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Crypto

Russia crypto enters regulated system; first-year trading seen at $46.4 billion

Russia’s new legal framework for cryptocurrencies takes effect on Sept. 1, and the country’s largest bank, Sberbank, forecasts the domestic crypto trading market could reach up to 4 trillion roubles, or about $46.4 billion, in the first year. A Sberbank executive also said trading could expand to 7.5 trillion roubles, or about $87.0 billion, by 2029 if growth continues. The bank is preparing to accept ether and USDT as loan collateral, subject to central bank approval.

Crypto

DAXA flags four unreported overseas crypto exchanges, seeks police investigation

The Digital Asset eXchange Alliance, known as DAXA, said it had identified four overseas digital asset exchanges operating for South Korean users without making the required report under the Act on Reporting and Using Specified Financial Transaction Information. It said it requested a police investigation after confirming signs of targeting domestic users through Korean-language services, won conversion displays and reward programmes. DAXA warned users of weak safeguards and difficult remedies if incidents occur.

Crypto

Upbit XRP trading volume sweeps market, beats bitcoin and ethereum

A sharp concentration in XRP is growing in South Korea\'s cryptocurrency market, with Upbit\'s XRP-won trading volume at $319 million, or 21.86 percent of activity, a report said. XRP outpaced bitcoin, ethereum and tether on the exchange. The move coincided with a shift in funds back to crypto after investors took profits in tech shares. The kimchi premium stayed near -0.5 percent, while the durability of the rally remained uncertain.