In a striking move to bolster its asset portfolio, Tether, the issuer of the USDT stablecoin, has significantly increased its Bitcoin holdings. Recent data unveiled by Arkham Intelligence indicates that Tether acquired 7,629 BTC, valued at approximately $705 million. This recent purchase elevates Tether’s total Bitcoin treasury to 82,983 BTC, which is now worth around
Regulation
In a decisive move underscoring its stringent approach towards foreign exchange and cryptocurrency activities, the Chinese government has enacted new regulations aimed at meticulously monitoring and managing these potentially high-risk domains. As reported by the South China Morning Post, the State Administration of Foreign Exchange has mandated that banks rigorously track and report any suspicious
The recent trend of traditional finance institutions venturing into the cryptocurrency realm signals a significant shift in the financial landscape. Morgan Stanley’s subsidiary, E-Trade, is reportedly preparing to launch a crypto trading service in anticipation of a more accommodating regulatory environment, particularly under the leadership of President-elect Donald Trump. This move reflects a broader financial
In a notable move for the cryptocurrency sector, the Internal Revenue Service (IRS) has temporarily postponed the implementation of specific cost-basis reporting rules pertinent to digital assets. This decision has been largely viewed as a necessary acknowledgment of the complexities entwined in crypto taxation, reflecting a regulatory environment that must dynamically adapt to the ever-changing
The implementation of the Markets in Crypto-Assets (MiCA) regulation across the European Union represents a significant advancement in the governance of digital assets. For years, the evolving landscape of cryptocurrencies and digital tokens has raised numerous concerns surrounding safety, transparency, and consumer protection. The EU’s concerted efforts to establish a comprehensive legislative framework respond directly
As cryptocurrencies continue to gain popularity, the regulatory landscape in the United Kingdom faces escalating challenges. The Financial Conduct Authority (FCA) has been under scrutiny due to its struggle to manage problematic advertising in the crypto space. A recent report highlighted a staggering 1,702 alerts issued for potentially misleading crypto advertisements over a year, raising
In a significant stride for the integration of cryptocurrency within established financial systems, MoonPay has received regulatory approval to operate under the European Union’s Markets in Crypto-Assets (MiCA) directive. Announced on December 30, this licensure was granted by the Netherlands’ Authority for the Financial Markets (AFM). This pivotal decision allows MoonPay to streamline its services
In a bold move that underscores the growing tensions between emerging financial technologies and regulatory bodies, A16z Crypto, the blockchain-focused division of prominent venture capital firm Andreessen Horowitz, has openly criticized the recent regulatory measures imposed by the US Internal Revenue Service (IRS) and the Treasury Department on decentralized finance (DeFi). Michele Korver, who heads
Japan’s Financial Services Authority (FSA) is proactively working to bolster the internal audit mechanisms within its financial institutions, specifically targeting cryptocurrency exchanges. This initiative is crucial for addressing identified deficiencies in regulatory compliance and ensuring that Japan aligns with international standards. The urgency of this move is underscored by a recent FSA report that exposed
As the landscape of digital assets continues to evolve, the U.S. Department of the Treasury and the Internal Revenue Service (IRS) have introduced new broker rules aimed specifically at digital asset service providers. This sweeping regulation mandates that decentralized finance (DeFi) protocols engage in Know-Your-Customer (KYC) procedures, a move that has ignited considerable controversy among
