Europe Set to Reaffirm Plan to Pressure Russia Despite US Delays
Europe will reiterate its commitment to back Ukraine and sanction Russia, as the US delays a decision over increasing pressure on Moscow to get President Vladimir Putin to the negotiating table.
The nations stand ready to increase sanctions on Russia and improve enforcement of existing penalties, notably in the banking and energy sectors, according to a draft copy of a joint statement by the foreign ministers of France, Germany, Italy, Poland, Spain, the UK and European Union that was seen by Bloomberg.
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Yahoo
42 minutes ago
- Yahoo
Crypto Regulation Around the World: What Every Crypto Enthusiast Needs to Know
Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. If you've been in the crypto space for a while, you've probably noticed something big happening: governments everywhere are finally getting serious about regulating digital assets. Gone are the days when crypto felt like the Wild West. Today, from Washington to Brussels to Tokyo, lawmakers are crafting rules that will shape how we buy, sell, and use cryptocurrencies. This shift isn't happening in a vacuum. The collapse of major players like FTX and several crypto-linked bank failures sent shockwaves through traditional finance, pushing regulators to act faster than many expected. While this might feel overwhelming, understanding these changes can actually help you make better decisions as a crypto investor or enthusiast. Don't Miss: — no wallets, just price speculation and free paper trading to practice different strategies. Grow your IRA or 401(k) with Crypto – . Let's take a friendly tour around the world to see what's happening with crypto regulation and what it means for you. The U.S. has been talking a big game about crypto regulation, and in 2023, it looked like we might finally get some clarity. Two important bills made headlines: the Financial Innovation and Technology for the 21st Century Act and the Blockchain Regulatory Certainty Act. These bills promised to answer some burning questions that have puzzled crypto users for years: When is a cryptocurrency considered a security versus a commodity? Which government agency is in charge of what? Unfortunately, while these bills were introduced with great fanfare, they've since stalled in Congress. What this means for you: If you're a US-based crypto user, you're still navigating a somewhat uncertain regulatory landscape. The good news? This gives the industry more time to mature and for regulators to better understand the technology before implementing potentially restrictive rules. The European Union deserves credit for being first out of the gate with comprehensive crypto regulation. In May 2023, the EU implemented the Markets in Crypto-Assets Regulation. Here's what MiCA means in practical terms: Licensing requirements: Any company issuing or trading crypto needs an official license Enhanced tracking: Starting in January, all service providers must collect sender and recipient information for every transaction, regardless of amount Wallet verification: If your self-hosted wallet holds more than €1,000 ($1,100), you'll need to verify ownership for transactions Swedish Finance Minister Elisabeth Svantesson, explained that FTX's collapse highlighted 'the urgent need for imposing rules which will better protect Europeans who have invested in these assets.' What this means for you: If you're trading crypto in Europe, expect more paperwork and verification steps, but also potentially greater consumer protection. The days of completely anonymous transactions are numbered in the EU. Asia presents a fascinating patchwork of crypto regulations, reflecting the diverse attitudes across the region. Japan has been remarkably progressive, recognizing cryptocurrency as both a type of money and legal property. The Financial Services Agency oversees both crypto and yen transactions, giving citizens freedom to own and invest in digital assets. Recently, Japan has tightened rules around information sharing between exchanges to combat money laundering. South Korea enacted the Virtual Asset Users Protection Act in 2023, focusing heavily on protecting everyday users through better record-keeping and transparency requirements. Financial authorities are expected to publish new guidelines for listing virtual assets soon. China remains one of the most restrictive countries, maintaining bans on exchanges, trading, and crypto mining. If you're in China, crypto activities remain largely off-limits. India's journey has been particularly interesting. After banning crypto, the Supreme Court lifted the ban in 2020. Now, a Cryptocurrency and Regulation of Official Digital Currency Bill is working its way through parliament, though it has faced delays. What this means for you: Your experience with crypto will vary dramatically depending on which Asian country you're in. Japan and South Korea offer relatively friendly environments, while China remains restrictive. Trending: New to crypto? on Coinbase. Brazil implemented crypto regulation in June 2023, making the central bank the supervisor for crypto assets through the Cryptoassets Act. This move came as Brazil saw cryptocurrency imports rise nearly 45% in the first eight months of 2023, totaling $7.4 billion. Interestingly, Roberto Campos Neto, who was the governor of Brazil's central bank at the time, noted that local demand had shifted toward stablecoins, with people using crypto more for payments rather than solely for investment. What this means for you: Brazil's approach shows how countries are adapting to actual usage patterns. As crypto becomes more of a payment method rather than just a speculative investment, regulations are evolving accordingly. The UK is actively constructing crypto rules with a balanced approach. Any company offering digital currency services must be authorized by the Financial Conduct Authority, regardless of where they're located if they serve UK customers. The Bank of England and FCA have also proposed specific regulations for stablecoins, aiming to 'harness the potential benefits stablecoins could provide to UK consumers and retailers, in particular by making payments faster and cheaper' while maintaining consumer protection. What this means for you: The UK appears to be striking a balance between innovation and protection, potentially creating a model that other countries might follow. Perhaps most importantly, international organizations are recognizing that crypto's borderless nature requires coordinated global approaches. The International Organization of Securities Commissions has