Thailand is preparing to let tourists spend cryptocurrency via credit card-linked platforms as part of a broader strategy to modernize its financial system and embrace digital assets.

The plan was announced by Deputy Prime Minister and Finance Minister Pichai Chunhavajira during an investment seminar in Bangkok on May 26, according to reports from Bangkok Post and The Nation.

The initiative, currently under review by the Ministry of Finance and the Bank of Thailand, will enable tourists to link their crypto holdings to credit cards for local purchases.

Merchants will receive Thai baht as usual, often without knowing crypto was used in the transaction. The pilot is expected to roll out after key infrastructure and regulatory checks are in place.

“This approach can be immediately adapted for Thailand, provided the supporting systems are in place,” said Pichai, noting that the model avoids using the Thai baht directly, reducing risks to the domestic currency.

Related: Crypto exchange KuCoin enters crowded Thailand market

Capital markets regulation under review

Beyond enabling crypto use for tourism, Thailand is also planning a reform of its financial laws. Pichai said the government needs to unify the legal treatment of the traditional capital market and the digital asset space, which are currently governed by separate acts.

Pichai also said the government is reviewing outdated restrictions on institutional investors as part of broader capital market reform. Life insurers and large funds holding hundreds of billions of Thai baht are restricted to government bonds. Upcoming changes may open more funds to equities and private sector assets.

Pichai announcing the postponement of the next phase of digital wallets handout. Source: Khaosod English

The Ministry of Finance is reportedly also looking to reform rules around treasury stocks and ensure fairer market operations by regulating high-frequency trading practices.

A draft law is in the works to expand the Thai Securities and Exchange Commission’s enforcement powers, potentially allowing it to bring major cases directly to prosecutors.

Related: Thailand targets foreign crypto P2P services in new anti-crime laws

Pichai expresses support for digital assets

Pichai reiterated support for digital assets, emphasizing the need for clear rules that enable innovation without risking financial stability.

He mentioned the rollout of “G-Tokens,” a blockchain-based initiative aiming to allow retail investors to buy government bonds in fractional units. These tokens, he said, are expected to improve returns for savers and raise the global profile of Thai sovereign debt.

On May 13, the Ministry of Finance announced plans to issue $150 million worth of digital investment tokens that allow retail investors to buy government bonds.

This came after the country’s securities regulator revealed plans to launch a tokenized securities trading system for institutional investors back in February.

In March, the Thai SEC also approved Tether’s USDt (USDT) and Circle’s USDC (USDC) for cryptocurrency trades, allowing the stablecoins to be listed on regulated exchanges across the country.

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French authorities have arrested more than 12 people who have been linked to two high-profile crypto kidnapping cases in Paris, France, local media reports.

Those arrested include several minors, with charges against them including kidnapping, attempted kidnapping and criminal conspiracy, Le Parisien reported on May 26.

French investigators are exploring the possibility that a criminal organization is behind two recent crypto-linked kidnapping cases, with social media networks being used for recruitment.

In one recent alleged kidnapping attempt on May 13, three men tried to snatch the daughter and grandson of Pierre Noizat, the co-founder and CEO of French crypto exchange Paymium, in broad daylight in Paris.

That attempt, which bystanders captured on video, shows that the alleged attempt was thwarted as Noizat’s daughter fought back and passersby intervened.

In another case earlier in May, French authorities rescued the father of a crypto marketing entrepreneur who was kidnapped and held for a ransom of between 5 million and 7 million euros.

Le Parisien reported that authorities have not yet made any arrests regarding the alleged botched kidnapping of Noizat’s family, but up to six people allegedly tied to the kidnapping of the crypto entrepreneur’s father have been identified and imprisoned, including the alleged kidnappers themselves.

Earlier this year, the co-founder of crypto hardware wallet maker Ledger, David Balland, was kidnapped from his home with the perpetrators allegedly demanding crypto. Balland was subsequently rescued by the French police days later.

Security measures beefed up

France’s Interior Minister Bruno Retailleau increased security measures for crypto entrepreneurs and their family members residing in France earlier this month after the series of high-profile attacks.

