Autor Cointelegraph by Christina Comben

Coinbase has enabled direct rupee bank rails in India, making it easier for local customers to move money between bank accounts and crypto markets on the exchange as the company deepens its push into one of the world’s fastest-growing digital asset markets. Indian users can now deposit and withdraw Indian rupees via the Immediate Payment Service (IMPS) instant payments network and access spot markets, perpetual futures and the company’s Advanced Trade interface through a single platform, according to a company blog post published Sunday.The move marks Coinbase’s latest push to expand its presence in India since a troubled 2022 debut and follows the company’s registration with India’s Financial Intelligence Unit, giving it a formal regulatory footing in the market. In 2022, Coinbase briefly supported Unified Payments Interface (UPI)-based rupee deposits before halting them days after launch, after payments authorities distanced themselves from crypto use of the network and partners stopped enabling UPI for the exchange. Related: Coinbase brings global crypto derivatives markets to US institutional clientsCoinbase registered with India’s Financial Intelligence Unit in March 2025, a step the company said enables it to offer crypto trading services in India under the country’s Anti-Money-Laundering (AML) framework.India first in global crypto adoption indexCoinbase is wading into a crowded but strategically important arena, where domestic platforms such as CoinDCX, CoinSwitch, ZebPay and WazirX already serve Indian traders.Chainalysis Global Crypto Adoption Index, 2025. Source: ChainalysisGlobal exchanges such as Binance and KuCoin are also widely used, but have largely relied on crypto-only or peer-to-peer rupee access, rather than the kind of direct, IMPS-based bank rails Coinbase is now offering. With rupee deposits and withdrawals now live, Coinbase is providing Indian users direct bank-to-crypto transfers in addition to spot trading, perpetual futures and its Advanced Trade platform, and says it has built local INR order books for concentrated domestic liquidity alongside access to its global exchange.India has emerged as a key prize for global exchanges despite policy headwinds, including a 30% tax on many digital asset gains and a 1% tax deducted at source on certain transactions.Chainalysis ranked India first in its 2025 Global Crypto Adoption Index, ahead of 150 other countries, based on factors such as retail onchain activity, use of centralized exchanges and decentralized finance protocols, and transaction volumes, illustrating the scale of grassroots usage that platforms like Coinbase are trying to tap. Magazine: Guide to the top and emerging global crypto hubs — Mid-2026

Texas is seeking a custody and liquidity provider to help move its Strategic Bitcoin Reserve from BlackRock’s iShares Bitcoin Trust (IBIT) spot Bitcoin exchange-traded fund (ETF) into directly held coins, according to a state procurement document. The move, posted May 7 and announced in a Thursday release from the Texas Comptroller’s office, would move Texas closer to directly held Bitcoin through a third-party custody arrangement rather than relying solely on ETF exposure, marking a shift from ETF exposure to direct onchain ownership.Texas has allocated $10 million to the Strategic Bitcoin Reserve, which the state has used to buy IBIT as an interim way to hold the funds before shifting to directly custodied Bitcoin, according to the request for proposals document.The Comptroller’s office said the winning firm will be responsible for acquiring, holding, managing and reporting the state’s Bitcoin and any other qualifying cryptocurrency holdings, leaving the door open to assets beyond BTC over time. RFP issued by the Texas Comptroller of Public Accounts. Source: Texas ComptrollerThe mandate covers secure custody of digital assets in the name of the State of Texas, liquidity services to facilitate purchases and sales, and a transition plan that would shift existing IBIT holdings into directly custodied Bitcoin within 60 days of contract execution. The RFP goes beyond basic safekeeping, requiring institutional-grade security controls, standard and custom reporting, and a dedicated public website showing how much Bitcoin and other qualifying cryptocurrencies the reserve holds and what they are worth. Related: Crypto-backed candidates win key Texas primary runoffsTexas Comptroller names strategic Bitcoin reserve committee membersThe request for proposals was highlighted in a statement from Acting Comptroller Kelly Hancock announcing the members of the Texas Strategic Bitcoin Reserve Advisory Committee. The panel includes veteran investment executive Laurie Dotter, Cormint Data Systems founder and CEO Jamie McAvity, Southern Methodist University law professor and digital asset scholar Carla Reyes, and CleanSpark president and chief financial officer Gary Vecchiarelli. The committee is tasked with advising on how the reserve is run, including custody arrangements, risk management and how the state discloses its holdings and performance to lawmakers and the public, as well as broader governance of the reserve’s investment strategy.Supporters of the law that created the reserve have pitched Bitcoin, and potentially other large-cap cryptocurrencies, as a strategic asset that can help hedge against inflation and economic volatility over time. Magazine: Bitcoin will not hit $1M by 2030, says veteran trader Peter Brandt

