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News from November 2024
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.
OpenAI, the world’s largest artificial intelligence company, has announced it will establish a new base in Paris.
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.
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 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.
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.
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 government announced a pilot program on November 14 to issue a Digital Gilt Instrument (DIGIT) using blockchain technology, aiming to modernize public finance. Chancellor of the Exchequer Rachel Reeves unveiled the initiative during her Mansion House speech, presenting it as part of efforts to enhance the UK’s status as a global financial hub.
Global Digital Finance (GDF) and Adan have announced a strategic partnership aimed at promoting collaboration in the digital finance sector across Europe.
Minister Clara Chappaz inaugurated the French Consulate's new AI Club in San Francisco, a strategic initiative aimed at fostering collaboration and innovation within the burgeoning artificial intelligence sector.
The Financial Conduct Authority (FCA) has released new data indicating a significant decrease in cryptoasset registration applications.
New data reveals significant engagement by U.S. users with cryptocurrency exchanges that officially prohibit trading within the United States.
On November 26, Morocco moved closer to lifting its 2017 ban on cryptocurrencies, a decision that could influence broader market trends.
On November 21, Gary Gensler, Chair of the U.S. Securities and Exchange Commission (SEC), announced on X that he will step down on January 20, 2025.