The United States Senate has voted 70-27 to overturn an IRS rule that would have imposed new tax reporting requirements on decentralised finance (DeFi) brokers.
The decision, backed by both parties, follows concerns that the rule was impractical for platforms that do not operate like traditional financial institutions. Critics, including the digital asset think tank Coin Centre, argued that enforcing such measures would be ‘technologically unfeasible’.
The rule, introduced in December, aimed to broaden the definition of ‘brokers’ to include DeFi platforms, requiring them to report user data.
However, the resolution must still pass the House of Representatives before reaching President Trump, who is expected to sign it into legislation. If enacted, it would prevent the IRS from imposing similar rules in future, marking a significant victory for the cryptocurrency industry.
The Blockchain Association, representing firms like Coinbase and Kraken, welcomed the decision, saying it protects DeFi innovation from unnecessary restrictions.
The Senate’s move also aligns with previous efforts to reverse SEC standards on digital assets. It could pave the way for broader cryptocurrency regulations, with stablecoin and market structure laws expected to be discussed next.
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BankPozitif, a leading digital bank in Turkey, has partnered with Swiss firm Taurus to provide institutional-grade cryptocurrency safekeeping services. This move places BankPozitif at the forefront of Turkey’s rapidly growing digital asset sector, as fintech adoption surges across the country. The bank will integrate Taurus-PROTECT™, a safekeeping platform for cryptocurrencies and tokenised assets, along with Taurus-EXPLORER™, which enables blockchain connectivity.
Chairman Dr Erkan Kork highlighted Turkey’s expanding banking sector, now worth 30 trillion liras, and the increasing demand for digital asset services. The partnership aligns with BankPozitif’s focus on innovation and digital transformation, reinforcing its commitment to staying ahead in the evolving financial landscape.
Taurus, which already collaborates with financial giants like Deutsche Bank and State Street, sees Turkey as a key market for the adoption of digital assets. With strong institutional interest and a constructive regulatory environment, the partnership signals a broader trend of traditional banks embracing crypto services to meet growing demand.
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South Korea’s financial regulators are closely monitoring Japan’s moves towards approving Bitcoin exchange-traded funds (ETFs), with reports suggesting that Seoul may follow suit if Tokyo takes further action. Since late last year, South Korea’s Financial Services Commission (FSC) has discussed Bitcoin ETF approval, but it has maintained a cautious stance towards crypto. However, recent developments in Japan have sparked new responses from South Korean regulators.
The Japanese Financial Services Agency (FSA) is reportedly considering reclassifying cryptocurrency as an investment tool and approving Bitcoin and altcoin ETFs. This potential shift has caught the attention of South Korean regulators, who have reviewed Japan’s policies and shared their findings within Seoul. The FSA aims to implement new crypto regulations by June, and this could set the stage for further legislative changes by 2025 or 2026.
While South Korean regulators have traditionally been hesitant, some financial chiefs have expressed concern over the country lagging behind rival nations. The FSC has recently indicated that it is unlikely to approve virtual asset ETFs shortly, citing Japan’s approach as a key reason. As Japan pushes ahead with its plans, it remains to be seen how South Korea will respond to these growing crypto policy shifts.
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Israel’s central bank has unveiled an early blueprint for a potential digital shekel, setting out its design, functionality, and regulatory considerations. While no final decision has been made on issuing a central bank digital currency (CBDC), the Bank of Israel is assessing its potential benefits, including lower transaction costs, improved privacy, and enhanced financial infrastructure.
Under the proposed plan, the central bank would issue the digital shekel, while private firms would manage user onboarding and financial services. The currency is expected to support offline transactions, instant settlements, and interoperability with other payment systems, ensuring it is widely accessible to the public and businesses alike.
To refine the digital shekel’s features, Israel has launched a public consultation, allowing individuals and businesses to submit feedback until April 2025. A final decision on whether to proceed with the CBDC is expected after 2026, based on further research, regulatory considerations, and technological advancements.
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The US Securities and Exchange Commission (SEC) has agreed to dismiss its lawsuit against cryptocurrency exchange Kraken, marking a significant shift in regulatory oversight under the new administration.
Kraken, which was accused of operating as an unregistered securities exchange, announced that the case was dismissed with prejudice, meaning it cannot be refiled. The company maintained that the lawsuit was politically motivated and hindered innovation in the crypto sector.
Kraken stated that the dismissal involved no admission of wrongdoing, no penalties, and no required changes to its business model.
The SEC had sued Kraken in 2023 as part of a broader crackdown on crypto firms under former SEC Chair Gary Gensler. However, the regulator has since scaled back its enforcement efforts, also ending a similar case against Coinbase and considering a resolution in its fraud case against entrepreneur Justin Sun.
The decision follows United States President Donald Trump’s appointment of Paul Atkins, a lawyer with a pro-crypto stance, to lead the SEC. Kraken remains one of the world’s largest cryptocurrency exchanges, ranking 10th globally in trading volume and liquidity.
The outcome signals a shift in the regulatory landscape, with growing support for digital assets under the current administration.
