NewsBriefs - MiCA regulation takes effect, leaving USDT's status in EU uncertain

Dec 30, 8:05 PM The Block

MiCA regulation takes effect, leaving USDT's status in EU uncertain

The European Union's MiCA regulation has come into effect, introducing stringent requirements for crypto assets, including stablecoins like Tether's USDT, which has not yet received MiCA certification. This uncertainty affects USDT's status in the EU market, where its market capitalization has also declined recently. The regulation demands significant reserve holdings in EU banks, posing economic challenges for large issuers like Tether.

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• Jan 2, 1:00 PM FF News

  Binance receives regulatory approval in Brazil, marking its 21st global authorization

  Binance has secured regulatory approval in Brazil, adding to its list of global compliances and expanding its services in the country. This milestone is part of Binance's broader strategy to grow its presence and adhere to regulatory standards worldwide, with recent advancements also in Argentina, India, Kazakhstan, and Indonesia. The exchange emphasizes its robust compliance program, including AML, CFT measures, and a specialized unit to support law enforcement in addressing crypto-related crimes.

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• Jan 1, 10:00 PM Cryptoslate

  Celsius Network appeals against rejected $2B claim in FTX case

  Celsius Network has filed an appeal concerning Judge John Dorsey's decision to reject their $2 billion disparagement claim against the now-defunct crypto exchange FTX. The claim, which alleges that FTX's disparaging remarks significantly damaged Celsius's reputation and financial stability, was initially part of the broader legal struggle following both companies' bankruptcies. Despite amending the initial claim to $444 million centered on preferential transfers, the court dismissed it for procedural inadequacies. This appeal is set for review in District Court as part of ongoing litigation in the crypto industry.

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• Dec 31, 9:53 PM Beincrypto

  Switzerland considers adding Bitcoin as a reserve asset alongside gold

  Switzerland has initiated discussions led by the Swiss Federal Chancellery to potentially include Bitcoin as part of its national reserve assets, held by the Swiss National Bank (SNB). A new proposal requiring legislative amendment aims to place Bitcoin alongside the nation's substantial gold holdings in a bid to enhance Switzerland's financial innovation reputation and serve as a hedge against inflation. The proposal will require 100,000 signatures by June 30, 2025, to proceed further.

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• Dec 30, 8:05 PM The Block

  MiCA regulation takes effect, leaving USDT's status in EU uncertain

  The European Union's MiCA regulation has come into effect, introducing stringent requirements for crypto assets, including stablecoins like Tether's USDT, which has not yet received MiCA certification. This uncertainty affects USDT's status in the EU market, where its market capitalization has also declined recently. The regulation demands significant reserve holdings in EU banks, posing economic challenges for large issuers like Tether.

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• Dec 30, 5:30 PM GlobeNewswire

  AI real estate fintech Janover to accept Bitcoin, Ether, and Solana payments and considers crypto for treasury

  Janover Inc., an AI-enabled platform in the commercial real estate sector, announced plans to accept Bitcoin, Ethereum, and Solana for select services and is exploring treasury allocations in these cryptocurrencies. The company aims to leverage the growing acceptance and potential of digital currencies to provide more flexible and efficient financial transactions for its clients, aligning with trends in corporate strategy and financial markets.

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• Dec 30, 3:42 PM The Block

  Tether transfers 7,629 Bitcoin to strategic reserve from Bitfinex

  Tether has moved 7,629 BTC worth approximately $700 million from Bitfinex's hot wallet to its strategic Bitcoin reserve, marking the largest transaction to this reserve since March 2024. The stablecoin issuer, which began allocating up to 15% of its profits into Bitcoin in May 2023, aims to diversify its portfolio. Tether now possesses over $7.6 billion in Bitcoin, reinforcing its investment strategy amid expanding its holdings, which include US Treasury bonds and other assets.

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• Dec 30, 11:00 AM MoonPay

  MoonPay secures MiCA approval in the Netherlands

  MoonPay has received a MiCA license from the Dutch Authority for the Financial Markets, enabling it to continue offering crypto payment services across Europe. This aligns with the EU's MiCA regulation objectives to enhance consumer protection, market transparency, and stability. The license underscores MoonPay's commitment to regulatory compliance and its aim to expand and innovate within the European crypto ecosystem.

