Hey there, PoI readers! 💫

It's your favorite crypto connoisseur, Mochi, back with another serving of tantalizing tech and web3 news. From Gemini's European expansion spree and OpenAI's Indian adventure to the UK's sanctions showdown and the CFTC's regulatory sprint, we've got a lot to unpack. So, buckle up and get ready for a wild ride through the wonderland of digital assets and AI innovation!

INTEL BRIEF

🟧 Gemini exchange secured a MiCA license in Malta, joining four other crypto firms as they continue their European expansion following their earlier derivatives approval.

🟧 OpenAI is opening its first Indian office in New Delhi and launching a sub-$5 ChatGPT plan as it races to capture India's massive AI market ahead of competitors.

🟧 The UK slapped sanctions on Kyrgyz banks and crypto exchanges allegedly helping Russia dodge Western restrictions through a $9.3 billion ruble-backed stablecoin operation.

🟧 The CFTC launched its second "crypto sprint" seeking public feedback on spot crypto trading regulation as part of Trump's pro-crypto agenda, while Brian Quintenz's nomination for chair remains stalled.

Gemini Wins Malta MiCA License in European Expansion Push

Gemini just snagged itself a shiny new MiCA (Markets in Crypto-Assets Regulation) license from Malta's Financial Services Authority, and honestly, it's giving us major "we're serious about this European thing" vibes.

This latest regulatory win means Gemini can now flex its crypto muscles across over 30 European countries – which is pretty sweet considering they're also eyeing that Nasdaq listing under ticker GEMI.

Malta has only issued five of these coveted MiCA licenses, and Gemini just joined the exclusive club alongside Bitpanda, Crypto.com, OKX, and ZBX.

Gemini already secured a MiFID II license back in May, letting them dabble in derivatives. Now they're doubling down with tokenized stocks on Arbitrum.

Cameron and Tyler are clearly betting big on Europe being the crypto promised land, especially with MiCA providing that "clear regulation" everyone's been crying about. With rivals like Kraken and Robinhood also jumping on the tokenized bandwagon, it's shaping up to be quite the European crypto showdown.

Gemini scored Malta's 5th MiCA license, joining an exclusive club of regulated crypto exchanges

30+ European countries now have access to Gemini's platform following this approval

Tokenized stocks on Arbitrum + derivatives licensing = Winklevoss twins going full European expansion mode

OpenAI Opens New Delhi Office with Budget ChatGPT Plan

Fresh off launching their budget-friendly ChatGPT Go plan for just ₹399 ($4.75) per month, they're doubling down by opening their first Indian office in New Delhi.

This move is strategically brilliant considering India is the world's second-largest internet and smartphone market. OpenAI isn't just setting up shop for fun though – they're building a local team to schmooze with partners, governments, and developers while getting that precious feedback to make their AI actually useful for Indian users.

OpenAI is racing against some serious competition. Perplexity just pulled a power move by partnering with Bharti Airtel to give 360+ million subscribers free Perplexity Pro for a whole year. Meanwhile, Google and Meta are also circling like sharks, all hoping to crack the code on India's notoriously price-sensitive market.

While OpenAI is throwing its first Education Summit this month and planning a Developer Day later this year, they're also dealing with some legal drama – Asian News International sued them over alleged copyright infringement, with other publishers joining the party.

Still, with IT Minister Ashwini Vaishnaw rolling out the red carpet and India's IndiaAI Mission in full swing, OpenAI is betting big that the subcontinent will be their next goldmine.

OpenAI opens New Delhi office with local team to capture India's massive AI market

₹399 ChatGPT Go plan targets price-sensitive Indian users amid fierce competition

Legal challenges and monetization hurdles await, but government support through IndiaAI Mission looks promising

UK Sanctions $9.3B Russian Crypto Money Laundering Network

The UK decided to play crypto detective this week, dropping the hammer on what they're calling a massive $9.3 billion ruble-backed stablecoin operation that allegedly helped Russia play hide-and-seek with Western sanctions.

A7A5, a stablecoin that reportedly processed all that money in just four months – which is either impressively efficient or suspiciously fast, depending on how you look at it. The UK wasn't having any of it, blacklisting Capital Bank of Central Asia, its director Kantemir Chalbayev, and crypto exchanges Grinex and Meer.

Grinex was supposedly the spiritual successor to the already-sanctioned Garantex platform (They got hit with a $27 million USDT freeze by Tether back in March). The US Treasury jumped on the bandwagon too, redesignating Garantex and throwing more sanctions around like confetti.

Kyrgyz President Sadyr Japarov came out swinging on Thursday, basically saying "Nuh-uh, we're not helping anyone dodge anything!" He's now restricting Russian ruble dealings to just the state-owned Keremet Bank.

UK sanctions target $9.3B ruble stablecoin network allegedly helping Russia bypass Western restrictions

Kyrgyz banks and crypto exchanges including Grinex and Meer got blacklisted alongside multiple individuals

Kyrgyz President denies wrongdoing while limiting Russian ruble business to one state-owned bank

CFTC Launches Second Crypto Sprint for Trump Agenda

The CFTC is back with round two of their crypto sprint series. Acting Chair Caroline D. Pham announced Thursday that they want public input by October 20 on how to better handle spot crypto trading.

This whole sprint thing is part of the Trump Administration's promise to "win on crypto," and Pham is clearly feeling the "Golden Age of innovation" vibes. The President's Working Group dropped 18 recommendations on the CFTC's desk, with two specifically for them to handle solo – including figuring out which cryptos count as commodities and how to make blockchain-based derivatives work within existing rules.

While the CFTC is sprinting ahead with crypto-friendly initiatives, their actual permanent chair is still MIA. Brian Quintenz, Trump's pick for the top spot, has been stuck in nomination limbo since the White House mysteriously postponed his Senate vote back in July. Meanwhile, the agency is running on fumes with just two commissioners – Pham and Kristin Johnson.

Crypto advocacy groups are basically screaming "PLEASE confirm Quintenz already!" because trying to revolutionize crypto regulation with a skeleton crew is like trying to build a rocket with half a engineering team. Trump wants to lead the crypto charge, but his own regulatory agency is allegedly operating in bureaucratic slow motion.

Still, the CFTC seems determined to work closely with the SEC to create that "fulsome regulatory clarity" everyone keeps talking about.

CFTC launches second crypto sprint seeking public feedback on spot trading regulation by Oct. 20

18 Presidential Working Group recommendations include clarifying commodity status and blockchain derivatives rules

Brian Quintenz's nomination remains stalled while CFTC operates with skeleton crew of just two commissioners

And that's a wrap, my lovely PoI readers! I hope this edition left you feeling informed, entertained, and maybe even a little bit richer (in knowledge, of course). From crypto exchanges collecting European licenses like trading cards to AI giants planting flags across continents, it's clear the digital world never sleeps. Remember to stay curious, stay informed, and keep spreading the love. Until next time, this is Mochi, signing off with a virtual high-five!

P.S. Don't forget to share your thoughts, questions, and favorite crypto puns with us. very voice matters in the PoI community! 📣❤️ Share the newsletter

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