This week’s crypto news highlights significant regulatory developments and challenges shaping the digital asset landscape. The Bank of Italy raised concerns, labeling Bitcoin P2P platforms as potential tools for crime, prompting further scrutiny on peer-to-peer transactions. Meanwhile, Federal Reserve Chair Jerome Powell dismissed plans for a Bitcoin strategic reserve, signaling caution in integrating cryptocurrencies within official financial reserves. In Turkey, stricter anti-money laundering regulations for crypto assets have been introduced, aiming to enhance security and transparency. Cambodia has taken a progressive step by approving regulated cryptocurrency assets for operation, encouraging innovation in the region. Lastly, the IRS is intensifying efforts to regulate decentralized finance (DeFi) platforms, with new tax rules expected to impact the sector by 2027, signaling greater oversight in the evolving crypto market.
Review of the past week:
| December 24, 2024 |
Bank of Italy Exposes Bitcoin P2P Platforms as Tools for Crime. Bank of Italy urges stronger KYC and AML rules to combat crypto misuse. Read more |
| December 24, 2024 |
Fed Chair Powell Rejects Bitcoin Strategic Reserve Plans. Recently, Fed Chair Jerome Powell made it clear that the Fed has no intentions of taking part in any government plan to accumulate Bitcoin. Read more |
| December 25, 2024 |
Turkey introduces stricter crypto AML regulations. Turkey introduced new cryptocurrency regulations during the final week of 2024, inspired by positive regulatory developments in the world’s major jurisdictions, including Europe. Read more |
| December 27, 2024 | Regulated cryptocurrency assets approved for operation in Cambodia.
For the first time, the National Bank of Cambodia (NBC) has allowed commercial banks and payment institutions to provide services involving Category 1 crypto assets, including backed or stable cryptocurrencies. However, unbacked cryptocurrencies, such as Bitcoin, remain prohibited. Read more |
| December 28, 2024 |
IRS Targets DeFi: New Crypto Tax Rules to Shake Decentralized Platforms by 2027. DeFi platforms will have to collect user trading information, issue tax forms, and provide customer details like names and addresses. Read more |
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FYBIT team