Related:  Another suspect to surrender in NYC crypto torture case

A GitHub page created by Jameson Lopp, a cypherpunk and co-founder of self-custodial firm Casa, indicates that six incidents of criminal activity demanding crypto ransom have taken place in France so far this year, with half of the incidents taking place in Paris.

Further, industry executives are bolstering their security by hiring professional bodyguards in a bid to deter malicious actors.

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Four artificial intelligence-enhanced robots have been put through their paces in a Chinese robot fighting competition, duking it out in kickboxing matches until one was declared the champion.

The World Robot Competition Mecha Fighting Series had four human-controlled robots built by China-based firm Unitree compete in three, two-minute rounds with winners crowned through a points system, according to a May 26 report from the China state-owned outlet the Global Times. 

Chen Xiyun, a Unitree team member, said the “robots fight in a human-machine collaborative way,” with the machines pre-taught moves, but ultimately, a person controls the bot’s movements.

The robots reportedly weighed 35 kilograms and stood 132 centimeters tall. Ahead of the boxing rounds, the pint-sized robots were put through tests to demonstrate a variety of kicks and punches and assist the organizers in refining the rules.

The team with the highest points across the three rounds moves on to fight another opponent. A punch to the head was worth one point, and a kick to the head was worth three. Teams lost five points if their robot fell and 10 points if their robot was down for over eight seconds. 

AI used to teach real fight moves

During a livestream of the event on the state broadcaster CCTV, Unitree director Wang Qixin  said the robotics company used “AI technology to let robots learn.”

🤖 China hosted the world’s first #humanoid robot fighting competition, the CMG World #Robot Competition. Four teams and their #UnitreeG1 robots duked it out in a globally live-streamed event! 🥊pic.twitter.com/vkODcSbPoQ

— Chinese Embassy in US (@ChineseEmbinUS) May 26, 2025

“First of all, the motion capture will be based on some professional fighting athletes. Based on their motion capture data, the robot will learn these movements in the virtual world,” he said.

In one of the first matches, a robot in pink headgear fought a robot in black headgear. After a flurry of sometimes misplaced punches and kicks, the black-donned bot was the first to be knocked down after throwing a kick and falling over. 

Related: Welcome to the future where on-chain robots serve coffee and crypto rewards

However, the black-clad android came back strong and scored a knockdown on pink in round three with a front kick. A second knockdown saw the black bot jump on the pink one to hold it down and claim the win. 

The pink-wearing bot and another wearing red were both eliminated, leaving the black-donned bot and one wearing green to go toe to toe in the finals. Ultimately, the black bot was declared the champion after outscoring its opponent.

Another event with full-sized robots is reportedly locked in for December in South China’s Guangdong Province. 

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Christopher Giancarlo, former chairman of the US Commodity Futures Trading Commission (CFTC), has joined Sygnum in an advisory role, where he will help the crypto bank navigate global regulations amid growing institutional interest in digital assets. 

Giancarlo’s appointment as senior policy adviser places him alongside 11 other members of Sygnum’s Advisory Council, the company disclosed on May 27.

In his role, Giancarlo will advise on regulations and strategic partnerships in both the public and private sectors. 

Sygnum is a Swiss banking group dedicated to providing crypto asset services. It’s often called the first digital asset bank, having recently achieved unicorn status following a $58 million funding round. 

Giancarlo, who headed the CFTC between 2017 and 2019, said he is joining Sygnum at a time when the global digital asset industry is nearing a turning point in institutional adoption.

Christopher Giancarlo. Source: Sygnum

Giancarlo has earned the moniker of “crypto dad” for his advocacy for digital assets, particularly in the United States. In 2023, he said a sweeping political shift in Washington, DC, would be necessary to enact pro-industry legislation. 

That shift appeared to materialize following Donald Trump’s presidential victory last November.

However, shortly after the election, Giancarlo quashed rumors that he would succeed outgoing Securities and Exchange Commission Chair Gary Gensler. He also shot down reports that he was interested in a crypto-related role at the US Treasury.

Source: Chris Giancarlo

Related: Sygnum adds off-exchange crypto custody to Deribit with Fireblocks tech

Institutional adoption of digital assets heats up

A confluence of pro-crypto policies, the successful launch of Bitcoin exchange-traded funds (ETFs), and advances in tokenization and stablecoins has captured the attention of institutional investors over the past year.

