Bitcoin resumed its rally on November 12, after taking a brief break from its post-election superb rally earlier in the session as detailed in a report by CNBC.

The price of bitcoin was last higher by 2 per cent at $89,338.20, according to Coin Metrics. It briefly touched $90,036.17 just before the US stock market closed, after quickly blowing past the the $80,000 mark in the two days prior. Its price is expected by many investors to continue making fresh records on its way to $100,000 later this year, the CNBC report detailed further.

Bitcoin has now rallied 33 per cent since US elections<o:p></o:p>

Bitcoin has now risen more than 33 per cent since Election Day on November 5, when it had reached a new record for the first time since March. Ether was down 1 per cent November 12, after a 28 per cent gain over the past week.

&nbsp;“Bitcoin is now in price discovery mode after breaking through all-time highs early last Wednesday morning when it was officially declared that Trump won the election,” said Mike Colonnese, an analyst at H.C. Wainwright. “Strong positive sentiment is likely to persist through the balance of 2024 and we see Bitcoin prices potentially reaching the six-figure mark by the end of this year”, explained the CNBC report further.

Crypto investors have been cheering President-elect Donald Trump’s promises to make the regulatory environment more supportive and even friendly toward crypto businesses, which have long struggled with a lack of clarity on the rules of the road.

While Bitcoin has long been deemed a safe asset in Washington, that is, not subject to securities laws, the long tail of crypto-currencies and crypto-related start-ups have been operating in a riskier grey area.

“That’s just shifted 180 degrees,” Matt Hougan, chief investment officer of Bitwise Asset Management, told CNBC. “We’re now in a positive regulatory environment, we now have tailwinds from that, and that comes in the case of a market that was already in a bull market, that’s going to push us higher.”

Across the crypto market, coins have soared

Across the crypto market, coins that have soared in the past week hit the brakes on November 12, including meme coin Shiba Inu, which was down 4 per cent after it soared 57 per cent in the past week.

Dogecoin was an outlier, however. It’s been one of the biggest winners, up more than 125 per cent since November 5, likely due to its connection with Elon Musk, who helped get Trump elected. It was last higher by 17 per cent.

In the stock market, MicroStrategy reduced earlier losses and ended the day higher by about 5 per cent. Coinbase retreated 1.5 per cent. On November 12, it surged 19 per cent to trade above $300 for the first time since 2021 and about 6 per cent from its high from that year. As the traders and analysts, the past week’s rally is only beginning, added the report further.

Bitcoin enthusiasts and investors will carefully follow these recent developments in Bitcoin. This will help them make informed investment decisions.

<o:p>&nbsp;</o:p>

<o:p>&nbsp;</o:p>

Bitcoin resumed its rally on November 12, after taking a brief break from its post-election superb rally earlier in the session as detailed in a report by CNBC. The price of bitcoin was last higher by 2 per cent at $89,338.

