Swiss firms tokenize equity. Russian laws permit crypto for foreign trade. African
markets adopt stablecoin infrastructure. The gap between legacy finance and digital
assets is closing through strict regulation and corporate pilot programs. SwissChain
uses distributed ledgers for traditional shares, while Mastercard and Yellow Card
integrate stablecoins for cross-border and corporate settlements. The Russian
government established state registries and purchase limits to control domestic crypto
circulation. Amid this structural progress, hackers stole $130 million via a legacy
software flaw in Coinkite offline wallets.
Russia Enacts Comprehensive Legal Framework for Cryptocurrency Circulation
Russian President Vladimir Putin has signed the country’s first comprehensive law
regulating the issuance, circulation, and storage of cryptocurrencies and digital
financial assets.
The legislation, which largely takes effect on September 1, maintains a general ban on
using digital currencies for domestic payments, though it permits exceptions for foreign
trade settlements.
Furthermore, the law brings cryptocurrency mining under state regulation, notably
creating an exception that allows settlements using cryptocurrencies obtained directly
through mining.
It also establishes operational standards for digital depositories governing the custody
and accounting of these assets.
Under the new rules, cryptocurrency exchanges must be listed in a state register and
hold a minimum capital of 15 million rubles by July 2027.(USD/RUB 81.4 ≈)
The law introduces purchasing limits for retail investors, capping their annual
cryptocurrency acquisitions at 300,000 rubles per intermediary.
Conversely, qualified investors can purchase digital assets without volume limits,
provided mandatory knowledge tests are passed.
To enforce compliance, domestic banks are required to reject money transfers if they
suspect the involvement of unauthorized cryptocurrency exchange operators.
SwissChain Demonstrates Blockchain as the Next Infrastructure Layer for
Traditional Finance
Geneva-based SwissChain Holding SA is actively demonstrating how the 2021 Swiss
DLT Act works in practice by issuing its own traditional non-voting participation
certificates as ledger-based securities.
Rather than attempting to replace traditional financial systems, this approach utilizes
blockchain strictly as the next infrastructure layer for the ownership registry, keeping all
classic legal equity rights unchanged.
Around this core operation, the firm coordinates specialized subsidiaries to build a
unified ecosystem, intending to offer tokenization, institutional custody, and market
access as a consolidated service for future clients.
Supporting this operating model, the Digital Assets Treasury manages risk by keeping
established cryptocurrencies like Bitcoin and Ethereum strictly below half of net
proceeds, alongside traditional cash reserves.
Access to this ecosystem is limited to eligible counterparties subject to KYC and AML
checks, overseen by regulated partners, institutional custodians, and a former FINMA
official.
To bundle these services, a subsidiary is developing a centralized digital application that
aligns with the company’s roadmap for regulated secondary-market access and
controlled international expansion.
Mastercard Tests Crypto Credential Framework for Stablecoin Payments
Mastercard and Borderless.xyz announced a pilot program to evaluate the Crypto
Credential framework across cross-border stablecoin payment flows.
According to the companies, this framework provides standardized assurance signals
to verify participants in blockchain transactions for compliance and risk workflows.
Network participants Infinia, Walapay, and Koywe have joined the pilot as initial
stablecoin payment operators.
This initiative follows Mastercard’s recent acquisition of BVNK, a stablecoin
infrastructure firm.
Prior to this pilot, Mastercard also rolled out regulated settlement support for specific
digital assets, including USDC, PYUSD, and RLUSD.
While the company simultaneously updates its traditional virtual card platforms for
corporate payments, its dedicated Crypto Partner Program currently includes over 85
companies focused on digital asset use cases.
Yellow Card Secures $40 Million to Address Emerging Market Stablecoin Demand
Yellow Card has raised $40 million in equity funding, backed by investors including
Polychain Capital, SC Ventures, and Sony Innovation Fund.
The company intends to scale its Global USD Accounts, which allow businesses to hold
dollars, swap stablecoins, manage corporate treasuries, and disburse local currencies.
This stablecoin infrastructure addresses specific market demands in Africa, which are
driven by high inflation and limited access to hard currency.
By providing alternative payment rails, Yellow Card aims to resolve the friction
associated with traditional correspondent banking that limits dollar access for
businesses.
Furthermore, the company is focusing on connecting traditional banking institutions
directly to these stablecoin rails to modernize global payments.
Currently, this digital asset infrastructure supports corporate clients, such as Visa and
Western Union, across emerging markets.
Software Flaw Leads to $130 Million Theft from Offline Bitcoin Wallets
Multiple hacker groups exploited a 2021 software vulnerability in Coinkite’s Coldcard
offline Bitcoin wallets, resulting in an estimated theft of $130 million.
The critical flaw emerged during a codebase migration involving MicroPython (libNgU),
which inadvertently bypassed the hardware random number generator and significantly
reduced the effective security search space for wallet seeds.
Coinkite noted that while their own artificial intelligence security audits failed to detect
the bug, they assume attackers successfully utilized AI tools to review the open-source
code and locate the vulnerability.
This breach demonstrates that offline self-custody models remain vulnerable if the
foundational software generating cryptographic keys is compromised.
The incident highlights the inherent risks of relying exclusively on automated AI reviews
to protect digital asset infrastructure.
For a complete technical breakdown and official firmware recovery instructions,
affected users are strongly advised to review Coinkite’s official security advisory .
With thanks to Dean & Aviv
