CoinPhoton

MiCA Leaves Poland’s Crypto Industry Facing Major Setback
Poland risks losing much of its domestic crypto industry as the EU’s Markets in Crypto-Assets (MiCA) regime takes full effect without a functioning local licensing framework, according to Mateusz Kara, CEO of Morphic Financial Group.
Poland entered the transition with more than 2,000 registered virtual asset service providers, but after the MiCA transition period ended on July 1, 2026, registration under the old system was no longer sufficient to operate. Crypto firms now need valid MiCA authorization.
While countries such as Germany, France and the Netherlands have issued dozens of MiCA licences, Poland had issued none, pushing many local companies to seek authorization elsewhere in Europe or potentially shut down.
The new regime also significantly raises the cost of operating a crypto business. MiCA licensing and compliance can reportedly cost as much as €700,000, making it increasingly difficult for smaller firms to compete.
The author argues that MiCA should ultimately strengthen Europe’s crypto sector by improving consumer protection, regulatory certainty and institutional trust. However, Poland could take years to rebuild its ecosystem if companies, talent and capital permanently relocate to other EU markets.

Las Vegas Businessman Convicted in $24 Million Crypto Ponzi Scheme
A US federal jury has found Las Vegas businessman Brent Kovar guilty of operating a $24 million cryptocurrency Ponzi scheme that defrauded at least 400 investors.
Kovar was convicted on 11 counts of wire fraud, two counts of mail fraud and two counts of money laundering following a nine-day trial. He is scheduled to be sentenced on Nov. 30 and faces a statutory maximum of up to 280 years in prison.
Through his company Profit Connect, Kovar claimed investors could earn fixed annual returns of 20% to 30%, compounded monthly, using a supposedly AI-powered supercomputer involved in crypto mining and other investments.
Prosecutors said those claims were false and that investor funds were instead used to make Ponzi-style payments, buy gifts for employees and purchase a house for Kovar.
The scheme operated from late 2017 until July 2021, with Kovar also falsely claiming Profit Connect held hundreds of millions of dollars in cryptocurrency reserves and offered investors a 100% money-back guarantee.

POSCO International Expands Tokenized Trade Finance on Avalanche
South Korea’s POSCO International has completed a blockchain-based trade finance transaction that converted real-world trade receivables into digital assets on Intain’s Avalanche-based network.
POSCO’s US arm worked with trade finance platform Olea and asset-backed finance technology firm Intain. Intain used AI to reconcile invoices, purchase orders, credit notes and shipping documents before verifying and recording the receivables onchain.
Tokenizing receivables creates a shared record of ownership and asset status, potentially reducing paperwork, accelerating financing and freeing up working capital.
The transaction follows a similar POSCO pilot with LG CNS and Injective last month involving the issuance, transfer and settlement of tokenized receivables generated from real-world trade.
POSCO International, South Korea’s largest trading company, generates about $22.2 billion in annual revenue and operates more than 80 overseas branches.
POSCO, Olea and Intain said they will explore additional applications, including stablecoin-based cross-border settlements and digital treasury tools.

Zerohash Reapplies for US National Trust Bank Charter
Crypto infrastructure firm Zerohash has submitted a revised application for a US national trust bank charter after the Office of the Comptroller of the Currency (OCC) returned its initial filing over material deficiencies.
The new application is designed to be narrower and more focused on national trust activities aligned with the company’s planned rollout. It is now under OCC review, with the public comment period open until Sept. 17.
Zerohash provides crypto infrastructure to major financial companies including Morgan Stanley’s E*Trade, BlackRock, Franklin Templeton, Stripe, Interactive Brokers and DraftKings.
The company said the return of its first application was coordinated with the OCC and did not represent a substantive rejection of its business model.
Zerohash already operates as a state-chartered trust bank and is seeking the federal charter as crypto firms increasingly pursue regulated banking structures in the United States.

US Banking Groups Launch BankChain Alliance
Thirty-nine US state banking associations have formed the BankChain Alliance, an initiative to build a bank-operated blockchain network supporting smart payments, tokenized deposits and stablecoins.
The network is expected to be developed by 2027 and will be “industry-owned, industry-designed and industry-governed,” representing thousands of banks across the United States.
The alliance said the blockchain will provide a secure and regulated infrastructure that allows banks of all sizes to offer modern digital financial services while remaining interoperable with other networks. The group is currently seeking a technology partner to build the platform.
The initiative highlights the banking sector’s accelerating adoption of blockchain technology following years of tension with the crypto industry over issues including stablecoin regulation and yield.
It follows a separate move by Swift, which recently announced that 17 major banks, including Citi, BNY and Wells Fargo, would begin testing tokenized asset transactions on its blockchain-based ledger.