Bitcoin resumed its rally on November 12, after taking a brief break from its post-election superb rally earlier in the session as detailed in a report by CNBC. The price of bitcoin was last higher by 2 per cent at $89,338.20, according to Coin Metrics. It briefly touched $90,036.17 just before the US stock market closed, after quickly blowing past the the $80,000 mark in the two days prior. Its price is expected by many investors to continue making fresh records on its way to $100,000 later this year, the CNBC report detailed further. Bitcoin has now rallied 33 per cent since US elections Bitcoin has now risen more than 33 per cent since Election Day on November 5, when it had reached a new record for the first time since March. Ether was down 1 per cent November 12, after a 28 per cent gain over the past week. “Bitcoin is now in price discovery mode after breaking through all-time highs early last Wednesday morning when it was officially declared that Trump won the election,” said Mike Colonnese, an analyst at H.C. Wainwright. “Strong positive sentiment is likely to persist through the balance of 2024 and we see Bitcoin prices potentially reaching the six-figure mark by the end of this year”, explained the CNBC report further. Crypto investors have been cheering President-elect Donald Trump’s promises to make the regulatory environment more supportive and even friendly toward crypto businesses, which have long struggled with a lack of clarity on the rules of the road. While Bitcoin has long been deemed a safe asset in Washington, that is, not subject to securities laws, the long tail of crypto-currencies and crypto-related start-ups have been operating in a riskier grey area. “That’s just shifted 180 degrees,” Matt Hougan, chief investment officer of Bitwise Asset Management, told CNBC. “We’re now in a positive regulatory environment, we now have tailwinds from that, and that comes in the case of a market that was already in a bull market, that’s going to push us higher.” Across the crypto market, coins have soared Across the crypto market, coins that have soared in the past week hit the brakes on November 12, including meme coin Shiba Inu, which was down 4 per cent after it soared 57 per cent in the past week. Dogecoin was an outlier, however. It’s been one of the biggest winners, up more than 125 per cent since November 5, likely due to its connection with Elon Musk, who helped get Trump elected. It was last higher by 17 per cent. In the stock market, MicroStrategy reduced earlier losses and ended the day higher by about 5 per cent. Coinbase retreated 1.5 per cent. On November 12, it surged 19 per cent to trade above $300 for the first time since 2021 and about 6 per cent from its high from that year. As the traders and analysts, the past week’s rally is only beginning, added the report further. Bitcoin enthusiasts and investors will carefully follow these recent developments in Bitcoin. This will help them make informed investment decisions.

Bitcoin rallies again briefly touching $90,000 in late afternoon trading

Bitcoin rose nearly 10 per cent on Tuesday, reaching $34,872, its highest value in nearly 18 months. The rally followed mounting speculation about the launch of an exchange-traded bitcoin fund (ETF).&nbsp;

The bullish momentum has not only influenced the wider cryptocurrency market but has also made its presence felt in related stocks.&nbsp;

The market anticipates that the approval of a spot bitcoin ETF by the US Securities and Exchange Commission (SEC) could drive substantial demand.&nbsp;

It is being argued that such an ETF would provide previously hesitant investors with access to cryptocurrencies through the stock market, potentially ushering a new wave of capital into the sector.&nbsp;

At present, Bitcoin, a highly volatile digital asset that has seen its price double this year, is trading at $34,020, marking the highest value since May 2022.&nbsp;

During Asian trading hours, it even briefly exceeded $35,000. The second-largest cryptocurrency, Ether, also experienced gains, rising by 4.50 per cent to reach $1,786.30, its highest value since August.&nbsp;

The impact of Bitcoin's ascent is not limited to the cryptocurrency market. Shares tied to the crypto industry, including major US exchange Coinbase Global and Bitcoin holder MicroStrategy, surged by more than 7 per cent and 12 per cent, respectively.&nbsp;

Reuters quoted Antoni Trenchev, co-founder of digital asset firm Nexo, as saying, "A sense of excitement has erupted in the crypto market and now it’s just a case of waiting to see if and when something concrete emerges from the SEC."&nbsp;

This surge in optimism about a Bitcoin ETF's imminent approval is bolstered by the presence of major US financial firms, including investment giant BlackRock, with pending ETF applications. Reports indicate that BlackRock's iShares ETF has been listed on the website of clearing house DTCC, further fuelling speculation.&nbsp;

Reports this month, including one from Reuters, suggested that the SEC would not contest a court ruling that held the agency of wrongfully rejecting an ETF application from crypto firm Grayscale Investments.&nbsp;

On Monday, the court formalised its decision, sending the application back to the SEC for a re-evaluation.&nbsp;Reuters quoted&nbsp;Geoffrey Kendrick, the head of digital assets research at Standard Chartered, as saying, "The SEC being pressured by the courts increases the probability of an ETF approval."&nbsp;

(With inputs from Reuters)&nbsp;

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Bitcoin rose nearly 10 per cent on Tuesday, reaching $34,872, its highest value in nearly 18 months. The rally followed mounting speculation about the launch of an exchange-traded bitcoin fund (ETF).

