Visa Expands Stablecoin Settlement in Emerging Markets; China's Crypto Ban Remains in Effect; UK Mandates Reporting for Crypto Traders

Visa Expands Stablecoin Settlement in Emerging Markets; China's Crypto Ban Remains in Effect; UK Mandates Reporting for Crypto Traders | Weekly Recap

In this week's recap, Visa has announced a collaboration with Aquanow to enhance stablecoin settlement options in the CEMEA region. Meanwhile, China has reiterated its ban on cryptocurrencies, and the UK has introduced new regulations mandating disclosure for cryptocurrency traders.

Key Takeaways

Visa's Expansion: Visa partners with Aquanow to broaden stablecoin settlement options in emerging markets.
China's Stance: The Chinese central bank reinforces its ongoing prohibition of cryptocurrencies.
UK Regulations: New reporting requirements for cryptocurrency traders are mandated in the UK.
Tether and Upbit Updates: Tether exits Uruguayan mining, while Upbit addresses a recent security vulnerability.
Global Regulatory Changes: Several countries, including Australia and Japan, are advancing crypto regulations.

China reaffirms crypto ban weekly recap

This week's news highlights significant developments in the cryptocurrency landscape, including Visa's expansion of stablecoin settlements, strict enforcement of China's crypto ban, and the UK government's new regulations that require cryptocurrency traders to report their activities. Key movements include Tether's withdrawal from Uruguayan mining, Upbit addressing a security issue, and various advancements in crypto regulations across different countries.

Visa's Expansion of Stablecoin Settlement Across Emerging Markets

Visa has joined forces with Aquanow to expand its stablecoin settlement capabilities in emerging markets across the Central and Eastern Europe, the Middle East, and Africa (CEMEA). This partnership aims to facilitate smoother transactions and enable merchants to accept stablecoins more easily. The move marks a significant step for Visa in embedding itself further into the world of cryptocurrency.

Chinese Central Bank Reinforces Crypto Prohibition

In a move that is consistent with its past policies, the People's Bank of China has reaffirmed its hardline stance against cryptocurrency trading. The central bank's reassertion of this ban emphasizes its ongoing commitment to limit the influence of digital currencies within its borders.

UK Implements Mandatory Cryptocurrency Trader Disclosures

The UK government is implementing new regulations that require cryptocurrency traders to disclose their holdings and transactions. These measures aim to enhance transparency within the cryptocurrency market and ensure greater compliance with financial regulations.

Tether Withdraws from Uruguayan Mining Operations

Tether, the issuer of the widely-used USDT stablecoin, has announced its withdrawal from mining operations in Uruguay. This decision comes after assessing the market conditions and operational challenges faced in the region.

Upbit Addresses Security Vulnerability Following Theft

Upbit, a major cryptocurrency exchange, has taken steps to resolve a security vulnerability that was exploited in a recent theft. The exchange has reassured its users that all affected funds will be covered and that additional security measures are being implemented.

Animoca Brands Prioritizes Stablecoin and RWA Initiatives

Animoca Brands is focusing on enhancing its initiatives related to stablecoins and Real World Assets (RWAs). This strategy aims to integrate traditional assets into the blockchain space, creating more opportunities for users and developers.

Do Kwon Requests Five-Year Sentence Cap

Do Kwon, the founder of the crypto project Terra, has requested that his sentencing for financial misconduct be capped at five years. His legal team is arguing for leniency due to various mitigating factors surrounding the case.

Australia Advances Crypto Licensing Legislation

Australia is moving forward with legislation that will establish a licensing framework for cryptocurrency exchanges. This legislation aims to bolster consumer protections and enhance the regulatory environment for digital assets.

Securitize Gains Dual-Market Regulatory Approval

Securitize has received regulatory approval to operate in two markets, allowing for greater flexibility in providing tokenization services. This approval is a significant milestone for the company in its expansion efforts.

Binance Launches Ultra-Wealthy Client Services

Binance has launched a new suite of services aimed specifically at ultra-wealthy clients. This includes tailored options for managing significant cryptocurrency investments and providing personalized support.

MoonPay Secures New York Trust Charter

MoonPay has received a Trust Charter from the state of New York, allowing it to offer a wider range of cryptocurrency services within the state. This approval opens new avenues for the company to serve its clientele.

Polymarket Receives CFTC Regulatory Approval

Polymarket, a prediction market platform, has obtained regulatory approval from the Commodity Futures Trading Commission (CFTC). This approval will enable Polymarket to operate more robustly in the U.S. market.

Japan Proposes Exchange Liability Reserves

Japan is proposing that cryptocurrency exchanges maintain reserves to cover potential liabilities. This initiative is aimed at protecting users and ensuring that exchanges can handle losses effectively.

Monad Blockchain Launches with Token Airdrop

The Monad blockchain has launched and celebrated its debut with a token airdrop for early adopters. This move is designed to attract users and developers to its new platform.

JPMorgan Closes Strike CEO Accounts

JPMorgan has reportedly closed accounts associated with the CEO of Strike, a prominent crypto payment platform. The closure raises concerns about banking relationships in the cryptocurrency space.

These developments underscore the ongoing evolution and challenges in the cryptocurrency and blockchain sectors as regulations tighten and new opportunities arise globally.