Chainalysis-Led Operation Flags 7,700 Accounts Linked to Child Exploitation
A global investigation led by blockchain analytics firm Chainalysis identified more than 7,700 suspect accounts potentially linked to child sexual abuse material (CSAM).
Dubbed Operation Lighthouse, the initiative examined 29,120 crypto addresses and digital identifiers connected to more than 100 platforms, forums and distribution networks across the surface and dark web.
The operation generated 14,300 investigative leads across 11 crypto exchanges and payment services, identifying suspects across 125 countries. Chainalysis said the pool included 16 registered sex offenders as well as individuals working in fields such as law enforcement, the military, healthcare and education.
Participants included Europol, the UK National Crime Agency, Binance, Coinbase, Block and the Internet Watch Foundation, alongside other law-enforcement agencies and nonprofits.
The findings will support further legal investigations, potential arrests and prosecutions, as well as efforts by financial platforms to disrupt accounts connected to child exploitation.

Most Bitcoin Stolen in Coldcard Hack Remains Unmoved
About 87% of the Bitcoin attributed to the Coldcard hardware wallet hack remains unmoved, according to Galaxy Research.
Galaxy has linked the exploit to the theft of 1,789.28 BTC from 8,865 addresses, worth roughly $114.7 million at the time of the attacks. Of that amount, around 1,561 BTC is still sitting in attacker-controlled collection or holding addresses.
Researchers said some funds stolen in later attack waves have moved through CoinJoin transactions, peel chains and other obfuscation techniques, but the largest holdings remain visible onchain.
Galaxy’s latest analysis includes 221 victim reports covering 790.72 BTC in losses. The median reported loss was 1.04 BTC, meaning more than half of the victims who submitted reports lost over 1 Bitcoin.
Galaxy has shared identified attacker addresses with crypto exchanges, compliance firms and law enforcement, potentially allowing funds to be frozen if they reach centralized platforms.

Arcus Launches Leveraged pTokens on Robinhood Chain
Arcus, a decentralized exchange developed by the team behind dYdX in partnership with Robinhood Crypto, has launched its pToken protocol on Robinhood Chain, turning managed perpetual futures positions into transferable ERC-20 tokens.
Each pToken represents a proportional stake in an Arcus perpetuals account with predefined market exposure and leverage. This allows users to trade leveraged positions like ordinary spot tokens without directly managing margin, collateral or perpetual accounts.
The initial products include exposure to Bitcoin, Solana and HYPE, with tokens such as pBTC and pBTC3x providing 1x and 3x long or short Bitcoin exposure. Arcus is also offering leveraged Stock Tokens, including pHOOD3x, which provides 3x long exposure to Robinhood shares.
Because pTokens are ERC-20 assets, they can potentially be transferred and used across lending markets and other onchain protocols, making leveraged positions more composable within DeFi.
Robinhood Chain, an Ethereum Layer 2 built with Arbitrum technology, has accumulated more than $600 million in TVL and over $26 billion in cumulative DEX trading volume since launching its public mainnet on July 1.
Arcus said its platform has surpassed $2 billion in trading volume, with average daily volume above $100 million.

Thailand Moves Closer to Local Bitcoin and Ether ETFs
Thailand’s Securities and Exchange Commission has released draft regulations for locally listed spot Bitcoin and Ether ETFs, advancing plans to expand institutional access to digital assets.
Under the proposal, asset managers would initially be allowed to launch passive ETFs tracking either Bitcoin or Ether, with the products trading exclusively on the Stock Exchange of Thailand (SET).
Each ETF would need to maintain average net exposure of at least 80% of its net asset value to the underlying cryptocurrency during each accounting year.
The SEC is also revising its crypto custody framework. Thai-based digital asset custodians would remain the primary providers, although qualified foreign custodians could be permitted when necessary if they meet regulatory and investor-protection standards.
Thai mutual and private funds would also be allowed to invest in domestically issued crypto ETFs, alongside eligible foreign crypto ETFs under existing investment limits.
The SEC is accepting public comments on both proposals until Sept. 20, 2026.

