligning with OG Labs’ emphasis on community-driven development.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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Strategic Move for Trump Family in Crypto

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Energy infrastructure platform Hut 8 Corp has partnered with US President Donald Trump’s sons, Eric Trump and Donald Trump Jr., to launch American Bitcoin Corp.

The company is dedicated to industrial-scale Bitcoin mining and developing a strategic reserve.

All You Need to Know about American Bitcoin

American Bitcoin’s leadership team includes Mike Ho as executive chair, Matt Prusak as CEO, and Eric Trump as CSO. The Board of Directors comprises Mike Ho, Asher Genoot (also Hut 8 CEO), Justin Mateen, and Michael Broukhim.

According to the announcement, Hut 8 holds an 80% ownership stake in American Bitcoin. This follows the contribution of its ASIC miners to American Data Centers Inc., a company formed by investors including the Trump brothers.

Subsequently, they renamed and relaunched the entity as American Bitcoin. As a new subsidiary focused on industrial-scale Bitcoin mining, this move aims for an efficiency of 50+ EH/s (exahashes per second). Meanwhile, Hut 8 remains the key infrastructure partner, consolidating financials under its brand.

Eric Trump, co-founder and chief strategy officer of American Bitcoin, expressed enthusiasm about the collaboration. He also emphasized the synergy between Hut 8’s operational excellence and shared passion for decentralized finance (DeFi) as a foundation for significant future growth.

“…By combining Hut 8’s proven operational excellence in data centers with our shared passion for Bitcoin and decentralized finance, we are poised to strengthen our foundation and drive significant future growth,” an excerpt in the announcement read, citing Eric Trump.

Donald Trump Jr. highlighted their longstanding commitment to Bitcoin, noting their conviction in Bitcoin personally and through their businesses. He reiterated the opportunity presented by mining Bitcoin under favorable economics and the potential for investors to participate in Bitcoin’s growth through this new platform.

Similarly, Genoot described the launch of American Bitcoin as a pivotal evolution in their platform strategy. By establishing a standalone entity for mining operations, Hut 8 aims to align each business segment with its respective cost of capital. Specifically, they would create two focused yet complementary companies.

Meanwhile, this venture is part of the Trump family’s broader engagement in the crypto industry. World Liberty Financial, the crypto venture linked to the Trump family, recently launched USD1. US treasuries, dollars, and cash equivalents back the stablecoin. The venture aims to facilitate secure cross-border transactions for investors and institutions.

Furthermore, reports indicate that the Trump family is discussing acquiring a stake in Binance.US. This is the American arm of the world’s largest cryptocurrency exchange, Binance. Given the family’s growing involvement in the sector, such an investment could significantly influence the crypto market.

These initiatives reflect the Trump family’s commitment to positioning the US at the forefront of the crypto industry. It also aligns with President Donald Trump’s ambition to establish the US as a global leader in digital assets.

“While people are worrying about the daily price action, President Trump and Eric Trump are building the infrastructure to take crypto to the next level,” crypto investor Gordon noted.

Bitcoin (BTC) Price Performance
Bitcoin (BTC) Price Performance. Source: BeInCrypto

BeInCrypto data shows BTC was trading for $82,199 as of this writing. It is down by over 1.13% in the last 24 hours, unmoved by news of American Bitcoin. However, this could change once US markets open.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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