issued 18 recommendations for global crypto rules, emphasizing the need for consistency across borders. The World Economic Forum has gone even further, stating that international alignment on crypto rules is 'not just desirable but necessary.' As someone interested in crypto, here are the key takeaways: Expect more structure: The days of completely unregulated crypto markets are ending. This isn't necessarily bad – clearer rules can mean greater mainstream adoption and institutional investment. Prepare for more paperwork: Whether it's KYC requirements, transaction reporting, or wallet verification, expect to provide more information about your crypto activities. Geographic differences matter: Where you live will significantly impact your crypto experience. Consider this when making investment decisions or choosing platforms. Compliance is becoming crucial: Choose exchanges and services that prioritize regulatory compliance. They're more likely to survive and thrive in this new environment. Innovation continues: Despite increased regulation, innovation in the crypto space continues. Regulations often lag behind technology, leaving room for new developments. The regulatory landscape might seem daunting, but remember that clearer rules often lead to greater mainstream adoption, institutional investment, and ultimately, a more mature and stable crypto ecosystem. While we're still in the early stages of this regulatory evolution, staying informed about these changes will help you navigate the crypto world more confidently. The key is to stay adaptable and informed. Regulations will continue evolving as governments learn more about this technology and its applications. By understanding these trends, you're better positioned to make smart decisions in your crypto journey. Read Next: A must-have for all crypto enthusiasts: . Maker of the $60,000 foldable home has 3 factory buildings, 600+ houses built, and big plans to solve housing — Image: Shutterstock This article Crypto Regulation Around the World: What Every Crypto Enthusiast Needs to Know originally appeared on
Yahoo
an hour ago
- Yahoo
Amazon Goes Before EU Court in Attempt to Shed Very Large Online Provider Designation
Amazon wants the EU to stop the VLOP. That is to say, the e-commerce giant went before a European court to ask that its status as a very large online provider (VLOP) under the Digital Services Act (DSA) be rescinded. More from Sourcing Journal Rebag Expands Access to Pre-loved Luxury Goods With New Amazon Collaboration Amazon Reportedly Tests Humanoid Robots for Parcel Delivery Are Amazon's Warehouses Facing an 'Injury Crisis'? The DSA went into general effect in 2024, and it's aimed at creating better transparency, tamping illegal digital activity and creating a safer internet for citizens of the European Union. Under the law, platforms and service engines can be designated as VLOPs, subjecting them to more stringent provisions of the DSA. For that reason, DSA regulations began in 2023 for companies designated that way. EU regulators designated Amazon as a VLOP in April 2023; the DSA states that platforms that accrue at least 45 million monthly users are eligible to be designated as such. Other VLOPs include Google, Meta, Shein, Temu and Zalando. These companies, among more than a dozen others, are required to 'have user-friendly terms and conditions,' 'be transparent as regards advertising, recommender systems or content moderation decisions' and more. They also must look deeper into their business models to identify risks surrounding illegal content, minors' protection and the mental and physical wellbeing of consumers. Not long after its designation, Amazon made it clear that it would appeal its status as a VLOP, primarily with the argument that retail platforms should be exempt from such a categorization because they don't pose the same risk as, for instance, social media platforms. Zalando has made a similar argument. According to Reuters, Amazon's lawyer Robert Spano appeared in Luxembourg-based General Court to continue arguing with that same principle on Thursday. 'Online marketplaces like the Amazon Store do not pose systemic risks. Second, the VLOP rules do not and cannot rationally assist in preventing the dissemination of illegal or counterfeit goods,' Spano reportedly said. 'The VLOP rules therefore make no sense when applied to online marketplaces.' An Amazon spokesperson told Sourcing Journal via email that it believes the VLOP designation is meant for companies 'with advertising as their primary revenue and that distribute speech and information.' With that framework, the spokesperson said, Amazon 'doesn't fit the description of…a VLOP under the DSA and should not have been designated as such.' 'The Amazon Store, as an online marketplace, does not pose any such systemic risks; it only sells goods, and it doesn't disseminate or amplify information, views or opinions,' the spokesperson said via email. According to Reuters, Spano argued in Luxembourg that risk is not pervasive but rather isolated to individual customers and noted that the company already complies with existing product safety regulations. He went on to say that regulators should not cast further scrutiny on companies like Amazon solely because of the number of users or consumers they have managed to amass. Zalando has made a similar argument, noting that each company calculates the number of users it has differently. 'When it comes to marketplaces like the Amazon Store, size does not multiply risk. It is an arbitrary, disproportionate and discriminatory metric,' Spano said, according to Reuters. The Amazon spokesperson said it believes its designation as a VLOP doesn't provide any tangible upside for its consumers. 'The VLOP designation also forces Amazon to meet onerous administrative obligations that don't provide any benefit for EU consumers,' they said in the email. The court that heard Amazon's arguments is expected to rule about the company's VLOP status in the coming months.
Bloomberg
an hour ago
- Bloomberg
BPCE Is Nearing an Almost €7 Billion Deal for Novo Banco
Lone Star Funds has decided to pursue a sale of Portuguese lender Novo Banco SA and has entered into exclusive discussions with French banking group BPCE, according to people familiar with the matter. The US private equity firm and BPCE are working on finalizing terms of a deal, which could value Novo Banco at almost €7 billion ($8.1 billion), the people said. The move means an initial public offering of Novo Banco is likely off the table, the people said. An agreement may be announced as soon as Friday, though talks could still drag on longer, the people said.