Bitcoin RSI Signals Hint at Potential Cycle Turning Point
Bitcoin is flashing mixed technical signals after its rebound above $80,000, with longer-term momentum indicators turning bullish while shorter-term readings suggest the market may be overheated.
Bitcoin’s weekly RSI has climbed to 58.3, its highest level since BTC reached a record $126,200 in October 2025. Analysts have highlighted a bullish divergence similar to the pattern that developed around the 2022 bear-market bottom, when RSI formed higher lows while Bitcoin price continued making lower lows.
However, the daily RSI has surged to about 83, its most overbought reading since November 2024. While this could signal near-term pullback risk, Bitcoin has historically remained overbought for extended periods during strong bull markets.
Bitcoin’s two-month stochastic RSI has also produced a bullish crossover, another potential trend-change signal. However, the indicator bottomed at 4.81 rather than near zero, unlike several previous major bear-market lows.
The signals suggest Bitcoin could be entering a new phase of its market cycle, but technical indicators have yet to provide definitive confirmation that the bear market is over. $BTC

Bitwise Launches Automated Portfolios for Coinbase Tokenized Stocks
Bitwise Asset Management has launched automated portfolios of Coinbase’s tokenized US stocks, allowing eligible investors outside the United States to follow predefined strategies while keeping the assets in their own non-custodial wallets.
The portfolios use Coinbase tokenized stocks, with Glider automatically executing trades and rebalancing holdings according to portfolio models designed by Bitwise.
The initial strategies include Mag7X, Robotics and AI Leaders, with exposure to companies such as Apple, Nvidia, Microsoft, Tesla and SpaceX.
Unlike traditional investment funds, investors retain ownership of the individual tokenized assets in their wallets. Bitwise charges a 0.15% methodology access fee, excluding trading and Glider platform fees.
Tokenized publicly listed stocks currently represent about $2.49 billion in value, with 2.25 million holders and approximately $27.28 billion in monthly transfer volume, according to RWA.xyz.
The launch follows Coinbase’s rollout of tokenized US stocks on Base, enabling eligible non-US users to trade them 24/7 and potentially use the assets in DeFi lending and borrowing applications.

Grayscale Launches First Zcash ETF in the US
Grayscale has launched the first US ETF offering direct exposure to Zcash (ZEC), debuting the fund under the ticker ZCSH on NYSE Arca.
The ETF is a conversion of the existing Grayscale Zcash Trust and carries a 2.5% management fee. Grayscale said revenue generated from the fee will be directed back into the Zcash ecosystem to support network development.
Grayscale also highlighted growing demand for financial privacy as artificial intelligence expands the ability to monitor financial activity.
Zcash has rallied roughly 45% in recent days ahead of the ETF launch. As of Monday, the former Zcash Trust held more than $313.5 million in assets under management.
A previous regulatory filing also revealed that a subsidiary of Grayscale parent Digital Currency Group is considering acquiring around 200,000 ZEC through the fund. $ZEC

Solana Tokenized RWAs Near $4 Billion as Network Activity Hits Record
Tokenized real-world assets on Solana are approaching $4 billion, rising roughly 11.8% over the past month as blockchain activity accelerates alongside a broader crypto market recovery.
Solana processed a record 4.2 billion transactions in July, up 13.5% from June and nearly 91% since December, according to onchain data cited by The Kobeissi Letter.
The growth comes as the total value of distributed tokenized RWAs across tracked blockchain networks has surpassed $38 billion.
Meanwhile, SOL has rallied roughly 40% in eight days, climbing above $100 for the first time since February. The rally has been supported by improving risk appetite across crypto markets, helped in part by falling US Treasury yields following plans to increase certain long-dated bond buybacks. $SOL

LayerZero Unveils ATLAS Exchange Infrastructure
LayerZero has announced ATLAS, a new exchange infrastructure built on its Zero blockchain for crypto trading platforms, brokers and financial institutions.
ATLAS — short for Aggregated Trading, Liquidity and Settlement — is designed as a “headless exchange,” allowing firms to use its backend infrastructure while retaining their own customer-facing platforms. It combines matching, clearing, settlement and risk management within a single system.
The platform will support both open and institutional markets, covering assets such as spot tokens, perpetual futures, stocks, commodities, bonds and prediction markets.
LayerZero also outlined a major role for its ZRO token. ZRO will be used for gas, governance and delegated proof-of-stake security on the Zero blockchain. Trading venues can stake ZRO to receive higher ATLAS fee rebates.
Under the Open ATLAS fee model, venues can receive rebates of 20% to 65%. Of the remaining fees, 25% will go to market creators, while 75% will be used to buy back and burn $ZRO .
ATLAS is expected to launch later in 2026. ZRO jumped more than 16% following the announcement, trading around $1.26.

