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A coalition of civic groups has presented the Election Commission with over 54,000 signatures demanding a public vote on the Entertainment Complex Business Act, a proposed law to legalise integrated resorts with casinos in Thailand. The petition surpasses the 50,000-signature threshold mandated by the National Referendum Act, compelling authorities to verify the submissions within 30 days.

The campaign, led by the Stop Gambling Foundation and allied organisations, began gathering support in January and reached its goal in May after approximately 120 days of mobilisation. On submission day, activists including Thanakorn Khomkrit, the foundation’s secretary-general, and youth representative Wasinee Sonsaeb, arrived at the Commission’s offices in Bangkok backed by over 100 civil society figures.

Proponents of the law argue it would generate substantial economic advantages. Cabinet estimates suggest that legal casinos in integrated resorts could add between US$3.5 billion and $7 billion annually to tourism revenue, attract nearly US$3 billion per development, create thousands of jobs, and lift tourist numbers by 5–10%. The government also contends such regulation might curb illegal gambling and bolster the national economy.

Yet critics argue the bill was neither debated during the 2023 election campaign nor subjected to meaningful public consultation. Thanakorn Khomkrit warned that proceeding with casino legislation without a public mandate could pose political dangers and exacerbate societal tensions, especially given concerns around sufficiency-economy principles. He urged that a referendum would lend legitimacy to both the government and investors, reducing public resistance.

Echoing those views, Wasinee Sonsaeb cautioned that legalising casinos and online gambling “would be handing down a sinful legacy to our children,” warning that current proposals echo past mistakes instead of learning from thorough consultation seen in jurisdictions like Singapore.

Under the referendum law, once the commission validates the signatures, the petition will be forwarded to the Cabinet Secretariat for consideration. The Cabinet must then approve a referendum before legislation may proceed.

The bill’s political trajectory has already faced obstacles. Introduced to Cabinet on 13 January, it received preliminary approval; however, debate was postponed until Parliament’s July session following resistance from coalition members and public protests. Proposed safeguards include a 5,000‑baht entry fee for Thai nationals with a minimum bank deposit of 50 million baht, along with capping casino space at 5% of each complex.

Economic modelling from Thailand’s Fiscal Policy Office projects that integrated resorts could draw 5–20% more foreign visitors and increase per-visitor spending from 40,000 to 60,000 baht. International gaming giants including Las Vegas Sands, MGM, Wynn, Genting, and Galaxy have reportedly expressed interest, particularly in the Bangkok market.

Still, public opposition remains fierce. Alongside concerns about youth exposure and gambling dependency, critics emphasise that transparency demands more extensive public dialogue. A January poll found nearly half the population doubted the bill would pass because of widespread disapproval.

Coinbase has formally requested approval from the U.S. Securities and Exchange Commission to offer tokenised equities in the country. The scheme would let users buy and trade digital tokens representing company shares, potentially enabling 24/7, faster, and lower-cost equity trading by leveraging blockchain technology. If successful, Coinbase could directly compete with established brokerages such as Robinhood and Charles Schwab.

This strategic initiative marks a pivotal expansion beyond crypto into traditional financial markets. Coinbase’s chief legal officer Paul Grewal described the push as a “huge priority,” emphasising the potential to establish a regulated framework for tokenised securities. To proceed, the company is seeking a “no-action letter” or an exemptive relief from the SEC—mechanisms that would allow official clearance to operate without enforcement action.

The tokenisation of shares aims to reduce transaction costs, accelerate settlement and expand market accessibility. Proponents believe that blockchain-based equities could revolutionise trading. However, global regulators have flagged challenges including low secondary-market liquidity and absence of unified global standards.

Coinbase’s renewed interest follows a prior attempt to introduce a tokenised version of its own stock at the time of its 2020 direct listing—an effort ultimately blocked by the SEC. Now, with the SEC’s evolving crypto task force and indications of a more favourable regulatory environment under the Trump-appointed leadership of acting chair Mark Uyeda, Coinbase envisages a window of opportunity.

Institutional enthusiasm appears to be rising, with CFO Alesia Haas noting that prior regulatory obstacles—“brick walls,” as she put it—may now be negotiable. CEO Brian Armstrong similarly asserted the potential for round-the-clock trading innovation and applauded engagement with the SEC’s crypto task force.

Despite this optimism, regulatory hurdles remain. Coinbase is not registered as a broker-dealer, and any platform facilitating trading in tokenized equities must satisfy existing legal requirements. The SEC had previously sued Coinbase in 2023, alleging the company operated an unregistered brokerage—a lawsuit later dismissed in 2025 under the Trump-appointed SEC leadership.

