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According to Odaily, Chilean legislators Gael Yeomans and Juan Santana are contemplating a bill focused on establishing strategic Bitcoin reserves. This initiative reflects a growing interest in integrating cryptocurrency into national financial strategies.

According to PANews, investors seeking to sustain the cryptocurrency bull market are closely monitoring potential regulatory changes in 2025 and whether Donald Trump will fulfill his commitments to the crypto industry. Sean Farrell, Head of Digital Assets at Fundstrat, emphasized the significance of Trump's first 100 days in office, a period often used by politicians and analysts to gauge the effectiveness and impact of a new U.S. president.Investors are particularly interested in whether Trump will follow through on his promise to establish a strategic Bitcoin reserve in the United States, although he has yet to provide specific plans. Alex Thorn, Head of Firmwide Research at Galaxy Digital, noted that participants in the crypto industry are also seeking clear guidelines on which cryptocurrencies should be classified as securities. Additionally, investors are watching for any changes to the SAB121 bill, which sets accounting standards for companies that custody cryptocurrencies, requiring publicly traded companies, including banks, to recognize the cryptocurrencies they hold as liabilities on their balance sheets.Meanwhile, investors are keeping a close eye on whether the Federal Reserve will significantly lower its key policy rate in 2025. This follows indications from officials on December 18 that next year's rate cuts might be less substantial than previously anticipated. The Fed's rate decisions and their economic impact could drive all risk assets.

According to Odaily, Australian Treasurer Jim Chalmers has emphasized the role of cryptocurrency in modernizing the country's financial system, cautioning against excessive regulation that could hinder its development. He acknowledged the influence of figures like Donald Trump in prompting a reevaluation of the cryptocurrency industry's significance. However, Chalmers also recognized legitimate concerns regarding the use of cryptocurrencies by criminals. His stance appears to contrast with that of Michele Bullock, Governor of the Reserve Bank of Australia, who has previously stated that cryptocurrencies like Bitcoin have no place in Australia's economy or payment systems.

According to Odaily, the UK's Financial Conduct Authority (FCA) has not yet penalized companies for failing to remove illegal cryptocurrency advertisements. Despite the FCA's directive to take down such promotions, half of the banned ads remain online. Data obtained through a freedom of information request reveals that between October 2023 and October 2024, only 54% of the 1,702 alerts issued by the FCA resulted in the removal of illegal crypto ads, apps, or websites. The regulatory body has the authority to fine or pursue criminal charges against groups violating new laws, which mandate that crypto ads must receive approval from the FCA or an FCA-authorized firm before publication, or face "tough" actions promised by the regulator.Insiders familiar with the FCA's procedures indicate that the agency has not yet exercised its new powers, instead focusing on "finfluencers," or financial influencers who promote such schemes online. The FCA has initiated criminal proceedings against nine individuals accused of promoting unauthorized schemes related to high-risk derivatives on Instagram, including TV personalities known from shows like "Love Island" and "The Only Way Is Essex."In October of the previous year, the FCA announced that it was interviewing an additional 20 financial influencers who had been warned for illegally promoting financial service products. Former FCA chairman Charles Randell emphasized the importance of penalizing companies that refuse to remove non-compliant content, stating that significant legal threats are necessary to drive change among tech platforms and authorized crypto asset exchanges.It is understood that the FCA lacks the power to mandate the removal of unapproved content from online platforms and instead relies on good-faith negotiations with tech companies. Tom Fosh from the law firm Eversheds Sutherland noted that issuing alerts alone still plays a role in raising consumer awareness about cryptocurrency scams.

According to PANews, the Jordanian Cabinet has approved the 'Jordan Blockchain Technology Policy 2025' to improve government services, transparency, and digital security. The policy aims to boost confidence in government operations and ensure the safety and privacy of citizens' data. Additionally, it seeks to reduce the time and cost of government transactions, support startups, develop blockchain technology capabilities, and enhance related professional skills. This policy aligns with Jordan's 'Economic Modernization Vision,' which focuses on achieving excellence in the service industry, supporting national development, and increasing service exports. By leveraging blockchain technology, Jordan aims to enhance public trust in government services, improve transparency, combat fraud, and reduce operational costs.

