Ireland is set to draft urgent cryptocurrency regulations as the country prepares for new European Union standards to combat money laundering and terrorist financing. Finance Minister Jack Chambers revealed that the legislation would update Ireland’s crypto laws before the EU’s new rules come into force on 30 December.
The upcoming EU regulations will give financial intelligence units greater powers, including suspending transactions and enforcing stricter reporting requirements for crypto exchanges. These new rules will also cap cash payments at €10,000 and introduce more stringent oversight of high-value transactions.
Ireland’s Central Bank supports the initiative, viewing it as essential for safeguarding the financial system. The country has already approved 15 virtual asset service providers, including major players like Coinbase and Ripple, as part of its efforts to ensure compliance with these new regulations.
Alchemy Pay has formed a new partnership with Yellow Card, a fintech company that operates in 20 African countries. The collaboration aims to simplify the process for African users to buy cryptocurrency using familiar local payment methods like bank transfers and mobile money, making crypto more accessible to people in countries such as South Africa, Uganda, and Rwanda.
Yellow Card’s existing payment infrastructure, which processes over $3 billion in transactions, will now support Alchemy Pay’s service, enabling users to easily convert local currencies into cryptocurrency. This move is expected to open up new financial opportunities for millions of people across Africa, promoting participation in decentralised finance (DeFi) and stablecoins.
Additionally, Alchemy Pay has integrated Samsung Pay into its Virtual Card service, alongside Google Pay, providing users with more options for making crypto payments. The company continues to expand its services, including partnerships with Scroll, to improve access to digital assets like Tether and USDC for global users.
Grayscale, a prominent crypto asset manager, has officially filed with the United States Securities and Exchange Commission (SEC) to convert its $520 million Digital Large Cap Fund into an exchange-traded fund (ETF). The New York Stock Exchange (NYSE) submitted the request on Grayscale’s behalf in a 14 October filing. This move aims to simplify the buying and selling of shares for investors by creating a spot ETF that holds the underlying assets rather than relying on futures contracts.
Currently managing over $524 million in assets, the fund is heavily weighted in Bitcoin, accounting for 76% of its portfolio, with Ether making up 18%. The conversion comes on the heels of the SEC’s changing stance on crypto ETFs, following a favourable court ruling for Grayscale earlier this year. Previously, the SEC had rejected all applications for spot crypto ETFs, but the new developments indicate a shift in regulatory approach.
Investors have been offloading shares following the ETF conversions of Grayscale’s Bitcoin Trust and Ethereum Trust, with notable outflows recorded. Since the conversion to ETFs, Grayscale’s Bitcoin fund has seen $21 billion in outflows, while its Ethereum ETF has recorded $3 billion. Meanwhile, Grayscale continues to expand its offerings, recently adding 35 altcoins to its consideration list for future investment products.
James Howells, a software engineer from Wales, has taken legal action against Newport City Council to recover a hard drive containing around 8,000 Bitcoin. The hard drive, which was accidentally discarded, is now worth approximately $514 million.
Howells has been repeatedly denied permission to excavate the landfill where the drive is believed to be located. In response, he filed a lawsuit seeking damages of £495 million, aiming to pressure the council into allowing the search. Howells has offered the council 10% of the recovered Bitcoin’s value if successful.
Despite these efforts, Newport Council remains firm in its refusal, citing potential environmental risks, and has dismissed the lawsuit as weak. The case is expected to be heard in December.
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.
Coinbase has filed a motion seeking partial summary judgment in its ongoing legal battle against the US Securities and Exchange Commission (SEC). The cryptocurrency exchange aims to access internal SEC documents, hoping to gain insight into the regulator’s approach toward the crypto industry. This stems from the SEC’s decision to deny requests under the Freedom of Information Act (FOIA) for crucial records on its enforcement strategies.
Coinbase, through History Associates, has been attempting to understand the SEC’s stance on digital assets, especially concerning the regulation of cryptocurrencies as securities. The SEC initially withheld documents under law enforcement exemptions but later acknowledged that these protections might no longer apply. Despite this, the regulator has delayed the document review process for three years, which Coinbase argues is unwarranted.
This motion is part of Coinbase’s broader efforts to challenge the SEC’s regulatory approach to the crypto sector, which many believe lacks clear guidelines. The case highlights the need for transparency regarding how the SEC enforces securities laws in the rapidly growing digital asset space.
Cryptocurrency investment products saw a surge in inflows during 5–11 October, totalling $407 million, with Bitcoin leading the charge. Bitcoin investment products attracted $419 million, while short-Bitcoin investments saw outflows of $6.3 million. This significant uptick comes as political developments in the US, particularly polls favouring Republicans in the upcoming elections, appear to have boosted market confidence in Bitcoin.
CoinShares’ head of research, James Butterfill, highlighted the political shift as the main driver behind the increase in crypto inflows, noting that economic data had little impact on stemming outflows from the previous week. Investors seem to view Republicans as more supportive of digital assets, leading to a rise in Bitcoin’s price, which climbed by more than 2%.
Meanwhile, blockchain ETFs saw their largest weekly inflows of 2024, totalling $34 million. However, Ethereum continued its trend of outflows, with $9.8 million withdrawn from Ether products last week, indicating a contrast in investor sentiment between Bitcoin and Ethereum.
US Vice President Kamala Harris is strengthening her connection with the cryptocurrency community through her “Opportunity Economy” agenda. She is set to speak with Black entrepreneurs in Erie, Pennsylvania, discussing her support for small businesses, cryptocurrency regulation, and cannabis legalisation at the federal level. The initiative aims to empower Black men by providing tools for home ownership, business creation, and wealth building.
Harris’s campaign has shifted its stance on digital assets. Once seen as part of an anti-crypto regime, her current position favours regulatory frameworks that protect crypto investors, including Black men who own such assets. Ripple co-founder Chris Larsen’s $1 million donation to her campaign signals a growing belief that Harris may work on bipartisan crypto legislation.
Despite this support, not everyone in the crypto community is convinced by her campaign’s shift. However, Harris remains focused on protecting crypto ownership rather than restricting it.
The Central Bank of Brazil has opened the second phase of its digital currency pilot, Drex, inviting companies to apply from 14 Oct. to 29 Nov. The initiative aims to explore complex use cases for the tokenised real, including government-backed loans, agribusiness assets, and carbon credits. Thirteen proposals have already been approved, advancing Brazil’s push toward integrating blockchain into its financial system.
The first phase of the Drex pilot saw 16 consortiums, mostly led by banks, testing the digital real through decentralised networks. However, privacy concerns remain, with four participants yet to resolve transaction anonymity issues. Brazil’s Securities Commission president stressed that tokenisation is a business model poised for long-term success and must be regulated within the financial system.
Brazil’s efforts to develop its CBDC align with global trends. The Atlantic Council notes that 134 countries are considering CBDCs, with Brazil among the 65 most advanced. China, meanwhile, has made significant strides, with its digital renminbi, e-CNY, reaching $1.02 trillion in transactions by 11 October.
