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Crypto Republique News UOE
On November 20, Gherson LLP published an analysis on the evolving regulatory landscape for cryptoassets in the UK, highlighting recent legislative efforts aimed at addressing gaps in oversight. Key developments include the Financial Services and Markets Act 2023 and the proposed Property (Digital Assets) Bill.
The UK cryptocurrency market continues to pose challenges for exchanges as they adapt to stricter regulatory requirements. Cryptocurrency exchange Bitget recently relaunched its UK platform after halting services in May 2024 to comply with the UK Financial Conduct Authority’s (FCA) Financial Promotions regime. This relaunch reflects Bitget’s efforts to align with the FCA’s evolving standards, aimed at enhancing consumer protection in the digital asset space.
The Italian government recently announced a plan to increase the capital gains tax on bitcoin and other cryptocurrencies from 26% to 42%. This proposal, part of broader fiscal measures to support election pledges and reduce Italy’s fiscal deficit, has raised concerns among cryptocurrency investors and industry leaders.
On November 14, the European Banking Authority (EBA) released comprehensive guidelines for Payment Service Providers (PSPs) and Crypto-Asset Service Providers (CASPs) to ensure alignment with European Union (EU) and national restrictive measures. These guidelines aim to reduce risks and strengthen compliance when transferring funds or crypto assets.
The UK government is set to introduce new cryptocurrency regulations aimed at countering the growing appeal of the United States as a destination for crypto businesses. In response to concerns of regulatory delays following Brexit, the legislation focuses on establishing a clearer framework for stablecoins and staking activities, with the goal of strengthening the UK’s position as a global hub for digital assets.
OpenAI, the world’s largest artificial intelligence company, has announced it will establish a new base in Paris.
On October 30, UK Chancellor Rachel Reeves announced a capital gains tax (CGT) rate increase for high-income individuals, raising it to 24%. This change has raised concerns in the cryptocurrency community, where some investors fear that increased tax and regulatory pressures will diminish the UK's appeal for digital asset investment.
On November 6, the UK government issued an updated version of the Property (Digital Assets Etc.) Bill, clarifying its approach to defining digital assets, including crypto tokens, as recognized property under English law. The update aims to provide greater security and clarity for individuals and businesses engaging with digital assets.
Matt Law, Chief Commercial Officer at Outlier Ventures, said that it would not "surprise" him if many people embrace "more efficient," cost-effective systems like tokenization to gain the "same user benefit."
John Patrick Mullin, CEO of MANTRA, said that Larry Fink’s public endorsement of tokenization has accelerated its adoption at both "startup" and "institutional" levels, though less so in "retail" blockchain use.
Bruce Pon, co-founder and CEO of Ocean Protocol, said that the combination of "AI and blockchain" unlocks significant "potential" for new entrepreneurial opportunities and substantial value creation.
Irina Heaver, a crypto lawyer at NeosLegal, emphasized the importance of user education in the cryptocurrency sector.
Richard Teng, CEO of Binance, said that cryptocurrency is in the "early stage of adoption" globally, although major institutions are beginning to embrace blockchain and crypto agendas.
De Nederlandsche Bank (DNB) has announced a €2,250,000 fine for Bybit Fintech Limited.
The Polish Financial Supervision Authority (KNF) has added four entities to its public warning list, including Foris DAX MT Limited, operating as Crypto.com.
France Digitale has announced a collaboration with over twenty European startup associations in response to recent reports on the European Union's competitiveness.
The Digital Chamber (TDC) has said that the European Union's Markets in Crypto-Assets (MiCA) framework has established the EU as a leader in the global stablecoin landscape, offering regulatory certainty for stablecoin issuers.
John Patrick Mullin, CEO of MANTRA, addressed the complexities of token distribution during his talk at Binance Blockchain Week.
Kendrick Nguyen, CEO of Republic, said that digitized financing could become "accessible to the true retail public," allowing consumers to invest in "real-world assets."
Clara Chappaz, the French Secretary of State for Artificial Intelligence and Digital Technology, said that the French AI ecosystem is leading Europe with some of the best developers attending the dotAI2024 conference.