Bitcoin rose nearly 10 per cent on Tuesday, reaching $34,872, its highest value in nearly 18 months. The rally followed mounting speculation about the launch of an exchange-traded bitcoin fund (ETF). The bullish momentum has not only influenced the wider cryptocurrency market but has also made its presence felt in related stocks. The market anticipates that the approval of a spot bitcoin ETF by the US Securities and Exchange Commission (SEC) could drive substantial demand. It is being argued that such an ETF would provide previously hesitant investors with access to cryptocurrencies through the stock market, potentially ushering a new wave of capital into the sector. At present, Bitcoin, a highly volatile digital asset that has seen its price double this year, is trading at $34,020, marking the highest value since May 2022. During Asian trading hours, it even briefly exceeded $35,000. The second-largest cryptocurrency, Ether, also experienced gains, rising by 4.50 per cent to reach $1,786.30, its highest value since August. The impact of Bitcoin's ascent is not limited to the cryptocurrency market. Shares tied to the crypto industry, including major US exchange Coinbase Global and Bitcoin holder MicroStrategy, surged by more than 7 per cent and 12 per cent, respectively. Reuters quoted Antoni Trenchev, co-founder of digital asset firm Nexo, as saying, "A sense of excitement has erupted in the crypto market and now it’s just a case of waiting to see if and when something concrete emerges from the SEC." This surge in optimism about a Bitcoin ETF's imminent approval is bolstered by the presence of major US financial firms, including investment giant BlackRock, with pending ETF applications. Reports indicate that BlackRock's iShares ETF has been listed on the website of clearing house DTCC, further fuelling speculation. Reports this month, including one from Reuters, suggested that the SEC would not contest a court ruling that held the agency of wrongfully rejecting an ETF application from crypto firm Grayscale Investments. On Monday, the court formalised its decision, sending the application back to the SEC for a re-evaluation. Reuters quoted Geoffrey Kendrick, the head of digital assets research at Standard Chartered, as saying, "The SEC being pressured by the courts increases the probability of an ETF approval." (With inputs from Reuters) WATCH WION LIVE HERE

Bitcoin reaches near 18-month high amid growing ETF speculation 

Hackers stole around $200 million from crypto firm Mixin early on Saturday (September 23), the company said&nbsp;on Monday in what researchers say is the largest crypto theft so far this year.

Mixin, which lists its location on LinkedIn as Hong Kong, said the database of its network's cloud service provider was "attacked by hackers, resulting in the loss of some assets" and that "the funds involved are approximately US$200 million".

Mixin describes itself as a network for transferring digital assets. It has one million users, according to its website.

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It said on X, formerly known as Twitter, that it had stopped allowing users to withdraw their funds from the network, but that transfers were not affected and that services would re-open once the vulnerabilities were fixed.

Mixin will announce a solution for "how to deal with the lost assets", it said.

At $200 million, the hack would be the 10th largest crypto hack of all time, by volume of crypto stolen, and the biggest so far in 2023, according to blockchain research firm Elliptic.

<a href="https://www.wionews.com/world/seoul-north-korean-hackers-stole-us-12-billion-by-crypto-hacking-and-other-illicit-cyber-activities-545660">Also read |&nbsp;Seoul: North Korean hackers steal US$ 1.2 billion by crypto hacking and other illicit cyber activities</a>

Last year, hackers stole crypto worth as much as $3.8 billion, making it the worst year on record, according to blockchain researchers Chainalysis.

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Hackers stole around $200 million from crypto firm Mixin early on Saturday (September 23), the company said on Monday in what researchers say is the largest crypto theft so far this year.

