Noticias

According to ShibDaily, Tether (USDT), the world's largest stablecoin, is facing a potential ban in Europe due to new Markets in Crypto-Assets (MiCA) regulations. These regulations, aimed at protecting investors and bringing order to the crypto market, could lead to Tether's removal from European exchanges by December 30, 2024. This development has created uncertainty in the markets, with investors seeking clarity on the situation. The MiCA framework was established to regulate the crypto industry, but Tether has reportedly missed key compliance deadlines. Financial Analyst and Value Investor Jacob Kinge highlighted the issue, noting that Tether has not minted new coins in over two weeks, causing concern in the crypto markets. He warned that Tether's non-compliance could lead to an official ban in Europe, impacting liquidity and increasing transaction costs on European exchanges. Joseph Hurtado, founder of Granata Consulting, expressed concerns about the potential consequences of a Tether ban, stating that Europe could lose its competitive edge in the tech sector, including crypto. The crypto community is divided on the issue, with some viewing the regulations as necessary for a more mature market, while others fear a market crash. Adding to the debate, Jason Calacanis, host of the All-In Podcast, questioned Tether's practices, pointing out that the company has not passed an audit by a major firm despite holding significant assets. Tether's independent assurance reports are conducted by BDO Italia, a reputable accounting organization. Meanwhile, Teddy Bitcoin suggested that the lack of new Tether minting is due to decreased market demand rather than regulatory pressure. Amid the ongoing uncertainty, Tether CEO Paolo Ardoino emphasized the company's commitment to developing real-world use cases for its products, including Bitcoin and USDT. He stated that Tether is working with partners to expand its network and reach. The situation remains fluid, and investors are advised to stay informed as the future of crypto in Europe hangs in the balance. This article is for informational purposes only and should not be considered financial advice. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making investment decisions.

According to BlockBeats, Gary Gensler, the Chairman of the U.S. Securities and Exchange Commission (SEC), has announced his intention to resign in January, coinciding with the inauguration of Donald Trump. This decision may influence certain regulatory rules currently under consideration.The SEC had previously developed a rule known as "Regulation ATS," which could impact the cryptocurrency industry. This rule, reopened for public comment in April, aims to broaden the definition of trading platforms and potentially require decentralized projects to register as alternative trading systems with the agency.Miller Whitehouse-Levine, CEO of the DeFi Education Fund, suggests that if Gensler does not implement the ATS regulation before Trump's inauguration, the rule might not be confirmed in the same manner in the future. Alternatively, it could be entirely discarded, depending on the priorities of the SEC.

According to Odaily, Hong Kong and Singapore have taken the lead in advancing cryptocurrency market regulations in Asia for 2024. Looking ahead to 2025, the overall outlook suggests that Asian markets will continue to develop their regulatory environments, potentially refining frameworks to enhance cryptocurrency adoption. Industry experts believe that if Hong Kong remains the sole jurisdiction offering staking services, it could present new advantages. Markets like Singapore and Hong Kong are expected to introduce more innovative financial products and refine their frameworks to drive adoption.

The Securities and Exchange Commission (SEC) is set for a transformative shift following Gary Gensler’s resignation and Paul Atkins' expected confirmation as the new Chair under President-elect Donald Trump. Here’s a breakdown of what to expect in the new SEC landscape:Key Leadership Changes:Paul Atkins: A pro-crypto former SEC commissioner (2002–2008) and advocate for innovation in digital assets.Hester Peirce and Mark Uyeda: Republican commissioners known for their crypto-friendly stances.New commissioner appointment required to maintain political balance, potentially from a non-Republican party.Potential Policy Shifts:Staking in Crypto ETFs:Reintroduction of staking provisions in Ethereum and other crypto ETFs could be a priority under Atkins' leadership.New products offering staking or amendments to existing ones may emerge, signaling a supportive stance on decentralized finance (DeFi).Regulation ATS:Proposed rule to redefine “exchanges” and possibly include decentralized projects remains uncertain.The incoming SEC may modify or abandon the rule, aligning with broader crypto industry priorities.Enforcement Approach:Analysts expect a decline in non-fraud cases against crypto firms, focusing on more conventional fraud and investor protection cases.Cases without securities involvement may shift to the Department of Justice (DOJ) or CFTC, reducing the SEC's direct involvement.Pending Lawsuits:Challenges to the SEC’s crypto policies, including the DeFi Education Fund and Beba token airdrop case, may take new directions under Atkins.Industry stakeholders will watch for potential shifts in the SEC's litigation strategy.Broader Crypto Industry Outlook:A more crypto-friendly SEC could ease tensions between the agency and digital asset firms.Analysts predict new rulemaking and policies aimed at fostering innovation while maintaining regulatory clarity.The SEC’s future actions under Atkins’ leadership will play a pivotal role in shaping the crypto landscape, with the potential to bring about a more balanced regulatory environment, according to The Block.