If granted a no-action letter, Coinbase would gain regulatory assurance that trading tokenised equities is compliant under current laws—a reassurance deemed critical to advance institutional adoption in the sector. Some industry commentators suggest that while tokenised equities are gaining traction internationally, U.S. regulatory clarity is key to unlocking broader institutional uptake.

Globally, exchanges like those operated by Kraken are already piloting tokenised shares—known as xStocks—in international markets outside the U.S.. These moves reflect a broader shift: analysts such as Colin Butler of Polygon have predicted tokenised real‑world assets could reach a market potential of up to $30 trillion in the long term.

Within the U.S., Coinbase has sought to shape the regulatory conversation. In March, the company submitted 36 detailed recommendations to SEC Commissioner Hester Peirce, articulating a blueprint for distinguishing between digital commodities and digital securities, and calling for secondary-market clarity. The SEC also hosted roundtable discussions earlier this year with industry participants on asset tokenisation, including former Coinbase counsel Alex Zozos.

Securing approval would align Coinbase with a mosaic of international initiatives exploring tokenised share trading, potentially enabling U.S. investors to trade equities with crypto-like efficiency. Yet adoption remains tied to demonstration of adequate liquidity, interoperability, and regulatory consistency—areas where global standards are still evolving.

While no timing for product rollout has been disclosed, Paul Grewal stressed that obtaining a no-action letter is essential to injecting confidence into institutional investors, paving the way for a new class of regulated digital securities.

Asian Cricket Council officials are accelerating preparations to shift the 2025 Asia Cup to the United Arab Emirates, prompted by escalating diplomatic tensions and logistical barriers between India and Pakistan. Originally awarded to India, the tournament, scheduled for September, will adopt a neutral venue in a bid to preserve participation from all eight qualifying teams. Sources within ACC and Pakistan Cricket Board suggest that holding the entire tournament in UAE offers the only viable path forward, ensuring both cricketing integrity and commercial viability.

Accruing nearly US$170 million in media rights, the Asia Cup commands considerable financial stakes. With India and Pakistan at the centre of its appeal, organisers are unwilling to jeopardise the competition. Forbes reports confirm that ACC officials have concluded that relocating the tournament is more feasible than attempting a hybrid model involving split venues. The UAE becomes the default choice, replicating approaches from previous tournaments when political dynamics between South Asian nations hindered full-fledged hosting arrangements.

PCB figures confirm that Pakistan will participate in the UAE-hosted event, despite its reluctance to travel to India. Pakistan also plans a preparatory tri-series in August in Dubai involving Afghanistan and the UAE team—effectively replacing previously scheduled fixtures and maintaining match readiness should the Asia Cup shift occur. With the PCB’s Mohsin Naqvi doubling as ACC president, such parallel initiatives underscore Pakistan’s active role in preserving the tournament’s continuity.

Yet India has maintained a discreet stance. The Board of Control for Cricket in India has neither confirmed nor denied its capacity to host or participate, with internal caution dominating its external posture. BCCI secretary Devajit Saikia recently refuted reports that India would withdraw from all ACC events. Still, precedent indicates India’s avoidance of Pakistan-hosted events: The team did not travel to Pakistan for the Champions Trophy in February–March, instead participating in Dubai under a hybrid format.

Recalling historical context affirms the ACC’s decision. In 2018, the tournament was relocated from India to UAE amid similar political friction. Such precedent sets a framework for crisis management within the sport, suggesting that regional hostilities do not necessarily derail cricketing schedules. Observers also note that India has consistently leveraged a hybrid model since 2022, notably playing Asia Cup matches in UAE and Sri Lanka rather than Pakistan.

Operationally, staging the Asia Cup in UAE will require careful planning, balancing weather conditions in September, broadcast scheduling for global audiences, and coordination with the tri-series. The PCB’s tri-series proposal is advancing, reflecting a proactive stance. Meanwhile, ACC is likely to convene soon, under Naqvi’s leadership, to finalise the tournament’s relocation, format adjustments, and confirmation of venues in Dubai and Abu Dhabi. No official announcement has yet been made, but reports from hindustantimes.com, ET and ProPakistani align in describing the move as imminent.

Stakeholders are weighing broader implications. Indian broadcasters and advertisers depend heavily on premium fixtures, particularly India–Pakistan matches that attract unparalleled viewership. A full UAE tournament may retain this commercial allure while circumventing diplomatic entanglements. For smaller teams such as Hong Kong, Oman and UAE—each having qualified through ACC’s Premier Cup—the neutral format ensures on-field exposure without political fallout.

