Bitcoin exchange-traded funds (ETFs) have seen massive inflows, surpassing $1 billion in a single day. BlackRock’s Bitcoin ETF led the charge with $608 million, followed by Fidelity Wise Origin Bitcoin Fund with $301 million. Other funds, including Bitwise and ARK 21Shares, also contributed to the growing trend.
The surge comes as Bitcoin approaches the $100,000 mark, with analysts predicting it will break the milestone later this month. The cryptocurrency’s rally has been further boosted since Donald Trump’s re-election, with some comparing recent ETF inflows to record-breaking numbers seen on 7 November 2020.
Bitcoin ETFs now manage over $100 billion in assets, putting them on course to rival Satoshi Nakamoto’s estimated holdings. With the recent approval of options trading for Bitcoin ETFs by the SEC, BlackRock has already capitalised on this by introducing options trading earlier this month.
Australia is seeking advice from the Organisation for Economic Co-operation and Development (OECD) to shape its approach to taxing digital assets. The Treasury has asked the OECD for input by January, comparing two potential frameworks: adopting the OECD’s Crypto Asset Reporting Framework (CARF) or customising its own policy to suit local requirements.
CARF is an international standard designed to increase transparency by requiring crypto providers, such as exchanges and wallet services, to report tax-related data. It includes tracking high-value transactions exceeding $50,000 and sharing data between global tax authorities to combat evasion. The Australian government aims to assess whether a standardised or tailored system would best serve its growing crypto market.
Australia boasts one of the largest crypto ATM networks globally, reflecting its high adoption rates, with nearly 20% of the population owning digital assets. The average crypto profit per user rose 17% last year to $9,627, and the number of investors is expected to increase by over two million. Alongside this, the government is also considering policies for a potential digital pound.
Former Binance CEO Changpeng Zhao has alerted the crypto community about a new exploit targeting Intel-based Mac users, which could expose their digital assets. Zhao urged users to immediately patch their systems to protect sensitive data, following the discovery of zero-day vulnerabilities on 19 November. These vulnerabilities also affect iPhones and iPads, prompting Apple to release emergency fixes.
The flaws, tracked as CVE-2024-44308 and CVE-2024-44309, allow hackers to exploit JavaScriptCore and WebKit components on macOS Sequoia. This could lead to cross-site scripting attacks, where attackers inject malicious code into trusted websites, enabling them to steal sensitive information and hijack user sessions.
Despite Apple’s strong security reputation, users have been at risk from several high-profile exploits this year. Previous attacks have included crypto-focused malware and vulnerabilities in Apple’s iMessage framework. With hackers exploiting these flaws, crypto users must stay vigilant and update their systems to safeguard their digital assets.
The Japanese government has announced plans to move forward with a significant stimulus package and sweeping tax reforms, which are expected to gain approval before the end of 2024. Prime Minister Shigeru Ishiba pledged to engage in bipartisan talks to overhaul policies, including changes to income tax, corporate taxes, and cryptocurrency taxation. It marks a notable shift from the ruling party’s earlier stance on increasing taxes.
Cryptocurrency tax reforms are set to be a focal point, as current regulations impose a variable tax of up to 55% on transactions. The opposition party has proposed a more simplified 20% flat rate for digital assets. Additional measures under discussion include raising the tax-free income threshold, reducing fuel taxes, and temporarily slashing sales taxes to support economic recovery.
These reforms come amid growing interest in Japan’s digital assets market, which has shown promising growth. The Liberal Democratic Party, under Ishiba, is pushing these changes as part of efforts to recover from political losses and adapt to shifting voter sentiment following a contentious election in September.
Swiss and Nepalese regulators have raised red flags about the growing risks of cryptocurrency misuse. In its latest Risk Monitor report, Switzerland’s financial watchdog FINMA identified digital assets, especially stablecoins, as a high-risk area for money laundering. The agency highlighted their role in sanctions evasion, dark web transactions, and cyberattacks. FINMA has tightened oversight of financial institutions offering crypto-related services to safeguard the sector’s reputation.
Meanwhile, Nepal’s Financial Intelligence Unit (FIU) reported a surge in crypto misuse for cross-border money laundering and fraudulent investment schemes. Despite a national ban on crypto trading, fraudsters continue exploiting digital assets to obscure illicit funds. Victims often avoid reporting crimes, fearing legal repercussions or social stigma, hindering enforcement efforts.
Authorities in both countries are calling for robust measures to combat these threats, emphasising the need for heightened vigilance and better reporting mechanisms.
BlackRock, the global investment firm and issuer of the spot Bitcoin exchange-traded fund (ETF), has secured a commercial licence to operate in Abu Dhabi, marking a significant step in the company’s expansion into the crypto-friendly region. The approval, granted on 18 November, demonstrates BlackRock’s growing interest in the UAE’s financial landscape, which continues to embrace digital assets and emerging technologies. While the firm is also seeking a licence to operate in the Abu Dhabi Global Market (ADGM), a financial hub that hosts various crypto businesses, BlackRock’s focus in the region will be on private markets and artificial intelligence infrastructure, according to Middle East head, Charles Hatami.
