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Iran is tightening control over the Strait of Hormuz, asking some ships to pay transit fees in cryptocurrency or Chinese yuan for safe passage. Vessels from “friendly” nations are given priority, while others must negotiate tolls through an intermediary linked to the Islamic Revolutionary Guard Corps. Fees reportedly start at $1 per barrel of oil. In return, they receive permit codes, route guidance, and naval escorts. Shipping traffic has reportedly dropped about 90 percent since late February.

Franklin Templeton, managing $1.7 trillion in assets, is acquiring a crypto-focused spinoff from CoinFund to expand its digital asset offerings. The acquisition will allow the firm to provide specialized crypto investment solutions for institutional clients such as pensions and sovereign funds. This move strengthens Franklin Templeton’s strategy in the fast-growing digital asset market and marks a major step in its effort to integrate crypto products into its broader investment portfolio.

On April 1, multiple posts on X claimed that the Indian Government had reduced cryptocurrency taxes from 30% to 5% and lowered TDS from 1% to 0.01%. Some posts referenced the Finance Minister and suggested new tax slabs or Bitcoin reserve plans. These claims went viral but lacked any official confirmation. Users quickly questioned their authenticity due to the April Fool’s Day timing and the absence of credible sources, making it clear the reports were false.

India has postponed its much-anticipated cryptocurrency policy paper indefinitely due to the Reserve Bank of India’s concerns over systemic risks from crypto and stablecoins. The finance ministry had been working on the paper since 2023 to outline potential benefits and regulatory guidance. Officials say current measures, including taxation on digital assets and anti-money laundering monitoring by the Financial Intelligence Unit, are sufficient for now, while the government shifts its focus to promoting the Digital Rupee.

Australia has introduced its first cryptocurrency law, requiring crypto exchanges and custodians to obtain Australian Financial Services licences (AFSL) and operate under oversight by the Australian Securities and Investments Commission. The law brings digital asset platforms into the country’s established financial services regulatory framework, aligning crypto businesses with traditional finance rules. It also introduces clear regulatory categories and protections for customer funds, aiming to improve consumer safeguards, reduce risks from exchange failures, and strengthen industry trust.

Bitget Wallet has partnered with XRP Ledger to advance real-world crypto payments. The integration enables mainnet transactions and cross-chain swaps for XRP, RLUSD, and other assets, alongside upcoming on/off-ramp support for RLUSD. XRPL, purpose-built for payments, offers near-instant transfers at minimal cost. Bitget Wallet also plans to introduce crypto cards, QR payments, and bank transfers. The collaboration aims to improve speed, reduce fees, and drive scalable global adoption of blockchain-based payment solutions.

Malta has warned that the European Union’s plan to centralize cryptocurrency oversight under the European Securities and Markets Authority could drive crypto firms to relocate to the United States, the United Arab Emirates, and Asia. As the first European country to pass crypto-specific legislation, Malta argues that national-level regulation encourages innovation, while centralizing control in Brussels risks slowing approvals and creating an unfriendly environment for digital asset businesses, potentially pushing them to seek more favorable markets abroad.

Arizona’s legislature has advanced two significant crypto bills from the House Rules Committee to a full House vote. SB1042 would allow the state to invest up to 10% of certain public funds in cryptocurrencies like Bitcoin, while SB1649 proposes creating a Digital Assets Reserve Fund to manage digital assets under state oversight. Meanwhile, the New Hampshire Business Finance Authority plans about $100M in Bitcoin-backed municipal bonds, receiving a provisional Ba2 rating from Moody’s with no taxpayer risk, as repayment relies entirely on Bitcoin collateral.