Hackers stole around $200 million from crypto firm Mixin early on Saturday (September 23), the company said on Monday in what researchers say is the largest crypto theft so far this year. Mixin, which lists its location on LinkedIn as Hong Kong, said the database of its network's cloud service provider was "attacked by hackers, resulting in the loss of some assets" and that "the funds involved are approximately US$200 million". Mixin describes itself as a network for transferring digital assets. It has one million users, according to its website. Watch | Gravitas: 63 million Indian women own Cryptocurrency × It said on X, formerly known as Twitter, that it had stopped allowing users to withdraw their funds from the network, but that transfers were not affected and that services would re-open once the vulnerabilities were fixed. Mixin will announce a solution for "how to deal with the lost assets", it said. At $200 million, the hack would be the 10th largest crypto hack of all time, by volume of crypto stolen, and the biggest so far in 2023, according to blockchain research firm Elliptic. Also read | Seoul: North Korean hackers steal US$ 1.2 billion by crypto hacking and other illicit cyber activities Last year, hackers stole crypto worth as much as $3.8 billion, making it the worst year on record, according to blockchain researchers Chainalysis. WATCH WION LIVE HERE:

Hackers steal $200 million off Hong Kong firm in largest crypto theft of year

At a time when enacting a global framework for regulating crypto assets is the talk of the town, a new report by a global crypto research firm shows that developing countries are leading the race to adopt crypto assets.

The latest edition of Chainalysis' Global Crypto Adoption Index ranks India first in crypto adoption. India is followed by Nigeria and Vietnam. In fact, except for the United States, which ranks 4th, rest of the top 10 list comprise of developing countries.

War-ravaged Ukraine and sanctions-hit Russia, where crypto usage has spiked after the war began in 2022, also feature in the list; Ukraine ranks fifth while Russia is in 13th position. &nbsp;

A major takeaway of this year's rankings is that countries in Central Asia, South Asia and Oceania dominate the crypto adoption list. Eight out of the top 20 countries belong to this region. All of them are also developing countries. &nbsp;

Developing countries lead crypto race

The report suggests that while crypto adoption has seen a fall in the last one year, the recovery has been led by developing countries. "Lower Middle Income (LMI) is the only category of countries whose total grassroots adoption remains above where it was in the July-September quarter of 2020, just prior to the most recent bull market (in the crypto market)," reads the report.

For those unversed with the term LMI: it is a classification used by the World Bank to club countries, which have a Gross Per Capita National Income between $1,086 and $4,255. It is more often used interchangeably with the term 'developing countries'.

The report notes that this is significant for the growth of crypto around the world as developing economies "are on the rise, with dynamic, growing industries and populations".

Speaking to WION, Raj A Kapoor, the founder of India&nbsp;Blockchain&nbsp;Alliance, says that inflation is a major motivation for developing countries to adopt cryptocurrencies. "Cryptocurrencies with a limited supply, as such, are seen as a hedge against inflation. Cryptocurrencies provide an alternative to national currencies that are susceptible to depreciation," says Kapoor.

Crypto evangelist Sharat Chandra argues that cryptos are seen as a tool for greater financial inclusion in developing countries. "Web3-based games, especially ones with clear play to earn models, and decentralized finance products therefore have gained adoption in developing countries," Chandra adds.

Interestingly, El Salvador, which made Bitcoin a legal tender in a bid to boost financial inclusion among its unbanked population, is not among the top 20 countries.&nbsp;

Global framework for crypto regulation

The latest crypto adoption ranking comes close on the heels of the G20 declaration endorsing the Financial Stability Board’s recommendations for "the regulation, supervision and oversight of crypto-assets activities and markets".

Creating a global framework for regulating cryptos was one of the key agendas of the recently-concluded Group of 20 summit, incidentally hosted by India. The number one country in crypto adoption has been flagging concerns relating to the use of crypto assets for money laundering and terror financing.

Agreeing with the concerns raised by India, Kapoor believes that standardised laws may make crypto markets more stable and safer, and also promote better consumer protection.

While regulations and a framework are yet to be finalised, a consensus emerged during the summit that a blanket ban will not be feasible. This is good news for countries in the developing world, especially India, where crypto adoption is deepening each day.

"A regulatory framework will bring in more investments necessary to support startups and entrepreneurs building in Web3 and contribute to the growth of the web3 ecosystem in the country," says Chandra, adding that India will take the lead in driving the crypto growth story.