According to Odaily, the Hong Kong High Court has ruled in a groundbreaking case involving a Decentralized Autonomous Organization (DAO), requiring six defendants to disclose detailed financial statements and supporting documents related to a blockchain and Real World Asset (RWA) tokenization project. The case involves allegations of asset misappropriation amounting to over 6 billion HKD. In an interview, Ng Kit Chuang, Chairman of the Legislative Council's Web3 and Virtual Asset Development Forum Committee, expressed concerns about Hong Kong's current framework for Web3 development, suggesting that the Special Administrative Region government should introduce regulations for DAOs. He emphasized the importance of establishing a regulatory framework for DAOs to facilitate the growth of the digital asset ecosystem in Hong Kong. Ng explained that the digital asset ecosystem comprises two key components: exchanges and public blockchains, the latter often operating as DAOs. He noted that DAOs currently lack a legal framework, likening them to "wandering souls" without a place to settle globally. To attract these entities to Hong Kong, he suggested that a regulatory framework specific to DAOs should be established, allowing them to operate legally and even pay taxes. Ng further mentioned that industry feedback indicates a willingness to establish operations in Hong Kong if a compliant framework for DAOs is available. He highlighted challenges faced by DAOs, such as difficulties in banking transactions, and the desire for legal recognition to integrate with traditional finance. He also pointed out that the United States and Abu Dhabi have already implemented legal frameworks to regulate DAOs, urging Hong Kong to follow suit. Given that DAOs lack a legal entity status, Ng proposed that the government could consider a licensing system similar to the current securities industry model. This would involve licensed DAOs clarifying internal relationships and appointing Responsible Officers (RO) to ensure compliance with regulatory requirements and maintain daily operations.

According to Cointelegraph, the United States Internal Revenue Service (IRS) has introduced new regulations mandating brokers to report digital asset transactions, extending existing requirements to include platforms such as decentralized exchanges (DEXs). These rules, set to take effect in 2027, will require brokers to disclose information about taxpayers involved in digital asset transactions and report their gross proceeds from crypto and other digital asset sales. Under the new regulations, DEXs could be classified as brokers if they facilitate the exchange or sale of digital assets and exert sufficient control or influence over the transaction process. This expansion of reporting requirements aims to enhance transparency and accountability in the digital asset market. In response to these regulations, the Blockchain Association and the Texas Blockchain Council have filed a lawsuit against the IRS, claiming that the rules are unconstitutional. Kristin Smith, CEO of the Blockchain Association, emphasized their commitment to supporting innovation in the crypto and DeFi sectors in the US. The organization argues that the rule violates the Administrative Procedure Act and poses a threat to the digital asset industry in the country. Meanwhile, Turkey has introduced stricter anti-money laundering (AML) regulations for crypto transactions. Under the new rules, users transacting with more than 15,000 Turkish lira (approximately $425) must share their information with the country's service providers. Transactions below this threshold will not be affected. The new regulations are scheduled to take effect on February 25, 2025. In Montenegro, the Minister of Justice, Bojan Božović, has approved the extradition of Terraform Labs co-founder Do Kwon to the United States. This decision follows the dismissal of Kwon's appeal by the country's constitutional court. The extradition marks the conclusion of a prolonged legal battle, with both US and South Korean prosecutors seeking Kwon's extradition to face charges in their jurisdictions. In Hong Kong, a bill concerning stablecoins has advanced to the Legislative Council for its first reading. The bill requires stablecoin issuers to obtain a license from Hong Kong's central bank, meeting the Hong Kong Monetary Authority's requirements. The legislation aims to regulate the issuance of stablecoins, ensuring that only licensed issuers can offer them in the Hong Kong market. The bill must pass three readings before being signed into law by the chief executive.

