Bit Trade, the operator of Kraken in Australia, has been fined $8 million for offering an unapproved margin lending product to over 1,100 customers. The Federal Court of Australia ruled that the company breached financial regulations by failing to assess customer suitability and neglecting to provide a Target Market Determination (TMD), a document essential for ensuring products are appropriately matched to consumers’ needs.
The Australian Securities and Investments Commission (ASIC) revealed that customers lost $7.85 million due to the product, with one individual losing $6.3 million. Justice John Nicholas criticised Bit Trade’s actions as “serious” and profit-driven, calling out the company for its delayed response to compliance issues. In addition to the fine, Bit Trade was ordered to cover ASIC’s legal costs.
Kraken was disappointed with the ruling, arguing that Australia’s regulatory framework lacks clarity and calls for tailored cryptocurrency laws. However, ASIC Chair Joe Longo described the decision as a turning point for consumer protection, urging digital asset firms to meet compliance obligations. The regulator is currently consulting with the crypto industry on updates to its guidance, though critics claim the government’s inaction has left the sector in “regulatory limbo.”
Bitcoin prices have reached a new record, surpassing $107,000 amid speculation that President-elect Donald Trump might establish a Bitcoin strategic reserve. The milestone came shortly after prices broke through $106,000, reflecting growing optimism in the cryptocurrency market.
Meanwhile, MicroStrategy announced a $1.5 billion bitcoin purchase, adding 15,350 bitcoins at an average price of $100,386 each. The company now holds 439,000 bitcoins, worth $47 billion, and has seen its market cap soar from $1.1 billion in 2020 to nearly $100 billion. The firm’s shares have surged by 527% this year, boosted by Bitcoin’s rally and its forthcoming inclusion in the Nasdaq 100 index.
Despite its impressive growth, analysts suggest MicroStrategy may face challenges in joining the S&P 500 due to concerns over profitability. Current accounting rules restrict how gains from bitcoin holdings are recorded, although new standards expected in January 2025 could help the company more accurately reflect its bitcoin-related gains.
Bitget has secured a Bitcoin Service Provider licence from El Salvador’s Central Reserve Bank, allowing the platform to offer Bitcoin-to-fiat exchanges, payments, and custody services in the country. This licence is part of Bitget’s strategy to strengthen its global regulatory position and expand its presence in Latin America.
El Salvador, which made Bitcoin legal tender in 2021, has become a hub for cryptocurrency adoption. With this new licence, Bitget aims to tap into the country’s growing crypto market, which serves as a gateway to the wider region. The company is also pursuing a Digital Assets Service Provider licence from El Salvador’s National Commission of Digital Assets to extend its services to other cryptocurrencies.
In addition to its progress in Latin America, Bitget has secured Virtual Asset Service Provider licences in Poland and Lithuania and recently re-entered the UK market through a partnership with Archax. The company also plans to set up a dedicated team in El Salvador to strengthen its local presence.
Société Générale has achieved a milestone by conducting the first repo transaction using blockchain within the Eurosystem. The transaction carried out with Banque de France through Société’s digital asset subsidiary Forge, involved tokenised bonds issued on Ethereum in 2020 as collateral. Central bank digital currency (CBDC) issued by Banque de France was exchanged as cash, showcasing the potential of blockchain in modern financial operations.
The move highlights the feasibility of conducting interbank refinancing on-chain. Société Générale stated that using CBDCs for such transactions could improve liquidity for digital financial securities. Tokenisation, which converts traditional securities into digital tokens, offers faster settlement times and an immutable record of transactions, making it a promising technology for the financial sector.
Banque de France has been actively exploring CBDC use cases since 2021, including cross-border transactions and collaborations with global partners like the Hong Kong Monetary Authority. Meanwhile, Société Générale continues to expand its digital asset operations, including launching its euro-denominated stablecoin EUR convertible. The bank’s innovative efforts reflect its position as one of the world’s largest financial institutions.
Thailand’s former Prime Minister, Thaksin Shinawatra, has urged the government to delve deeper into cryptocurrencies to stay competitive in an increasingly digital world. Speaking at a lecture in Hua Hin, Shinawatra highlighted the growing importance of understanding digital assets, noting that global digitisation reshapes economies. He remarked on the proliferation of cryptocurrencies and emphasised that Thailand must adapt to avoid falling behind.
The country has already taken significant steps in exploring the digital economy. The Securities and Exchange Commission launched a regulatory sandbox earlier this year, allowing businesses to experiment with digital assets in a controlled environment. Meanwhile, the government fulfilled its campaign promise to distribute 10,000 baht in digital cash to 45 million residents as an economic stimulus.
