Putin approves inclusion of digital ruble within Russian tax code

US Sanctions Chinese for Enabling Crypto Money LaunderingIn a press release published earlier this week, the Office of Foreign Assets Control (OFAC) within the Department of the Treasury in the United States, stated that it had sanctioned two Chinese nationals and a Hong Kong British national for allegedly having aided the North Korean government in crypto money laundering activities.©Pexels/RODNAE ProductionsThe Americans claim that the funds are the proceeds of cyber crime with the laundered money in turn being used to support the Democratic People’s Republic of Korea (DPRK) regime, including its ballistic missile and weapons programs.Illicit OTC crypto tradesThe three OFAC-sanctioned individuals are Wu Huihui (Wu), Cheng Hung Man (Cheng) and Sim Hyon Sop (Sim). Wu is an over the counter (OTC) cryptocurrency trader based within China. OFAC claims that he has facilitated the conversion of millions of dollars worth of stolen digital assets into fiat currency at the behest of a North Korean cyber-crime syndicate.In 2009 OFAC sanctioned a small North Korean bank, Korea Kwangson Banking Corp. (KKBC). At the time, the agency claimed that KKBC had extended financial services to previously designated North Korean banks including Tanchon Commercial Bank and Korea Hyoksin Trading Corporation. Fourteen years on, OFAC has now identified Sim as a facilitator of KKBC money laundering schemes. OFAC claims that Sim represented the sanctioned bank, and in the process, he was the recipient of millions of dollars worth of cryptocurrency.Overseas earningsThe agency claims that the source of this money was the earnings of North Korean IT workers who had worked overseas, including within the United States. The North Korean regime has pursued a strategy of sending workers into employment overseas in an effort to raise capital in harder currency.Like Wu, Cheng was also identified as an OTC cryptocurrency trader. It’s understood that Cheng collaborated with Wu, and employed a series of shell companies in order to convert cryptocurrency into fiat money.Blockchain data analysis firm Chainalysis has researched the topic based upon the OFAC and Department of Justice data and information. That analysis has revealed that the North Korean hackers and cyber-crime facilitators make use of cryptocurrency mixers such as Tornado Cash and Sinbad. While other illicit entities utilize these crypto mixers which attempt to obfuscate the origin of digital assets, Chainalysis’ research suggests that the North Korea-affiliated actors use mixers to a far greater extent than others.Reward offeredIt’s understood that the US authorities indicted a fourth person who remains unknown beyond his/her online moniker, “live:jammychen0150.” Properties in the United States connected with the three known individuals have been frozen. The State Department has also outlined its willingness to provide a reward of up to $5 million for any information that leads to the arrest or conviction of Sim. Furthermore, rewards of $500,000 each are being offered relative to the apprehension of two of Sim’s associates, Han Linlin and Qin Gouming.In a statement, Department of Justice Criminal Division Assistant Attorney General Kenneth Polite Jr. said that “the North Korean operatives have innovated their approach to evading sanctions by exploiting the technological features of virtual assets to facilitate payments and profits, and targeting virtual currency companies for theft.”