Kapoor opines&nbsp;that cryptocurrencies have the potential to provide cost-effective remittances and cross-border transactions. "Cryptocurrencies can promote Decentralized Finance (DeFi) systems for peer-to-peer financial services, eliminating the need for intermediaries," adds Kapoor, when asked about the potential future crypto use cases.

At a time when enacting a global framework for regulating crypto assets is the talk of the town, a new report by a global crypto research firm shows that developing countries are leading the race to adopt crypto assets.

At a time when enacting a global framework for regulating crypto assets is the talk of the town, a new report by a global crypto research firm shows that developing countries are leading the race to adopt crypto assets. The latest edition of Chainalysis' Global Crypto Adoption Index ranks India first in crypto adoption. India is followed by Nigeria and Vietnam. In fact, except for the United States, which ranks 4th, rest of the top 10 list comprise of developing countries. War-ravaged Ukraine and sanctions-hit Russia, where crypto usage has spiked after the war began in 2022, also feature in the list; Ukraine ranks fifth while Russia is in 13th position. A major takeaway of this year's rankings is that countries in Central Asia, South Asia and Oceania dominate the crypto adoption list. Eight out of the top 20 countries belong to this region. All of them are also developing countries. Developing countries lead crypto race The report suggests that while crypto adoption has seen a fall in the last one year, the recovery has been led by developing countries. "Lower Middle Income (LMI) is the only category of countries whose total grassroots adoption remains above where it was in the July-September quarter of 2020, just prior to the most recent bull market (in the crypto market)," reads the report. For those unversed with the term LMI: it is a classification used by the World Bank to club countries, which have a Gross Per Capita National Income between $1,086 and $4,255. It is more often used interchangeably with the term 'developing countries'. The report notes that this is significant for the growth of crypto around the world as developing economies "are on the rise, with dynamic, growing industries and populations". Speaking to WION, Raj A Kapoor, the founder of India Blockchain Alliance, says that inflation is a major motivation for developing countries to adopt cryptocurrencies. "Cryptocurrencies with a limited supply, as such, are seen as a hedge against inflation. Cryptocurrencies provide an alternative to national currencies that are susceptible to depreciation," says Kapoor. Crypto evangelist Sharat Chandra argues that cryptos are seen as a tool for greater financial inclusion in developing countries. "Web3-based games, especially ones with clear play to earn models, and decentralized finance products therefore have gained adoption in developing countries," Chandra adds. Interestingly, El Salvador, which made Bitcoin a legal tender in a bid to boost financial inclusion among its unbanked population, is not among the top 20 countries. Global framework for crypto regulation The latest crypto adoption ranking comes close on the heels of the G20 declaration endorsing the Financial Stability Board’s recommendations for "the regulation, supervision and oversight of crypto-assets activities and markets". Creating a global framework for regulating cryptos was one of the key agendas of the recently-concluded Group of 20 summit, incidentally hosted by India. The number one country in crypto adoption has been flagging concerns relating to the use of crypto assets for money laundering and terror financing. Agreeing with the concerns raised by India, Kapoor believes that standardised laws may make crypto markets more stable and safer, and also promote better consumer protection. While regulations and a framework are yet to be finalised, a consensus emerged during the summit that a blanket ban will not be feasible. This is good news for countries in the developing world, especially India, where crypto adoption is deepening each day. "A regulatory framework will bring in more investments necessary to support startups and entrepreneurs building in Web3 and contribute to the growth of the web3 ecosystem in the country," says Chandra, adding that India will take the lead in driving the crypto growth story. Kapoor opines that cryptocurrencies have the potential to provide cost-effective remittances and cross-border transactions. "Cryptocurrencies can promote Decentralized Finance (DeFi) systems for peer-to-peer financial services, eliminating the need for intermediaries," adds Kapoor, when asked about the potential future crypto use cases.

Developing countries lead in crypto adoption, India ranks first: Report 

A parliament Treasury committee in the UK has said cryptocurrency trading should be regarded as a form of gambling rather than a financial service, whilst also demanding regulations for the industry.

