Dear PointPay Family,
The first week of October is over and it has brought a lot of events and changes to the cryptosphere! We've read a lot of news and selected the top 5 for you, which we've compiled into an article. Read our selection to stay informed about the key changes over the past 7 days.
UK Seeks to Retain $7 Billion in Seized Bitcoin
The UK government is moving to hold onto nearly $7 billion worth of Bitcoin confiscated from Zhimin Qian in 2018. Qian admitted to holding criminal assets, and while victims of his fraud have launched civil proceedings to recover losses, legal experts suggest they may only receive compensation equal to the value lost at the time of the crime. The first court hearing is scheduled for January.
Abu Dhabi Bans Crypto Mining on Farmland with Heavy Penalties
Authorities in Abu Dhabi have introduced a strict ban on cryptocurrency mining on agricultural land, citing environmental concerns and land-use regulations. The Abu Dhabi Agriculture and Food Safety Authority warned that violators face fines of up to 100,000 AED ($27,229), along with the suspension of municipal services, equipment seizure, and power disconnection. Officials stressed that farming land is reserved for agricultural purposes only, as the energy-intensive nature of mining conflicts with the emirate’s sustainability goals.
TOKEN2049 Draws 25,000 as Singapore Reinforces Crypto Hub Status
This year’s TOKEN2049 conference in Singapore attracted around 25,000 participants, underscoring Asia’s growing role in the global crypto market. Attendees listened to industry figures, including Donald Trump Jr. and entrepreneur Justin Sun, while also engaging in unique side activities ranging from ziplines to cryotherapy chambers. The event came as crypto transaction volumes in Asia surged to $2.36 trillion in June, strengthening Singapore’s ambition to position itself as a leading hub for digital assets despite tighter regulations following past market disruptions.
Bitcoin Eyes Bullish October After Strong September
Bitcoin ended September with a 5.16% gain, marking its third-strongest performance for the month since 2013. Historically, October has been Bitcoin’s most favorable period, with average returns of 14.4% and gains in 10 of the past 13 years. While global economic conditions could still influence market behavior, traders remain optimistic that September’s momentum may signal a strong close to 2025.
Swift to Launch Blockchain in Push Against Stablecoin Rivals
Global payments network Swift has announced plans to develop a blockchain ledger in partnership with major banks, including Bank of America, Citigroup, and NatWest. The platform will enable tokenized transactions such as stablecoin transfers, using smart contracts to validate and enforce rules. The move comes as the $300 billion stablecoin market, led by Tether and Circle, increasingly threatens traditional payment systems by offering direct fund transfers. Recent regulatory clarity in the US and Europe has further accelerated banks’ efforts to explore their own stablecoin solutions.
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