Latest news with #CryptoAssets
Coin Geek
14 hours ago
- Business
- Coin Geek
Concerns arise as Coinbase, Gemini set for EU licenses
Getting your Trinity Audio player ready... Coinbase (NASDAQ: COIN) and Gemini, two of the largest digital asset exchanges in the world, look set to be granted licenses to operate as Crypto Asset Service providers (CASPs) in the European Union, under the bloc's Markets in Crypto-Assets (MiCA) regulation, according to a report by Reuters. The June 16 report stated that Gemini, founded by Tyler and Cameron Winklevoss, is on the verge of receiving a license to operate from Malta, while Coinbase, the third-largest digital asset exchange by trading volume, is rumored to be in line for a license from Luxembourg. Despite the MiCA rules being uniform for every country across the EU, with the European Securities and Markets Authority (ESMA) setting guidelines and best practices for member state regulators to follow, the actual enforcement of the regulations is left to the 'relevant national competent authority' (NCA) of each nation. According to the Reuters report—which cited 'sources familiar with the matter' who wanted to remain anonymous—concerns have been raised in 'closed-door meetings' about the speed with which some licenses are being granted by certain regulators and the rigor with which they will enforce the MiCA rules. MiCA license The full MiCA provisions for CASPs came into force at the beginning of January. This included a mandate that CASPs must obtain a license from an NCA (i.e. a national regulator), in order to offer digital asset services within the EU and European Economic Area (EEA). Thanks to the 'passporting' feature of the regulation, a license issued by any member state's regulator allows the licensee (the CASP) to operate throughout the EEA, which includes every country in the 27-nation bloc, in addition to Iceland, Liechtenstein, and Norway. On January 27—a few short weeks after MiCA's CASPs provisions came into force—OKX and both announced themselves as being the first global exchange to secure a MiCA license. It's unclear which one actually was first, as they both claimed the title on the same day . Both exchanges also chose Malta to be their route to a license, but neither mentioned in their respective announcements why they chose Malta. In May, exchanges Bybit and Bitstamp, also obtained licenses; the former from Austria, and the latter became the first exchange to be granted a license by Luxembourg's financial regulator, the Commission de Surveillance du Secteur Financier (CSSF). Now, it appears Gemini and Coinbase are poised to join the club, with Malta and Luxembourg once again the countries of choice. Concerns of uneven enforcement The pace of these approvals, particularly those of Malta's regulator, the Malta Financial Services Authority (MFSA), has apparently raised eyebrows amongst other national authorities. According to the report, a 'senior regulatory official'—who also didn't want to be identified—told Reuters they had concerns about accepting licenses granted in countries where regulators had fewer staff, citing Malta—the country that has given out the most MiCA licenses thus far—as one example. If staff size and regulatory resources are of concern, then it makes sense that Malta and Luxembourg, the two smallest nations in the EU by both population size and land area, may be on the thinner end of the spectrum. These reported concerns also come at a time when the EU's top finance sector regulator, ESMA, is pushing for more power to become a Europe-wide version of the U.S. Securities and Exchange Commission (SEC). In September of last year, Mario Draghi, former European Central Bank (ECB) president, produced a report for the European Commission with his recommendations for the future of European competitiveness. In it, he proposed, as one of his key pillars, the creation of a U.S.-style 'European Security Exchange Commission,' with ESMA the logical body best suited to take on the role. 'ESMA should transition from a body that coordinates national regulators into the single common regulator for all EU security markets,' said Draghi. This idea has met with some support from leading national regulators within the bloc. In March, Marie-Anne Barbat-Layani, chair of the top French finance watchdog, told Bloomberg that it was 'ready to relinquish' some of its national powers and transfer them to ESMA. ESMA is yet to comment on the speed and rigor of the Malta and Luxembourg approvals, including the potential licenses for Gemini and Coinbase, but it has made clear that it will be monitoring how national regulators enforce the MiCA framework as part of its mandate to promote consistent supervision and enforcement practices for EU markets. Watch: Teranode is the digital backbone of Bitcoin title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen="">
