Italy’s government recently found itself at the crossroads of fiscal responsibility and economic innovation, facing backlash over a controversial proposal to significantly raise taxes on crypto capital gains. Originally, the plan aimed to steeply increase the tax from 26% to a staggering 42% as part of the 2025 budget. This proposal, positioned as a means
Regulation
In a groundbreaking enforcement action, the Australian Securities and Investments Commission (ASIC) has levied a hefty fine of AUD 8 million (approximately USD 5 million) against Bit Trade, the operator behind the renowned Kraken exchange. The penalty, announced in a statement dated December 12, underscores the critical importance of regulatory compliance within the ever-evolving cryptocurrency
Ripple, the crypto company led by CEO Brad Garlinghouse, has announced a significant milestone in its expansion into the stablecoin sector. The firm has obtained the necessary approval from the New York State Department of Financial Services (NYDFS) to launch its own stablecoin, Ripple USD (RLUSD). This news, shared via a social media post by
Tether’s USDT stablecoin has achieved a momentous approval as an Accepted Virtual Asset (AVA) in the Abu Dhabi Global Market (ADGM). Announced by the Financial Services Regulatory Authority (FSRA) on December 10, this pivotal decision facilitates licensed entities within the jurisdiction to incorporate USDT into their financial offerings. This development not only underscores the growing
Bitcoin, the pioneering cryptocurrency, continues to provoke discussions that extend far beyond the realm of speculative trading, reaching into the intricate domains of national financial strategies and international geopolitics. Recent comments from Anthony Scaramucci during the Bitcoin MENA 2024 conference have stirred interest by projecting a pivotal return of China to Bitcoin mining and its
The decision expected from the U.S. Senate Banking Committee on December 11 concerning the renomination of Caroline Crenshaw, a Democrat Commissioner of the Securities and Exchange Commission (SEC), is stirring robust discontent within the cryptocurrency community. Crenshaw’s vocal opposition to cryptocurrencies has positioned her as a contentious figure, particularly with her tenure marked by a
The Australian Transaction Reports and Analysis Centre (AUSTRAC) is ramping up its enforcement initiatives concerning Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF) regulations, particularly targeting cryptocurrency Automated Teller Machines (ATMs). This new focus underscores a growing recognition of the risks associated with cryptocurrency transactions. With roughly 1,200 crypto ATMs in Australia and only a select
The ongoing dialogue between the U.S. Securities and Exchange Commission (SEC) and the growing cryptocurrency industry has been fraught with tension. Recent reports from Bloomberg indicate that the SEC is poised to reject two significant spot Solana (SOL) exchange-traded fund (ETF) applications. This decision, seen by many as a culmination of regulatory rigidity under Chair
The emergence of stablecoins as a significant component of the cryptocurrency landscape presents both innovative opportunities and alarming risks. The Financial Stability Oversight Council (FSOC) has expressed mounting concerns regarding stablecoins’ potential to destabilize the financial system. The FSOC’s 2024 annual report highlights critical issues such as insufficient regulatory oversight, high market concentration, and inherent
The UK’s Financial Conduct Authority (FCA) has recently escalated its scrutiny of the cryptocurrency industry, notably targeting platforms like Pump.Fun. This crackdown comes after the regulator issued a warning on December 3, indicating that Pump.Fun was potentially offering unauthorized financial products. In response, the platform has implemented immediate changes, specifically barring access to users from
