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Ripple has appointed Raghuram Rajan, former Governor of the Reserve Bank of India, to its RLUSD stablecoin advisory board, which also includes notable figures like Sheila Bair and David Puth. Rajan's expertise in central banking and financial regulation is expected to enhance the stablecoin's compliance and credibility in a rapidly evolving financial landscape. His insights, alongside those of other board members, aim to ensure RLUSD's sustainable growth and trustworthiness in digital payments.
Tether has invested in StablR, a European stablecoin provider, to enhance stablecoin adoption in Europe as the EU's MiCA regulation deadline approaches. StablR, now licensed in Malta, will use Tether's Hadron platform for asset tokenization and compliance, aiming to boost the EURR and USDR stablecoins' interoperability. The move reflects Tether's commitment to compliance and innovation in the growing digital asset economy.
Anchorage Digital has received approval for a BitLicense from the New York State Department of Financial Services, allowing its subsidiary, Anchorage Digital NY, LLC, to offer regulated crypto trading services to institutions in New York. This milestone enables access to secure and cost-efficient trading, with full capabilities expected by early 2025. The approval positions Anchorage Digital as a key player in the digital asset industry, facilitating services for registered investment advisors and large institutional asset managers while ensuring regulatory certainty throughout the trading lifecycle.
The UAE is emerging as a global blockchain hub, driven by trends in Shariah-compliant services, dirham-pegged stablecoins, and an influx of international talent. Industry leaders emphasize the region's regulatory clarity and potential for rapid growth, particularly in decentralized finance. Recent developments include a stablecoin initiative approved by the central bank, highlighting the focus on local payment methods.
The Income Tax Appellate Tribunal in Jodhpur has ruled that profits from crypto sales before April 1, 2022, are to be classified as long-term capital gains, allowing for lower tax rates and deductions. This decision clarifies the tax treatment of digital assets, aligning it with international standards and providing a precedent for taxpayers. The ruling emphasizes that cryptocurrencies are considered property under the Income Tax Act, benefiting early adopters who faced ambiguity in tax obligations.
The US regulatory environment is becoming increasingly favorable for crypto ETFs, particularly after the recent elections, with Solana, Ripple, and Cardano poised for potential listings in 2025. Solana has gained traction with two approved ETFs in Brazil and a market cap of $106.6 billion, while Ripple's XRP, despite legal challenges, has seen a 325.7% growth and a market cap of $151.4 billion. Cardano, with a commitment to improvement, has also surged 82.1% to a market cap of $39.4 billion, signaling a promising future for these cryptocurrencies in the ETF market.
Thailand is exploring the possibility of adopting Bitcoin as legal tender, a move that could enhance financial inclusion and attract foreign investments. While the potential benefits are significant, challenges such as regulatory hurdles and Bitcoin's volatility pose risks to economic stability. The outcome of this initiative may influence global cryptocurrency adoption and regulation.
XRP has seen a 128% price increase following the RLUSD approval by the NYDFS, yet it lost 2% recently as traders anticipated a stronger surge. Meanwhile, DTX Exchange is gaining traction with over $10.25 million raised in presales, promising significant growth potential and innovative trading solutions. The market remains optimistic about Ripple's future due to renewed legal clarity and institutional interest.
The stablecoin market is poised for explosive growth in 2025, driven by regulatory advancements and increased adoption. With the implementation of the EU's MiCA regulation, more regulated stablecoins are expected, alongside banks offering custody services, which will enhance integration with traditional finance. Localized stablecoins are also set to challenge the dollar's dominance, marking a significant shift in the market landscape.
The chairman of the Korea Exchange, Jeong Eun-bo, has urged South Korea to quickly institutionalize its crypto market to enhance competitiveness amid ongoing political turmoil that has stalled regulations until 2025. He emphasized the need for lawmakers and financial institutions to recognize the growing influence of digital assets, warning that continued treatment of cryptocurrencies as speculative could hinder market development. Despite calls for revitalization, all crypto-related policies remain on hold due to the political crisis, with discussions expected to resume in early 2025.
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