The European Union’s Markets in Crypto-Assets Regulation (MiCA) is poised to play a crucial role in the global regulation of stablecoins. According to Binance, the comprehensive framework will set clear rules for stablecoin issuance, reserve management, and redemption, enhancing market stability and consumer protection. MiCA’s approach will also serve as a global benchmark, helping other jurisdictions align their regulatory efforts for cross-border compatibility.
Although MiCA is expected to bring more certainty to the crypto industry, its strict implementation could challenge smaller firms and decentralised finance (DeFi) protocols. The legislation may require them to meet the same licensing and Know Your Customer (KYC) standards as traditional financial services, adding significant compliance burdens. The framework also includes a ban on algorithmic stablecoins to prevent collapses like that of Terra USD (UST).
As MiCA comes into effect on 30 December, major financial institutions like Societe Generale are already preparing MiCA-compliant digital assets. The banking group is partnering with Bitpanda to launch the EUR CoinVertible stablecoin.
Binance has partnered with the Delhi Police to uncover and dismantle a $100,000 scam tied to India’s renewable energy goals. The fraudulent scheme, operated by ‘M/s Goldcoat Solar,’ falsely claimed it had official backing to help expand the nation’s solar power capacity. Promising high returns, the scammers duped investors by aligning their activities with India’s green energy ambitions.
Using social media to impersonate officials and create fake earnings reports, the syndicate built trust with victims, while concealing their true identities through multiple SIM cards registered under unsuspecting individuals. Binance aided the investigation by providing crucial analytical support to trace the funds, which had been laundered through bank accounts and converted into cryptocurrency.
The crackdown comes after Binance’s recent re-entry into India, where the exchange is now registered with the Financial Intelligence Unit, ensuring compliance with local regulations amid ongoing efforts to regulate crypto platforms.
WhatsApp is facing potential sanctions from India’s Competition Commission (CCI) over its controversial 2021 privacy policy update, which has raised significant privacy concerns. The CCI is reportedly preparing to take action against the messaging platform, owned by Meta, for allegedly breaching antitrust laws related to user data handling. The policy, which allows WhatsApp to share certain user data with Meta, has faced widespread criticism from regulators and users who view it as intrusive and unfair.
The CCI’s investigation suggests that WhatsApp’s data-sharing practices, particularly involving business transaction data, may give Meta an unfair competitive advantage, violating provisions against the abuse of dominance. A draft order has been prepared to penalise both WhatsApp and Meta, as the CCI’s director general has submitted findings indicating these violations.
In response, WhatsApp stated that the case is still under judicial review and defended its privacy policy by noting that users had the choice to accept the update without losing access to their accounts. If sanctions are imposed, this could represent a pivotal moment in India’s efforts to regulate major tech firms and establish precedents for the intersection of privacy and competition laws in the digital age.
Reliance Jio has requested Union Minister Jyotiraditya Scindia to intervene with the Telecom Regulatory Authority of India (TRAI) to revise its consultation paper on spectrum allocation rules. The operator emphasises the urgent need to establish a level-playing field between terrestrial and satellite service providers, especially with new entrants like Starlink and Amazon’s Kuiper seeking to enter the Indian market.
Jio warns that Trai’s failure to address competitive dynamics could compromise fair competition and lead to legal challenges, as it may violate Supreme Court rulings emphasising transparency and equity in spectrum allocation. The telecom operator insists that comprehensive assessments of market demand and technological advancements are essential for ensuring fair treatment of all service providers in the allocation process.
Furthermore, Jio criticises the administrative allocation process adopted by the Department of Telecom and Trai for satellite services in India, arguing that it needs more thorough analysis and stakeholder input. The company firmly rejects any preferential treatment for satellite communication services, asserting that such an approach undermines the principles of non-discrimination and fairness.
Jio calls for spectrum assignment policies to align with established legal standards, ensuring that all players, regardless of whether they provide terrestrial or satellite services, are subject to the same fair and transparent regulatory framework.
US regulators have imposed $32 billion in fines on crypto companies to resolve compliance disputes. A record $19.45 billion of that total came in 2024, primarily due to a $12.7 billion payment involving FTX and Alameda Research. In August, a judge ruled that the firms must pay $8.7 billion in restitution to those affected, along with a $4 billion fee for ill-gotten gains.
Terraform Labs also faced hefty fines in 2024, totalling $4.5 billion. Founder Do Kwon is required to pay $204.3 million in interest, fines, and compensation. Other significant fines include Binance’s $4.3 billion and Celsius’s $4.7 billion, both issued in 2023. Binance settled criminal charges, paying $1.81 billion in fines and $2.51 billion in compensation.
The surge in settlements reflects increased regulatory scrutiny following the FTX collapse in 2022. In 2023, US regulators settled eight lawsuits for $10.87 billion, a record-breaking 8,327% increase from the previous year. As of 2024, with eight more settlements totalling $19.45 billion, this year’s total has already surpassed 2023 by 78.9%.
The EU recently adopted a directive that modernises civil liability laws, aligning them with contemporary economic models influenced by technological advancements and the principles of the circular economy. That update broadens the definition of a ‘product’ to include digital manufacturing files and software, recognising the increasing prevalence of digital product features.
Additionally, the directive addresses the implications of circular economy business models by ensuring that individuals or companies responsible for repairing or upgrading products outside the original manufacturer’s control can be held liable for any defects that may arise from these modifications. Consumer protection is a core focus of this directive, enhancing the rights of injured parties while providing clarity for producers.