A parliament Treasury committee in the UK has said cryptocurrency trading should be regarded as a form of gambling rather than a financial service, whilst also demanding regulations for the industry. The MPs concluded that like gambling, cryptocurrency can be addictive and that the government must avoid wasting taxpayers' money to promote tech innovations such as digital tokens. The panel after its fresh inquiry added that the volatile price of unbacked assets such as Bitcoin could lead consumers to lose life-changing sums of cash “Effective regulation is clearly needed to protect consumers from harm, as well as to support productive innovation in the UK’s financial services industry,” said Conservative MP and Treasury committee chair, Harriett Baldwin. “However, with no intrinsic value, huge price volatility and no discernible social good, consumer trading of cryptocurrencies like bitcoin more closely resembles gambling than a financial service, and should be regulated as such." Though the committee came down hard upon the cryptocurrency sector, it showed faith in blockchain technology which could benefit the financial services industry whilst having other benefits. WATCH | Have you invested in Cryptocurrency? Know how Bitcoin is a good investment | Business News | WION × Do not treat it as financial service: MPs While British media reports claimed that cryptocurrency trading would soon be brought under the Financial Conduct Authority - the committee was not too enthused by the prospect. It said treating crypto trading or investing like financial service would create a 'halo effect' - meaning investors would be lulled into a false sense of security that the industry was “safer than it is” or that they were protected from financial losses, when they are not. Binance bats for regulations After Binance, the world's largest cryptocurrency exchange halted Bitcoin withdrawals on the platform for a second time in under 12 hours, earlier this month, eyebrows were once again raised over cryptocurrency trading. Binance cited congestion on the blockchain due to the high volume of pending transactions as the reason for hitting the pause button. According to data made available by CrpytoQuant, the congestion happened as the platform saw its highest-ever net daily withdrawal of Bitcoin - a net 175,646 tokens on May 7. Read more: Who is Sam Bankman-Fried, the former FTX CEO & 'cryptogenius' who lost $14.5 billion in a day Even Binance Chief Executive Officer Changpeng Zhao has called for regulations in the industry to protect the investors. "We're in a new industry, we've seen in the past week, things go crazy in the industry. We do need some regulations, we do need to do this properly, we do need to do this in a stable way," said Zhao while speaking at the G20 leaders' summit in Bali last year. "I think the industry collectively has a role to protect consumers, to protect everybody. So it's not just regulators. Regulators have a role but it's not 100% their responsibility," he added. WATCH WION LIVE HERE:

Cryptocurrency trading is form of gambling and should be regulated as such, say UK lawmakers

The European Union on Tuesday approved the world's first comprehensive set of rules to regulate crypto assets. The development is likely to pile pressure on countries such as Britain and the United States to act in a similar way towards regulation of crypto assets.&nbsp;

The development came in a European Union finance minister meeting in Brussels. Earlier, the rules were approved by the European Parliament last month.

<h2>European Union crypto assets regulation: Expected roll out date</h2>

The crypto assets regulation rules are expected to be rolled out from 2024.

<h2>EU’s rules for crypto assets regulation: Need for regulation</h2>

Regulation of the crypto assets has attained a regulatory urgency following the collapse of the crypto exchange FTX.

"Recent events have confirmed the urgent need for imposing rules which will better protect Europeans who have invested in these assets, and prevent the misuse of crypto industry for the purposes of money laundering and financing of terrorism," Elisabeth Svantesson, finance minister for Sweden, which holds the EU presidency, was quoted as saying by Reuters.

<h2>EU’s rules for crypto assets regulation: What are they?</h2>

Under new rules, the firms would be required to obtain a licence for issuing, trading and safeguarding crypto assets, tokenised assets and stablecoins.

The EU ministers took steps to combat tax evasion and the use of crypto asset transfers for money laundering by making transactions easier to trace.

They agreed on a requirement that from January 2026 service providers obtain the name of senders and beneficiaries in crypto assets, regardless of the amount being transferred.

