As the year 2024 transitions into 2025, the cryptocurrency market faces a series of significant developments. These events, from regulatory changes in the European Union to critical moves by major exchanges, could shape the industry's trajectory. Here are six key events to watch in the coming days.

EU Regulations Set to Transform the Cryptocurrency Landscape

New EU regulations, effective December 30, aim to enforce stricter anti-money laundering (AML) measures and expand travel rule guidelines to include cryptocurrency service providers. The European Banking Authority (EBA) has confirmed that cryptocurrency exchanges operating in the EU will now be required to report detailed information on transfers and assets under Regulation 2023/1113.

Additionally, the long-awaited regulations on the Crypto Asset Market (MiCA) will come into effect across all 27 member states of the EU. However, some countries, like Portugal, have yet to finalize the implementation of the law, delaying the appointment of regulatory agencies. This gap highlights the ongoing challenges in harmonizing cryptocurrency regulations across the bloc.

Tether (USDT) Faces Delisting in the EU

As part of compliance with MiCA, some European exchanges have delisted Tether (USDT) due to a lack of licensing under the new framework. Competitor Circle, a company that was licensed earlier this year, will benefit from this move. Exchanges must remove unlicensed stablecoins by December 30, prompting investors to explore alternatives and potentially boosting euro-based trading.

Kraken Completes Delisting of Monero (XMR)

Kraken's decision to cease support for Monero (XMR) will reach its final stage. By December 31, users must withdraw their holdings; any remaining XMR assets will then be automatically converted to Bitcoin (BTC). This move reflects the industry's broader trend of delisting privacy-focused coins under regulatory pressure.

Russia Implements Seasonal Mining Restrictions

Russia will enforce seasonal mining restrictions in three Siberian regions—Irkutsk, Buryatia, and Transbaikal—during the peak winter energy demand period. These restrictions will be in effect from January 1 to March 15, 2025, and then from November 15, 2025, to March 15, 2026, reflecting the country's efforts to balance energy consumption with cryptocurrency mining activities.

FTX's Chapter 11 Plan Takes Effect

On January 3, 2025, FTX will implement its court-approved Chapter 11 restructuring plan. This milestone marks the beginning of the distribution of approved claims for compensation, expected within 60 days for claims approved in the convenience category. The plan aims to address the fallout from one of the most high-profile collapses in the industry.

The global financial market remains subdued as it enters the new year. In the United States, attention shifts to ISM's manufacturing PMI data, while any policy updates related to former President Donald Trump could trigger market volatility. The absence of a year-end rally in the US stock market further adds to the uncertainty regarding the overall economic outlook.

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