PayPal Enters Crypto Payments; WazirX Recovery Plan Advances

The WazirX recovery plan is moving forward. Creditors will soon vote on an amended scheme. This comes after a Singapore High Court ruling. In other major news, PayPal launched its ‘Pay with Crypto’ service. This aims to slash cross-border fees. Meanwhile, legal scrutiny in the U.S. continues. The DOJ is reportedly eyeing VC firm Dragonfly. A new South Korean bill also creates tension around stablecoins. These events highlight a dynamic global crypto landscape. The new WazirX recovery plan is a critical step for its users.

WazirX Creditors to Vote on Amended Scheme

WazirX is moving to resolve the aftermath of its 2024 hack. The exchange announced a revote on its recovery plan. The voting window is set from July 30 to August 6, 2025. This follows a Singapore High Court decision. The court authorized a new vote on an altered scheme. It also granted a moratorium until September 16, 2025. This gives the company time to execute its proposal.

Key Changes in the Plan

The central change in the WazirX recovery plan is operational. Zanmai, an FIU-India registered entity, will replace Zettai Pte Ltd. Zanmai will manage token distribution and the platform’s relaunch. Creditors will receive their tokens within 10 business days. This is after the scheme becomes effective. All other creditor benefits remain unchanged. This includes market appreciation exposure and profit sharing.

Voting and Legal Context

To pass, the plan needs a majority of creditors. They must represent at least 75% of the voting value. WazirX will hold a live webinar on July 30. This will address creditor questions before the vote. The revote was necessary due to regulatory changes in Singapore. The new rules prompted adjustments to the original plan. The amended WazirX recovery plan shifts key responsibilities to an India-based entity.

PayPal Launches ‘Pay with Crypto’ Service

PayPal has unveiled a major new product. ‘Pay with Crypto’ aims to reduce international transaction costs. Fees could be cut by up to 90%. The service allows U.S. merchants to accept over 100 cryptocurrencies. These can be instantly converted to stablecoins or fiat. This move connects merchants to the $3 trillion global crypto economy. It supports major wallets like MetaMask and Coinbase. Merchants gain access to over 650 million crypto users. The service offers a low fee of 0.99%. This is a huge improvement over traditional credit card fees for cross-border payments.

Regulatory and Legal Developments

DOJ Considers Charges Against Dragonfly

The U.S. Department of Justice (DOJ) is considering charges. These are against individuals at VC firm Dragonfly. This is linked to the ongoing trial of Tornado Cash developer Roman Storm. An Assistant U.S. Attorney confirmed investigations are open. This includes Dragonfly’s General Partner Tom Schmidt. Dragonfly was a backer of Tornado Cash. Emails presented in court showed discussions about adding KYC features to the platform.

South Korea’s Controversial Stablecoin Bill

South Korea’s ruling party proposed a new stablecoin bill. It would permit crypto firms to issue KRW-pegged stablecoins. This has triggered tension with the Bank of Korea. The central bank raised concerns about systemic financial risks. It warned of potential capital flight during economic uncertainty. Despite opposition, the bill is expected to gain traction. This reflects a growing global trend of governments grappling with crypto regulation.