Kraken was chosen by the US Department of Commerce to promote the groundbreaking initiative announced this morning by President Donald Trump and Secretary Howard Rutnick. This initiative, distributing US Gross Domestic Product (GDP) data on nine major public blockchains, marks milestones in the use of blockchain technology to increase transparency in economic data.

As part of this historic effort, Kraken has installed the Department of Commerce as a client, helping to procure cryptocurrencies such as Bitcoin (BTC), Ethereum (Eth), Solana (Sol), Avalanche (Avax), Stellar (XLM), Polygon (Pol), and Tron (TRON (POL)).

By recording an on-chain hash of this critical economic information, the Department of Commerce ensures that US GDP data is verifiable, tampered and globally accessible. This sets new standards for transparency in government reporting.

“This is a groundbreaking moment for both our industry and our country,” said Arjun Sethi, Kraken Co-CEO. “We praise President Trump and Secretary Lutnick for their vision to realize this initiative and are honored to play a role in its implementation. By leveraging blockchain technology to distribute GDP data, the US is setting up a global example of how transparency, trust and innovation can progress.”

“Today’s announcement is a powerful example of how governments and industries can work together to promote innovation across the global economy,” said Jonathan Jacyhm, head of Kraken’s global policy and government relations. “The message is clear: Blockchain technology is becoming more and more present than just the future of financial infrastructure.”

The initiative reflects the Trump administration’s broader commitment to integrating blockchain technology into key government functions and strengthening the US’s position as a global leader in digital innovation. It also uses public blockchains to mark milestones in the G7 economy to spread official economic statistics.

Kraken is still committed to providing safe, reliable and efficient services to support the Department of Commerce for this project and future initiatives.

Author

Jai Pratap

Author

Jai Pratap

About Author

Jai serves as the Asia Desk Editor for Cryptonews.com, where he leads a diverse team of international reporters. Jai has over five years of experience covering the web3 industry.

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Last updated: 

May 29, 2025

Despite increasing government-backed initiatives promoting Bitcoin adoption, Pakistan’s top financial authorities the State Bank and Ministry of Finance clarified on Thursday that cryptocurrency remains banned, with all related transactions deemed illegal under existing laws.

As per local media reports, during a recent meeting official meeting on Finance and Revenue, Finance Secretary Imdadullah Bosal clarified that although the prime minister has established a Crypto Council, led by the finance minister through an executive order to explore digital asset policy, the country’s cryptocurrency ban remains firmly in place under regulations set by the State Bank of Pakistan (SBP) and the Securities and Exchange Commission of Pakistan (SECP)

The central bank issued a directive in 2024 declaring Bitcoin and other cryptocurrencies illegal, a position that remains unchanged.

Pakistan’s Crypto Council CEO Bilal Bin Saqib, who was recently named as PM’s assistant on crypto and blockchain, announced at the Bitcoin 2025 conference in Las Vegas that the country is moving ahead with a Bitcoin reserve.

Officials Highlight Crypto Policy Inconsistency

Committee members voiced concern over the government’s inconsistency in regards to crypto policy, questioning why the public was being encouraged to invest in crypto despite its legal ban, warning that such actions could expose investors to serious risks.

Recently Pakistan’s government announced to allocate 2,000 megawatts of electricity to power Bitcoin mining and artificial intelligence (AI) data centres. Committee members raised questions about whether the bitcoin mining would be in government or private sector hands, and noted that illegal hawala channels would likely be replaced by unregulated digital transfers.

The State Bank of Pakistan does not recognize crypto assets. In 2022, the SBP issued an official advisory urging the public to exercise caution and avoid trading in cryptocurrencies.

The committee’s debate on cryptocurrency was sparked by a proposed bill on digital currency regulations introduced by MNA Sharmila Farooqi. She emphasized the urgent need for a regulatory framework to curb potential money laundering risks, particularly in light of Pakistan’s recent removal from the Financial Action Task Force (FATF) grey list.

Animoca Brands has announced a new partnership with Sony Block Solutions Labs to develop blockchain-based identity infrastructure and support anime-themed projects on Soneium—Sony’s Ethereum Layer 2 blockchain.

The collaboration introduces Anime ID, a decentralised identity system built by San FranTokyo, a contributor to the Anime Foundation. It will serve as the first implementation of Moca Network’s identity tools on Soneium. Moca Network will play a central role in enabling these features through its AIR SDK (Account, Identity, Reputation Software Development Kit), which provides account management and credential verification across applications.

The partnership also includes a cultural component: a series of anime-related campaigns led by San FranTokyo to attract anime communities to Soneium and explore blockchain-based experiences.

What will this partnership bring?

Under the agreement, Moca Network will integrate its identity infrastructure into Soneium, starting with Anime ID. The AIR SDK will allow users to maintain a single identity and reputation record across different applications, while also enabling developers on Soneium to issue and verify user credentials.

“By integrating Moca Network’s identity infrastructure, we’re not just enhancing entertainment experiences; we’re creating a seamless digital ecosystem,” said Yat Siu, Co-founder and Executive chairman of Animoca Brands. “The partnership will empower Soneium users with unified digital identities, bridging anime, gaming, and blockchain technologies.”

Anime ID will act as a decentralised identifier system and reputation layer, offering support for features such as embedded accounts, persistent identity, and cross-platform engagement. These features are designed to make it easier for users to navigate and interact with various applications without needing separate profiles or verification steps for each service.

“By integrating Moca Network’s AIR SDK and Anime ID into Soneium and Animoca Brands launching anime-inspired cultural campaigns, we aim to onboard global anime fans to the blockchain, enabling them to collaborate, create, and infuse the world with emotion,” added Jun Watanabe, chairman of Sony Block Solutions Labs of Soneium.

In parallel, San FranTokyo will launch anime-themed campaigns intended to increase user engagement on Soneium. These campaigns are expected to connect anime communities to blockchain-based projects, though specific details on the campaigns or participating IPs have not been announced.

What’s next for Animoca Brands?

This collaboration marks a continuation of Animoca Brands’ strategy to build infrastructure for digital identity across blockchain ecosystems. Moca Network, one of the company’s key projects, is designed to work across multiple blockchains and support unified identity, asset ownership, and reputation tracking. Moca Network is powered by the $MOCA token, which is used to support identity verification, data storage, and network governance.

Animoca Brands continues to expand its presence in blockchain gaming, decentralised identity, and digital ownership through partnerships and investment. The company has built a large portfolio of web3-related projects and has been active in developing infrastructure intended to support long-term adoption of decentralised technologies.

No specific launch date for Anime ID or the upcoming campaigns on Soneium has been confirmed, but both companies say development is already underway.