In an ambitious move that solidifies its presence in the cryptocurrency market, Tether has recently expanded its Bitcoin holdings with the acquisition of 7,629 BTC, valued at an impressive $705 million. This strategic purchase brings Tether’s total Bitcoin reserves to a substantial 82,983 BTC, equivalent to approximately $7.68 billion at current market prices. Such a
Regulation
The Internal Revenue Service (IRS) recently announced a temporary reprieve concerning the rules associated with cost basis reporting for cryptocurrencies. This decision is particularly significant for investors navigating the complex landscape of digital asset taxation. By postponing the stringent requirements that would obligate centralized crypto exchanges to adopt the First In, First Out (FIFO) accounting
Recent developments indicate a significant shift within the financial industry as major players like Morgan Stanley’s subsidiary, E-Trade, prepare to enter the cryptocurrency trading space. Reports have emerged suggesting that E-Trade is strategically positioning itself to launch crypto trading services, largely driven by the expectation of a more favorable regulatory environment under the impending administration
In recent months, China has enacted stringent measures aimed at monitoring and controlling foreign exchange activities, particularly those associated with cryptocurrencies. The South China Morning Post sheds light on the directives issued by the State Administration of Foreign Exchange (SAFE), where banks are mandated to scrutinize and report any suspicious transactions. These new regulations seek
The European Union (EU) has recently launched the Markets in Crypto-Assets Regulation (MiCA), which marks a significant development in the governance of digital assets across its member states. This new framework aims to establish clear guidelines for stablecoins, token issuances, and various crypto services, creating a more structured environment for businesses operating within the EU.
The United Kingdom’s approach to cryptocurrency regulation is increasingly under scrutiny as the Financial Conduct Authority (FCA) struggles to curb misleading advertising within this rapidly evolving sector. Reports indicate that from October 2023 to October 2024, the FCA issued a staggering 1,702 alerts regarding potentially deceptive crypto advertisements. Alarmingly, only slightly over half of these
The digital asset landscape in the United States is undergoing turbulent changes, particularly with the recent introduction of regulations by the Internal Revenue Service (IRS) and the Treasury Department aimed at decentralized finance (DeFi). In a significant move, Andreessen Horowitz’s blockchain division, A16z Crypto, has publicly condemned these new rules, characterizing them as detrimental to
In a groundbreaking development for the cryptocurrency landscape, MoonPay has recently garnered approval to operate under the European Union’s Markets in Crypto-Assets (MiCA) regulation. This significant milestone, confirmed in a statement released on December 30, allows MoonPay to offer its services across the European Economic Area (EEA) without the hurdles that have previously plagued crypto
In a decisive move, Japan’s Financial Services Authority (FSA) has announced plans to enhance the internal audit protocols at various financial institutions, particularly focusing on cryptocurrency exchanges. This initiative reflects a broader effort to bridge gaps identified within the existing financial regulatory framework and to harmonize local practices with international standards. The FSA articulated its
In an unprecedented move, the US Department of the Treasury and the Internal Revenue Service (IRS) have issued final broker rules that could reshape the landscape of digital asset service providers, particularly in the realm of decentralized finance (DeFi). The announcement calls for these platforms to adhere to stringent Know-Your-Customer (KYC) regulations. The implications of