The U.S. Congress is poised to address pivotal cryptocurrency legislation in 2025, potentially offering the most supportive framework for the crypto industry yet. Former President Donald Trump has repeatedly expressed his commitment to advancing the crypto sector, shaping legislative priorities.Key Legislative Focus Areas:Stablecoin Act:Aims to establish a clear regulatory framework for stablecoin issuance and operations.Expected to enhance transparency and promote trust in stablecoin markets.FIT21 Act:Focuses on creating decentralized standards for blockchain networks.Designed to encourage innovation while maintaining compliance with regulatory standards.Tax Reforms:Adjustments to crypto-related tax policies to simplify reporting and incentivize participation in the digital economy.Additional Proposals:A Wyoming state senator has proposed creating a national Bitcoin reserve, though it currently lacks broad bipartisan support.Challenges:Opposition from Democratic Senator Elizabeth Warren, a vocal crypto critic, may hinder progress on these bills.

According to BlockBeats, Turkey has implemented new cryptocurrency regulations in the final week of 2024, inspired by proactive regulatory developments in major jurisdictions like Europe. The newly released regulations mandate that users conducting transactions exceeding 15,000 Turkish Lira (approximately $425) must provide their identity information to the country's cryptocurrency service providers. This new anti-money laundering (AML) regulation aims to prevent money laundering and the financing of terrorism through cryptocurrency transactions.

According to PANews, the Constitutional Court of Montenegro has unanimously rejected the constitutional appeal submitted by Do Kwon, the founder of Terraform Labs. This decision paves the way for Do Kwon to face trial either in South Korea or the United States, with the final decision resting with Montenegro's Minister of Justice. Given the previous stance of the Ministry of Justice, it is anticipated that Do Kwon is likely to be extradited to the United States.

According to Odaily, Hong Kong Legislative Council member Ng Kit Chuang recently discussed the government's submission of the Stablecoin Ordinance Bill for its first and second readings. This bill aims to establish a regulatory framework for fiat-backed stablecoin issuers. Ng expressed optimism about the integration of the virtual and real economies through cryptocurrencies, highlighting the launch of the city's first Bitcoin and Ethereum spot ETFs this year. He hopes the government will continue to refine the legal framework to facilitate the growth of the cryptocurrency industry while managing risks. Ng believes that a well-developed industry is crucial for reinforcing Hong Kong's status as an international financial and innovation center. The Hong Kong police reported over 3,400 cryptocurrency-related cases last year, with losses exceeding HKD 4.3 billion. In the first ten months of this year, there have been more than 2,100 cases, resulting in losses of over HKD 3.1 billion. The largest single loss in these cases was approximately HKD 1.6 billion. Ng emphasized the importance of not only enhancing regulation and public education but also increasing public awareness of cryptocurrency investment risks. He advised citizens to avoid being lured by small gains, to choose licensed trading platforms, and to invest within their means.

According to Odaily, the Philippines Securities and Exchange Commission (SEC) has implemented extensive regulations for managing crypto assets, focusing on disclosure, public offerings, trading, and marketing activities. These regulations aim to enhance investor protection and promote transparency in the rapidly growing digital asset market. Under the new guidelines, issuers of crypto assets must submit disclosure documents to the SEC at least 30 days before any marketing activities or public sales. These documents must detail the provider, issuer, key features, risks, and underlying technology of the crypto assets, along with a clear statement of potential risks, including value loss and limited transferability. Crypto assets classified as securities require an SEC-approved registration statement for public issuance. Entities involved in issuing or trading crypto assets must comply with anti-money laundering (AML) laws and SEC reporting requirements. The SEC emphasizes that non-compliance could result in fines, suspension, or revocation of licenses.

According to BlockBeats, on December 24, market sources reported that Grayscale has submitted an 8-K form for the Grayscale Horizen Trust (ZEN) to the U.S. Securities and Exchange Commission (SEC).