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Binance has announced it will delist nine stablecoins in the European Economic Area (EEA) on 31 March, as part of its efforts to comply with the Markets in Crypto-Assets Regulation (MiCA). Among the stablecoins being removed are Tether’s USDT and Dai (DAI). Despite the delisting, users will still be able to hold and withdraw these tokens, but they will be unable to use them for other products or services on the platform.
The exchange has assured users that MiCA-compliant stablecoins, like USDC and Eurite (EURI), will remain available. Binance is also encouraging affected users to convert non-compliant stablecoins into MiCA-approved alternatives, or fiat currencies, to continue accessing Binance’s full range of services.
While Binance is still working on obtaining a MiCA licence, the delisting process aligns with regulations that require all non-compliant tokens to be removed by March 2025. However, questions remain about how the platform will handle these assets once the MiCA licence is granted.
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Footballing legend Ronaldinho Gaúcho has launched a new cryptocurrency, Star10 (STAR10), on the BNB Chain, promising exclusive benefits and signed collectables for holders.
The token soared to a $397 million market cap within hours before dropping back to $274 million, drawing immediate scrutiny from analysts and investors. Concerns have been raised over its tokenomics, particularly the 35% insider allocation, with 20% reserved for Ronaldinho himself.
Security experts initially flagged the token as a potential risk, warning that its creator had the power to burn investor assets. However, blockchain security firm SlowMist later confirmed that ownership of the token contract had been renounced, reducing the risk of malicious intervention.
Despite this, the broader meme coin market remains under the spotlight, especially after high-profile failures like Libra (LIBRA), which collapsed after insiders withdrew millions in liquidity.
Regulatory experts warn that investors must be cautious, distinguishing between meme coins as digital collectables and outright scams. With celebrity-backed tokens becoming more common, closer scrutiny of transparency and security is growing, as past failures continue to shake confidence in the sector.
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Eric Trump has warned Wall Street to adapt to the growing crypto movement or risk becoming irrelevant. Speaking on Sunday, he praised his father’s announcement of a Strategic Crypto Reserve (SCR) for the US, calling the timing ‘genius’ and criticising traditional finance. The market responded swiftly, with Bitcoin surging 10% to $94,343 and Ethereum climbing 13%, while altcoins like Cardano and Solana saw massive gains. This move, announced by Donald Trump on Truth Social, confirmed that BTC, ETH, XRP, SOL, and ADA would be at the heart of the reserve.
The SCR aims to elevate the crypto industry, which Trump believes has faced years of attacks from the Biden administration. In his posts, Trump clarified that the reserve would involve active purchases of crypto over time, as opposed to simply holding onto seized assets, a distinction that sparked debate in the crypto community. While many saw the reserve as a positive development, some questioned the inclusion of specific coins like XRP and ADA, and others voiced concerns about the potential destabilising effects on the US dollar.
Despite differing opinions, the announcement has reinvigorated market confidence, with Bitcoin recovering from recent lows. Trump’s upcoming White House Crypto Summit on Friday will likely provide more details on the reserve’s structure, leaving investors eager to see how the move impacts both crypto and traditional finance in the long term.
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More than 600 Russian crypto mining firms and infrastructure operators have now registered with the country’s Federal Tax Service (FTS), according to an official report. This includes 518 miners and 91 other operators, such as hosting services and data centres. By November 2024, all mining firms using over 6,000 kWh of electricity per month will be required to register with the FTS.
Although crypto mining is not yet taxed in Russia, the government is preparing a bill that would impose levies on miners’ incomes. The FTS has also reminded miners using over 6,000 kWh monthly to report the cryptocurrency they have mined, signalling that some have yet to comply.
The registration process has been described as running smoothly, with FTS officials stating that miners signing up would ensure safer operations. The register also requires firms to report detailed information, including their mined crypto, transaction data, and wallet addresses.
Experts estimate that the top Russian crypto mining companies generated over 20 billion rubles in revenue in 2023, amounting to approximately $223.9 million.
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The Swiss National Bank (SNB) has rejected the idea of adding Bitcoin to its reserve assets, with President Martin Schlegel citing concerns over volatility, liquidity, and security risks. He argued that Bitcoin’s price fluctuations make it unsuitable for Switzerland’s monetary policy needs, as reserves must remain highly liquid for rapid deployment.
The stance contradicts efforts by the Swiss Bitcoin think tank 2B4CH, which is pushing for a referendum to mandate Bitcoin as part of the SNB’s reserves. The initiative, launched in late 2023, needs 100,000 signatures by mid-2026 to move forward. Despite growing interest in institutional adoption, Schlegel dismissed Bitcoin as a ‘niche phenomenon’ and insisted it poses no threat to the Swiss franc.
While Switzerland remains hesitant, other countries are embracing Bitcoin reserves. El Salvador continues to accumulate the asset, and the US, Czech Republic, and Hong Kong are considering similar moves. Meanwhile, several US states are introducing legislation to support Bitcoin adoption, even as Switzerland maintains a cautious approach.
Bitcoin is currently trading at around $86,000, with analysts watching key price levels for a potential rally. Despite the SNB’s resistance, Switzerland remains a major hub for crypto innovation, particularly in Lugano, where Bitcoin adoption continues to expand.
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