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Germany's Bundestag has passed the Digitalization of Financial Markets Act, enabling the full implementation of the EU's MiCAR cryptocurrency regulation before its December 30 deadline. This legislation designates BaFin as the regulator, allowing German firms to operate under MiCAR while establishing a one-year transition period for existing licenses. Meanwhile, varying transition periods across EU countries necessitate that crypto asset service providers secure new authorizations promptly to avoid operational disruptions.
WhiteBIT, Europe's leading cryptocurrency exchange, achieved a record annual trading volume of $2.7 trillion in 2024, marking a 200% increase from the previous year. The platform, which serves over 30 million users and has onboarded 1,300 institutional clients, surpassed major competitors like Kraken and is now the second-most visited crypto exchange globally. With a strong focus on security and innovative trading solutions, WhiteBIT continues to expand its global reach and enhance its competitive edge in the market.
Bitget Token (BGB) surged 11% to a record high of $4.6 following the approval of a Bitcoin Service Provider license in El Salvador, enhancing its market presence in a country that adopted Bitcoin as legal tender. Additional factors fueling BGB's growth include expansion into European markets, new payment options for Vietnamese users, and a partnership with a Telegram game that features airdrops and a substantial prize pool. Market metrics show a significant increase in open interest for futures contracts and trading volume, indicating heightened trader confidence and participation.
Monitok is emerging as a pivotal player in the crypto space, offering a hybrid exchange that combines the user-friendly aspects of centralized exchanges with the security of decentralized platforms. With a roadmap that includes the $MONY token sale and the launch of crypto debit cards, Monitok aims to simplify crypto usage and enhance user education through Monitok Academy. The platform prioritizes compliance and security, featuring self-custodial wallets and advanced encryption, positioning itself as a trusted gateway for both new and seasoned traders in the evolving blockchain ecosystem.
Bitget has secured a Bitcoin Service Provider licence from El Salvador's Central Reserve Bank, allowing it to offer fiat-to-Bitcoin exchanges, payment solutions, and custody services. The exchange is also seeking a digital asset service provider licence to expand its offerings. El Salvador, having adopted Bitcoin as legal tender, is negotiating a USD 1.3 billion loan with the IMF, which may make Bitcoin acceptance voluntary for businesses, while pursuing international partnerships to enhance digital asset adoption.
Bitget has received a Bitcoin Service Provider license from El Salvador's central reserve bank, enabling it to offer various Bitcoin-related services, including fiat exchanges and secure custody solutions. The exchange is also seeking a Digital Assets Service Provider license for broader digital asset trading. This development aligns with El Salvador's evolving Bitcoin regulations as the country negotiates a $1.3 billion loan with the IMF, which may lead to making Bitcoin acceptance voluntary for businesses.
Switzerland has suspended India's Most Favoured Nation (MFN) status effective January 1, 2025, citing a 2023 Supreme Court ruling regarding the Double Taxation Avoidance Agreement (DTAA) with Nestle. The Court determined that benefits from other countries' DTAAs cannot be claimed by Switzerland unless its own agreement is amended and notified under Indian law. This decision underscores the necessity of reciprocity in international tax treaties.
Switzerland has suspended the 'Most Favoured Nation' status in its tax treaty with India, imposing a 10% tax on dividends from Indian entities starting January 1. This decision follows a Supreme Court ruling regarding the applicability of the MFN clause, particularly in relation to the Nestlé case, and may lead to renegotiations of the existing tax treaty amid India's recent trade pact with the European Free Trade Association.
Switzerland has suspended the most favoured nation (MFN) status for India, resulting in a 10% tax on dividends from Indian entities starting January 1. This decision follows a Supreme Court ruling that clarified the MFN clause's applicability concerning OECD membership. India's Ministry of External Affairs indicated that the double taxation treaty with Switzerland may need renegotiation due to India's recent trade pact with the European Free Trade Association, which aims to attract $100 billion in investments over the next 15 years.
Switzerland has revoked the most-favoured-nation status for India under their double tax avoidance agreement, following a 2023 Supreme Court ruling regarding Nestle. Starting January 1, 2025, the tax rate on dividends will increase from 5% to 10%, impacting Indian companies' competitiveness. Experts warn that other nations may adopt similar measures, citing concerns over reciprocity in tax treatment.
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