According to Cointelegraph, Malaysia's Securities Commission has added Atomic Wallet, a Web3 wallet service, to its list of financial firms prohibited from operating in the country. The decision was made due to Atomic Wallet's operation of a digital asset exchange without proper registration. This move aligns with the Commission's ongoing efforts to regulate cryptocurrency-related activities within Malaysia. Atomic Wallet, which promotes itself as a secure and decentralized platform for staking and swapping over 100 digital assets, has faced significant challenges in recent years. In 2023, the company was targeted in a cyberattack that resulted in losses exceeding $100 million. The incident led to a class-action lawsuit in the United States, although it was later dismissed due to jurisdictional issues. The hack was reportedly linked to the North Korean Lazarus Group, which allegedly funneled the stolen assets through a Cambodian crypto exchange. The Malaysian Securities Commission's action against Atomic Wallet is part of a broader crackdown on unregistered cryptocurrency firms in the region. Other companies, such as Crypto Trade Malaysia and Best Exchange, have also been barred from operating in the country. This regulatory stance reflects growing concerns over the security and legitimacy of digital asset platforms, especially in light of increasing cyber threats. In response to the 2023 hacking incident, Atomic Wallet launched a $1-million bug bounty program to identify and rectify security vulnerabilities within its software. Despite these efforts, the broader cryptocurrency industry continues to grapple with escalating cyber threats. According to a report by Chainalysis, losses from crypto scams, hacks, and exploits rose by approximately 21% in 2024, with centralized exchanges and Web3 wallet private keys being primary targets. The report highlighted that private key compromises accounted for the largest share of stolen crypto in 2024, at 43.8%. Centralized exchanges were identified as the most frequent targets of these attacks. Jean Rausis, a cybersecurity expert and co-founder of the DeFi ecosystem SmarDex, noted a significant shift in the focus of crypto attacks, with centralized entities becoming more prominent targets. This trend underscores the need for enhanced security measures and regulatory oversight in the rapidly evolving digital asset landscape.

According to Foresight News, South Korean lawmaker Choi Eun-sik has introduced a bill to amend the Foreign Exchange Transactions Act, aiming to prevent money laundering and other foreign exchange crimes involving virtual assets. The proposed amendments include establishing a monitoring system for virtual asset transactions, enhancing the regulatory framework for fintech foreign exchange services, improving the convenience of foreign exchange transactions for individuals and businesses, and advancing the intelligence of foreign exchange monitoring systems. Data from the Financial Intelligence Unit (FIU) indicates a 48.8% increase in suspicious transaction reports by virtual asset businesses last year compared to the previous year. In response, the Ministry of Finance plans to introduce new definitions for virtual assets and virtual asset businesses next year. The proposed changes will require virtual asset businesses to register before conducting cross-border transactions and regularly report user transaction records to the Bank of Korea. The amendments are expected to be implemented in the second half of next year.

According to Cointelegraph, Botswana's central bank has assessed the country's local cryptocurrency markets as underdeveloped, resulting in minimal risks to financial stability. Despite this, the bank emphasizes the need for regulatory measures to mitigate potential future risks associated with digital assets. In its Financial Stability Report, the central bank highlighted the growing interconnectedness of the cryptocurrency market with the broader financial system, which could pose systemic risks. Systemic risk refers to a chain reaction of failures within the financial system that could lead to an economic downturn. While the current impact of cryptocurrencies on Botswana's financial stability is minimal, the bank stresses the importance of establishing oversight frameworks to address potential future challenges. The Bank of Botswana stated, "Domestically, risks emanating from crypto assets are minimal but ongoing misconduct in the segment presents regulatory concerns. Regulators therefore need to develop effective oversight frameworks for the sector." The report also noted that Botswana's virtual asset markets are still in the developmental stage and are relatively unsophisticated, which limits their impact on financial stability. Additionally, the central bank pointed out that risks from financial technology, in general, are currently minimal but could increase as technological innovations become more prevalent in local markets. While cryptocurrencies do not pose a direct threat to financial stability, the Bank of Botswana identified the use of digital payment instruments for money laundering and terrorist financing as one of the top national security risks stemming from the financial sector. The bank noted, "The evolution of digital platforms and digital payment instruments that promote anonymity of transactions present an opportunity for money laundering in the financial sector." The complexity of financial technology developments allows illicit funds to be transferred globally with low detection risks. To address these concerns, the central bank urged regulators to ensure that virtual asset service providers, such as cryptocurrency exchanges, comply with Anti-Money Laundering (AML) and Counter Financing of Terrorism (CFT) regulations. The bank also recommended enhanced market surveillance and frequent collaboration with law enforcement agencies to detect and prevent illegal activities.

