Regulatory News
European Union (EU)
EU selects Frankfurt for new anti-money laundering authority headquarters - On February 22, 2024, the EU has decided on the location of its new Anti-Money Laundering Authority (AMLA), which will be situated in Frankfurt, Germany, and is scheduled to commence operations in mid-2025. The decision on AMLA's location came after careful consideration, involving discussions between the Council and the European Parliament, as well as a transparent selection process among nine candidate member states. This move represents a significant step forward in the EU's efforts to strengthen its anti-money laundering framework, with AMLA poised to play a central role in combating financial crime. The selection process followed precedents set by the EU Court of Justice, which emphasized the importance of adherence to procedural guidelines laid out in the Treaties for the establishment of such agencies.
ECB still wary of Bitcoin and ETF approval - On February 22, 2024, the European Central Bank released an article about the US Securities and Exchange Commission (SEC) ETF for Bitcoin approval. The EU regulator remains skeptical of the recent spot Bitcoin exchange-traded fund (ETF) approvals in the US, dismissing them as temporary price fluctuations. Despite market optimism, ECB executives believe Bitcoin lacks intrinsic value, citing its speculative nature, inability to generate dividends, and concerns about environmental and societal harm. They caution against over-reliance on ETF approvals and advocate for continued vigilance against money laundering and cybercrime.
ECB executives debunk banks' fears over digital euro's impact on deposits - On February 19, 2024, the ECB's Governing Council has outlined plans for a digital euro, focusing on its features like privacy and pan-European reach. ECB executives addressed concerns about potential bank disintermediation, assuring that the digital euro would not be an investment but a payment tool. They emphasized that concerns about deposit migration are unfounded, given the limits on individual digital euro holdings and the absence of interest accrual on these holdings. The ECB is committed to refining the design and addressing risks associated with a digital euro, aiming to maintain stable central bank money circulation and ensuring the continued role of banks in the economy.
United Kingdom (UK)
UK seeks swift action on stablecoin, staking laws within 6 months - The UK is prioritizing the introduction of comprehensive laws regulating stablecoins and crypto staking, aiming for enactment before the forthcoming general election. Speaking at a Coinbase-hosted crypto event in London on February 19, 2024, the Economic Secretary to the Treasury, Bim Afolami, expressed the government's dedication to advancing crypto-specific legislation. While concrete details were not disclosed, Afolami hinted at a six-month timeline for legislative progress.
Global News
Gyeonggi province's innovative approach to Tax Collection Yields 6.2 billion won from delinquent taxpayers holding virtual assets - Gyeonggi Province in South Korea utilized a cutting-edge "delinquent virtual asset tracking electronic management system" to efficiently track, seize, and collect overdue taxes from individuals with virtual assets, such as Bitcoin. By significantly reducing the time and complexity of the process, they successfully collected 6.2 billion won from 2,390 delinquent taxpayers in the past year. Gyeonggi's innovative system aims to ensure fair taxation and protect the integrity of the tax collection process, signaling a modern and proactive approach to tax enforcement.
Industry News
European Union (EU)
Paris Saint-Germain joins Chiliz Chain as validator, pledges Fan Token buybacks - French football club Paris Saint-Germain (PSG) is pioneering the Chiliz Chain as an official blockchain validator, demonstrating its commitment to web3 technology and fan engagement. PSG will use revenue from validation to conduct regular buybacks of its fan tokens, bolstering its digital economy and fan relationships. The partnership underscores PSG's leadership in web3 transformation within sports and positions Chiliz as a leading platform for innovative sports applications. PSG's entry into web3 is marked by an upcoming blockchain hackathon at Parc Des Princes stadium, showcasing its dedication to digital innovation and fan experiences.
Bankhaus Scheich tokenizes Money Market Fund on Polygon via Tradias Fintech Arm - Bankhaus Scheich's fintech arm, Tradias, has tokenized the Allianz Securicash SRI Fund on the Polygon blockchain, a step towards modernizing liquidity management. Dutch crypto platform investments signal a growing demand for such instruments. The 24/7 trading availability and cost-efficiency are its main selling points, but it's unclear where it can be traded beyond Tradias' interface. Nevertheless, Tradias aims to expand its availability across platforms, offering investors a forward-thinking, liquid solution to managing their funds.
Unied Kingdom (UK)
R3 welcomes Bob Wigley as non-executive director - R3, a prominent enterprise distributed ledger technology (DLT) firm, has announced the appointment of Bob Wigley to its board of directors as a Non-Executive Director. Wigley brings extensive expertise in digital finance and regulated financial infrastructure to R3, having chaired UK Finance for the past six years and led the UK Finance digital tokenization taskforce. In his new role, Wigley will support R3's strategy, particularly regarding its new product offering, R3 Digital Markets, aimed at helping firms adopt and drive value across digital assets and currencies. R3 Digital Markets streamlines asset transfer and integration, enhancing existing systems and enabling more efficient workflows for financial institutions globally.
LATAM
Brazil overtakes El Salvador, boasting 2 cities among world's leading Bitcoin-friendly places - Brazil has surpassed El Salvador in terms of locations that accept Bitcoin (BTC) payments directly. The project "Bitcoin é Aqui!" in Rolante, Rio Grande do Sul, Brazil, is identified as the world's largest and most important Bitcoin city, with 194 establishments accepting Bitcoin as a means of payment. Moreover, initiatives like Porto Alegre Bitcoin, São Paulo Go BTC, and Montanha Bitcoin have also contributed significantly to Brazil's presence on the BTC Map, with multiple businesses ranging from hotels and restaurants to supermarkets and barbershops embracing Bitcoin payments. In the interview with CriptoNoticias, Ricardo Stim, the leader of Bitcoin é Aqui!, emphasizes the grassroots adoption of BTC in Brazil, highlighting the crucial role of citizens, merchants, and accountants in driving real-world BTC acceptance. Lastly, initiatives like Go BTC in Porto Alegre are actively expanding Bitcoin adoption by providing entrepreneurs and commercial establishments with training, technical support, and practical guidance on integrating Bitcoin payments into their operations.
MENA
Bridgetower Middle East joins ADGM to Boost UAE's digital economy - ADGM has embraced the arrival of Bridgetower Middle East, a move set to revolutionize digital asset services in the UAE and Gulf region. This fresh initiative, supported by an impressive $250 million investment from esteemed venture capital firms Deus X Capital and Bridgetower Capital, is poised to aid UAE companies in adopting digital currencies and blockchain technology.
Global News
Huobi HK seeks Virtual Asset Trading license in Hong Kong - Huobi HK has officially applied for a virtual asset trading platform license from the Hong Kong Securities and Futures Commission, making it the latest in a series of entities seeking regulatory approval to operate in Hong Kong's virtual asset market. Huobi HK's application, submitted under the company name HBGL Hong Kong Limited, was filed on February 20, 2024. This development reflects a growing interest in the Hong Kong virtual asset market, with the total number of applications for virtual asset trading platform licenses reaching 18.
