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‘Prohibitive’ Capital Rules for Banks Holding Crypto Win Support in EU Parliament

‘Prohibitive’ Capital Rules for Banks Holding Crypto Win Support in EU ParliamentLawmakers in the European Union have backed legislation imposing new capital requirements for financial institutions, including strict rules meant to cover crypto-related risks. The latter concern banks keeping digital assets and are expected to enter into force in January, 2025. EU Legislators Approve Draft Law Implementing the Basel III Capital Regulations for Banks Members of […]

Bitcoin whales hint at $80K ‘market rebound’ as Binance inflows cool

Poland’s Consumer Protection Agency Opens Case Against Cryptocurrency Exchange

Poland’s Consumer Protection Agency Opens Case Against Cryptocurrency ExchangeThe body ensuring that consumer rights are respected in Poland has initiated proceedings against a crypto exchange falsely claiming to be Polish. The trading platform also misled customers that it was operating with the regulatory approval of the financial authorities in the country. Belize-based Exchange Risks Hefty Fine in Poland for Allegedly Deceiving Crypto Traders […]

Bitcoin whales hint at $80K ‘market rebound’ as Binance inflows cool

Hungarians Interested in Investment Potential of Cryptocurrencies, Poll Shows

Hungarians Interested in Investment Potential of Cryptocurrencies, Poll ShowsA survey has indicated that Hungarians would like to learn more about the long-term investment opportunities presented by cryptocurrencies. However, associated risks and insufficient information in their native language are major concerns, according to the polled. Hungarians Want to Know How Crypto Profits Are Taxed and What Rules Apply to Such Investments With increased global […]

Bitcoin whales hint at $80K ‘market rebound’ as Binance inflows cool

UK Treasury Considers Digital Pound, Maintains Crypto Hub Objective

UK Treasury Considers Digital Pound, Maintains Crypto Hub ObjectiveThe U.K. is mulling over launching a digital pound as it remains committed to becoming a cryptocurrency hub, a government representative has indicated. British authorities should also regulate payments with stablecoins, according to the official. United Kingdom Prepares to Begin Consultation on Digital Pound Currency The executive power in London is considering the introduction a […]

Bitcoin whales hint at $80K ‘market rebound’ as Binance inflows cool

Bank of France Governor Calls for Mandatory Licensing for Crypto Companies

Bank of France Governor Calls for Mandatory Licensing for Crypto CompaniesFrance has to adopt a licensing regime for crypto service providers, the head of the country’s central bank has suggested. According to the executive, the need to tighten regulatory oversight stems from the “disorder” in the industry throughout the past year. Licensing Should Replace Registration for Crypto Firms in France, Governor Galhau Says Banque de […]

Bitcoin whales hint at $80K ‘market rebound’ as Binance inflows cool

Israel’s Securities Watchdog Seeks to Regulate Crypto Assets

Israel’s Securities Watchdog Seeks to Regulate Crypto AssetsThe body overseeing the securities market in Israel is taking steps to incorporate rules for digital assets into the existing legislation. The regulator released a draft proposal to introduce the changes that would define the legal status of cryptocurrencies in the country. Amendments to Israel’s Securities Laws Aimed at Expanding Supervision Over Crypto Arguing that […]

Bitcoin whales hint at $80K ‘market rebound’ as Binance inflows cool

Apple to allow third-party app stores in windfall for NFTs and crypto

In a win for crypto app developers, incoming EU laws will force Apple to permit alternative app stores and apps without the need to go through its App Store.

Tech giant Apple is gearing up to permit third-party app stores on its devices to comply with new anti-monopolistic requirements from the European Union (EU), which could be seen as a huge win for crypto and NFT app developers, at least in Europe.

Under the new rules, European customers would be able to download alternative app marketplaces outside of Apple’s proprietary App Store, thus allowing them to download apps that skirt Apple’s 30% commissions and app restrictions according to a Dec. 13 Bloomberg report citing those familiar with the matter.

Currently, Apple has stringent rules for NFT apps that practically force users to go through in-app purchases subject to Apple’s 30% commission, while apps are not permitted to support cryptocurrency payments.

Apple’s enforcement of its rule led to a block of Coinbase’s self-custody wallet app update on Dec. 1 as Apple wanted to “collect 30% of the gas fee” through in-app purchases, something that is “clearly not possible” according to Coinbase.

It then claimed Apple wanted the wallet to disable NFT transactions if they couldn’t be done through its in-app purchase system.

Alex Salnikov, co-founder of NFT marketplace Rarible tweeted on Dec. 13 in response to the news that a “crypto app store” could be built and would be a “great candidate” for a venture capital-backed startup.

Apple’s move to open its ecosystem is in response to the EU’s Digital Markets Act aiming to regulate so-called “gatekeepers” and ensure platforms behave fairly with part of the measures allowing “third parties to inter-operate with the gatekeeper’s own services.”

It will be applicable starting May 2023 with businesses needing to fully comply by 2024.

Apple hasn’t decided if it will comply with a part of the Act allowing developers to install alternative payment systems within apps that don’t involve Apple. if it does comply, it could open up payment systems that allow cryptocurrencies.

Related: LBRY alleges Apple forced it to censor certain terms amid COVID-19 pandemic

Under consideration by the tech giant is mandating security requirements for software outside of its store, such as verification from Apple, in a bid to protect users against unsafe apps.

The changes to Apple’s closed ecosystem would apply only within the EU, other regions would need to pass similar laws such as the proposed Open App Markets Act in the United States Congress from Senators Marsha Blackburn and Richard Blumenthal.

Bitcoin whales hint at $80K ‘market rebound’ as Binance inflows cool

Full Ban on Crypto in Russia Would Be Counterproductive, Rosfinmonitoring Says

Full Ban on Crypto in Russia Would Be Counterproductive, Rosfinmonitoring SaysRussian citizens and businesses already own cryptocurrencies, which is why a complete crypto ban would be counterproductive, according to a top executive of Rosfinmonitoring, Russia’s financial intelligence agency. At the same time, the regulator supports prohibiting payments with digital coins and their advertising. Rosfinmonitoring Backs Government’s Strategy to Strictly Regulate Cryptocurrencies in Russia The Federal […]

Bitcoin whales hint at $80K ‘market rebound’ as Binance inflows cool

Brussels Wants All Crypto Service Providers to Report Transactions of Europeans

Brussels Wants All Crypto Service Providers to Report Transactions of EuropeansThe European Commission has set out to oblige platforms processing crypto transactions for EU residents to share information with tax authorities in the Union. According to the proposal, all crypto service providers, regardless of where they are based, will have to abide by the new rules. EU to Consider New Reporting Requirements for Crypto Platforms […]

Bitcoin whales hint at $80K ‘market rebound’ as Binance inflows cool