The updated rules stipulate that online platforms will now share liability for defective products sold on their sites, similar to traditional economic operators. The change reinforces the responsibility of online marketplaces to ensure the safety and quality of the products they offer.
The directive streamlines compensation by allowing injured individuals access to relevant evidence manufacturers hold. It holds importers or EU-based representatives of non-EU manufacturers liable for damages from foreign products. To promote fairness, courts may permit claimants to demonstrate only the likelihood of defectiveness when proving a product’s defect is challenging.
Taking effect 20 days after publication in the Official Journal of the European Union, the directive requires member states to transpose it into national laws within two years. The update enhances consumer protection and legal clarity while supporting the adoption of new technologies.
Google is pushing back against a federal judge’s recent order that would force it to allow more competition in its Play Store. In a court filing, the tech giant requested that US District Judge James Donato’s injunction, set to take effect on 1 November, be paused. Google argues that the ruling could introduce significant security, privacy, and safety risks to the Android ecosystem and is seeking time to pursue an appeal.
The injunction stems from a lawsuit initiated by Epic Games, the creator of ‘Fortnite,’ which argued that Google monopolised app distribution and in-app payment processes on Android devices. A jury sided with Epic, and the judge’s order now requires Google to allow users to download apps from third-party platforms and use alternative payment methods for in-app purchases.
In addition, the ruling prevents Google from paying manufacturers to preinstall its Play Store on devices and from sharing revenue generated through the Play Store with other distributors. These measures aim to reduce Google’s control over the app marketplace, opening up more space for competitors.
If Judge Donato denies Google’s request to delay the order, the company can take its case to the 9th US Circuit Court of Appeals, based in San Francisco. Google has already filed its notice of appeal and is preparing to challenge the injunction and the antitrust verdict that underpins it.
As the appeal process unfolds, the court will ultimately decide whether Google must comply with the ruling or if the tech giant can maintain its current app store policies while reviewing the case.
The legal battle has significant implications for app distribution on Android devices.
The European Commission has set a deadline of October 21 for the Chinese online marketplace Temu to respond to inquiries regarding its compliance with the Digital Services Act (DSA). The Commission is seeking detailed information about Temu’s efforts to combat the sale of illegal products on its platform and the measures it has implemented to ensure consumer protection, public health, and user wellbeing.
Temu, founded in 2022 by PDD Holdings, was classified as a Very Large Online Platform due to its user base exceeding 45 million monthly average users in the EU. It was previously required to meet DSA standards by the end of September, including addressing systemic risks and preventing the sale of counterfeit goods. This latest inquiry marks the second time the Commission has sought clarification from Temu, following questions in June about its compliance with the “Notice and Action mechanism” for reporting illegal products.
The European Consumer Organisation (BEUC) has also raised concerns about Temu’s practices, filing complaints against the platform for failing to protect consumers and employing manipulative tactics. These complaints, supported by representatives from 17 EU member states, allege that Temu does not provide essential seller information, hindering consumers’ ability to verify product safety compliance. The DSA has been in effect since February, and the EU has initiated several investigations into other major platforms for similar compliance issues.
Brazil‘s government has proposed a reform to its competition law that would empower the antitrust authority, CADE, to designate certain digital platforms as systemically relevant, imposing new obligations on them as needed. The Finance Ministry emphasises the importance of equipping local legislation with tools to tackle the challenges posed by large tech firms that inhibit competition due to their size and market influence. This reform targets practices like exclusivity agreements, ‘killer acquisitions,’ and self-preferencing in search results.
The proposed changes would require digital platforms to submit pre-merger notifications and follow transparency rules concerning service and product usage. They would also need to disclose any modifications to their terms of service. The government seeks to find a balance between the regulatory frameworks of the US and the EU while taking inspiration from practices in Japan, the UK, and Germany.
The next steps for the Brazilian government include deciding whether to present these recommendations as a new bill to Congress or to integrate them into existing legislative proposals. Economic Reforms Secretary Marcos Pinto highlighted that the goal of the proposal is to promote competition while avoiding hindrances to innovation or unnecessary bureaucracy, underscoring the need to maintain a competitive economic environment.
The US Department of Justice has proposed remedies to dismantle Google‘s dominance in the search market, which analysts warn could undermine the company’s primary profit source and hinder its advancements in AI. The DOJ may seek to compel Google to divest parts of its business, including the Chrome browser and Android operating system, while also considering measures such as barring the collection of sensitive user data, requiring transparency in search results, and allowing websites to opt out of their content being used for AI training.
The proposed changes have already affected Alphabet’s stock, which fell by 1.5% after the announcement. Analysts indicate that if these remedies are put into action, they could diminish Google’s revenue while providing more opportunities for competitors like DuckDuckGo and Microsoft Bing, as well as AI companies such as Meta and Amazon. With Google’s share of the US search ad market expected to fall below 50% for the first time in over a decade by 2025, these remedies are viewed as essential for creating a more competitive landscape.
Despite the ambitious nature of the DOJ’s proposals, some experts are sceptical about their feasibility. Adam Kovacevich from the Chamber of Progress argues that these remedies could encounter legal challenges and may not withstand the appeals process. While investors appear doubtful that a forced breakup of Google will take place, the situation highlights the increasing scrutiny and pressure on the tech giant within a rapidly changing competitive landscape.