According to Odaily, Belarus is actively encouraging more cryptocurrency miners to establish operations within the country, as stated by Denis Moroz, the Deputy Minister of Energy. Moroz highlighted the increasing interest from mining investors and revealed that the government is in discussions with unnamed parties to facilitate this growth. Cryptocurrency mining companies are currently evaluating potential sites for new mining facilities in Belarus.Government officials have reported that cryptocurrency miners are already consuming 120 megawatts of electricity. Moroz expressed optimism about the sector, describing cryptocurrency mining as a promising industry that has gained renewed momentum in Belarus. He emphasized that the Ministry of Energy is keen to collaborate with participants interested in long-term involvement with the Belarusian energy system.Moroz also mentioned that incoming miners should contribute to developing the necessary infrastructure to help Minsk expand its cryptocurrency mining capabilities. He noted the significant potential and numerous inquiries received, suggesting that new projects are likely to commence soon. Additionally, the government is considering offering "incentive tariffs" to attract more cryptocurrency miners to the region.

According to Odaily, newly elected Ohio Republican Senator Bernie Moreno is set to join the Senate Banking Committee, a key body overseeing the U.S. Securities and Exchange Commission (SEC) and instrumental in shaping cryptocurrency legislation. Moreno secured over $40 million from a pro-cryptocurrency Political Action Committee (PAC) to defeat incumbent Ohio Democratic Senator Sherrod Brown, a known critic of digital currencies.During his tenure as chairman of the Senate Banking Committee, Brown did not prioritize cryptocurrency legislation, hindering the passage of bills related to market structure and stablecoins, which frustrated industry stakeholders. Brown also supported Massachusetts Senator Elizabeth Warren's hearings on the use of cryptocurrencies by terrorist organizations and consistently called for regulatory oversight of the sector.Ron Hammond, Director of Government Relations at the Blockchain Association, remarked on the irony of Brown, an opponent of cryptocurrencies, losing his seat to Moreno, a proponent. Moreno joins a strong lineup of pro-cryptocurrency senators, bringing unique expertise from his experience in running a blockchain company. His deep understanding of cryptocurrencies and business operations in the U.S. is expected to bolster the Senate Banking Committee's efforts.As a committee member, Moreno will have a say in legislative details concerning U.S. economic policy, including cryptocurrency market structure, stablecoins, and potential national Bitcoin reserve legislation. Several Congress members have pledged to prioritize these topics in the coming year. South Carolina Republican Senator Tim Scott will chair the committee and determine which bills to prioritize. While Scott has expressed support for cryptocurrencies, he has not received the same level of financial backing from the industry as Moreno.

According to Odaily, U.S. President-elect Donald Trump has nominated Michael Kratsios as the next Director of the White House Office of Science and Technology Policy (OSTP). Kratsios previously served as the Chief Technology Officer during Trump's first term and was the Deputy Under Secretary of Defense for Research and Engineering at the Pentagon. A Princeton University graduate and a distinguished fellow at Stanford University, Kratsios is recognized for his expertise in technology policy.David Sacks, known for his involvement in AI and cryptocurrency, commented on the nomination via X, stating, "This appointment is well-deserved. Michael has extensive knowledge of OSTP from his four years in the first Trump administration. We have spent countless hours discussing technology policy, and now, under President Trump's leadership, we will collaborate on these ideas. It's very exciting!"Previously, Sacks had denied reports of a change in his role, asserting on the X platform that claims of his role alteration were "completely false." He mentioned that he expects to split his time between Washington, D.C., guiding policy, and Silicon Valley. Earlier reports from Fortune suggested that Sacks' position had been downgraded from a leadership role to a general advisory position, partly due to his reluctance to leave his investment firm, Craft Ventures, and undergo a formal appointment process.Moving forward, Michael Kratsios will lead technology policy efforts, while Sacks will contribute policy ideas. Despite the change in his role, Sacks remains influential, frequently traveling between Florida and San Francisco and meeting with lawmakers. His appointment has sparked controversy over potential conflicts of interest, though some in Silicon Valley are optimistic, believing it could benefit startups. However, there are concerns about his expertise and the direction of future policies.