In the United States, Bitcoin ETFs are on track for a record-breaking month, drawing $1.5 billion in inflows over just two days. 

On the regulatory front, the Senate passed the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act. If enacted into law, the bill could further accelerate institutional adoption, according to DWF Labs managing partner Andrei Grachev.

Meanwhile, Bitcoin’s rally to all-time highs has created a positive feedback loop where more institutions view BTC as a mature asset worthy of inclusion in modern portfolios, according to a recent report by Fidelity Digital Assets. 

Crypto also shows positive growth in places Sygnum is active, like Singapore and the United Arab Emirates. However, Sygnum’s CEO, Matthias Imbach, recently warned that the company’s native Switzerland may lose its competitive advantage as a crypto destination if it fails to keep innovating.

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Bitcoin markets recently experienced two major liquidation events, causing a cascade of forced selling from over-leveraged traders, but analysts say a distinct pattern has emerged.

“Overleveraged short-term traders were flushed out, long-term holders have been quietly capitalizing on the reset,” CryptoQuant analyst Amr Taha said on May 26. 

They noted the first flush occurred when Bitcoin (BTC) fell below $111,000, and over $97 million in long positions were liquidated. As its price broke $109,000, another $88 million in longs were wiped out in the second wave.

However, as short-term traders faced margin calls and forced selling, long-term holders (LTH) responded very differently and increased their accumulation.

This caused the long-term holder realized capitalization to surge past $28 billion, a level not seen since April. Realized cap is a measure of the value of each Bitcoin based on the last time it was moved, rather than the current market price.

Long-term investors are using this period of forced selling to increase their exposure and accumulate more Bitcoin for the long run, Amr Taha noted. “This strategic accumulation during moments of market stress reflects the deep conviction of LTHs.”

“Rather than being shaken out by short-term volatility, they [LTH] see these liquidation-driven dips as prime opportunities to strengthen their positions, reinforcing the foundation for future price appreciation.”

BTC short-term holders (red) and long-term holders (green) net realized cap. Source: CryptoQuant 

Related: Bitcoin’s new highs may have been driven by Japan bond market crisis

Meanwhile, CryptoQuant analyst Ibrahim Cosar identified a double bottom chart formation, a reversal signal that indicates “bearish pressure is weakening and buyers are beginning to regain control,” he said. 

“If this zone holds as support, levels above $112,000 are well within reach,” he predicted. 

Bitcoin dips below $109,000

Bitcoin is trading at just under $108,700 on Coinbase at the time of writing, posting a slight rebound from a wick down to $107,550, according to TradingView.

However, it has retreated from a high on Monday, May 26, of $110,000, having hit resistance twice at that level. 

BTC/USD holding around $109K on Coinbase. Source: TradingView

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Bitcoin markets recently experienced two major liquidation events, causing a cascade of forced selling from over-leveraged traders, but analysts say a distinct pattern has emerged.

“Overleveraged short-term traders were flushed out, long-term holders have been quietly capitalizing on the reset,” CryptoQuant analyst Amr Taha said on May 26. 

They noted the first flush occurred when Bitcoin (BTC) fell below $111,000, and over $97 million in long positions were liquidated. As its price broke $109,000, another $88 million in longs were wiped out in the second wave.

However, as short-term traders faced margin calls and forced selling, long-term holders (LTH) responded very differently and increased their accumulation.

This caused the long-term holder realized capitalization to surge past $28 billion, a level not seen since April. Realized cap is a measure of the value of each Bitcoin based on the last time it was moved, rather than the current market price.

Long-term investors are using this period of forced selling to increase their exposure and accumulate more Bitcoin for the long run, Amr Taha noted. “This strategic accumulation during moments of market stress reflects the deep conviction of LTHs.”

“Rather than being shaken out by short-term volatility, they [LTH] see these liquidation-driven dips as prime opportunities to strengthen their positions, reinforcing the foundation for future price appreciation.”