CryptoQuant Says Bitcoin May Be Entering New Bull Market
Bitcoin may have entered the early stages of a new bull market after a 24% rally pushed several key onchain and demand indicators into bullish territory, according to CryptoQuant.
The firm’s Bitcoin Bull Score surged from 30 to 80 over the past week, its highest level since October 2025, with eight of the index’s 10 indicators now flashing bullish.
CryptoQuant said a weekly close above Bitcoin’s 365-day moving average, currently near $83,000, would provide stronger confirmation of a new bull-market regime. Spot and futures demand are also rising together for the first time since early October 2025.
However, the firm warned of possible near-term volatility as profit-taking accelerates. Traders’ unrealized profit margins have risen to 20.5%, while short-term holder whales realized about $1.2 billion in profits between Aug. 20 and Aug. 22.
Bitcoin inflows to exchanges have also climbed to around 53,000 BTC, the highest since June, potentially increasing near-term selling pressure.
Bitcoin was trading around $79,000, with the $82,820–$83,000 area emerging as a key resistance zone. A decisive breakout could shift market attention toward $100,000 and eventually the 2025 record high. $ZRO

World Liberty Financial Launches USD1 on Canton Network
World Liberty Financial has launched its USD1 stablecoin natively on the Canton Network, expanding its use in institutional transactions involving tokenized real-world assets.
USD1 can serve as the cash settlement leg for activities such as derivatives collateral, institutional lending, asset issuance and redemptions. Native integration allows the stablecoin and tokenized assets to settle within the same transaction while using Canton’s privacy and permissioning features.
USD1 has a market capitalization of approximately $4.05 billion, making it the sixth-largest stablecoin. It is issued by BitGo Bank & Trust and backed by reserves including short-term US Treasurys, government money market funds and dollar deposits.
World Liberty Financial, a crypto venture backed by the Trump family, launched USD1 in March 2025.
Canton says its institutional blockchain infrastructure processes or issues more than $9 trillion in tokenized assets each month, with over $350 billion in onchain US Treasurys moving across the network daily. $WLFI

Bitcoin ETFs Extend Inflow Streak to Six Days
US spot Bitcoin ETFs recorded $337.6 million in net inflows on Monday, extending their inflow streak to six consecutive trading days and bringing the period’s total to $2.26 billion.
The rebound has narrowed year-to-date net outflows to roughly $2.57 billion, while cumulative net inflows since launch have climbed to $54 billion. Total assets held by the funds now stand at about $98.56 billion.
Bitcoin was trading near $80,700, up more than 20% over the past week, as market sentiment strengthened. The Crypto Fear & Greed Index reached 74, its highest level since October 2025.
Spot Ether ETFs also logged a sixth straight day of inflows, attracting $115.6 million on Monday and about $812.8 million across the six-session streak.
Meanwhile, spot XRP ETFs added $13.8 million, lifting year-to-date inflows to nearly $400 million and cumulative net inflows since launch to $1.57 billion. $BTC

Pakistan has opened its formal crypto regulatory regime, giving digital asset companies until Sept. 5 to register with the Pakistan Virtual Assets Regulatory Authority (PVARA).
Companies must apply for a no-objection certificate by the deadline or cease operations in the country.
The framework, established under the Virtual Assets Act 2026, covers 11 categories of crypto activity, including exchanges, custody, broker-dealer services and derivatives. Licensed firms will be required to meet standards for customer fund protection, cybersecurity, disclosures and operational transparency.
The move follows Pakistan’s April decision to allow banks to provide services to crypto companies after a seven-year restriction. Banks are still prohibited from directly investing in, trading or holding crypto assets themselves.

Standard Chartered has become the first bank to distribute one of Hong Kong’s regulated stablecoins, offering Anchorpoint Financial’s Hong Kong dollar-backed HKDAP to eligible institutional clients and partners.
The bank, which has about $850 billion in assets and is the majority shareholder of Anchorpoint, plans to support HKDAP integration across several use cases, including money market fund subscriptions, asset-manager settlements, intragroup transfers and cross-border payments.
Anchorpoint began a limited rollout of HKDAP on Aug. 12 after receiving one of Hong Kong’s first two stablecoin issuer licenses. The initial phase focuses on institutional payments and settlement.
HSBC, the other initial license holder, is preparing its own Hong Kong dollar stablecoin for the second half of 2026 and could eventually distribute it through PayMe, which has around 3.3 million users.

Bitcoin is testing the $80,000 level after gaining about 27% over the past month, but analysts say a period of consolidation could strengthen the rally before another move higher.
Hyperion Decimus’ Chris Sullivan said improving volume, market breadth and a break above key moving averages suggest a potential trend reversal, although Bitcoin is now overbought. He sees $67,000-$70,000 as a key support zone if a deeper pullback develops.
Bitget Research expects BTC to trade between $74,000 and $81,000 in the near term, while Hashdex said consolidation around $75,000-$83,000 would help build a healthier base.
Analysts highlighted $83,000 as an important breakout level. A sustained move above it could open the way toward $100,000, particularly because the $80,000-$90,000 region has relatively little historical trading volume and could produce sharp price moves.
The next leg higher may depend on stronger spot demand and continued inflows into Bitcoin ETFs after short-covering helped drive the recent rebound. $BTC