According to Odaily, Bloomberg columnist Clive Crook has suggested that the Federal Reserve should consider eliminating the 'dot plot' from its monetary policy framework review. This recommendation follows the Fed's communication challenges during its December meeting. The Fed is set to review its 'monetary policy strategy, tools, and communication.' Recent interest rate cuts and investor reactions highlight the need for such a review. Crook argues that one way to address these issues is by reforming the economic forecast summary, including removing the 'dot plot' that predicts future interest rates. The 'dot plot' has often been misunderstood, leading the Fed to repeatedly clarify that it is not a plan or commitment but merely a forecast. In reality, it is not a consensus forecast but rather individual officials' predictions based on their differing and potentially incompatible beliefs about future developments.

According to Odaily, the Markets in Crypto-Assets (MiCA) regulation is scheduled for full implementation across the European Union on December 30, 2024. Marina Markezic, co-founder of the European Crypto Initiative (EUCI), has indicated that the regulation may lead to significant confusion during its implementation. This is due to potential differences in interpretation among the EU's 27 member states, which could pose challenges to regulatory consistency. There is considerable uncertainty in determining which projects and assets fall under MiCA's regulatory scope, particularly regarding what can be considered 'fully decentralized.' Additionally, there is ongoing debate within the industry about the definition of NFTs, leading to ambiguity about whether certain tokens will be regulated under MiCA.

According to Odaily, the recent ruling by the U.S. Internal Revenue Service (IRS) requiring decentralized exchanges (DEX) to adhere to the same reporting standards as traditional brokers has sparked significant criticism from cryptocurrency executives and legal experts. Katherine Minarik, Chief Legal Officer of Uniswap, stated that there are numerous ways to challenge this rule, emphasizing that it should indeed be contested. She questioned the IRS's rationale, arguing that the ruling incorrectly categorizes DeFi platforms as brokers, despite their limited role in the trading process. Uniswap CEO Hayden Adams echoed similar concerns, expressing hope that the decision could be overturned through the Congressional Review Act (CRA) or legal challenges. The IRS's new regulations, announced on December 27, mandate brokers to report total gains from digital asset transactions, including cryptocurrencies, stablecoins, and NFTs. This expanded scope now encompasses front-end DeFi platforms and is set to be implemented in 2027. Critics argue that these requirements are unsuitable for the decentralized nature of such platforms, which often lack the infrastructure for traditional reporting. Robin Singh, CEO of crypto tax platform Koinly, warned that compliance could impose significant operational and technical burdens on decentralized enterprises. Singh highlighted the challenges posed by the decentralized structure of these platforms in meeting traditional reporting standards. Bill Hughes, a lawyer at blockchain development company Consensys, described the ruling as "all cost, no benefit," criticizing its global impact by requiring both U.S. and international users to submit reports. He predicted that the regulation would face congressional scrutiny and potential opposition. Critics also condemned the IRS for releasing the ruling during the holiday season, suggesting it was a deliberate attempt to limit public response. Jake Chervinsky, Chief Legal Officer at venture capital firm Variant, labeled the rule as an "illegal" measure by the outgoing administration's "anti-crypto army." He believes that the courts or a new administration might overturn the decision.

According to Odaily, Japan's Financial Services Agency has announced plans to potentially reclassify cryptocurrencies like Bitcoin as 'financial assets.' This shift is outlined in the agency's tax reform request for the fiscal year 2025, aiming to recognize crypto assets as investments accessible to the general public. Currently, under Japan's Payment Services Act, cryptocurrencies are categorized as 'payment instruments.' The proposed change would signify a move towards legitimizing cryptocurrencies, contingent on the industry's stability.While the document does not explicitly call for crypto tax reform, CoinPost suggests that Japan's controversial crypto tax rules might be subject to review. This development follows a similar proposal by Japan's ruling Liberal Democratic Party (LDP) in their fiscal year 2025 tax policy recommendations. The LDP advocates for integrating the cryptocurrency sector into regulations concerning accountability and investor protection, akin to those governing publicly traded stocks. This would enable certain crypto assets to be treated as 'financial products' commonly used in public investment portfolios.