According to Cointelegraph, Italy's data protection authority, the Italian Data Protection Authority (IDPA), has imposed a fine of $15.7 million (15 million euros) on OpenAI. The penalty follows an investigation into the company's data collection practices related to its ChatGPT model. The IDPA's findings revealed that OpenAI failed to notify the agency about a data breach that occurred in March 2023. Additionally, the company was found to have processed users' personal data without establishing a legal basis, thereby breaching transparency principles and information obligations.The IDPA also highlighted the absence of adequate age verification mechanisms, which could potentially expose minors under 13 to inappropriate content. As a corrective measure, OpenAI has been instructed to initiate a six-month public awareness campaign across various media platforms. This campaign aims to enhance public understanding of ChatGPT's data collection processes and inform users about their rights under the European Union's General Data Protection Regulation (GDPR), including opposition, rectification, and cancellation rights.The IDPA noted that OpenAI's cooperative approach during the investigation led to a reduction in the fine's amount. The investigation, which began in March 2023, concluded after considering the European Data Protection Board's opinion on AI model data usage. During this period, OpenAI relocated its European headquarters to Ireland, making the Irish Data Protection Authority the lead supervisory body for ongoing investigations.Italy had previously become the first Western nation to temporarily ban ChatGPT over privacy concerns, prompting the IDPA to investigate potential data privacy violations. The ban was lifted after OpenAI agreed to implement several transparency measures. Despite the fine and ongoing scrutiny, OpenAI has not yet commented on the situation.

According to Odaily, the German Bundestag has approved the Financial Market Digitization Act (Finanzmarktdigitalisierungsgesetz or FinmadiG) this week. This legislative move comes in response to industry demands to ensure regulations are in place before the comprehensive implementation of MiCAR on December 30. The FinmadiG not only addresses cryptocurrency and MiCAR but also impacts other EU laws such as DORA and the Funds Transfer Regulation. For MiCAR, the act introduces the Cryptocurrency Market Regulation Act (KMAG), which replaces Germany's previous cryptocurrency regulations with MiCAR. Although MiCAR is technically a regulation and does not require local laws, legislation is necessary to designate BaFin as the regulatory authority. Without this, BaFin cannot issue licenses. This will enable EU companies with cryptocurrency licenses from other countries to operate in Germany, while German companies will not be able to operate across the EU. Additionally, MiCAR allows companies with existing licenses to continue operations for up to 18 months, with the transition period determined by each jurisdiction. Germany's new legislation sets this period at one year.

According to Cointelegraph, France's financial markets regulator, the Autorité des Marchés Financiers (AMF), has granted approval for the cryptocurrency operations of Hexarq, a subsidiary of the French bank BPCE. This authorization, announced in an official AMF notice on December 20, allows Hexarq to operate as a crypto asset service provider (CASP) in France. With this regulatory approval, Hexarq is now authorized to offer a range of cryptocurrency services, including custody, buying, selling, and trading of cryptocurrencies against the euro. This development marks a significant step for BPCE, one of Europe's top ten banks, as it plans to integrate Hexarq's crypto services into its main banking networks, Banque Populaire and Caisse d'Épargne, by 2025. This integration will potentially provide access to cryptocurrency investment services for BPCE's 35 million customers, with the bank's assets under management reaching approximately 1.3 million euros by the end of September 2024. Hexarq, launched in January 2021, focuses on digital assets, including cryptocurrencies and tokenized real-world assets. The AMF's approval makes Hexarq the fourth crypto business to receive CASP authorization in France. Other companies that have obtained similar approvals include Société Générale's crypto subsidiary, Forge, Deblock SAS, and GOin SAS. The AMF began accepting CASP applications in August 2024, ahead of the full enforcement of the Markets in Crypto-Assets regulations set for December 30. Despite the approval, BPCE has not disclosed further details about the launch of its cryptocurrency services in 2025. The entry of BPCE into the crypto market is anticipated to have a significant impact, given the bank's extensive customer base and substantial assets under management. This move aligns with the growing trend of traditional financial institutions exploring the cryptocurrency sector, driven by increasing demand for digital asset services.