SEC ‘dug in’ on bank crypto custody rule as agency’s stance ‘unchanged’

Several crypto-focused organizations — including Bitcoin (BTC) mining companies — are eyeing a US return, primarily driven by uncertain geopolitical tensions. Still, BTC miner Hive Digital Technologies is doubling down on the untapped potential of the Latin American (LATAM) market.In an exclusive interview with Cointelegraph, Hive Digital Technologies’ president and CEO, Aydin Kilic, said that Paraguay presents a compelling long-term opportunity equipped with “geopolitical stability, low-cost hydro energy, and a government open to foreign investment”.Picking up from where Bitfarms left offHive acquired Bitfarms’ 200 megawatt (MW) Yguazú facility for $56 million in January. Phase one infrastructure of a 100 MW data center at the site was completed in April, supporting five exahashes per second (EH/s) of application-specific integrated circuit (ASIC) mining.Hive plans to expand to 300 MW of mining facilities in Paraguay in 2025. It aims to increase its hashrate to 25 EH/s by September.Related: Bitfarms sells Paraguay site to Hive for $85M, refocuses on USThe CEO said Hive has spent over a year cultivating strong, cooperative relationships with local stakeholders in Paraguay. “We are investing in local hiring, training programs and strong vendor partnerships. Our goal is to create a local ecosystem of support that keeps costs stable while boosting uptime and efficiency,” he added.While there was a proposed ban on crypto mining in Paraguay due to the pressure it poses on the country’s electricity supply and potential rising electricity prices, Aydin said that their team is actively involved with policymakers to support clarity and cooperation in mining legislation.Hive embraces global diversification to hedge against geopolitical risksHive has data centers in Canada, Sweden and Paraguay. Contrasting with its ongoing LATAM expansion, the miner is relocating its headquarters to San Antonio, Texas. “Our growing presence in North and South America creates a balanced footprint resilient to geopolitical or trade policy shocks,” Kilic said.The US tariff on China raised concerns about the rising cost of mining equipment, like ASICs. Kilic told Cointelegraph that they have diversified sourcing channels for ASICs and electrical components to avoid single-region dependencies. Related: Bitcoin miners should pay costs in depreciating currency — Ledn execTo ensure scaling from six to 25 EH/s, the CEO said the company has locked in key ASIC orders, secured power access through long-term power purchase agreements, and expanded engineering capacity across three continents to deal with market and technological uncertainties.Profitability in Bitcoin mining is ultimately a physics equationKilic sees Bitcoin mining profit as a physics equation. He told Cointelegraph that capital and operational expenses depend on hashrate-sensitive analysis to seek the most accretive way to fund their business through BTC treasury and ATM sales.While the solo mining community may have more difficulty making profits, the CEO suggested the focus should be on the variables it can control: “Whether you run one rig or ten thousand, it comes down to controlling inputs like opex, power costs, and machine uptime to drive predictable outputs —  maximizing energy efficiency, minimizing downtime and being disciplined with treasury management.”Magazine: Korea to lift corporate crypto ban, beware crypto mining HDs: Asia Express