Crypto Insight
3 days ago
- Business
- Crypto Insight
Vietnam legalizes crypto under new digital technology law
The National Assembly of Vietnam approved the Law on Digital Technology Industry on June 14, bringing digital assets under regulatory oversight. The legislation, set to take effect on Jan. 1, 2026, recognizes crypto assets and lays the groundwork for broader digital innovation across the country, according to reports from local media outlets. The law classifies digital assets into two categories: virtual assets and crypto assets. While both rely on encryption or digital technologies for validation and transfer, neither includes securities, digital fiat currencies or other financial instruments. The government is now tasked with outlining specific business conditions, classifications, and oversight mechanisms for these asset types. The law also mandates cybersecurity and Anti-Money Laundering safeguards aligned with international norms, an effort likely aimed at addressing the Financial Action Task Force's (FATF) concerns. Vietnam has been on the FATF 'gray list' since 2023. Vietnam eyes global tech role Beyond crypto, the legislation signals Vietnam's ambition to become a digital tech hub. It introduces sweeping incentives for enterprises working in AI, semiconductors, and digital infrastructure. These include tax breaks, land-use benefits and R&D support, particularly for firms building core technologies like chip design and AI data centers. Regional governments are directed to support workforce development through subsidies and training programs, while education policies will integrate digital tech skills into national curricula. 'With this move, Viet Nam has become the first country in the world to enact a standalone law specifically dedicated to digital technology industry,' the Vietnamese government said. Vietnamese police bust fake crypto mining platform In Feb. 2025, Vietnamese police arrested four individuals behind a fake crypto mining platform, BitMiner, which posed as a Dubai-based operation. The scam tricked over 200 victims out of more than 4 billion Vietnamese dong ($157,300) by selling bogus mining packages and education materials. In another major incident in December 2024, the Hanoi City Police Department in Vietnam prevented 300 potential victims from investing in an elaborate crypto scam that had already defrauded 30 billion Vietnamese dong ($1.17 million) from about 100 businesses and 400 individuals. Dubbed Million Smiles, the company promoted an in-house cryptocurrency, QFS, or Quantum Financial System, using deceptive advertising that linked it to ancestral treasures and spiritual claims. Source:
The Independent
30-05-2025
- Business
- The Independent
Reform now accepting donations in Bitcoin, says Farage
Reform UK are now accepting donations in Bitcoin and other cryptocurrencies, Nigel Farage has announced. The Reform UK leader also said that his party had drawn up a Crypto Assets and Digital Finance Bill, which they would put into effect if they won the next general election. Speaking at the Bitcoin Conference in Las Vegas on Thursday, Mr Farage said: 'As of now, provided you are an eligible UK donor (…) we are the first political party in Britain that can accept donations in Bitcoin and other cryptocurrencies.' 'Once again, we're being innovative,' he added. On the Reform UK website on Thursday evening, it was possible to make a donation using cryptocurrency. There was also a disclaimer stating that all donations are subject to Electoral Commission rules and that anonymous donations are not permissible. Mr Farage said: 'My message to the British public, my message particularly to young people, is help us to help you bring our country properly into the 21st century. 'Let's recognise that crypto, Bitcoin, digital assets, are here to stay.' Speaking at the American event, Mr Farage pledged that his party would 'launch in Britain a crypto revolution' and make London 'one of the major trading centres of the world'. Announcing the crypto legislation that his party have drawn up, he also said 'we're going to have a Bitcoin digital reserve in the Bank of England'. Cryptocurrencies such as Bitcoin have increased in popularity in recent years, with research suggesting around 12% of adults in the UK own or have owned cryptoassets, up from 4% in 2021. Last month, Chancellor Rachel Reeves announced plans to regulate cryptoassets in a bid to make the UK a 'world leader'. She told a fintech conference that she would back the builders as she announced plans to make crypto firms subject to regulation in the same way as traditional finance companies.