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• Dec 30, 2:59 AM The Block

  Malaysia's SC orders Bybit to stop operations for lack of registration

  Malaysia's Securities Commission (SC) has ordered Bybit, a crypto asset trading platform, and its CEO Ben Zhou to suspend operations due to the absence of proper registration as a Recognised Market Operator (RMO). The SC directed Bybit to halt its services across all digital platforms, cease advertising, and disband support groups in Malaysia, emphasizing the need for compliance to protect investors and uphold regulatory standards.

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• Dec 29, 5:30 PM Michele Korver | Head of Regulatory at a16z crypto

  a16z crypto supports Blockchain Association in lawsuit against IRS over DeFi broker rules

  a16z crypto has voiced its support for the Blockchain Association, DeFi Education Fund, and Texas Blockchain Council in a lawsuit against the IRS and US Treasury. This legal action challenges a new rule that mandates DeFi brokers to report user information starting in 2027, claiming it threatens privacy, exceeds government authority, and could negatively impact the US's role in the digital economy.

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• Dec 28, 1:30 PM Cointelegraph

  Blockchain Association challenges IRS on new crypto broker regulations

  The Blockchain Association has filed a lawsuit against the US Internal Revenue Service (IRS) challenging new regulations that expand the scope of crypto reporting requirements for brokers. These rules, effective in 2027, mandate that brokers, including decentralized exchanges and platforms involved in crypto transactions, disclose comprehensive transaction and taxpayer information. The Blockchain Association claims the regulations, requiring compliance from 2026, impose unreasonable burdens on software developers and infringe on privacy rights.

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• Dec 27, 5:29 PM The Block

  IRS finalizes rule requiring DeFi brokers to report user crypto trading details

  The IRS has enacted a rule necessitating certain decentralized finance brokers to adhere to tax reporting standards similar to those for traditional brokers. DeFi brokers must collect, report, and file user trading information using Form 1099, under an initiative set to improve tax compliance and simplify filing for taxpayers. This rule, which identifies brokers as 'front-end service providers' interacting directly with customers, aims to uniform tax treatment of digital assets with other financial assets and will take effect from January 1, 2027.

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• Dec 27, 4:40 PM Bloomberg

  Bitcoin stumbles at $94K as Trump-fueled gains start to fade

  Bitcoin's rally is losing momentum towards the end of a record year as President-elect Donald Trump promises a crypto-friendly US environment and supports establishing a national Bitcoin reserve. Amid Trump's positive stance on crypto, Bitcoin trades below recent highs with substantial options of Bitcoin and Ether set to expire, contributing to potential market volatility. Meanwhile, MicroStrategy considers expanding Bitcoin acquisitions, even as the token sees potential monthly declines and mixed exchange-traded fund flows.

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• Dec 26, 5:01 PM The Block

  Wintermute analyst predicts increased corporate investment in crypto by 2025

  Wintermute analyst Jake Ostrovskis forecasts a significant rise in corporates, including SMEs, incorporating Bitcoin into their balance sheets by 2025, following the example set by MicroStrategy. Companies like Mara and Riot are also engaging in similar finance strategies, leveraging assets to expand their Bitcoin holdings. This trend, termed the MicroStrategy strategy, aims to enhance balance sheets and boost stock values, and may extend to other cryptos like Ether.

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• Dec 26, 5:15 AM Cointelegraph

  Animoca Brands co-founder Yat Siu's X account hacked to promote fake token

  Yat Siu, co-founder of Animoca Brands, had his X account hacked, promoting a non-existent token linked to a phishing scheme likely by the same threat actor responsible for similar recent hacks. The fraudulent token named MOCA mimicked the company's name and affiliated NFT collection. Blockchain investigator ZachXBT linked this incident to other recent crypto-focused X account hacks, indicating ongoing social engineering and phishing tactics to compromise these accounts.

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• Dec 25, 5:35 AM Cointelegraph

  BlackRock's Bitcoin ETF records historic $188M single-day outflow

  BlackRock's iShares Bitcoin Trust ETF experienced a record outflow of $188.7 million on December 24, marking the largest single-day withdrawal in its history and surpassing previous records. Concurrently, all US-based spot Bitcoin ETFs reported cumulative outflows of $338.4 million on the same day, reaching a total outflow of $1.52 billion over four days. In contrast, US spot Ether ETFs saw rising inflows, adding $53.6 million on December 24, following a $130.8 million input the previous day.

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