According to PANews, both Japan and Russia have decided against establishing national Bitcoin reserves, opting to observe developments in other countries like the United States before making any decisions. Japanese Prime Minister Shigeru Ishiba responded to a parliamentary proposal by stating that current Japanese laws prohibit holding crypto assets, and Bitcoin's high volatility is incompatible with the existing foreign exchange reserve system. Similarly, Russian Finance Minister Anton Siluanov noted that despite Bitcoin's rapid price growth, its unpredictability deters the country from taking on related risks. Both nations are adopting a cautious approach, while countries like the United States and Brazil are actively exploring the potential of Bitcoin as a national reserve asset.

According to PANews, Russian Deputy Prime Minister Alexander Novak has directed the Ministry of Energy, system operators, and the market committee to conduct a comprehensive analysis of the reasons behind the increase in energy consumption across various regions of Russia. Novak emphasized the need to distinguish between regions experiencing growth due to cryptocurrency mining and those growing due to economic and industrial expansion. In areas where electricity demand is linked to mining activities, high-profit enterprises might consider building their own power generation facilities to meet their needs. This analysis is expected to influence the implementation of plans for new energy capacity development.

According to Odaily, the Blockchain Association in the United States has announced on the X platform that it has filed a lawsuit in collaboration with the DeFi Education Fund and the Texas Blockchain Council. The lawsuit challenges the broker rules set by the Internal Revenue Service (IRS). Previously, it was reported that the U.S. Department of the Treasury and the IRS finalized tax reporting requirements for certain cryptocurrency brokers under RIN 1545-BR39, TD 10021.

According to PANews, the U.S. Treasury Department and the Internal Revenue Service (IRS) have finalized and published comprehensive regulations for crypto tax brokers, spanning 177 pages. These rules, which are set to take effect 60 days after publication in the Federal Register, include a transition period from 2025 to 2026, although the extent of leniency during this period remains unclear. Former President Trump could potentially repeal these regulations, but congressional support would be necessary.The regulations require brokers to report detailed information on crypto asset transactions, aiming to enhance tax compliance and reduce the tax gap from unreported income through third-party reporting. The rules define the scope of cryptocurrency brokers and outline how to handle information on digital asset sales and trades. Individuals or organizations facilitating digital asset transfers, including decentralized finance (DeFi) participants, are considered brokers under these regulations.Key aspects of the new regulations include:1. Brokers must submit information reports to the IRS, such as Form 1099-B, detailing total transaction revenue and other specifics. This includes:- Total revenue from digital asset transactions.- Information about the parties involved in the transactions, such as identity and address.- Transfer price and basis cost for each transaction.2. The regulations clarify the definition of "digital asset intermediaries" for DeFi protocols and specify the services requiring reporting. Non-custodial wallet providers involved in the transaction process and possessing transaction information may be classified as brokers.3. Exceptions to the broker requirements include:- Validators who only verify transactions.- Providers of hardware or software for managing digital asset private keys.- Participants are not directly involved in facilitating transactions or lack transaction details.The regulations will become effective 60 days after publication in the Federal Register. They also clarify the three-layer model of the DeFi technology stack: interface layer, application layer, and settlement layer, imposing information reporting requirements on "front-end services" that provide user interfaces or transaction entry points.