BTC short-term holders (red) and long-term holders (green) net realized cap. Source: CryptoQuant 

Related: Bitcoin’s new highs may have been driven by Japan bond market crisis

Meanwhile, CryptoQuant analyst Ibrahim Cosar identified a double bottom chart formation, a reversal signal that indicates “bearish pressure is weakening and buyers are beginning to regain control,” he said. 

“If this zone holds as support, levels above $112,000 are well within reach,” he predicted. 

Bitcoin dips below $109,000

Bitcoin is trading at just under $108,700 on Coinbase at the time of writing, posting a slight rebound from a wick down to $107,550, according to TradingView.

However, it has retreated from a high on Monday, May 26, of $110,000, having hit resistance twice at that level. 

BTC/USD holding around $109K on Coinbase. Source: Tradingview

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The Instagram account of former US rap trio Migos was hacked in an apparent attempt to blackmail Solana co-founder Raj Gokal.

On May 27, Migos’ Instagram account posted at least seven images seen by Cointelegraph that have since been deleted. Two of the images appeared to depict Gokal holding up his passport and driver’s license, clearly showing the full details of each document.

The account’s hacker tagged Gokal in one of the images that apparently showed him with the caption “you should’ve paid the 40 btc,” while another image depicting Gokal was captioned “it was only 40 btc.. should’ve paid,” in what appears to be a references to a failed extortion attempt.

Another image posted by the account hacker shows what the caption claimed was Gokal’s wife holding up a driver’s license, while a further two images appear to be a dump of private information, including mobile phone numbers and email addresses.

The type of photos posted, where a person holds personal identifying documents in clear view of the camera with their face visible, are commonly used by crypto exchanges in Know Your Customer checks.

However, it is unknown where the photos seemingly depicting Gokal and his wife originated and how they ended up being used in the apparent blackmail attempt.

The Solana Foundation and Gokal were contacted for comment.

Related: McDonald’s Instagram hackers make $700K shilling Grimace memecoin

Gokal had posted to X on May 20 that attackers had “been trying to take control” of his email and social media accounts, warning his followers to be suspicious of any out-of-the-ordinary posts.

Source: Raj GokalAI deepfakes or KYC data breach?

While it isn’t known whether artificial intelligence was used in the images, deepfakes have been used in attempts to extort crypto. 

In April, podcaster Scott Melker said that scammers had created a fake version of his driver’s license and managed to steal at least $4 million from one victim. 

How KYC information is gathered and stored by crypto exchanges has also been in the spotlight recently.

Earlier this month, Coinbase was hit with a lawsuit from users who alleged the crypto exchange breached local biometric privacy laws by failing to disclose that third-party vendors were used to verify the IDs of its customers.

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Additional reporting by Jesse Coghlan.

Michael Saylor, the executive chair of major Bitcoin-buying firm Strategy, formerly MicroStrategy, says institutions posting onchain proof-of-reserves is a “bad idea” that could pose security risks.

“The current, conventional way to publish proof of reserves is an insecure proof of reserves,” Saylor said when asked about institutions adopting the transparency measure at a May 26 event on the sidelines of the Bitcoin 2025 conference in Las Vegas.

“It actually dilutes the security of the issuer, the custodians, the exchanges and the investors. It’s not a good idea, it’s a bad idea.”

Saylor didn’t answer whether Strategy would publish its proof-of-reserves when asked by Blockware Solutions head analyst Mitchell Askew whether his firm would do so.

I asked @saylor if @MicroStrategy has any plans to publish on-chain proof of reservesHis answer will SHOCK you“It’s a bad idea.”- Security Risk- Irrelevant without also having Big 4-audited liabilitiesCheck it out 👇 pic.twitter.com/tIxUckgbEp

— Mitchell ✝️🇺🇸 (@MitchellHODL) May 27, 2025

Proof-of-reserves are common among crypto exchanges and verify that the company holds sufficient crypto reserves to cover customer deposits. They can also confirm that other entities, such as crypto-tracking exchange-traded funds, hold the required amount of crypto for the funds.

Saylor acknowledged the industry had learned from the collapses of crypto exchanges FTX and Mt. Gox, but said proof-of-reserves isn’t the correct measure to take for institutions.

“No institutional-grade or enterprise security analyst would think it’s a good idea to publish all of the wallet addresses, such that you could be traced back and forth.”