There was also agreement on amending rules on how member countries cooperate with each other in taxation to cover transactions in crypto assets, and on exchanging information on advance tax rulings for the wealthiest individuals.

Crypto firms say they want certainty in regulation, putting pressure on countries to copy the EU rules, and on regulators to come up with global norms for cross-border activity.

<h2>Crypto assets regulation beyond the European Union</h2>

Britain has outlined a phased approach, starting with stablecoins and broadening out to un-backed crypto assets later on. However, no timeline for the exact execution of the regulation has been released so far. 
 
The United States has focused on using existing securities rules for enforcement action in the sector while it decides on whether to introduce bespoke new rules and who would apply them.

Hester Peirce, one of the commissioners at the US derivatives regulator Commodity Futures Trading Commission, said last week that a number of federal and state authorities are trying to figure out what oversight role they could play in the crypto sector.

"We are wandering in the desert a bit," Peirce told a conference, Reuters reported.

(With inputs from agencies) 
 
&nbsp;

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The European Union on Tuesday approved the world's first comprehensive set of rules to regulate crypto assets. The development is likely to pile pressure on countries such as Britain and the United States to act in a similar way towards regulation of crypto assets.

The European Union on Tuesday approved the world's first comprehensive set of rules to regulate crypto assets. The development is likely to pile pressure on countries such as Britain and the United States to act in a similar way towards regulation of crypto assets. The development came in a European Union finance minister meeting in Brussels. Earlier, the rules were approved by the European Parliament last month. European Union crypto assets regulation: Expected roll out date The crypto assets regulation rules are expected to be rolled out from 2024. EU’s rules for crypto assets regulation: Need for regulation Regulation of the crypto assets has attained a regulatory urgency following the collapse of the crypto exchange FTX. "Recent events have confirmed the urgent need for imposing rules which will better protect Europeans who have invested in these assets, and prevent the misuse of crypto industry for the purposes of money laundering and financing of terrorism," Elisabeth Svantesson, finance minister for Sweden, which holds the EU presidency, was quoted as saying by Reuters. EU’s rules for crypto assets regulation: What are they? Under new rules, the firms would be required to obtain a licence for issuing, trading and safeguarding crypto assets, tokenised assets and stablecoins. The EU ministers took steps to combat tax evasion and the use of crypto asset transfers for money laundering by making transactions easier to trace. They agreed on a requirement that from January 2026 service providers obtain the name of senders and beneficiaries in crypto assets, regardless of the amount being transferred. There was also agreement on amending rules on how member countries cooperate with each other in taxation to cover transactions in crypto assets, and on exchanging information on advance tax rulings for the wealthiest individuals. Crypto firms say they want certainty in regulation, putting pressure on countries to copy the EU rules, and on regulators to come up with global norms for cross-border activity. Crypto assets regulation beyond the European Union Britain has outlined a phased approach, starting with stablecoins and broadening out to un-backed crypto assets later on. However, no timeline for the exact execution of the regulation has been released so far. The United States has focused on using existing securities rules for enforcement action in the sector while it decides on whether to introduce bespoke new rules and who would apply them. Hester Peirce, one of the commissioners at the US derivatives regulator Commodity Futures Trading Commission, said last week that a number of federal and state authorities are trying to figure out what oversight role they could play in the crypto sector. "We are wandering in the desert a bit," Peirce told a conference, Reuters reported. (With inputs from agencies) WATCH WION LIVE HERE

European Union approves world’s first regulation for crypto assets, rollout in 2024

The European Union's financial services chief said the rest of the world should copy the its rules for crypto assets to create a robust global approach that protects consumers and financial stability.

EU urges others to follow its crypto rules

India warned for stronger regulations for crypto assets and has sought the cooperation of G20 countries to develop a common global framework.

India seeks G20 cooperation on crypto assets

The rogue nation of North Korea stole more cryptocurrency assets in 2022 than any other year, a recent report by United Nations has revealed. Most of the money stolen was used to support its ballistic missile and weapons of mass destruction programmes.

