Param Labs Secures $7M investment to bolster Web3 gaming infrastructure

Mosca, a cash-to-crypto exchange headquartered at the Moscow International Business Center, was subject to a raid carried out by the Russian authorities on April 23. The raid occurred in the immediate aftermath of a call from a member of the commission of the Public Chamber (OP) of the Russian Federation to ban crypto exchanges from facilitating the purchase of cryptocurrencies using cash.Photo by Egor Filin on UnsplashInvestigating fraudWhile attending the Blockchain Life 2025 event in Moscow, Mosca’s Head of Development, Dmitry Titarenko, confirmed to Cointelegraph that the rationale provided for the raid was that it was in connection with fraud perpetrated by one of its platform users. Titarenko added: “Law enforcement agencies have carried out a standard procedure of checking our customer data.” The raid occurred during the company’s attendance at the Blockchain Life conference. Mosca was a key conference participant, having established two stands at the event and winning an award for the best crypto exchange service. Reporting on the raid, local media outlet Baza said that it had been carried out in relation to fraud perpetrated against the former head of the Samara Region Development Corporation, Olga Serova. It explained that Serova had been conned into handing over 350 million rubles ($4.24 million) and $800,000 to the scammers.  Seven arrestsShe withdrew these funds from her bank at the end of last year, despite bank officials having tried to persuade her against the withdrawal for this purpose. The news outlet added that to date, seven people have been arrested in connection with the alleged fraud. The Mosca exchange service may be proving to be attractive to scammers as the platform allows users to buy up to 100,000 USDT per day using cash. Titarenko couldn’t confirm that the raid was carried out in connection with the Serova fraud case. He said that “maybe it was [in relation to] another client.”The exchange executive also confirmed that the company had been in the process of putting in place more resources to carry out anti-money laundering (AML) and know-your-customer (KYC) checks, together with a blacklisting system related to suspicious platform users. Cash-to-crypto ban proposalThe raid occurred within 24 hours of Yevgeny Masharov, a member of the commission of the Public Chamber (OP) of the Russian Federation, putting forward a proposal to ban crypto exchanges from receiving cash, making services like Mosca’s cash-to-crypto exchange illegal. According to state-owned Russian news agency TASS, Masharov said that such a move would “cause a large-scale blow to scammers, because it’s no secret that telephone scammers use crypto exchangers to withdraw cash.”Sergey Mendeleev, a well-known figure within crypto circles in Russia, told attendees at the Blockchain Life conference that such a cash-to-crypto ban would be an unwelcome development for the sector. If such a ban were to materialize, Mendeleev suggested that it would be an indication that the Russian authorities were turning away from the greater development of cryptocurrency in Russia. Last week, it emerged that Russia’s Ministry of Finance, in collaboration with the country’s central bank, plans to launch a crypto exchange for qualified investors. The central bank also confirmed plans to launch a digital ruble payment network in 2026.