According to Cointelegraph, the recent ruling by the United States Internal Revenue Service (IRS) has sparked skepticism among crypto executives and legal professionals. The ruling mandates that decentralized exchanges adhere to the same reporting requirements as traditional brokers. Katherine Minarik, chief legal officer of decentralized crypto exchange Uniswap, expressed doubts about the ruling's longevity, suggesting there are numerous ways to challenge it. She emphasized the need for a limiting principle in the regulation of technology beyond the crypto industry.Uniswap CEO Hayden Adams also voiced his concerns, hoping the ruling would be overturned under the Congressional Review Act. He remains optimistic that it will not withstand legal challenges. The IRS's final regulations, issued on December 27, require brokers to report digital asset transactions, extending existing requirements to include decentralized exchanges. These rules, set to be implemented in 2027, demand brokers disclose gross proceeds from cryptocurrency sales and provide information about the taxpayers involved. The regulation specifies that only trading front-end service providers in the DeFi space are treated as brokers.Robin Singh, CEO of crypto tax platform Koinly, highlighted the potential costs of implementing the necessary reporting systems. He noted that compliance would require significant operational and technical innovation, as decentralized platforms inherently lack the centralized structures needed for traditional reporting. This presents a substantial challenge for many companies operating in the DeFi space.Bill Hughes, a lawyer at blockchain development firm Consensys, criticized the ruling as "all cost, no benefit" from a revenue perspective. He remarked that the outgoing administration is not leaving quietly, indicating ongoing resistance to the ruling. Hughes pointed out that the regulation would require front-end platforms to track and report transactions involving both US and global users, covering all digital assets, including NFTs and stablecoins. He echoed Adams' sentiment, suggesting the rule is likely to face Congressional review, where it could be disapproved. Hughes also noted the timing of the ruling's release, implying it was strategically issued during a holiday period.

According to Odaily, Anthony Pompliano, founder and CEO of Professional Capital Management, discussed the evolving status of digital assets in an interview with Fox News. He highlighted that cryptocurrencies are increasingly being integrated into the traditional financial sector. By 2025, cryptocurrencies are expected to have matured significantly, becoming a part of the conventional financial system, which presents both advantages and challenges. Currently, cryptocurrencies have secured a position in financial discussions and are even influencing political arenas through donations and impact. This development is anticipated to significantly boost Bitcoin and other cryptocurrencies by 2025.

According to Odaily, the U.S. Department of Government Efficiency (D.O.G.E.), led by Elon Musk, has initiated a recruitment drive. The department is seeking to fill a limited number of full-time, paid positions in human resources, IT, and finance.

According to Odaily, the president of The ETF Store revealed on the X platform that five institutions have applied for cryptocurrency ETFs in the past 48 hours. The applications include the Strive BTC Bond ETF, Bitwise BTC Standard Corporations ETF, REX BTC Corporate Treasury Convertible Bond ETF, VolatilityShares Sol futures ETFs with 1x, 2x, and -1x exposure, and ProShares BTC hedged ETFs on the S&P 500, Nasdaq-100, and gold.

According to Cointelegraph, the United States Internal Revenue Service (IRS) has introduced new regulations classifying several decentralized finance (DeFi) protocols as brokers, prompting significant backlash from the crypto industry. Announced on December 27, these regulations require front-end protocols facilitating digital asset transactions to adhere to Know Your Customer (KYC) disclosures. The IRS estimates that up to 875 DeFi brokers will be impacted by these changes.The crypto community has reacted strongly on social media, with numerous legal experts arguing that the IRS may be overreaching its authority and potentially infringing on constitutional rights. Jake Chervinsky, chief legal officer at Variant, described the rule as "the dying gasp of the anti-crypto army on its way out of power," urging for it to be overturned by the courts or the incoming administration.Alexander Grieve, vice-president of government affairs at Paradigm, expressed hope that the new pro-crypto Congress could reverse these regulations through the Congressional Review Act (CRA) process. The CRA allows Congress to review and potentially disapprove regulations issued by agencies such as the IRS.The definition of a DeFi broker under the new rules includes platforms performing intermediary functions in facilitating transactions, even if the group does not operate through a legal entity. Miles Jennings, general counsel of a16z Crypto, criticized the rule as "a fantastical expansion" of the term "effectuate transactions," suggesting it could enable the IRS to ban DeFi.Miles Fuller, director of government solutions at TaxBit, noted that the definition encompasses any provider that knows or could know if a transaction results in reportable gross proceeds from the sale of digital assets. However, validation services and wallet software providers are specifically excluded from this definition.The Blockchain Association, an advocacy group, labeled the rule as "a final attempt" to drive the US crypto industry offshore. Kristin Smith, the group's CEO, stated that the industry is prepared to take aggressive action to oppose the rule and looks forward to collaborating with the new pro-crypto Congress and Administration to reverse this and other anti-innovation regulations.The IRS anticipates that the new regulations will affect up to 2.6 million taxpayers.