The European Union is set to enforce new common regulations for crypto asset service providers (CASPs) under the Markets in Crypto-Assets (MiCA) framework by 30 December, replacing national laws. The Cyprus Securities and Exchange Commission (CySEC) has already begun freezing CASP applications under Cypriot law as of 17 October, advising market participants to prepare for the upcoming changes.
CASPs that register under national regulations before the December deadline can continue to operate until July 2026, unless they receive or are denied MiCA authorisation before then. The transition will bring new regulatory standards, and CASPs must comply with the European Commission’s guidelines, which are still pending final publication. In the meantime, the European Securities and Markets Authority (ESMA) has issued draft standards for CASPs to follow.
Other European regulators, such as the Dutch Authority for the Financial Markets, are already investigating potential fraud and manipulation schemes before MiCA takes full effect. The new regulations aim to bring greater transparency and stricter oversight to the crypto market across the EU.
The Central Bank of the UAE has given preliminary approval to AED Stablecoin, positioning it to be the first regulated stablecoin pegged to the dirham in the country. The move follows the bank’s recent licensing framework, which restricts crypto payments to licensed dirham-pegged tokens, easing previous concerns over potential restrictions on crypto use.
If fully licensed, AED Stablecoin’s AE Coin could become a local trading pair for cryptocurrencies and be used by merchants for payments. Issuers of the stablecoin must back it with cash reserves held in UAE banks or a combination of cash and government bonds.
The UAE’s favourable regulatory environment has been attracting major players in the crypto space. While AED Stablecoin faces competition from Tether, OKX has launched a new trading platform, and M2 has introduced a system allowing direct dirham conversions to Bitcoin and Ether.
Siam Commercial Bank has launched Thailand’s first cross-border payment system powered by stablecoins, aiming to revolutionise international transactions. Partnering with SCB 10X and Lightnet, the system uses stablecoins pegged to gold or the US dollar to offer faster, more cost-effective transfers, allowing users to transact in local currencies.
The innovative payment network runs on a public blockchain, with Fireblocks ensuring the highest level of asset security. By eliminating the need for pre-funded accounts with foreign banks, SCB’s new system reduces operational costs and enhances capital efficiency.
Having completed testing in Thailand’s regulatory sandbox, the project is now fully operational, setting a new benchmark for blockchain-driven financial services and solidifying SCB’s leadership in the digital banking sector.
A 25-year-old man from Alabama has been arrested for hacking the US Securities and Exchange Commission’s X account in a scheme to manipulate Bitcoin prices. The incident, which occurred in January, involved a false post on the SEC’s account claiming the approval of Bitcoin exchange-traded funds, briefly causing Bitcoin’s price to rise by $1,000. The SEC swiftly deleted the post and denied the message, but the hack sparked criticism over security vulnerabilities on X.
The suspect, Eric Council Jr., used a SIM-swapping technique to access the account and later received Bitcoin as payment for his involvement in the hack. Following the incident, he reportedly searched online for information on how to avoid FBI detection. Council now faces charges of conspiracy to commit aggravated identity theft and access device fraud.
The SEC expressed its gratitude to law enforcement for their prompt action in the case, while the incident reignited concerns over the security of social media platforms, particularly since X’s acquisition by Elon Musk.
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.