Remixpoint, Inc., an energy management solutions provider that trades on the Tokyo Stock Exchange (TYO:3825), has announced the raising of $215 million to finance its Bitcoin treasury while the company’s CEO has become the first public company executive in Japan to receive his entire salary in Bitcoin.Photo by Michael Förtsch on Unsplash3,000 BTC targetIn a statement published to X on July 9, the company outlined that it had raised ¥31.5 billion ($215 million). The proceeds will be entirely allocated to Bitcoin acquisition. The company is targeting the accumulation of 3,000 BTC.  As of June 16, the company held 1,051 BTC, valued at around $114 million. At today’s pricing, the funds raised would allow Remixpoint to buy a further 1,977 BTC. However, the firm warned that actual acquisition volume may vary depending upon Bitcoin pricing over a certain period of time, combined with the firm’s share price. Providing its justification for the funds raised, Remixpoint said that the decision reflected its “conviction in Bitcoin’s future,” a view that the company has formed following extensive internal discussion. Remixpoint initiated this treasury strategy in September 2024, compelled to do so due to concerns about the Japanese yen, with a desire to hedge against its depreciation. In addition to Bitcoin, the company has also bought altcoins such as Ether (ETH), Solana (SOL) and Dogecoin (DOGE). Japanese firms buying BitcoinRemixpoint is one of a growing number of Japanese firms to establish crypto-based treasuries. Japanese fashion retailer ANAP Holdings held 200 BTC as of July 8, with plans to acquire over 1,000 BTC by August. Publicly listed marketing business Agile Media Network stated in April that the company would make an initial purchase of ¥10 million worth of Bitcoin on a trial basis in an effort to determine if it's worthwhile to invest in the asset on a broader basis. Earlier this year, Japanese gaming firm Gumi announced plans to build up a Bitcoin treasury worth in the region of ¥1 billion. In recent months, SBC Medical Group, nickel processing firm S Science and textile manufacturer Kitabo have either added Bitcoin to their balance sheets or announced plans to do so. Japan’s standout Bitcoin treasury company is Metaplanet, a former hotel operator. Earlier this week, it emerged that the company aspires to build up a 210,000 BTC treasury. Furthermore, it plans to use its Bitcoin holding to buy cash-producing businesses, with a digital bank being one of its potential acquisition targets. On July 8, Remixpoint announced that it had taken the decision to pay the entire salary of its recently-appointed CEO, Takashi Tashiro, in Bitcoin. Tashiro will become the first Japanese CEO of a publicly-listed company to receive his salary in Bitcoin. Remixpoint said that it had taken this decision as part of a shareholder-perspective management outlook. In a tongue-in-cheek comment on X, market analyst Caleb Franzen said that "Now that the Remixpoint CEO is taking their salary in Bitcoin, I think Satya Nadella [CEO of Microsoft] will do the same any day now!" The emergence of crypto treasury firms has faced criticism. However, Elliot Chun, a partner at Architect Partners, asserted back in March that by 2030, a quarter of S&P 500 firms will have invested in Bitcoin.

Animoca Brands, a Hong Kong-based Web3 company focused on blockchain gaming and NFTs, has signed a memorandum of understanding (MOU) with DayDayCook (DDC) Enterprise Limited in a deal that will see Animoca allocate up to $100 million in Bitcoin with that capital to be exposed to yield enhancement strategies operated by DDC.Photo by Erika Fletcher on UnsplashBitcoin treasury strategyIn a press release published to its website, Animoca Brands claimed that the deal accelerates the Bitcoin accumulation strategy pursued by DDC. Back in May, DDC Enterprise, a Chinese company listed on the Nasdaq in the U.S. while headquartered in Hong Kong, became one of many Nasdaq-listed companies recently to add Bitcoin to its balance sheet.  At that time, it made a symbolic initial 21 BTC purchase, bearing in mind the leading digital asset has a supply cap of 21 million BTC. The company has set out an ambitious plan to build up a Bitcoin treasury of 5,000 BTC over the course of three years. DDC Founder Norma Chu described the development as a “pivotal moment.” ‘Pristine monetary asset’On this occasion, Chu described the partnership with Animoca as a “transformative step,” reflecting the companies’ “shared vision to accelerate Bitcoin’s role as a pristine monetary asset.” As part of the partnership, Animoca Brands Co-Founder and Executive Chairman, Yat Siu, will join DDC’s Bitcoin Visionary Council (BVC). The company established the BVC recently in order to put strategic leadership and guidance in place so that DDC’s Bitcoin-related treasury operations are conducted in accordance with industry standards so as to maximize value creation in the long term. Siu said that the arrangement enables Animoca Brands “to enhance the value of [its] blockchain technologies and maximize the value of [its] Bitcoin holdings.” Commenting further on the partnership, he added: “We will focus on developing strategies to enhance Bitcoin’s value proposition, leveraging DDC’s commitment to advancing corporate Bitcoin treasury solutions." Siu told Cointelegraph that Animoca Brands' belief in the abilities of the DDC founder played a large part in the company establishing the partnership. He said that her background and experience enable her to “bridge the East and West to successfully navigate markets on both sides of the planet,” adding that “she has good appeal and connections to the Chinese market, one of the largest for crypto adoption, while also running a NASDAQ-listed company.” On BitcoinTreasuries.net, a Bitcoin treasury data hub, DDC is listed as 47th in terms of corporations globally that have adopted a Bitcoin treasury strategy, ranked by the amount of Bitcoin that they have accumulated. The website suggests that DDC currently holds 368 BTC, valued at approximately $43.2 million. Following its initial purchase of 21 BTC in May, the company followed up with the acquisition of 38 BTC in June. On July 1, it announced that it had raised $528 million to expand its Bitcoin holdings, with confirmation of a further purchase of 230 BTC by July 7.