Hawaii To Ban Cash Deposits at Crypto ATMs From October
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Crypto-friendly bank Erebor Bank plans to raise new funding at a valuation of at least $8 billion.
PANews reported on July 2nd that, according to Bloomberg, Erebor Bank, founded by Palmer Luckey, is in talks with investors for a new round of funding, targeting a valuation of at least $8 billion, nearly double its $4.35 billion valuation at the end of last year. Sources familiar with the matter said the bank's deposits have increased from $1.1 billion to $4.05 billion in the past three months, with nearly 400 new customers, and it expects to become profitable this year. Erebor focuses on serving companies in the defense technology and cryptocurrency sectors and has already obtained a national banking license from the Office of the Comptroller of the Currency. Previous investors include Lux Capital, 8VC, Andreessen Horowitz, and Founders Fund.
Crypto Group Warns Fed Could Use Banking Access to Squeeze Digital Asset Firms
The Blockchain Association is urging the Supreme Court to take up Custodia’s case, saying that broad Fed power over “master accounts” could be used to push crypto firms out of the banking system.
The Reserve Bank of India supports the cryptocurrency ban, while tax authorities warn of potential tax evasion risks.
According to Reuters, the Reserve Bank of India (RBI) has reiterated its call for a “ban” on cryptocurrencies, while the country’s tax authorities have warned that transactions conducted through offshore exchanges are difficult to trace. These documents reveal that while the government has not yet enacted a policy banning or regulating cryptocurrencies, key Indian government agencies are leaning towards stricter restrictions on virtual digital assets. India has allowed cryptocurrencies to exist in a gray area since a 2018 court ruling that the RBI’s de facto ban on cryptocurrencies was invalid. Legislation drafted in 2021 to ban private cryptocurrencies has never been submitted to parliament, and a discussion document on the issue has been repeatedly delayed. The government has postponed the implementation of a formal virtual asset policy, stating that any plan should balance innovation with risk management while protecting monetary sovereignty, financial stability, and preventing consumer losses.
Privy has launched a fiat currency deposit channel, supporting the direct purchase of cryptocurrencies via bank cards.
According to Foresight News , decentralized wallet infrastructure provider Privy has announced the launch of fiat onramp functionality on its platform. Users can now directly purchase cryptocurrency using their bank cards within apps integrated with Privy, without needing to switch to other platforms. This feature is supported in the US and EU by Stripe's Crypto Onramp, and combined with Privy's own aggregator covering over 100 other countries and regions, developers can directly transfer funds to designated target wallets with a single integration.
Russia's largest bank, Sberbank, plans to launch compliant crypto wallets and custody services this year.
PANews reported on July 6th that, according to CoinDesk, Russia's largest bank, Sberbank, plans to launch a cryptocurrency wallet and digital custody vault by December, provided the "Digital Currency and Digital Rights Law" officially takes effect in September. The service will be integrated into the "Sberbank Online" and "SberInvestments" apps, providing customers with access to authorized crypto assets within the banking system. The new law will establish a licensing framework for crypto trading, custody, fiat currency exchange, and cross-border settlement, with a trading limit of approximately 300,000 rubles (about $3,800) per year for non-accredited investors. Other large banks, including VTB and T-Bank, are also preparing related digital custody services.
Starting October 1st, South Korea will introduce civil seizure rules for crypto assets, allowing courts to directly freeze, transfer, and dispose of digital assets through local crypto exchage.
PANews reported on July 6 that, according to Solid Intel, South Korea will introduce civil seizure rules for crypto assets starting October 1, allowing courts to directly freeze, transfer, and dispose of digital assets through local crypto exchage.