The Council of the European Union has officially adopted the eighth iteration of the Directive on Administrative Cooperation (DAC8), a cryptocurrency tax reporting rule. This regulation, which follows the enactment of the Markets in Crypto-Assets (MiCA) legislation, will come into force once it is published in the Official Journal of the EU. DAC8 aims to […]
The European Central Bank (ECB) has emphasized the need for a comprehensive regulatory framework for decentralized autonomous organizations (DAOs) in the financial sector. In an occasional paper titled “The future of DAOs in finance – in need of legal status,” the ECB highlighted how the rapid advancement of technology has outpaced regulation, posing risks to […]
The European Union (EU) has implemented a new directive aimed at enhancing collaboration among member states regarding the sharing of tax data related to cryptocurrencies. This move is intended to strengthen the existing norms surrounding crypto taxation and improve cooperation between national tax authorities. The directive seeks to address the challenges posed by the decentralized […]
The European Union’s efforts to regulate the crypto industry and provide confidence to investors may take longer than expected. The transition to the Markets in Crypto-Assets Regulation (MiCA) framework, which aims to standardize regulations for crypto assets and service providers across the EU, has been delayed. The European Securities and Markets Authority (ESMA) has stated […]
ESMA, the European Securities & Markets Authority, has issued a warning to crypto investors regarding the implementation of the Markets in Crypto-Assets Regulation (MiCA). The regulatory framework, approved by the European Union earlier this year, is expected to take until December 2024 to be fully implemented. This means that crypto investors will remain at risk […]
Major cryptocurrency exchange Binance has temporarily halted the onboarding of new users from the United Kingdom. This decision comes after the exchange’s previous local partner, Rebuildingsociety.com Limited (REBS), was restricted by the UK financial regulator, the Financial Conduct Authority (FCA), from approving cryptocurrency marketing materials. Binance is now searching for a new FCA-authorized partner to […]
Scroll, an Ethereum layer 2 network powered by zero-knowledge proofs, has officially launched its mainnet. The network aims to enhance the speed and reduce fees for developers using Ethereum. Scroll’s mainnet release follows over 15 months of extensive testing and security audits. The platform offers EVM compatibility and the security of the Ethereum blockchain, along […]
Scam artists in Ireland are shifting their focus from cryptocurrency scams to targeting traditional banking customers, according to the Irish Independent. With a decline in cryptocurrency scams due to the bear market, fraudsters are now posing as representatives of reputable British banks or trading firms to exploit the trust and vulnerability of unsuspecting banking customers. […]
Cryptocurrency investors in Europe are currently not protected under European Union regulations, and it will take several years for these protections to be implemented. The European Securities and Markets Authority (ESMA) has stated that the investor protections outlined in the Markets in Crypto-Assets Regulation (MiCA) will not come into effect until at least December 2024. […]
The Basel Committee of the Bank of International Settlements (BIS) has proposed new regulations that would require banks to disclose their exposure to cryptocurrencies. The committee, which serves as a global regulatory platform for banks, aims to establish standardized disclosure guidelines for banks’ crypto asset exposures. The proposed regulations would require banks to provide quantitative […]