However, dissenting voices warn against complacency. Some Pakistani conspirators question whether a UAE relocation diminishes Pakistan’s role as host, contrary to its status as 2025 Champions Trophy host and an ACC full member. Conversely, BCCI’s insistence on a hybrid model has previously delayed Pakistan-based hosting, but this time the initial hosting rights belong to India. Any pivot could attract scrutiny over ACC governance and fairness, adding dimension to an already complex political backdrop.

Supporters of the hybrid model note that India’s hybrid strategy for the Champions Trophy earlier this year preserved integrity but exposed limitations. Attendance at Dubai was lukewarm; Australia–India clashes lacked the vibrancy typical of full-capacity Pakistan venues. UAE’s smaller suburban stadiums and shorter pitches may limit spectator buzz, but logistical expediency and political neutrality weigh heavily.

Athletes themselves face uncertainty. India and Pakistan players have not toured regularly since 2008 in bilateral series, and momentum often arises through ICC events. The Asia Cup in UAE represents another opportunity for competitive engagement before the T20 World Cup in 2026. With eight teams and nineteen matches planned, this Asia Cup holds relevance for Qatar 2026 preparations. Still, fragmented venues and political overtones could overshadow performance, causing players and fans to question cricket’s autonomy from geopolitics.

As the ACC readies its final call, timing remains critical. A decision made before July is necessary to confirm bilateral arrangements, tickets, broadcasting contracts, and tri-series scheduling. ACC’s resolution will reverberate across regional cricket administration, testing confidence in neutral venues as a template for coping with diplomatic disruptions.

Vietnam’s Techsmart Telecom, the Institute of Information Technology and CyberSecurity, UAE’s Venom Foundation and Abu Dhabi’s GS Fund have signed a memorandum of understanding to advance a sovereign digital finance framework. The scheme centres on a national Data Centre, supervised stablecoin issuance, cross-border settlement infrastructure, cybersecurity protocols and fintech training—a landmark convergence of telecom, blockchain, finance and security sectors.

The agreement mandates Venom Foundation’s sovereign-grade Layer‑0 blockchain be deployed in Vietnam. The foundation, already liaising with central banks across Southeast Asia—including Singapore, Malaysia, the Philippines and Vietnam—will integrate ISO 20022 messaging, on‑chain KYC/AML, real-time settlements and asset tokenisation capabilities into the system. GS Fund will spearhead the data centre’s construction under a stable legal and economic regime, while IITCS tackles regulatory framework, compliance and talent development, and Techsmart manages connectivity and integration.

Work in the initial phase, set for the next 12 months, will prioritise the technical architecture, legal foundations and national infrastructure planning. Vietnam’s demographic profile—a young, technologically literate population—and its expanding cross-border fintech activities are seen as key enablers for asset tokenisation, according to Venom Foundation. Dr Hoang Phuoc Thuan of IITCS highlighted Resolution 57’s role in connecting sovereign data ambitions with e‑government and AI development.

This public–private partnership reflects Vietnam’s Digital Infrastructure Strategy, which targets universal fibre, extensive 5G coverage and advanced data centre roll-out by 2030. Venom’s Layer‑0 blockchain—already piloted in the Philippines with the Bangko Sentral ng Pilipinas—cements institutional-grade readiness for programmable finance and asset digitisation.

Regulatory progress has been underway since March’s Prime Ministerial directive, with the Ministry of Finance and State Bank of Vietnam tasked to propose a Digital Technology Infrastructure law, introduce regulated sandboxes and pilot a crypto framework by May 2025. Amid this, Vietnam’s digital asset market has grown substantially—around 17 million citizens currently hold crypto assets valued at over US $100 billion—placing the country in the top five worldwide for individual interest and top three in trading volume.

Issues remain unresolved: incomplete guidelines on exchange licensing, asset categorisation and customer protection have placed Vietnam on the Financial Action Task Force’s grey list. Integrating blockchain with conventional banking operations—spanning accounting, risk management and cybersecurity—also poses significant implementation hurdles.

Further reinforcing policy alignment, the Vietnam Blockchain Association and One Mount Group—members of the VBA—have pledged between US $200 million and US $500 million to establish a sovereign Layer‑1 blockchain, complying with Prime Ministerial Directive 05/CT‑TTg.

The final vision foresees multi-year rollout phases extending beyond initial legal and technical milestones to encompass digital payments, reduced reliance on physical cash, strengthened cybersecurity via distributed ledgers, and expanded fintech education for government and private sectors under IITCS guidance.

