Crypto Chronicles:Reports

1-India is a country that cryptocurrency service providers are targeting as it suggests a change in regulations.

Trump's pro-crypto policy is causing national authorities to change their crypto policies, including India. After its 2023 G20 presidency, India expected to submit a crypto regulatory consultation paper, but it has not. In a recent roundtable session, India's Department of Economic Affairs Secretary Ajay Seth said, “We were ready with a discussion paper, but we now need to recalibrate it due to these changes.”

The Indian government taxes crypto revenue 30% and deducts 1% at source starting in 2022. This has deterred individual and institutional traders, lowering crypto trading volumes. Due to this, numerous crypto exchanges and market makers left India. After implementing a 30% tax on crypto profits and a 1% source tax, WazirX, India's biggest crypto trading platform, saw a 90% decline in activity. This prompted WazirX to move certain operations to Dubai.

Bloomberg reports that crypto businesses are considering returning to India due to policy changes. Coinbase filed with India's Financial Intelligence Unit to establish its retail trading platform on March 11. Rivals Binance, Bybit, and KuCoin also registered.

2-Bitcoin's first billionaires took years; this crypto might do it in days.

Early Bitcoin (BTC) investors waited years for significant gains as the cryptocurrency achieved worldwide prominence. The crypto sector is growing faster because to game-changing innovations like Lightchain AI.

Lightchain AI is pitching itself as a blockchain game-changer with $17.9 million raised during its presale and tokens priced at $0.007, attracting investors seeking faster returns and innovation.

Satoshi Nakamoto, an unidentified person or organization, released Bitcoin in 2009. Techies and free thinkers who grasped the promise of government-free virtual money were its first front-line soldiers.

Most people who bought Bitcoin early on believed they would win. The game-changing currency was wagered on by IT geeks even though conventional fund managers would never have considered these bets.

The print press was scarce back then, thus few people knew about blockchain technology. Additionally, few localities exchanged cash. By the way, the “Watch-only” function in Android Bitcoin Wallets enables users construct a new address that won't be kept on the phone and monitor their balance and transactions. Creating a new phone address becomes vital. Privacy and security are ensured.

Bitcoin gained popularity as more companies accepted it as payment and exchanges emerged. Bitcoin has become a major financial market despite rapid gains and slowdowns in recent years.

Lightchain AI is revolutionizing crypto using blockchain and AI. AI-driven ecosystem executes complicated calculations in real time, making it strong for logistics, healthcare, and finance. This unique feature has attracted institutional investors and crypto whales.

Lightchain AI's $17.9 million presale is noteworthy. The technology connects smoothly with existing networks because to its multi-chain interoperability and scalability, enabling wider adoption. Lightchain AI is a game-changing investment with high growth potential.

3-Crypto is becoming legalized, yet money laundering continues

In 2017, Larry Fink of BlackRock termed bitcoin a “index of money laundering”. Five years later, Fink reconsidered Bitcoin and BlackRock adopted it. The iShares Bitcoin Trust possesses roughly 570,000 bitcoins, more than any other corporation. Since 2022, BlackRock has worked with Bitcoin. That year, Chainanalyis estimated the peak value of crypto used for crime, particularly money laundering, at $54 and $31 billion.

4-New government letter shows Trump administration wants USAID to use blockchain

WIRED reported that a State Department paper discloses the Trump administration's intentions for USAID.

Politico obtained a 13-page document extract that highlights Trump administration structural changes for the humanitarian organization. USAID will allegedly use blockchain technology in its procurement process and rebrand as IHA.

“All distributions would also be secured and traced via blockchain technology to radically increase security, transparency, and traceability,” the document claimed.

The document says the government is using blockchain technology to boost creativity, productivity, and “more flexible and responsive programming focused on tangible impact rather than simply completing activities and inputs.”

USAID workers were placed on administrative leave before DOGE in early February.

Europol says money laundering is the biggest cryptocurrency crime. The Europol research states that crypto transactions increased during the COVID-19 epidemic, which increased money laundering volume.

Chainalysis found that money-laundering substantially increased in 2021 compared to 2020 or 2019. Laundered crypto volume rose to $18.3 billion in 2021 from $9.9 billion and $11.1 billion in 2020 and 2019.

However, in 2022, laundered crypto volume reached $31.5 billion, falling to $22.2 billion in 2023, still substantially greater than before 2021. Chainalysis noted a 15% reduction in crypto transactions in 2023. However, laundered crypto volume fell 30%. Chainalysis said that criminal usage of crypto remained steady at $50 billion per year in 2022, 2023, and 2024, making it difficult to assess a positive shift. Additionally, Chainalysis reports that crypto crime has grown extremely diversified and professionalized in recent years.

Cryptocriminals employed more mixers and cross-chain bridges in the 2010s. After a high in 2022, mixer usage may have dropped because to police crackdown. Increasing usage of cross-chain bridges. Only five off-ramp providers handled one-third of laundered crypto cash-outs between 2019 and 2023.

Reference

https://crypto.news/crypto-service-providers-eye-indian-market-as-india-signals-shift-in-crypto-regulation/

https://crypto.news/bitcoins-first-millionaires-took-years-this-new-crypto-could-make-it-happen-in-days/

https://crypto.news/while-crypto-is-gradually-getting-legalized-its-money-laundering-use-persists-what-are-the-trends/

https://crypto.news/trump-administration-wants-usaid-to-adopt-blockchain-technology-new-government-memo-reveals-report/