This move comes as part of the UAE’s broader strategy to position itself as a global leader in digital finance and technology. BlackRock’s decision to establish a presence in Abu Dhabi reflects the region’s proactive government policies and commitment to sustainable growth, which are seen as ideal for capital markets. The UAE has been steadily advancing its role in the crypto world, with institutions like Microsoft already making significant AI investments in the region.
BlackRock’s iShares Bitcoin Trust ETF, which provides US-based investors with exposure to Bitcoin, has seen considerable success, surpassing $33 billion in net assets earlier this month. This marks a significant milestone, as the ETF outpaces the company’s gold trust. BlackRock’s new licence in Abu Dhabi underscores the firm’s ongoing ambition to further integrate digital assets into its investment offerings, aligning with the UAE’s growing stature in the global financial and cryptocurrency sectors.
The UAE continues to gain recognition in the crypto world, ranking third in Henley & Partners’ global crypto adoption index. With BlackRock’s entry, the UAE’s reputation as a key destination for digital finance is likely to strengthen even further.
Tether has introduced Hadron, a cutting-edge platform for asset tokenisation aimed at institutions, corporations, fund managers, and governments. The platform, announced on 14 November, enables clients to tokenise a variety of assets, including stocks, bonds, stablecoins, and loyalty points. Tether describes Hadron as a seamless solution for issuing, managing, and investing in tokenised assets within a secure and regulated framework.
CEO Paolo Ardoino highlighted Hadron’s potential to revolutionise the finance sector by offering an inclusive and transparent alternative to traditional closed financial systems. He noted that Tether’s robust infrastructure, already managing $125 billion in assets, ensures that tokenisation is secure, scalable, and accessible. The platform provides advanced compliance tools, such as KYC, AML, and risk management, alongside features for customising token lifecycles.
Hadron supports multiple blockchains, including Bitcoin layer-2 solutions like Blockstream’s Liquid, marking Tether’s continued expansion into diverse financial segments. Recently, Tether’s Trade Finance division funded a $45 million oil deal in the Middle East using USDT, reflecting its growing influence in global finance. With Hadron’s launch, Tether aims to further bridge the gap between traditional finance and blockchain innovation.
Pennsylvania’s legislature has unveiled a bold proposal to invest state funds in Bitcoin. Led by Representative Mike Cabell, the bill, known as the Pennsylvania Bitcoin Strategic Reserve Act, aims to allocate up to 10% of the General Fund, Rainy Day Fund, and State Investment Fund into the leading cryptocurrency. Cabell argues that Bitcoin could provide a hedge against inflation, helping to stabilise the state’s economy in uncertain times.
The initiative reflects growing interest in Bitcoin as a store of value across the United States. Prominent firms such as BlackRock and Fidelity have backed Bitcoin as a strategic asset, lending weight to Cabell’s vision. This legislative push coincides with discussions of a national Bitcoin reserve, particularly if President-elect Donald Trump’s administration follows through on its pro-crypto agenda.
Pennsylvania’s move follows its recently passed Bitcoin Rights bill, which ensures residents can securely hold digital assets. With the state embracing Bitcoin on multiple fronts, it could signal a shift towards broader cryptocurrency adoption in government policies.
Societe Generale-FORGE, a subsidiary of the French banking giant, has announced plans to launch its euro-pegged stablecoin, EURCV, on the XRP Ledger in 2025. This move continues SG-FORGE’s multi-chain strategy, following previous deployments on Ethereum and Solana. By leveraging the XRP Ledger’s low-cost, high-speed infrastructure, the company aims to expand EURCV’s adoption, particularly in cross-border payments.
EURCV is designed to comply with the EU’s MiCA regulatory standards, ensuring transparency, consumer protection, and market integrity. Stablecoins like EURCV, which are tied to traditional assets such as the euro, offer a stable and less risky alternative to volatile cryptocurrencies, making them an ideal solution for institutional finance.
Guillaume Chatain, Chief Revenue Officer at SG-FORGE, emphasised that the XRP Ledger’s speed and cost-efficiency make it a strategic platform for EURCV. Since its inception in 2012, the XRP Ledger has processed over 2.8 billion transactions and supported more than 5 million active wallets, reinforcing its reputation as a reliable blockchain network. SG-FORGE’s efforts to integrate EURCV into the financial ecosystem align with its broader vision for compliant and secure digital assets.
The British government is stepping up efforts to regulate stablecoins and redefine rules around staking, aiming to bolster its appeal as a crypto-friendly destination. Expected by December, these measures follow increased scrutiny of digital assets in the US, prompting firms to seek more welcoming jurisdictions.
Key elements of the proposal include giving the Financial Conduct Authority (FCA) authority to draft stablecoin regulations and revising staking rules to exclude them from traditional investment schemes. Insiders also point to updates on the UK’s digital securities sandbox, a joint blockchain initiative with the Bank of England designed to drive innovation.
In Parliament, recent efforts have centred on recognising digital assets as personal property to improve fraud protection and ownership rights. While the former Conservative government outlined ambitious crypto plans, the Labour government’s stance on digital assets appears more reserved.
