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The license marks the start of a new phase for Mantra, during which it will focus on diversifying its services in Dubai and integrating tokenized assets into its financial ecosystem. The phase also opens the door for new partnerships and products tailored to the region’s growing virtual asset market.
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After acquiring the VASP license from VARA, Mantra will start to provide regulated DeFi services in the region as well. As for the future, the project plans to diversify its DeFi offerings with unique products to better serve investors.
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During a test of Upbit’s customer verification system, a subcontractor handling Dunamu’s KYC operations hand-drew an ID card as part of the test. The system verified it as a legitimate ID. However, since this was conducted for system testing purposes, the FIU did not classify it as a regulatory violation.
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Dan Hughes, founder of the decentralized finance platform Radix, said Bybit’s immediate response prevented a larger market sell-off:
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Bitcoin managed to briefly escape this range after US President Donald Trump’s inauguration on Jan. 20, when it rose to a $109,000 all-time high before dropping back into its previous range.
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However, Milei did disclose that he held a meeting with KIP Protocol representatives on Oct. 19 in Argentina, where the company informed him about the blockchain project.
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The presidential office claimed that the president was not aware of the details of the project when he endorsed it and had no connection to the company that launched the token.
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It’s unclear what the status of these lawsuits will be under the Trump administration or Acting Chair Uyeda. The SEC will reportedly consider freezing all enforcement cases that don’t involve allegations of fraud.
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As an SEC member, Uyeda criticized the commission’s approach to digital assets under Gensler, saying it “neither facilitates capital formation nor protects investors.” Under the former chair, the SEC filed several enforcement actions against US-based crypto firms, including Ripple Labs, Coinbase, Terraform Labs and Binance.
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Meanwhile, members of the US Commodity Futures Trading Commission announced on Jan. 20 that Commissioner Caroline Pham would serve as acting chair after Rostin Behnam stepped down. The heads of the two financial regulators will be in a position to significantly influence policy related to digital assets.
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Before taking office, Trump announced on social media that he planned to nominate former SEC Commissioner Paul Atkins to replace Gensler. Atkins’ name appeared on a list of sub-cabinet appointments Trump said he had nominated to the Senate. It’s unclear when the chamber could consider his nomination as an SEC member.
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That’s still up meaningfully from BTC’s and ETH’s Dec. 26 spot prices of around $96,000 and $3,350, respectively. Both cryptocurrencies dropped around 4% as of late morning Eastern Time on Dec. 26.
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Traders on the Chicago Mercantile Exchange (CME), one of the US’ largest futures exchanges, are pricing in March spot prices of roughly $98,000 for BTC and $3,500 for ETH.
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Compared to betting platforms, conventional futures markets anticipate more modest gains for cryptocurrencies in the first quarter of 2025.
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Prediction markets work by letting users trade contracts tied to specific events, with prices fluctuating dynamically based on expected outcomes. They proved to be more accurate than traditional polling, forecasting not only Trump’s win but also his party’s sweep of the US House and Senate.
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Polymarket and Kalshi rose to prominence in the runup to the US elections in November, with upward of $4 billion in trading volume tied to the US presidential race alone.
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Additionally, Kalshi users see a 59% chance US President-elect Donald Trump will create a national strategic Bitcoin reserve during his presidency. Polymarket assigns only 29% odds of Trump doing so in his first 100 days in office.
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As of Dec. 26, Kalshi prices more than 60% odds of BTC and ETH reaching at least $125,000 and $5,000 in 2025, respectively. Polymarket sets 50% odds of BTC touching $120,000 before the end of March.
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Bettors are wagering that 2025 will be a banner year for cryptocurrency markets, according to a Cointelegraph review of data from two popular prediction markets.
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In December, the President-elect announced former PayPal chief operating officer David Sacks as his “AI and crypto czar,” and former SEC commissioner Paul Atkins as his pick for Securities and Exchange Commission chair.
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