The rogue nation of North Korea stole more cryptocurrency assets in 2022 than any other year, a recent report by United Nations has revealed. Most of the money stolen was used to support its ballistic missile and weapons of mass destruction programmes. The report asserted North Korea-linked hackers stole virtual assets worth $630 million while its cyber currency heist stood at a whopping $1 billion. "(North Korea) used increasingly sophisticated cyber techniques both to gain access to digital networks involved in cyber finance and to steal information of potential value, including to its weapons programmes," read the UN report. "A higher value of cryptocurrency assets was stolen by DPRK actors in 2022 than in any previous year," added the report which was submitted to the 15-member North Korea sanctions committee. Gravitas Plus: How does North Korea finance its missile tests? × Ostracised by most countries across the globe, North Korea is a pariah state where the authoritarian regime of Kim Jong Un uses almost all the revenue for its missile programmes instead of public welfare. However, with no major avenue available to bring in the money, stealing cryptocurrency and virtual assets has emerged as a promising option over the years. Earlier this year, the Federal Bureau of Investigation (FBI) informed that North Korean actors were behind the $100 million heist at crypto firm Harmony's Horizon bridge that took place in June 2022. Read more: North Korea behind crypto heist that happened in June last year: FBI In December 2022, South Korean intelligence agencies said North Korean hackers had stolen an estimated $1.2 billion in bitcoin and other virtual assets over the previous five years, with more than half of it happening in the said calendar year. Despite the hefty sanctions imposed by several countries as well as the UN, North Korea's missile programme has continued unabated. Last year, the country fired a record number of ballistic missiles, comfortably overtaking its combined tally of four and eight missiles tested in 2020 and 2021 respectively. N Korea broke all records when it fired as many as 23 missiles in a single day. (With inputs from agencies) WATCH WION LIVE HERE:

North Korea stole record crypto assets and currencies in 2022: UN report

Ever since cryptocurrency exchange FTX declared bankruptcy and its cryptocurrency genius and founder Sam Bankman-Fried resigned, the entire sector has been in turmoil.

Ever since cryptocurrency exchange FTX declared bankruptcy and its cryptocurrency genius and founder Sam Bankman-Fried resigned, the entire sector has been in turmoil. Now, FTX's rival exchange Binance's Chief Executive Changpeng Zhao has called for regulations in the industry. "We're in a new industry, we've seen in the past week, things go crazy in the industry. We do need some regulations, we do need to do this properly, we do need to do this in a stable way," said Zhao while speaking at the G20 leaders' summit in Bali. "I think the industry collectively has a role to protect consumers, to protect everybody. So it's not just regulators. Regulators have a role but it's not 100% their responsibility," he added. WATCH | FTX saga continues: Funds vanish at bankrupt Crypto exchange, company confirms 'unauthorised access' × As reported by WION, Zhao on Friday announced that his company no longer accepts deposits of FTX's FTT token on its platform. "(Binance) has stopped FTT deposits, to prevent the potential of questionable additional supplies affecting the market. We will monitor the situation," said CEO Zhao in a tweet. Read more: Binance halts FTX's FTT token deposits, urges other crypto exchanges to follow FTX filed for bankruptcy last Friday after traders rushed to remove $6 billion off the platform in only 72 hours. Sam Bankman-Fried, the exchange's 30-year-old founder has gone from being the face of the industry to being responsible for the sector's worst crash as a result of shoddy practices at the exchange platform. Read more: Who is Sam Bankman-Fried, the former FTX CEO & 'cryptogenius' who lost $14.5 billion in a day It is rather intriguing that an industry that took pride in being unregulated and far away from the red-tapism of bureaucracy is now coming around to it. According to experts, the confidence of crypto investors is at an all-time low and only regulation can restore it. (With inputs from agencies) WATCH WION LIVE HERE:

'We need regulations', says Binance CEO after rival exchange FTX goes under

The European Union has agreed on ground-breaking rules for regulating crypto assets, as the rout in bitcoin piles pressure on authorities to rein in the sector.

EU agrees rules to tame 'Wild West' crypto market

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