Fun

EU MiCA stablecoin regulations come into effect: Law Decoded

News Feed - 2024-07-02 04:07:00

David Attlee4 hours agoEU MiCA stablecoin regulations come into effect: Law DecodedNoncompliant stablecoin issuers could potentially exit the EU market entirely, with a shift toward euro-backed stablecoins as demand picks up in European markets.2267 Total views32 Total sharesListen to article 0:00NewsletterOwn this piece of crypto historyCollect this article as NFTJoin us on social networksThe European Union’s Markets in Crypto-Assets Regulation (MiCA) came into partial effect in June, with new rules concerning stablecoins coming into force on June 30. 


Crypto exchanges may delist certain noncompliant stablecoins or restrict services for EU and European Economic Area (EEA)-based users. Many crypto exchanges operating within the EU have already taken action ahead of the new rules entering into force.


Cryptocurrency exchanges Uphold, Binance, Kraken and OKX have also started delisting stablecoins such as Tether (USDT). Bitstamp also plans to delist Euro Tether (EURT).


Speaking to Cointelegraph, Jón Egilsson, former chairman of the supervisory board of the Icelandic Central Bank, said noncompliant stablecoin issuers could potentially exit the EU market entirely, with a shift toward euro-backed stablecoins as demand picks up in European markets.


The MiCA regulations impacting crypto asset service providers will be introduced in December 2024.IRS reveals final regulations for crypto broker rules


The United States Internal Revenue Service (IRS) revealed its final draft of the new crypto broker reporting requirements. 


Decentralized exchanges and self-custody wallets will not be subject to the new reporting rules. In the recent update, the IRS explained that it reviewed the widespread comments and complaints from industry respondents, ultimately deciding it needed “more time to consider the nuances” of completely decentralized networks.


Stablecoins and tokenized real-world assets were not exempt from the government agency’s new reporting requirements and will be treated the same as other digital assets.


In the wake of the new rule changes, IRS Commissioner Danny Werfel remarked on the need to close the tax gap posed by digital assets and potential noncompliance from high-net-worth individuals.


Continue readingBolivia lifts ban on Bitcoin


Bolivia’s central bank, Banco Central de Bolivia, has lifted its ban on Bitcoin and crypto payments, allowing financial entities to conduct transactions with digital assets in a bid to modernize its payment system.


The recently approved regulations allow banks to transact in cryptocurrencies via approved electronic channels. However, the central bank clarified that cryptocurrencies are not accepted as forms of legal tender.


Under its Economic and Financial Education Plan, Banco Central de Bolivia also plans to create an awareness program for the general public. This plan attempts to inform the general public about the possible risks associated with cryptocurrencies and how to manage them responsibly.


Continue readingCoinbase sues SEC, FDIC over FOIA noncompliance


Coinbase has filed lawsuits against the United States Securities and Exchange Commission and the Federal Deposit Insurance Corporation (FDIC). The lawsuits allege that the SEC and FDIC failed to comply with Freedom of Information Act (FOIA) requests submitted to the U.S. District Court for the District of Columbia.


The FOIA requests aimed at the SEC sought information on the federal agency’s view on Ethereum, specifically the blockchain’s shift to a proof-of-stake consensus mechanism.


Coinbase asked for records related to Ethereum 2.0 and previous investigations involving Zachary Coburn and Enigma MPC through its consultant firm, History Associates Inc.


The lawsuits describe the SEC’s and FDIC’s actions as “a coordinated attempt to cut off digital-asset firms from essential banking services.”


Continue reading# Coinbase# IRS# Bolivia# Europe# SEC# European Union# MiCA# RegulationAdd reaction

News Feed

Bitcoin NFT marketplace Bioniq eyes lofty goal of alleviating network congestion
Gareth Jenkinson10 hours agoBitcoin NFT marketplace Bioniq eyes lofty goal of alleviating network congestionBioniq operates on the Internet Computer Protocol, tapping into native Bitcoin integration to ease the network c
Prashant Jha13 hours agoFBI flags 6 Bitcoin wallets linked to North Korea, urges vigilance in crypto firmsAlthough the likes of Lazarus Group have stolen billions of dollars worth of crypto, the public ledger technology
Busta Rhymes Talks Cryptocurrencies, Rappers Asks Fans if He Should ‘Buy In’
Busta Rhymes Talks Cryptocurrencies, Rappers Asks Fans if He Should "Buy In" Trevor George Smith Jr., professionally as Busta Rhymes asked his 3.8 million follow
Tom Mitchelhill7 hours agoJPEX blames partners for ‘maliciously’ freezing funds, causing liquidity crisisCrypto exchange JPEX has pointed the finger at its third-party market makers for “maliciously” freezing fun
ECB Nominee Blames Resistance to Negative Rates on Financial Illiteracy
ECB Nominee Blames Resistance to Negative Rates on Financial Illiteracy European Central Bank (ECB) executive board nominee and member of the German Council of Economic Experts,
Amaka Nwaokocha10 hours agoPEPE whale seizes dip opportunity, buys $529K worth of tokensThe transaction followed this same whale’s previous transactions on June 5, when they spent 280 Ether (worth $507,000) to acquire
Bahamas Seizes Digital Assets Worth Over $3.5 Billion From Collapsed Crypto Exchange FTX
Bahamas Seizes Digital Assets Worth Over $3.5 Billion From Collapsed Crypto Exchange FTX The Securities Commission of the Bahamas has revealed that it seized digital assets worth m
Elias Ahonen2 hours agoThe story of a crypto influencer’s attempt to bend realityA bizarre tale about Carl ‘The Moon” Runefelt asking Cointelegraph to revise history on his behalf by concealing old claims that he c
Despite 2 Entities Holding 73% of the FTX Token Supply, FTT Price Still Holds Above $1 per Unit
Despite 2 Entities Holding 73% of the FTX Token Supply, FTT Price Still Holds Above $1 per Unit While a large fraction of crypto assets dropped a great deal in value during the pas
Avalanche Foundation Launches $290 Million ‘Multiverse’ Incentives Program for Subnets
Avalanche Foundation Launches $290 Million "Multiverse" Incentives Program for Subnets The Avalanche Foundation has announced a new incentives program to support the use of subnets
Biggest Movers: XMR Nears 6-Week High, as LINK Falls Near a Resistance Level
Biggest Movers: XMR Nears 6-Week High, as LINK Falls Near a Resistance Level Monero climbed for a third consecutive session on Thursday, as the token moved marginally closer to a
Game on NFT™, a Work of Art That Celebrates Bitcoin and Bitcoiners
Game on NFT™, a Work of Art That Celebrates Bitcoin and Bitcoiners press release PRESS RELEASE. Chicago, IL – 9th January, 2022 – Denjary Watru, the creator of the G