South Korean crypto exchange Coinone said Korea Investment & Securities (KIS) and OKX Ventures agreed to invest a combined 160 billion won ($106 million) for a 19.6% stake in the platform.The investment, which remains subject to regulatory approval, would make KIS and OKX Ventures joint third-largest shareholders in Coinone behind CEO Myung-Hun Cha and existing backer Com2uS Holdings, according to a release shared with Cointelegraph. The transaction combines secondary share purchases from existing holders with newly issued shares, while Cha is expected to remain Coinone’s largest shareholder and retain management control.The deal would give OKX Ventures exposure to one of Asia’s most tightly regulated crypto markets, where local licenses and compliance records remain critical.Friday’s announcement confirmed rumors earlier this month that OKX was in talks with KIS to acquire roughly a 20% stake in Coinone as part of a broader push into South Korea’s licensed crypto market, which OKX declined to comment on at the time.Related: Petition to scrap South Korea’s crypto tax reaches 50K thresholdIn the release, OKX said the partnership reflects its focus on “compliant, well-regulated infrastructure,” while KIS said it plans to work with Coinone on security token offerings and stablecoin businesses as South Korea advances rules for tokenized finance.South Korea’s crypto shake-upThe deal comes as South Korea reshapes its crypto sector through tougher oversight and broader institutional participation. Since the Virtual Asset User Protection Act took effect in 2024, exchanges including Upbit, Bithumb, Coinone and Korbit have faced stricter anti-money laundering and transaction monitoring requirements, while regulators prepare a second phase of legislation covering stablecoins and tokenized securities.South Korea’s Virtual Asset User Protection Act took effect in 2024. Source: Financial Services CommissionSeoul has also moved to gradually open the door to greater institutional and corporate participation in digital assets, creating new opportunities for traditional financial firms to expand into the regulated crypto sector. In February, Mirae Asset Consulting agreed to acquire a 92.06% stake in Korbit for 133.48 billion won (about $93 million), effectively taking control of the smaller exchange as part of its broader digital asset strategy.This month, Hana Financial Group said it plans to invest about 1.003 trillion won ($668 million) to acquire a 6.55% stake in Dunamu, operator of Upbit, one of the country’s largest crypto exchanges. Asia Express: North Korea denies crypto hacks, Upbit’s bank tests Ripple

The Bank for International Settlements (BIS) released a report Wednesday on Project Agorá, an experimental prototype for cross-border wholesale payment.The BIS said the report shows how seven central banks and more than 40 regulated financial institutions can settle cross-border wholesale payments in seconds once liquidity is locked, while reducing credit and settlement risk through atomic settlement using tokenized central bank reserves and commercial bank deposits.The initiative marks one of the broadest collaborations yet between central banks and private lenders, exploring how tokenization could modernize global payments infrastructure.The project, convened jointly by the BIS and the Institute of International Finance, targets the slow and costly nature of international transactions that continue to burden global trade and financial activity. Cross-border payments totaled $195 trillion in 2024 and are projected to reach $320 trillion by 2032, according to FXC Intelligence, cited in the report.Project Agorá uses a two-layer blockchain architecture, combining tokenized central bank reserves on jurisdictional ledgers with tokenized commercial bank deposits on a shared unifying ledger, enabling so-called atomic settlement in which all balance updates occur simultaneously or not at all. The BIS said the approach preserves the “two-tier banking system” and safeguards the “singleness of money,” which it called “fundamental to financial stability,” distinguishing the project from stablecoin alternatives.The platform also allows institutions to conduct anti-money laundering, sanctions and fraud screening in parallel rather than sequentially, which the BIS said could reduce the high false-positive rates that plague today’s cross-border payment system.Related: BIS warns dollar stablecoins could strain banks and policyProject Agorá moves to real-value testing The project is advancing to real-value testing with actual transactions involving certain currencies and participants, though the BIS didn’t provide a timeline for implementation. The report identified areas requiring further development, including liquidity saving mechanisms, cybersecurity posture and governance frameworks covering settlement finality, data governance and risk management.Settlement occurs in seconds once funds are locked, and the platform is designed to operate around the clock, mitigating delays caused by misaligned operating hours across jurisdictions.Wholesale cross-border payments today vs Project Agorá. Source: BIS“The prototype also enhances transparency. All parties to a transaction have access to real-time payment status, while maintaining privacy from non-participating entities,” the BIS stated in the report, adding that, in the future, such visibility could be extended to end users, including debtors and creditors.Participating central banks include the Banque de France representing the Eurosystem, the Bank of Japan, the Bank of Korea, the Bank of Mexico, the Swiss National Bank, the Federal Reserve Bank of New York via its New York Innovation Center and the Bank of England.Earlier this month, the Bank of England proposed extending settlement hours for its RTGS and CHAPS systems as part of a broader push toward near-24/7 settlement. Deputy Governor Sarah Breeden also said shared ledgers and tokenization could make payments and settlement faster and cheaper, with fewer intermediaries and shorter settlement windows.Cointelegraph reached out to the BIS media team for comment on implementation timelines and governance plans, but had not received a response by publication.Magazine: Guide to the top and emerging global crypto hubs — Mid-2026