Radisson Hotel Group has ramped up its presence in Saudi Arabia, now anchoring half of its Middle East portfolio within the Kingdom, a senior company executive confirmed amidst the Future Hospitality Summit in Riyadh. With 50 of the group’s 100 regional properties either operational or under construction based in Saudi Arabia, the expansion underscores its strategic prioritisation of the country’s ambitious hospitality landscape.

Elie Younes, Executive Vice President and Global Chief Development Officer at Radisson, described Saudi Arabia as “one of the top five countries for us globally.” Of the 50 properties, 30 are already open, while 20 are at various stages of construction. The current pipeline, spanning the next three to four years, includes these 20 projects, with another 30 slated for completion over the next four years, collectively offering approximately 4,000 to 5,000 new rooms and generating some 5,000 jobs.

This expansion aligns with the Kingdom’s target to add more than 362,000 hotel rooms by 2030, backed by a US$110 billion investment as part of its Vision 2030 diversification drive. Radisson is strategically deploying a mix of brands across segments. Younes outlined plans for another 10–15 Radisson Blu properties and four to five more under its luxury Radisson Collection label in cities including Riyadh, Jeddah, Makkah and Madinah. Smaller priors in secondary cities are also on the radar for core four‑star Radisson properties.

Recent openings include Radisson Blu Hotel & Convention Centre, Riyadh Minhal, and Radisson Hotel Madinah— the group’s first presence in the holy city of Madinah. Additional launches planned this year include Radisson Blu Hotel Riyadh Al Sahafa and Radisson Hotel Jeddah Tahlia Street in Q2, followed by Radisson Collection Residence Riyadh and Radisson Hotel & Residences Makkah Thakher City in Q4, all designed to capture the religious and leisure tourism surge.

Radisson is also forging partnerships with Saudi entities. A landmark deal with Knowledge Economic City in Madinah will introduce a Park Inn by Radisson in the Islamic World District. Meanwhile, a Memorandum of Understanding with the Saudi Tourism Authority—signed at the Arabian Travel Market—demonstrates deep engagement within the local ecosystem.

The group remains on track to grow its Middle East network to 150 hotels, resorts and serviced apartments by 2030, building on a record-breaking global performance in 2024. Younes emphasises the tailored approach: blending its Scandinavian-inspired hospitality with regional traditions and integrating wellness, eco-friendly features and entertainment to appeal to evolving guest preferences, as detailed by Development Director Ayman Ezzeddine at the Riyadh summit.

Analysis by regional consultants underscores the significance of Radisson’s strategy. Analysts note that by allocating half of its current Middle East portfolio to Saudi Arabia, Radisson demonstrates confidence in the Kingdom’s tourism transformation. Its focus on both high-volume mid-market and luxury segments positions it to tap demand from business travellers, pilgrims and upscale visitors alike amid government incentives and infrastructure investments.

Radisson’s move is also in step with ongoing giga‑projects such as Amaala, the Red Sea Project and Rua Al Madinah, each aimed at hosting millions of tourists and pilgrims by 2030. These projects feature world-class hotels, resorts and cultural infrastructure, reinforcing Saudi Arabia’s status as a global hospitality hub.

Grayscale Investments LLC is a fund in the USA market.
The price is 82.83 USD currently with a change of -1.33 USD from the previous close.
The latest trade time is Monday, June 16, 17:15:21 +0530.

Grayscale Expands Bitcoin Holdings with $1.05 B Investment

Grayscale Investments has acquired an additional 10,100 BTC, spending approximately $1.05 billion at an average rate of $104,080 per coin, boosting its total holdings to 592,100 BTC, with an average acquisition price of roughly $70,666 per coin. This move aligns with the firm’s year-to-date BTC return, which sits at 19.1 per cent.

The company now holds Bitcoin valued at approximately $41.84 billion, underpinning its reputation as one of the world’s largest institutional holders. Market watchers have noted that Grayscale’s significant expansion at this price point reflects confidence in Bitcoin’s current valuation and medium‑term outlook, even amidst broader cryptocurrency volatility.

This accumulation comes as institutional appetite for Bitcoin evolves. Grayscale, which transformed its Bitcoin Trust into a spot ETF via its GBTC product, continues to command a substantial fee structure—1.5 per cent—that supports yearly revenues exceeding $268 million, despite competitors offering cheaper options. The premium yield underscores its established presence and the loyalty of seasoned investors bound by legacy holds, tax considerations and brand trust.

