Here’s what happened in crypto today
Today in crypto, Czech President Petr Pavel has signed a landmark cryptocurrency law. Telegram now requires third-party wallets to use TON Connect and Michael Saylor’s recently rebranded “Strategy” reported a $670 million net loss in the fourth quarter of 2024.Czech president signs ‘landmark’ crypto bill: CKMACzech President Petr Pavel has signed a “landmark” cryptocurrency legislation into law, providing Czechia with regulatory clarity on digital assets that are aligned with broader European Union laws. According to a translated blog post by the Czech Cryptocurrency Association, also known as CKMA, the new legislation simplifies crypto tax rules and implements the EU’s Markets in Crypto-Assets (MiCA) regulation “in a way that supports innovation and development of the entire industry.”After years of lobbying, CKMA played a role in preparing the legislation. “The proposals submitted were completely unthinkable a few years ago, now all legislators present have agreed to them,” said František Vinopal, the CKMA’s chairman. “The new legislation introduces the right for cryptocurrency companies to access bank accounts if they pass the licensing process,” CKMA told Cointelegraph in a written statement.Telegram mandates TON Connect for all crypto wallets, sparking backlashCryptocurrency wallets on Telegram may have to make some changes following the messenger’s exclusive partnership with The Open Network (TON) Foundation.Telegram’s third-party crypto wallets must now use TON Connect as their exclusive wallet connection protocol, a spokesperson for the TON Foundation told Cointelegraph.The new requirement is part of Telegram’s partnership with the TON Foundation, which made TON the only supported blockchain network for its messenger services.The foundation’s representative said that existing Mini Apps operating on other blockchains must transition to TON by Feb. 21, including bridging existing assets, migrating smart contracts and exclusively utilizing TON Connect.Wallet in Telegram — a third-party crypto wallet offered as a default Telegram’s wallet service — will not be affected by the new requirements.“The Wallet in Telegram is unaffected because it’s TON-based and only supports TON Connect for decentralized application interactions,” a spokesperson for the TON foundation said, adding:“After the migration period ends, third-party wallets that haven’t adopted TON Connect won’t be supported.”MicroStrategy, now “Strategy,” records $670 million net loss in Q4Bitcoin stacking firm Strategy — which has just rebranded from MicroStrategy — reported a net loss of $670.8 million for the fourth quarter as the firm stacked an additional 218,887 Bitcoin.On Feb. 5, Strategy reported $120.7 million in revenue in the fourth quarter, marking a 3% year-on-year fall that missed analyst estimates by about $2 million.The firm’s expenses for Q4 rose nearly 700% year-on-year to $1.1 billion as it started executing its $42 billion “21/21 Plan” aimed at buying more Bitcoin (BTC). Strategy said it has already completed $20 billion of that $42 billion capital plan, fueling its Bitcoin buying spree largely through senior convertible notes and debt.The company’s Bitcoin holdings now sit at 471,107 Bitcoin, worth over $45 billion, the largest of any corporation in the world.