Meta Platforms announced stricter regulations for advertisers promoting financial products and services in Australia, aiming to curb online scams. Following an October initiative where Meta removed 8,000 deceptive ‘celeb bait’ ads, the company now requires advertisers to verify beneficiary and payer details, including their Australian Financial Services License number, before running financial ads.
This move is part of Meta’s ongoing efforts to protect Australians from scams involving fake investment schemes using celebrity images. Verified advertisers must also display a “Paid for By” disclaimer, ensuring transparency in financial advertisements.
The updated policy follows a broader regulatory push in Australia, where the government recently abandoned plans to fine internet platforms for spreading misinformation. The crackdown on online platforms is part of a growing effort to assert Australian sovereignty over foreign tech companies, with a federal election looming.
DMM Bitcoin, a Japanese cryptocurrency exchange, is preparing to wind down its operations after suffering a significant loss of $320 million in Bitcoin due to a hack in May. The breach, which compromised a private key linked to a wallet holding over 4,500 Bitcoin, forced the company to halt its restructuring efforts and focus on safeguarding customer assets. In response, DMM Bitcoin has arranged to transfer all customer accounts and assets to SBI VC Trade, a crypto exchange operated by financial giant SBI Group, with the transition expected to be completed by March 2025.
The company confirmed that customer assets, including Japanese yen and cryptocurrencies, will be secure during the move. Despite initial assurances that customer deposits would be protected, DMM Bitcoin was forced to suspend withdrawals, new account registrations, and trading following the attack. The company also pledged to compensate affected users by procuring an equivalent amount of Bitcoin, backed by its group companies.
The hack is one of Japan’s largest crypto breaches, second only to the $530 million Coincheck hack in 2018. Blockchain analysts have linked the breach to the Lazarus Group, a North Korean cybercrime organisation, suggesting similarities in laundering techniques. DMM Bitcoin, which launched in 2018, has also been facing challenges with its Web3 gaming project and stablecoin initiatives, ultimately leading to the decision to wind down its operations.
This attack is part of a broader trend of rising cyberattacks on cryptocurrency exchanges in 2024, including major breaches of other exchanges such as WazirX, BingX, and BtcTurk. The growing frequency of such incidents underscores the ongoing risks facing centralized crypto platforms.
The United States will implement sweeping new restrictions on semiconductor exports to China starting Monday, targeting 140 Chinese firms to curb Beijing’s technological advancements, especially in AI and military applications. The measures, part of the Biden administration’s continued crackdown on China’s chip industry, include export controls on high-bandwidth memory (HBM) chips, 24 chipmaking tools, and advanced semiconductor equipment manufactured in countries like Singapore and Malaysia.
Among the companies affected are major Chinese chip equipment makers such as Naura Technology Group and Piotech, alongside firms tied to Huawei, which remains central to China’s chipmaking ambitions. Nearly two dozen additional semiconductor and investment firms will be added to the US Entity List, severely restricting their access to American technology. In response, Chinese officials criticised the move, claiming it undermines global trade and supply chains while vowing to protect their firms’ interests.
The restrictions also expand the foreign direct product rule, giving the US authority to regulate exports to China of equipment containing even minimal American technology. This move could disrupt global suppliers, although Japan and the Netherlands are exempt due to their collaboration with the US on similar controls. The crackdown follows a broader US strategy to limit China’s ability to compete in advanced technologies, building on export curbs introduced in 2022.
Despite China’s efforts to become self-reliant in semiconductors, it remains years behind global leaders like Nvidia and ASML. Meanwhile, the restrictions are expected to hit companies such as Lam Research, Applied Materials, and Samsung, which derives a significant share of its HBM chip revenue from China. With the upcoming administration of Donald Trump expected to maintain a hardline stance on China, the latest measures underscore ongoing US efforts to preserve its technological edge.
Industry group SEMI Europe has urged the incoming European Commission to adopt a more unified industrial strategy and expand on the existing European Chips Act. The group highlighted the importance of Mario Draghi’s recommendations, including a centralised EU budget and expedited approvals for strategic high-tech initiatives, to maintain competitiveness against the US and China.
SEMI emphasised the need for additional funding to bolster Europe’s semiconductor ecosystem, particularly in light of global export restrictions on chip technology and critical minerals. Quick action on EU export policies is vital to protect strategic interests and strengthen Europe’s global influence, the group said.
While the Chips Act focuses on attracting new manufacturing, SEMI and other industry voices, like ESIA, have called for broader support. This includes incentives for ‘legacy and foundational’ chip production and innovations essential for Europe’s green transition. Together, SEMI and ESIA represent leading players such as ASML, Infineon, and STMicroelectronics.
A revamped Chips Act would not only counter state-subsidised competition from China but also enhance Europe’s semiconductor supply chain resilience, crucial for its economic and technological independence.
South Korea’s crypto tax implementation has been postponed once again, with lawmakers agreeing to delay its launch until January 2027. The decision comes after extended negotiations between the ruling People’s Power Party (PPP) and the opposition Democratic Party (DP). The DP initially opposed the delay, proposing an alternative plan to raise the tax threshold for crypto traders, but later conceded to the government’s timeline.
