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The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
Bitfinex Derivatives has secured a Digital Asset Service Providers (DASP) license to operate in El Salvador, marking a significant move from Seychelles to the Central American nation. This transition underscores El Salvador's emergence as a global financial hub, bolstered by its progressive digital asset regulations. The licensing framework facilitates the tokenization of various assets, enhancing capital-raising opportunities for companies. However, Bitfinex Securities faced challenges with a tokenization project for a Hilton hotel, failing to meet the minimum funding requirement and refunding investors.
Tether is navigating a 6-18 month transition to comply with the EU's MiCA regulations, which enforce strict reserve and liquidity requirements for stablecoin issuers. Following the retirement of General Counsel Stuart Hoegner, Michael Hilliard now leads the effort amid delistings of USDT by exchanges like Coinbase, as the company seeks the necessary e-money license. The regulatory landscape poses challenges for Tether's reputation and operational stability in a volatile market.
XRP has reclaimed its position as the third-largest cryptocurrency by market cap, surpassing Tether's USDT, which has seen a decline amid stricter EU regulations. XRP's market cap surged to $138.98 billion, driven by speculation around a spot XRP ETF and a significant price increase of nearly 280% over the past year.Despite USDT's dip, it remains the dominant stablecoin, holding 67.21% of the $204 billion stablecoin market, while USDC trails with a market cap of $44 billion. The user base for USDT grew by 11.7% in December, adding 21.9 million new users.
Stuart Hoegner has retired as general counsel of Tether and Bitfinex, with Michael Hilliard stepping in as his replacement. This leadership change occurs amid uncertainty regarding Tether's USDT compliance with the newly implemented MiCA regulations in Europe, as no clear guidance has been provided by regulators. Despite a recent dip in USDT's market cap, the stablecoin maintains over 65% dominance in the $210 billion market.
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06:15 08.01.2025
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