Bhutan, known for investments in cryptocurrencies like Bitcoin, has launched a tourism crypto payment system in partnership with Binance Pay and DK Bank.The system allows Bhutan travelers with Binance accounts to pay for services like tickets, hotel stays, tour guides and other products using at least 100 different crypto assets, including Bitcoin (BTC), USDC (USDC) and Binance-backed BNB (BNB).The initiative also opens a payment gateway for businesses in Bhutan, enabling them to accept crypto payments through a QR code on a phone, according to an announcement by Binance on May 7.“This is more than a payment solution — it’s a commitment to innovation, inclusion, and convenience,” Damcho Rinzin, director of Bhutan’s tourism department, said.Benefits for small businesses in remote areasThe partnership specifically targets small businesses in Bhutan, such as vendors and rural artisans who may have never had access to card terminals or payment infrastructure.“Even Bhutan’s most remote businesses can now accept crypto through a phone, gaining access to international travelers with just a QR code,” the announcement stated.Source: BinanceBinance Pay said tourists will be able to pay for services without needing local currency or cash. Related: Crypto spending will grow, but fiat isn’t going anywhere: Mercuryo CEO“No need to pack your wallet — hop on a journey of innovation and inclusion with just your Binance App,” Binance Pay said in a post on X.“World’s first national-level crypto tourism payment system”Binance Pay and Bhutan’s tourism department referred to the initiative as the “world’s first national-level crypto tourism payment system.”“Bhutan’s model is the first to offer a fully integrated, end-to-end crypto payment system at the national level,” Binance Pay’s announcement said, adding:“It also addresses previous limitations by offering real-time confirmations, near-zero fees, and a fully licensed local bank handling settlements on the ground.”Binance CEO Richard Teng emphasized that the system advances crypto payments in travel and “sets a precedent for how technology can bridge cultures and economies.”Source: Bhutan’s tourism department“This initiative exemplifies our commitment to innovation and our belief in a future where digital finance empowers global connectivity and enriches travel experiences,” Teng added.Bhutan holds multiple crypto assetsBhutan’s launch of the payments system aligns with its broader embrace of digital assets.The country has been working to set up a strategic crypto reserve as part of a new economic hub, while the government has been reportedly mining and investing in Bitcoin since at least 2019.According to Arkham, Bhutan’s commercial arm, Druk Holding and Investments (DHI), has added 374 Bitcoin to its stash since early January, increasing holdings to 12,062 BTC. Additionally, the entity holds modest amounts on chains like Polygon, BNB Chain and Base.Crypto holdings of the Royal Government of Bhutan (DHI). Source: ArkhamWhile Bhutan has been increasingly friendly to crypto adoption in recent months, regulating cryptocurrencies like Bitcoin remains a legal gray area.In 2020, Bhutan’s central bank, the Royal Monetary Authority (RMA), issued a warning against the Pi cryptocurrency, urging the public to exercise caution when investing in any crypto asset.“The RMA would like to remind the general public to exercise due caution in making any investment in Pi or any other cryptocurrency as the implications, risks and use cases on the economy and financial systems are still to be ascertained,” the authority wrote.Magazine: Bitcoin to $1M ‘by 2029,’ CIA tips its hat to Bitcoin: Hodler’s Digest, April 27 – May 3

South Korea’s Democratic Party leader Lee Jae-myung has reportedly become the latest presidential candidate to promise the approval of spot crypto exchange-traded funds (ETFs) and other crypto-friendly measures, should he be elected.Lee announced his crypto promises on May 6 as part of a broader initiative to provide more investment opportunities for Korea’s youth, one of the main target demographics for the fast-approaching June 3 election.“I will create a safe investment environment so that young people can [build] assets and plan for the future,” The Korea Economic Daily (KED) quoted Lee as saying in Korean.He also promised the legalization of spot crypto ETFs, lower transaction fees, and more consumer protection measures.Lee’s Democratic Party of Korea is the favorite to win the presidential election with 42% support, according to a survey conducted by Korea’s National Barometer Survey between April 24 and 30. Korea’s acting president, Han Duck-soo, came in second at 13%.This is the first time Lee has mentioned crypto as part of his presidential campaign, KED noted. The Democratic Party made similar promises in its 2024 general election campaign, including passing spot crypto ETF legalization. However, progress stalled, KED said.South Korea’s People Power Party makes similar promisesSouth Korea’s ruling party, the People Power Party, also reportedly made crypto policy promises in late April, which included allowing spot crypto ETFs, dismantling Korea’s controversial one-exchange-one-bank rule, and establishing a regulatory framework for stablecoins.Source: CointelegraphThe one-exchange-one-bank rule in South Korea is a regulation that limits each crypto exchange to working with only one local bank. It is intended to prevent money laundering and strengthen transparency by ensuring that the identities of crypto investors can be verified when trading crypto.South Korean industry officials estimate that 16 million or 31% of the country’s 51.7 million people have access to a crypto account.Related: North Korean spy slips up, reveals ties in fake job interviewKim Moon-soo is running as the People Power Party’s candidate — a party previously led by Yoon Suk Yeol, who was impeached after he declared martial law in December.The controversial measure triggered a considerable fall in Bitcoin (BTC), Ether (ETH), and other cryptocurrencies. However, most coins recovered when the martial law was lifted around six hours later.Korea’s Constitutional Court upheld the impeachment of Yoon in a unanimous 8–0 decision decision on April 4, effectively removing him from office.Magazine: Crypto wanted to overthrow banks, now it’s becoming them in stablecoin fight