Turkey has unveiled new cryptocurrency regulations aimed at combating money laundering and terrorism financing. Announced during the final week of 2024, the regulations reflect influences from major global frameworks, including Europe’s upcoming Markets in Crypto-Assets (MiCA) bill. Under the new rules, cryptocurrency service providers in Turkey must collect identifying information for transactions exceeding 15,000 Turkish...
Deutsche Bank, Germany’s largest lender, is developing a layer-2 (L2) blockchain solution on Ethereum using ZKsync technology to address compliance challenges in regulated finance. Known as Project Dama 2, the initiative aims to enhance transaction efficiency while integrating robust regulatory safeguards, according to a report by Bloomberg. The L2 solution, part of the Monetary Authority...
Binance has recorded over $24 billion in user deposit inflows so far in 2024, surpassing all other cryptocurrency exchanges combined, according to data from DefiLlama. In a blog post on December 12, Binance attributed the significant growth to rising global adoption of digital assets, regulatory successes, record price milestones, and the launch of spot Bitcoin...
The cryptocurrency sector may face a significant regulatory transformation as SEC Commissioner Hester Peirce, widely known as “Crypto Mom,” unveils a blueprint for reform aimed at fostering transparency and innovation. Her proposals arrive as the U.S. prepares for a shift in leadership, with the incoming Trump administration expected to take a more crypto-friendly stance. Peirce’s...
El Salvador, the first country to adopt Bitcoin as legal tender, is reportedly preparing to scale back its Bitcoin ambitions to secure a $1.3 billion loan agreement with the International Monetary Fund (IMF). According to a report by the Financial Times on December 9, the agreement would require the government to remove a legal mandate...
Bybit CEO Ben Zhou has confirmed that users in mainland China can access the platform by using virtual private networks (VPNs), even though the crypto exchange will not be supporting yuan trading anytime soon. Speaking during a media briefing on Dec. 3, Zhou stated that Bybit has no intention of accepting China’s local currency but...
Tether, the issuer of the world’s largest stablecoin, USDt (USDT), has announced it will discontinue support for its euro-pegged stablecoin EURt (EURT). The company made the official announcement on Nov. 27, advising users to redeem their EURt holdings within the next year. Tether will no longer support EURt on any blockchain, and the minting of...
The United States Securities and Exchange Commission (SEC) achieved a new record for penalties and fines in the fiscal year 2024, largely due to a substantial settlement with cryptocurrency firm Terraform Labs. According to the SEC’s annual report released on Nov. 22, the agency netted $8.2 billion in financial remedies, marking the highest total in...
South Korea’s Democratic Party (KDP) is advancing its plan to implement a crypto gains tax beginning in 2025, while also suggesting an increase in the taxable gains threshold. On Nov. 20, Seoul Shinmun Daily reported that the KDP has challenged the ruling People’s Power Party’s (PPP) proposal to delay the taxation of cryptocurrency gains until...
A prosecutor from the U.S. Attorney’s Office for the Southern District of New York (SDNY) has indicated a shift in focus away from pursuing cryptocurrency-related criminal cases. During the Practicing Law Institute’s 56th Annual Institute on Securities Regulation on Nov. 15, Scott Hartman, co-chief of the Securities and Commodities Fraud Task Force at SDNY, suggested...