“Go to AI, put it in deep think mode and then ask it ‘what are the security problems of publishing your wallet addresses?’ and ‘how might it undermine the security of your company over time,” Saylor said, adding it would write “50 pages of security problems.”

Proof-of-reserves increasingly adopted after FTX collapse

Many crypto exchanges, custodians and exchange-traded fund issuers started publishing their proof-of-reserves following FTX’s collapse in November 2022 to establish transparency and prove that they hold enough assets to back customer deposits.

Related: Strategy bags 4,020 Bitcoin as price briefly breaks $110KCrypto exchanges Binance, Kraken and OKX and crypto asset manager Bitwise are among the industry players that have adopted the transparency measure.However, Saylor noted that proof-of-reserves often only show one side of the picture — what the company holds — and not what they owe.

Source: Mitchell Askew

Saylor’s Strategy is the world’s largest corporate Bitcoin holder, with 576,230 Bitcoin worth $62.6 billion on its balance sheet, followed by Bitcoin mining firm MARA Holdings, which holds 48,137 Bitcoin, according to BitcoinTreasuries.NET.

More than 110 publicly traded companies worldwide have purchased and hold Bitcoin.Magazine: Danger signs for Bitcoin as retail abandons it to institutions: Sky Wee

Michael Saylor, the executive chair of major Bitcoin-buying firm Strategy, formerly MicroStrategy, says institutions posting onchain proof-of-reserves is a “bad idea” that could pose security risks.

“The current, conventional way to publish proof of reserves is an insecure proof of reserves,” Saylor said when asked about institutions adopting the transparency measure at a May 26 event on the sidelines of the Bitcoin 2025 conference in Las Vegas.

“It actually dilutes the security of the issuer, the custodians, the exchanges and the investors. It’s not a good idea, it’s a bad idea.”

Saylor didn’t answer whether Strategy would publish its proof-of-reserves when asked by Blockware Solutions head analyst Mitchell Askew whether his firm would do so.

I asked @saylor if @MicroStrategy has any plans to publish on-chain proof of reservesHis answer will SHOCK you“It’s a bad idea.”- Security Risk- Irrelevant without also having Big 4-audited liabilitiesCheck it out 👇 pic.twitter.com/tIxUckgbEp

— Mitchell ✝️🇺🇸 (@MitchellHODL) May 27, 2025

Proof-of-reserves are common among crypto exchanges and verify that the company holds sufficient crypto reserves to cover customer deposits. They can also confirm that other entities, such as crypto-tracking exchange-traded funds, hold the required amount of crypto for the funds.

Saylor acknowledged the industry had a lot to learn from the collapses of crypto exchanges FTX and Mt. Gox, but said proof-of-reserves isn’t the correct measure to take for institutions.

“No institutional-grade or enterprise security analyst would think it’s a good idea to publish all of the wallet addresses, such that you could be traced back and forth.”

“Go to AI, put it in deep think mode and then ask it ‘what are the security problems of publishing your wallet addresses?’ and ‘how might it undermine the security of your company over time,” Saylor said, adding it would write “50 pages of security problems.”

Proof-of-reserves increasingly adopted after FTX collapse

Many crypto exchanges, custodians and exchange-traded fund issuers started publishing their proof-of-reserves following FTX’s collapse in November 2022 to establish transparency and prove that they hold enough assets to back customer deposits.

Related: Strategy bags 4,020 Bitcoin as price briefly breaks $110KCrypto exchanges Binance, Kraken and OKX and crypto asset manager Bitwise are among the industry players that have adopted the transparency measure.However, Saylor noted that proof-of-reserves often only show one side of the picture — what the company holds — and not what they owe.

Source: Mitchell Askew

Saylor’s Strategy is the world’s largest corporate Bitcoin holder, with 576,230 Bitcoin worth $62.6 million on its balance sheet, followed by Bitcoin mining firm MARA Holdings, which holds 48,137 Bitcoin, according to BitcoinTreasuries.NET.

More than 110 publicly traded companies worldwide have purchased and hold Bitcoin.Magazine: Danger signs for Bitcoin as retail abandons it to institutions: Sky Wee