Earlier this year, Grayscale launched the Bitcoin Mini Trust with a far lower fee of 0.15 per cent, explicitly targeting cost-sensitive investors. The mini‑trust currently holds around 43,572 BTC under management. Despite attracting inflows, its impact on Grayscale’s total AUM remains modest relative to the flagship GBTC.

Analysts suggest that Grayscale’s dual‑product strategy allows it to hedge against fee‑driven outflows while maintaining revenue through GBTC’s premium fee structure. Its sizeable Bitcoin accumulation adds weight to this approach. As one strategist remarked, institutional investors often exhibit inertia from legacy holdings and taxable events, making high‑fee products persistent revenue generators.

This latest purchase follows Grayscale’s broader pattern of capitalising on dips in Bitcoin price, reinforcing its average cost basis. With Bitcoin hovering near $105,000, this strategic buy expands holdings while keeping average cost significantly lower, positioning the firm favourably for market swings.

The acquisition also contrasts with broader market behaviour. Other institutions, particularly newer spot ETFs like those from BlackRock and Fidelity, have recorded substantial inflows thanks to much lower fees—commonly around 0.25 per cent—but display less aggressive accumulation strategies. Their collective AUM exceeds $100 billion, yet individually their daily volume and yields trail Grayscale’s monumental revenue draw.

Grayscale’s current average buy price—$70,666—reveals a long‑term investment horizon and deep conviction in Bitcoin’s trajectory. This cost average gives Grayscale a comfortable buffer versus price dips, which in turn sustains its willingness to deepen its position at current price levels. As volatility returns to crypto markets, Grayscale’s scale and cost discipline may offer smoother entry and exit tactics.

Market responses to the latest move have been mixed. Proponents argue that institutional accumulation of this magnitude is bullish for sentiment and price stability. Critics caution that such centralised concentration exposes Grayscale to regulatory and enterprise risk.

Regulatory scrutiny remains a key consideration. As one of the first and largest Bitcoin spot ETPs in the US, Grayscale continues to navigate evolving SEC policies, compliance obligations and heightened operational transparency. Its ability to sustain growth depends on navigating these frameworks while differentiating GBTC and BTC in a crowded ETF market.

Brazil has revoked its exemption for small-scale cryptocurrency gains, imposing a uniform 17.5% capital gains tax on all digital asset profits, effective from 12 June under Provisional Measure 1303. The measure replaces the previous tiered system—which allowed monthly tax-free crypto gains of up to R$35,000 and progressive rates of 15–22.5% for larger profits—and now applies to all holders, regardless of volume or wallet type.

The overhaul extends beyond exchange-traded assets to include self-custodied holdings and offshore crypto portfolios. Taxation occurs quarterly, with losses offsettable against gains over a rolling five-quarter period, although this allowance will narrow in 2026.

Smaller retail investors, previously shielded from taxes on modest gains, now face a significant shift. Under the old system, a casual trader earning R$30,000 in profits paid no tax; the new regime means a payable R$5,250—a leap from zero to 17.5%. Conversely, high-net-worth individuals stand to benefit: gains previously taxed at up to 22.5%—notably on trades above R$30 million—will now bear the lower flat rate.

This tax reform is part of a wider fiscal realignment aimed at broadening revenue sources. Previously untaxed fixed-income instruments like LCIs, LCAs, CRIs and CRAs are now subject to a 5% profit tax. Operators within online betting are also affected, with tax rates rising from 12% to 18%. The government had initially attempted to raise the IOF financial transaction tax, but withdrew following resistance.

The shift reflects Brazil’s position as Latin America’s largest crypto market, ranked among the world’s top ten in adoption. Government officials say the move is designed to simplify taxation, close loopholes—particularly for self-custody and offshore holdings—and treat crypto assets on par with traditional investments.

In March, Brazil’s Congress debated legislation to permit partial wage payments in Bitcoin, allowing up to 50% of salaries to be paid in crypto for domestic workers, and 100% for foreign contractors, under central bank supervision. While still under review, this bill indicates a dual approach: while levying stricter taxes, the state is also exploring broader integration of crypto into economic life.

Analysts suggest that while this latest policy may place increased pressure on small-scale traders, it could attract institutional investors seeking tax certainty. “Brazil now offers a clear, flat tax regime” for asset managers, said a financial strategist in São Paulo, referring to the capped 17.5% rate for large holdings.

Market observers caution, however, that the removal of tax-free gains may cool participation among casual investors, potentially reducing liquidity. With the reform’s full implementation and impact on compliance still unfolding, the crypto sector is bracing for a recalibration in trading dynamics.