Private institutions are also making moves, with Kasikornbank becoming Thailand’s first licensed crypto custodian in September. Regulatory shifts have further opened the door for mutual and private funds to invest in digital assets. Additionally, the Bank of Thailand collaborates with Hong Kong on tokenised cross-border settlements, cementing its role in shaping the region’s digital finance future.
The global real estate market, valued at $379.7 trillion in 2022, stands as one of the largest in the world. With blockchain technology now playing a growing role, property rights can be tokenised, automating the buying, selling, and transferring processes. This transformation not only increases efficiency but also enhances liquidity within the market.
Tokenising real estate enables fractional ownership, allowing smaller investors to access a traditionally exclusive asset class. By breaking down ownership into tradable tokens, blockchain opens up opportunities for a broader range of participants, particularly those facing barriers to homeownership such as high prices and inflation.
Additionally, blockchain enables faster processing times for transactions and eliminates intermediaries, reducing costs for investors. Real estate tokens are already being used in projects like the “World Liberty” token, backed by Donald Trump Jr., showcasing how blockchain could reshape the industry by integrating real estate with decentralised finance.
With the market for tokenised assets predicted to reach between $10 trillion and $16 trillion by 2030, real estate tokens are expected to revolutionise investment options, making the sector more dynamic and accessible.
Bitcoin surged to a record $106,509 on Sunday before settling at $103,804.71 on Monday as investors watched for an expected interest rate cut from the Federal Reserve later this week. The flagship cryptocurrency is up nearly 8% this month and an astonishing 145% for the year, reflecting growing confidence in its future. Ether also rose, approaching the $4,000 mark, while the broader crypto market remained steady.
Anticipation of a 25-basis-point interest rate cut has fuelled optimism among Bitcoin investors. Lower rates, which weaken the dollar and expand the money supply, have historically correlated with higher Bitcoin prices. Bitcoin’s performance is now likened to tech stocks, which also thrive in low-rate environments.
Meanwhile, shares of MicroStrategy jumped 4% after the company announced its inclusion in the Nasdaq 100 and QQQ ETF. This news further bolstered market sentiment, as institutional interest in Bitcoin and related stocks continues to rise.
El Salvador has signed a mutual agreement with Argentina to advance their digital asset industries through collaboration and training. The partnership, announced by Juan Carlos Reyes, president of El Salvador’s National Commission of Digital Assets, pairs Argentina’s innovative blockchain sector with El Salvador’s expertise in digital regulation.
The agreement focuses on sharing knowledge and refining regulatory frameworks, with Reyes highlighting the benefits of cooperation. He noted El Salvador’s early adoption of digital asset regulations and its ongoing discussions with over 25 other nations for similar collaborations.
Reyes urged global regulators to act swiftly in creating effective crypto rules, warning against delays that could expose the industry to scams and financial crimes. El Salvador’s commitment to cross-border partnerships aims to foster global progress in the digital asset market.
Hong Kong is moving quickly to position itself as a global crypto hub, with plans to expedite licensing for crypto trading platforms next year. Joseph Chan, Acting Secretary for Financial Services, announced a streamlined licensing process and the establishment of a consultative panel to ensure sustainable and secure innovation in the sector.
The government is also considering broader financial policies, including potential investments in digital assets. While crypto remains a minimal part of the Exchange Fund’s strategy, Chan said external managers could explore diversified holdings.
These steps align with Hong Kong’s earlier efforts to lead in crypto innovation. A proposed stablecoin framework and a plan to waive taxes on crypto gains for wealthy investors reflect the city’s ambitions to attract global asset managers and strengthen its financial hub status.
SEC commissioner Hester Pierce has called on the newly elected government to reform cryptocurrency regulations and address the challenges faced by the digital asset industry. She criticised the current bottleneck of government rules hindering the sector’s access to essential services and urged a collaborative approach to create a clear regulatory framework.
Pierce emphasised that regulators must work alongside industry players to assess existing rules and make necessary adjustments. She advocated for public participation in shaping policies to ensure a transparent and inclusive process that benefits both regulators and the market.
Speaking to Fox Business, Pierce also praised Paul Atkins, the newly appointed SEC chairman, for his efficient and problem-solving approach to governance. While she refrained from commenting on Ripple’s ongoing legal battle, Pierce highlighted the inefficiency and high cost of such lengthy lawsuits as a method of regulating the industry.