Sanctioned crypto exchange HTX is pushing back against the United Kingdom’s decision to blacklist Huobi Global S.A., the Panamanian company behind the platform, over allegations it helped Russia move money through a shadow “A7” network.In its latest Russia sanctions package on May 26, the UK accused Huobi Global of providing financial services and economic resources to entities already under restrictions for supporting Moscow’s war economy.The government said it was targeting “crypto and illicit finance networks” exploited by Russia, including the Kremlin-backed A7 “shadow” system that helps channel funds into the country’s war economy.The sanctions and new blockchain analysis highlight growing Western concern that Russian-linked actors continue to use major crypto platforms to move funds despite sweeping restrictions imposed since Moscow’s invasion of Ukraine.The package of 18 designations targets A7-linked infrastructure, including a Kyrgyz bank and what the Foreign Office described as “a major global cryptocurrency exchange” suspected of funnelling more than $1.5 billion back into the Kremlin’s hands, subjecting them to UK asset freezes and bans on the provision of financial services.UK sanctions include Huobi Global. Source: UK government.In a Tuesday post on X, HTX argued the designation applies only to Huobi Global as a separate legal entity and said its online exchange and user funds remain unaffected. However, a new blockchain analytics report shared with Cointelegraph Wednesday claims the platform processed billions of dollars tied to Russian counterparties and darknet markets.UK pressure mounts on HTXGlobal Ledger said the exchange processed about $21.06 billion in “high-risk” crypto flows between 2021 and May 2026. Of that total, at least $7.64 billion was linked to Russian high-risk entities and darknet markets, including Garantex, its successor Grinex, A7A5 and the now-defunct Hydra marketplace, alongside other sites such as Kraken darknet and Mega darknet.Related: US sanctions Sinaloa cartel-linked Ethereum addressesThe report also flagged sizeable flows involving Huione Group, Nobitex, Hezbollah and North Korea-linked Lazarus, suggesting HTX’s exposure may extend beyond Russia.UK officials on Tuesday said HTX helped move about $1.5 billion back to Russia’s coffers, according to Bloomberg, a fraction of the more than $7.6 billion in Russia-linked flows estimated by Global Ledger, based on multi-year onchain tracing of Bitcoin, Ether and Tether on Tron.HTX processed funds linked to high-risk entities. Source: Global LedgerThe UK’s Financial Conduct Authority has also been tightening the screws on HTX. It began High Court proceedings in October 2025 against Huobi Global and individuals said to control it, alleging they illegally promoted crypto trading services to UK consumers in breach of the country’s strict financial promotion rules.HTX has rejected the UK’s allegations, saying the designation targets a separate legal entity and stressing its commitment to full compliance and cooperation with law enforcement agencies.The exchange said global operations are running normally and that user funds remain safe, while Global Ledger’s analysis argued that sanctioned Russian networks have continued to tap liquidity on major centralized exchanges despite mounting restrictions.Cointelegraph reached out to both HTX and Global Ledger for further comment on the report and the UK measures, but did not receive responses by publication.Magazine: Guide to the top and emerging global crypto hubs — Mid-2026