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Nepal to fight crypto fraud with public awareness, transaction monitoring

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Nepal’s Financial Information Unit (FIU) is stepping up efforts to combat cryptocurrency-related fraud by increasing awareness and implementing stricter regulations. The FIU, which operates under Nepal’s central bank, has expressed concern over the growing number of fraudulent schemes involving digital currencies and their impact on investors. In response, the unit is focusing on educating the public about the risks associated with crypto investments and promoting better regulatory practices to protect consumers from scams.

Despite cryptocurrencies being banned in Nepal since 2017, the country has seen a rise in illegal trading and fraudulent activities tied to digital assets. The FIU is particularly concerned about the proliferation of unregistered platforms and fraudulent schemes that promise high returns on crypto investments. Many of these scams have led to significant financial losses, prompting the FIU to urge Nepali citizens to be cautious and avoid engaging with unregulated crypto services.

To address these challenges, the FIU is collaborating with local law enforcement and international agencies to improve monitoring of crypto-related activities and enhance its regulatory framework. The agency aims to strengthen its oversight of financial transactions and identify potential risks in the rapidly evolving digital asset space. By enforcing stricter regulations, the FIU hopes to create a safer environment for those involved in legitimate cryptocurrency transactions while curbing the activities of fraudsters.

The growing focus on cryptocurrency fraud in Nepal highlights a broader global trend as regulators worldwide grapple with how to address the risks associated with digital currencies. While Nepal has yet to legalize cryptocurrency trading, the FIU’s push for increased awareness and tighter regulations could signal a shift in the country’s approach to managing digital asset risks. As the cryptocurrency space continues to grow, authorities in Nepal are likely to face ongoing challenges in balancing innovation with consumer protection.

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US lawmakers advance anti-CBDC bill

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U.S. lawmakers have voted to advance a bill aimed at blocking the Federal Reserve from issuing a central bank digital currency (CBDC), marking a major step in the political pushback against the development of a digital dollar.

The bill, which passed through the House Financial Services Committee, would prohibit the Fed from directly offering accounts or issuing a CBDC to individuals, citing concerns over surveillance, privacy, and government overreach.

Supporters of the legislation argue that a digital dollar could pose significant risks to civil liberties, enabling real-time tracking of consumer transactions and expanding federal control over personal finances. They view the bill as a safeguard against what they describe as a “surveillance-style” monetary system.

Opponents of the bill, however, argue that restricting CBDC development could hinder U.S. innovation and global competitiveness in the evolving digital financial landscape.

The legislation now moves closer to a potential floor vote in Congress. Its progress underscores growing ideological divisions over the future of money in the United States, with CBDCs emerging as a new front in the broader debate over digital governance, financial freedom, and the role of government in the digital age.

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Gemini to open Miami office after judge stays SEC case

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Crypto exchange Gemini has opened a new office in Miami, reinforcing its commitment to expanding operations despite pausing its plans for an initial public offering (IPO) amid a continuing legal battle with the U.S. Securities and Exchange Commission (SEC).

The Miami office signals the company’s long-term vision for growth in key U.S. markets, even as regulatory uncertainty clouds the broader crypto landscape. The expansion comes at a time when Gemini is facing heightened scrutiny from the SEC over its Earn program, which the regulator alleges involved unregistered securities.

While the IPO remains on hold, Gemini continues to strengthen its infrastructure and team, focusing on user growth, compliance, and regional outreach. The Miami hub is expected to play a strategic role in those efforts, leveraging the city’s growing status as a U.S. crypto hotspot.

Co-founders Cameron and Tyler Winklevoss remain vocal about the need for clear regulatory frameworks and have emphasized that Gemini will continue to fight for fair treatment while building responsibly in the U.S. and abroad.

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Coinbase Institutional files for XRP futures trading with CFTC

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Coinbase Institutional has officially filed with the U.S. Commodity Futures Trading Commission (CFTC) to offer XRP futures trading, marking a significant move toward expanding institutional access to Ripple’s native token.

The filing, submitted through Coinbase Derivatives, signals the exchange’s intent to list XRP futures contracts in a regulated environment. If approved, it would allow institutional investors to gain exposure to XRP through derivative products, a key step in broadening the token’s presence in traditional financial markets.

This development comes amid a gradually improving regulatory climate for XRP, following a partial legal victory for Ripple in its ongoing case with the U.S. Securities and Exchange Commission (SEC). The outcome gave XRP a degree of legal clarity, opening the door for exchanges and financial institutions to re-engage with the asset.

Coinbase’s push to expand its derivatives offerings also aligns with its strategy to build a more robust institutional platform. Approval from the CFTC would position the exchange to capitalize on growing demand for regulated crypto investment vehicles.

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