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🇪🇺 Stablecoin Regulation Heats Up in Europe
The European Banking Authority (EBA) is taking another step towards finalizing stablecoin policy. Their latest draft focuses on how stablecoin issuers (they call them "asset-referenced token" issuers) should handle customer complaints. This is a positive sign for stablecoin adoption in Europe, indicating a move towards clear and standardized regulations. (Read more)
💵 Future of Money update: Stablecoins vs. CBDCs
Central banks continue to explore CBDCs, with Russia and Israel making significant progress. Russia recently passed a law legalizing CBDCs (Read more), while Israel is planning an interest-bearing version (Read more). Meanwhile, Hong Kong is accelerating its exploration of crypto with a pilot its own CBDC (Read more) and a regulatory sandbox for stablecoin issuers (Read more).
Hot on the heels of Circle launching USDC on Celo, Tether is now bringing its USDT stablecoin to the blockchain as well. This is a significant development for Celo, a network particularly popular in emerging markets where USD stablecoins are in high demand as a hedge against inflation. Read more
These developments highlight the growing interest in CBDCs and stablecoins as a potential future form of digital cash, while the US remains on the sideline on these topics (Read more)
⚖️ Regulation on the Rise
Regulation continues to be a hot topic in the crypto space. Indonesia recently announced new crypto regulations coming in 2025 (Read more), while Poland's regulator gained the power to block crypto access (Read more). The EU is also cracking down on crypto's use in sanctions evasion (Read more). These moves reflect a global trend towards establishing a framework for the crypto industry, and tightening the grip of regulator on the industry, to ensure its long term success.
Other News in Brief
- Ethereum's long-awaited "Dencun" upgrade went live, aiming to reduce transaction fees. Read more
- Following this Ethereum upgrade, Starknet gaz fees are down 99%. Read More
- Binance executives were reportedly detained in Nigeria, highlighting ongoing challenges for crypto companies in certain regions. Read more
- A report suggests French teenagers are increasingly turning to crypto investments. Read more
- Thailand's SEC approved spot Bitcoin ETFs for accredited investors. Read more
- South Korea is implementing a crypto tracking service to improve tax transparency. Read more
Stay tuned next week for another update on the ever-evolving world of blockchain!