Laos Halts Crypto Miners’ Electricity Amid Drought and DebtsLaos, a leading producer and exporter of hydroelectricity, has made the decision to suspend electricity supply to cryptocurrency mining operations within its borders.Photo by Ioana Farcas on UnsplashTackling a perfect stormThe decision comes as a result of a perfect storm of challenges, including a struggle to meet escalating power demands due to drought conditions, impending commitments to export electricity to Thailand, and the mounting debts of cryptocurrency mining companies.In a calculated move in 2021, Laos initiated a public-private pilot program aimed at delving into cryptocurrency mining and trading. The context for this move was China’s sweeping crackdown on mining activities, compelling miners to scout for alternative jurisdictions for their operations.In response, Laos granted authorization to a handful of entities, spanning construction conglomerates and a bank, to partake in the mining and trading of Bitcoin, Ethereum, and Litecoin. This led to a commitment to regulatory collaboration between government ministries, the Bank of Laos, and Electricité du Laos (EDL).Exploiting hydropowerLaos’ abundant and affordable electricity has placed it on the short list of locations for crypto miners to settle in. With an abundance of rivers and waterfalls, hydropower stands as one of the nation’s primary energy sources, offering a renewable source of cost-effective electricity.However, events in 2023 have disrupted that narrative. A persistent drought has hit the country during the first half of the year, which triggered an unprecedented surge in the demand for electricity from sources other than hydro.The dependence on hydropower, constituting 95% of the nation’s energy generation, struggled to keep pace with the demand. As a direct consequence, EDL, a state-owned electricity distributor, announced the cessation of electricity supply to crypto mining operations.The problem has compounded as Laos finds itself committed to exporting substantial quantities of electricity to the Electricity Generating Authority of Thailand (EGET), serving as a lifeline for Thailand’s power grid during the forthcoming dry season. This external commitment has, in turn, further strained the local capacity for electricity supply.Another Asian country, Bhutan, has also gotten involved with crypto mining in an effort to exploit its hydropower resources, where 99% of electricity supply comes from hydropower within the kingdom.Unpaid billsAnother dimension to the saga is the growing debt crisis faced by cryptocurrency mining operations. A representative of EDL cited the inability of these mining businesses to settle their accumulating electricity bills as a key factor in the decision for suspension. The Bank of Laos has further escalated matters by deciding to halt loans to cryptocurrency companies in January.Laos has had bold objectives to transform itself into Southeast Asia’s premier exporter of clean electricity. The nation’s topography, featuring mountainous terrain covering 70% of the country, has immense potential for hydropower, with over 26,000 megawatts of installed capacity and ambitious plans to double this figure.Hydroelectric dams like Nam Theun 2 have become conduits for substantial volumes of low-cost electricity, primarily directed towards neighboring Thailand and Vietnam. Meanwhile, projects like the Luang Prabang dam, boasting an installed capacity of 1,460 megawatts, underscore the country’s ambitions to develop hydropower further.Revenues from power exports have become a vital component in Laos’ gross domestic product (GDP), contributing almost 15%, as per a report from October 2022.

OKX Middle East Fintech FZE, the Dubai-based subsidiary of cryptocurrency exchange OKX, announced on Tuesday that the company has successfully obtained a Virtual Asset Service Provider (VASP) license from the Dubai Virtual Assets Regulatory Authority (VARA), signaling its entry into the Middle East market.Photo by David Rodrigo on UnsplashNon-operational licenseThis newly acquired license positions OKX Middle East to offer spot services and spot pairs to institutional and qualified retail customers in the region. However, it should be noted that the operational aspect of the license is pending. The company stated that it will remain non-operational until all remaining conditions and select localization requirements are fully satisfied, a process anticipated to conclude in the coming weeks. Once operational, OKX Middle East will have the green light to provide regulated VASP services, facilitate AED deposits and withdrawals and introduce spot trading pairs. The move, outlined in a blog post published by the company, comes months after the subsidiary received a preparatory license from VARA, underlining its commitment to complying with regulatory standards and expanding in the Middle East. Rifad Mahasneh, the general manager for the MENA Region at OKX, expressed optimism about the region's potential, stating: "The MENA region holds immense potential to become a hub of excellence for Web3 and virtual assets. We eagerly anticipate the chance to further enhance the already flourishing ecosystem throughout the region." Global hubThis strategic move aligns with the United Arab Emirates' (UAE) goal to establish itself as a global hub for the cryptocurrency industry. VARA, formed in March 2022, was tasked with regulating the emerging virtual asset sector in Dubai. The regulatory framework gained momentum when Sheikh Mohammed bin Rashid Al Maktoum, Dubai's prime minister and ruler, approved a new virtual assets law in March 2022, providing a legal foundation for the crypto industry in the city. Dubai's proactive stance towards regulating the cryptocurrency industry has attracted several major players, including Crypto.com, Ripple, Binance and Bybit, all securing crypto licenses from Dubai's regulator. OKX Middle East joins the likes of TOKO FZE and Trek Labs Ltd FZE in obtaining a license for exchange services. Tim Byun, the Global Head of Government Relations at OKX, emphasized the significance of this license in the company's journey towards a trustless system. "This license was a crucial step for OKX as we move from a trust-based system to one that is trustless and empowers users to take control of their financial future," he stated. Byun expressed excitement about contributing to the development of Dubai's crypto and Web3 ecosystem, highlighting the importance of the market. It's noteworthy that OKX, already regulated in the Bahamas, currently restricts customers from the United States due to regulatory issues. The expansion into the Middle East represents a strategic move for OKX to tap into the growing crypto market in the region and aligns with the broader trend of cryptocurrency exchanges expanding their global footprint.