DP floor leader Park Chan-dae stated the postponement allows more time for institutional preparations, echoing concerns from party leader Lee Jae-Myung about the current system’s readiness for taxation. The amendment will now move forward for approval in a plenary session. Lawmakers have faced criticism for repeatedly delaying the tax, which was first scheduled to take effect in 2021.
The DP’s focus now shifts to opposing other government tax plans, including changes to dividend income and inheritance tax. Meanwhile, crypto traders in South Korea have expressed frustration, describing the tax situation as chaotic. While many welcome the postponement, some argue that political mishandling has caused unnecessary uncertainty in the industry.
Meta Platforms, the owner of Facebook, Instagram, and WhatsApp, is set to face trial in Spain in October 2025 over a €551 million ($582 million) lawsuit filed by 87 media companies. The complaint, led by the AMI media association, accuses Meta of unfair competition in advertising through its alleged misuse of user data from 2018 to 2023.
The media companies argue that Meta’s extensive data collection provides it with an unfair advantage in crafting personalised ads, violating EU data protection regulations. Prominent Spanish publishers, including El Pais owner Prisa and ABC publisher Vocento, are among the plaintiffs. A separate €160 million lawsuit against Meta was also filed by Spanish broadcasters last month on similar grounds.
The lawsuits are part of a broader effort by traditional media to push back against tech giants, which they claim undermine their revenue and fail to pay fair fees for content use. In response to similar challenges in other countries, Meta has restricted news sharing on its platforms and reduced its focus on news and political content in user feeds.
Meta has not yet commented on the Spanish lawsuits, which highlight ongoing tensions between digital platforms and legacy media seeking to safeguard their economic interests.
Russian President Vladimir Putin has signed a new federal law regulating crypto mining and granting legal recognition to digital currencies as property. The law, which will take effect on January 1, 2025, introduces a personal income tax of 13% to 15% on cryptocurrency sales, with mining operations exempt from value-added tax (VAT). It also mandates that mining infrastructure operators report their services to local authorities every quarter, with penalties for late submissions.
The legislation also recognises digital currencies as property, granting them legal status and allowing their use in cross-border transactions under Russia’s experimental legal regime. Crypto miners will be taxed progressively based on income, with a 13% rate on earnings up to 2.4 million rubles and 15% on income above that threshold. However, corporate profits from mining activities will face a higher tax rate of 25% from 2025 onwards.
Alongside the tax changes, Russia’s ongoing energy crisis has led to restrictions on mining activities in energy-scarce regions. Certain areas, such as Irkutsk and Donetsk, may face mining limits until 2031, which could have a significant impact on mining companies relying on cheap energy sources.
This regulatory clarity has contributed to a rise in demand for cryptocurrencies, reflected by an 8% increase in traffic to major exchanges in November. However, the energy-intensive nature of mining and regional restrictions remain key challenges for the industry.
The German government is preparing substantial investments to strengthen its semiconductor industry, aiming to reduce reliance on Asian suppliers and foster local innovation. Subsidies are expected to reach approximately €2 billion, although the Economy Ministry has described the figure as ‘low single-digit billions’. Funding applications for projects contributing to a sustainable microelectronics ecosystem have been invited following the European Chips Act.
The European Chips Act, a broader EU initiative, promotes local semiconductor production by subsidising advanced chip factories. Germany‘s funding prioritises modern production capacities that surpass current technological standards. Officials hope the move will bolster both national and European resilience in semiconductor manufacturing.
Efforts reflect a growing urgency to diversify the global semiconductor supply chain. Germany’s strategic push aligns with wider EU goals to establish a competitive, sustainable microelectronics industry capable of reducing dependence on foreign suppliers.
The European Commission announced the closure of its state aid investigations into tax rulings granted to Amazon, Fiat, and Starbucks by Luxembourg and the Netherlands. Initially, the Commission had ruled in 2015 and 2017 that these nations provided the companies with selective tax advantages that breached EU state aid rules. The allegations were part of broader efforts to address unfair tax practices within the European Union.
EU courts, however, annulled the Commission’s decisions in subsequent legal challenges, ruling that the tax arrangements did not constitute illegal state aid. As a result, the Commission concluded that the companies had not violated EU rules and formally ended the investigations.
The cases underscore the complexities of enforcing tax harmonisation across EU member states. Critics of the initial rulings argued that such cases reflect the challenges of balancing national tax sovereignty with EU-wide competition regulations. The closures may also influence future policies on corporate taxation in Europe.
French startup Linkup is reshaping how AI applications access web content by creating a marketplace for licensed material. Unlike traditional web scraping, Linkup partners with publishers to fetch content directly through integrated systems, ensuring intellectual property rights are respected. The platform caters to developers enriching large language models (LLMs) with high-quality, fresh data.
CEO Philippe Mizrahi highlighted Linkup’s focus on licensing deals that benefit both publishers and AI developers. The service targets business applications, such as corporate insights or sales tools, utilising databases like Statista and news sources.
With €3 million in seed funding, Linkup aims to expand its team and services, standing out in the growing market of ethical content acquisition for generative AI. Competitors like ScalePost also focus on licensing, indicating a shift in how AI firms source data amid tightening regulations.
