Bitcoin News and Finance: What You Need to Know

The Indian government has confirmed its commitment to supporting startups that are innovating in the Web3 sector in India. “Web3 represents the future of internet and the government is committed to ensuring that the innovators and innovation from India create the future of Web3 and internet,” said the country’s Minister of State for Electronics and Information Technology. Indian Government’s Web3 Stance The Indian government answered some questions about Web3 in Lok Sabha, the lower house of India’s parliament, on Wednesday. The Minister of Electronics and Information Technology was asked by a parliament member “whether the government supports startups that are innovating in the Web3 sector in the form of any incubation or mentorship.” Noting that blockchain is “an important element of Web3,” Minister of State for Electronics and Information Technology Rajeev Chandrasekhar replied: Yes … Web3 represents the future of internet and the government is committed to ensuring that the i...

A U.S. senator says Congress needs to regulate the crypto industry “with a light touch that doesn’t kill innovation in the U.S.” Noting that crypto “has the potential to disrupt much of the traditional banking model,” he s tressed that crypto regulation needs to be appropriate to avoid driving companies offshore. ‘We Need to Regulate With a Light Touch’ Senator Bill Hagerty (R-TN), a member of the U.S. Senate Banking and Foreign Relations Committees and former U.S. Ambassador to Japan, addressed JPMorgan CEO Jamie Dimon’s controversial remarks about bitcoin and cryptocurrency during an interview with Bloomberg and in a post on social media platform X on Thursday. Commenting on Dimon’s statement made during a Senate hearing that he would close down crypto and bitcoin if he were the government, Hagerty wrote: I can understand why large banks are opposed to cryptocurrencies — the technology has the potential to disrupt much of the traditional banking model. This is not a fight for ...

Crypto exchange Binance has withdrawn its application for a license in Abu Dhabi. “When assessing our global licensing needs, we decided this application was not necessary,” a Binance spokesperson stated, adding that the company plans to continue to work with regulators “to provide world-class services and offerings in the Middle East and beyond.” Binance Says ‘This Application Was Not Necessary’ Cryptocurrency exchange Binance has reportedly withdrawn its application with Abu Dhabi’s financial regulator. A spokesperson for Binance said on Thursday: When assessing our global licensing needs, we decided this application was not necessary. According to Binance’s website, Abu Dhabi-based Binance (AD) Ltd. received conditional financial services permission from the Financial Services Regulatory Authority (FSRA) on Nov. 15 last year to provide crypto custody services. The regulator’s website details: “Binance (AD) Limited is not permitted to deal with retail clients, as defined in t...

Thirdweb, a Web3 development framework provider, has announced that it has started mitigating a vulnerability that could potentially affect thousands of smart contracts across several networks. The vulnerability, uncovered in November, impacts various pre-built smart contracts that the framework provides for rapidly deploying applications using an undisclosed open-source library. Thirdweb Mitigates Critical Vulnerability Across Dozens of EVM Networks Thirdweb, a Web3 development framework provider, is mitigating the impact of a recently discovered vulnerability in its smart contracts suite. The organization stated that in the last 48 hours, more than 8,000 contracts had been mitigated to contain the impact of this vulnerability, and it is working to extend these actions. While the organization stated that the vulnerability derived from an open-source Web3 library used across the industry, it has not disclosed its specific nature or its mitigation procedures. Thirdweb announced the...