Ground X Teams Up with Oasys for Digital Wallet and SDK Collaboration

Crypto.com unlocks regulated expansion through UK FCA licensing awardSingapore’s Crypto.com has obtained an Electronic Money Institution (EMI) license from the Financial Conduct Authority (FCA) in the United Kingdom. The approval complements the platform’s existing status as a registered crypto-asset business, a milestone achieved in August 2022.Photo by Robert Tudor on UnsplashSet to expand product offeringIn a press release published to its website on Monday, the company outlined that the EMI license represents a pivotal step for the firm, empowering the exchange to issue and manage electronic money. This expansion goes beyond its initial crypto-asset business focus, which concentrated primarily on compliance with anti-money laundering (AML) and counter-terrorist financing (CTF) regulations.The regulatory nod came after Crypto.com underwent a comprehensive examination of its business and compliance practices, ensuring alignment with the stringent AML and CTF requirements in the UK.With this authorization in hand, Crypto.com is poised to introduce a range of e-money products tailored for the UK market. This move aligns the company with other cryptocurrency firms like Coinbase and Gemini, which have previously secured similar licenses.Notwithstanding that, while some other well-known platforms have struggled with recently introduced rules related to the marketing of crypto products and services in the UK, Crypto.com’s UK subsidiary company, FORIS DAX UK LIMITED, had successfully registered with the FCA in October.Building out global expansionWhile a trend has emerged in 2023 for crypto platforms to expand within regional markets around the world beyond the United States, Crypto.com has been following a global strategy for some time already. Last month, CRO DAX Middle East, a subsidiary company of Crypto.com, secured a license from the Virtual Assets Regulatory Authority (VARA) in Dubai to offer regulated virtual asset services.Earlier this year, Patrick Yoon, General Manager of Crypto.com’s Korean business outlined plans for expansion within that market, including the aspiration to obtain the banking relationship required in order to conduct virtual asset trading business in South Korea.Dutch licensing successEarlier in July, Crypto.com received approval from the Dutch central bank, De Nederlandsche Bank (DNB), to extend its cryptocurrency services in the Netherlands.This recognition places Crypto.com among the 36 cryptocurrency-related businesses approved by the Dutch central bank, joining major industry players like Coinbase Europe, eToro and Bitstamp. Notably, this approval followed Binance’s inability to secure registration in the Netherlands, leading to its exit from the country.Expressing enthusiasm about this achievement, Kris Marszalek, CEO of Crypto.com, emphasized the importance of the UK market for their business. He stated:“The UK has and continues to be a hugely important market for our business and the greater industry. We look forward to continuing to collaborate with a global regulatory leader in the FCA in our collective pursuit of responsible innovation for crypto.”Crypto.com’s global expansion strategy includes regulatory approvals in Singapore, France, Italy, Dubai and Australia. However, in a strategic shift, the platform discontinued its institutional exchange service for professional customers in the United States in June. Citing a decline in demand, this move aligns with the broader market conditions in the U.S., influenced by ongoing legal actions against major exchanges such as Binance and Coinbase.

