Friday News Recap: The Shib
In today’s news, we’re seeing a significant focus on the intersection of global politics and cryptocurrency in Russia, potential regulatory action about a prominent industry player, and new crypto rules in Turkey.
For starters, the Finance Minister of Russia, Anton Siluanov, has confirmed that Russian businesses are turning to cryptocurrency for international trade, responding to the impact of Western sanctions. This move aims to offset challenges faced by Russia when conducting transactions related to banks. Siluanov predicts that the use of Bitcoin for international trade will likely grow over the next year, aided by a new legal framework enabling approved miners to leverage crypto, benefiting both miners and energy companies.
On another note, Tether (USDT) faces a potential ban in Europe due to non-compliance with new MiCA regulations introduced by the European Union to protect investors. Concerns have been raised about Tether’s behavior, especially the lack of minting new coins for over two weeks. As a result, the ban is imminent for non-compliance reasons, even when CEO Paolo Ardoino claims they are on track with practical applications.
Meanwhile, Turkey has announced upcoming cryptocurrency regulations aimed at strengthening anti-money laundering efforts. Effective by February 2025, these rules mirror global standards, including the EU’s MiCA framework. Service providers must now collect user identification for transactions exceeding $425, requiring licensing, guarding against market manipulation, and establishing formal customer agreements.
These developments in Russia, Europe, and Turkey underscore the evolving landscape of the cryptocurrency markets. Stay tuned for further updates as we navigate these critical shifts in financial regulations and global crypto adaptation.