Report Cites Escalating Crypto Use by Pro-ISIS GroupsA recently published report suggests that pro-ISIS terrorist groups in central and southeast Asia and the Middle East are increasing their use of cryptocurrency.According to the report which was published on Friday by blockchain analytics firm TRM Labs, cryptocurrency has become a favored tool for terrorist organizations, with ISIS affiliates showing an increasing preference for the Tron network’s USDT stablecoin. The report highlights that terrorist groups worldwide, including those linked to ISIS, are actively utilizing cryptocurrencies for fundraising purposes, allowing them to attract supporters and bolster their operations.Photo by David McBee on PexelsOn-chain evidenceTRM Labs has been closely monitoring these activities over the past year and has uncovered a growing amount of on-chain evidence. Pro-ISIS networks in countries such as Tajikistan, Indonesia, Pakistan, and Afghanistan have been observed using crypto assets to facilitate their illicit activities, with Tether (USDT) stablecoin on the Tron network (TRX) being their preferred choice for transactions.The disturbing revelations show how recruited fighters were enticed to join ISIS’ Afghanistan affiliate (ISKP) through the use of cryptocurrency fundraising campaigns. One such campaign operated for over a year and managed an address that received approximately $2 million in USDT on Tron in 2022. TRM Labs played a role in getting the operation dismantled, leading to the arrest of Shamil Hukumatov, a senior ISIS fundraiser allegedly responsible for the scheme.Indonesia & PakistanIn Indonesia, individuals used a crypto platform to transfer over $517,000 in 2022 to addresses linked to pro-ISIS fundraising campaigns in Syria, all using USDT on Tron. This connection demonstrates the global reach and sophistication of the terrorist groups’ crypto operations.Additionally, a media unit associated with ISPP, the Pakistan affiliate of ISIS, ramped up its fundraising efforts in the latter half of 2022. The entity sought to capitalize on natural disasters, such as earthquakes in Turkey and Syria, to raise funds by publicizing various cryptocurrency addresses flagged by TRM Labs as associated with the terrorist organization.SyriaTRM Labs’ investigation ultimately points to pro-ISIS fundraising campaigns in Syria as a central hub for cryptocurrency usage by the terrorist group and its supporters. A significant portion of the donations ends up supporting ISIS families in camps like al-Hol and Roj, as well as funding local cryptocurrency exchanges that facilitate the group’s activities.For TRM Labs, the identification and tracking of these campaigns and their donors are crucial steps in mapping out and potentially disrupting pro-ISIS networks worldwide. Their efforts aim to mitigate the risks posed by the misuse of cryptocurrencies in financing terrorism and illegal activities.The rising adoption of cryptocurrencies by terrorist organizations poses significant challenges to law enforcement agencies and regulatory authorities worldwide. It’s a worrying development for legitimate users of digital assets as it may result in far more heavy-handed regulation as a direct consequence.Under these circumstances, it is crucial for the crypto community, governments, and regulatory bodies to collaborate in implementing effective safeguards against the abuse of digital currencies for nefarious purposes. Only through collective action can this threat be neutralized.

Earlier this month Metaplanet, a Japanese Bitcoin treasury company, said that it was targeting 10,000 Bitcoin in 2025 but the company has raised the bar once again, planning on an acquisition of 21,000 Bitcoin by 2026. On Jan. 5, Metaplanet CEO Simon Gerovich set out a number of objectives for 2025. Among them was a goal for the company to acquire 10,000 Bitcoin in 2025. Gerovich explained that the firm intended to utilize “the most accretive capital market tools available” in order for Metaplanet to meet that target.Photo by André François McKenzie on Unsplash2025-2026 Bitcoin PlanAbout three weeks after the Metaplanet CEO announced that ambition, the company published a press release on Jan. 28 detailing its 2025-2026 Bitcoin Plan, which goes much further.  The plan outlines that 10,000 Bitcoin remains the target for 2025 but that the company has adopted the strategy to accumulate 21,000 Bitcoin by 2026. Gerovich stated that since Metaplanet embraced the Bitcoin Standard on April 8, 2024, the company has experienced exponential growth. Gerovich added: “The market has recognized Metaplanet as Tokyo’s preeminent Bitcoin company, and we are seizing this momentum to solidify our position as a global leader. Our vision is to lead the Bitcoin renaissance in Japan and emerge as one of the largest corporate Bitcoin holders globally. This plan is our commitment to that future.” Adopting MicroStrategy’s Bitcoin playbookMetaplanet has adopted the Bitcoin playbook first pioneered by U.S. business intelligence company turned Bitcoin development firm MicroStrategy. In short, that playbook involves financing Bitcoin purchases with debt. In this way, the company can capitalize on Bitcoin’s historical trend of positive returns over time, using convertible notes and equity to facilitate that.  The practice also creates a feedback loop in so far as MicroStrategy buys Bitcoin, resulting in the Bitcoin unit price increases. The MicroStrategy stock price goes up. Demand for MicroStrategy’s stock and debt goes up, enabling the company to buy more Bitcoin. In its press release, Metaplanet looked back on what had been achieved in terms of its Bitcoin strategy in 2024. In Q4 2024, the company achieved a Bitcoin yield of 309.82%, following on from a 41.7% Bitcoin yield in Q3.  At the close of the year, the Japanese Bitcoin treasury company held 1,761 Bitcoin, purchased at an average Bitcoin unit price of 11.85 million yen ($76,411). Shareholder growth has seen the company surpass 50,000 shareholders. Meanwhile, share trading volume has increased 430x, year-on-year. Since the firm adopted the Bitcoin Standard in April 2024, the company’s market capitalization has grown by 7,000%. Last month, the company celebrated the milestone of having reached a $1 billion market cap. Asia’s largest equity capital raise for BitcoinThe company has dubbed its new plan “The 21 Million Plan.” It will comprise the issuance of 21 million shares by means of moving strike warrants. Gerovich confirmed on X that at $750 million, the plan will involve Asia’s largest-ever public equity capital raise to buy Bitcoin.