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jolinejones90

@jolinejones90

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lucasjohnson0988
@lucasjohnson0988
Despite Coinbase’s move to delist USDT, the stablecoin has continued trading across the EU, with many exchanges still awaiting further clarity from European authorities on USDT’s compliance with MiCA.
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jennymiller2381
@jennymiller2381
USDT’s market cap fell from $138.8 billion on Dec. 30, 2024, to a weekly low of $136.9 billion on Jan. 1, CoinGecko data shows.
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ireneevans451
@ireneevans451
It marked the USDT market cap’s biggest dip since the FTX collapse in November 2022. Its current market cap of $137.2 billion is 2.75% off its all-time high of $141 billion set on Dec. 20, 2024.
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bellasmith80612
@bellasmith80612
Despite the fall, USDT stablecoin dominance still sits above 65% in what has become a $210 billion market.
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merfil095
@merfil095
Also on Dec. 30, Tether moved almost $780 million worth of Bitcoin into its corporate Bitcoin reserve in its largest move since March.
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carrie6084
@carrie6084
Tether said in May 2023 that it planned to “regularly allocate up to 15% of its net realized operating profits toward purchasing Bitcoin.”
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thomasannie658
@thomasannie658
The United States Attorney’s Office revealed an additional charge for Terraform Labs co-founder Do Kwon following his extradition from Montenegro: money laundering conspiracy.
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c86749998
@c86749998
In a superseding indictment unsealed on Jan. 2 in the US District Court for the Southern District of New York, US Attorney Damian Williams alleged Kwon conspired with others to commit money laundering.
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wilsongillian959
@wilsongillian959
According to the US Attorney, the Terraform co-founder facilitated transactions of more than $10,000 on the platform “knowing that the property involved in certain financial transactions represented the proceeds of some form of unlawful activity.”
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jolinejones90
@jolinejones90
The money laundering charge was part of a superseding indictment not initially filed as part of the eight-count indictment against Kwon in March 2023. Prosecutors filed the indictment under seal in May 2024, and a judge ordered it unsealed amid Kwon’s court appearance on Jan. 2.
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jolinejones90
@jolinejones90
The money laundering charge was part of a superseding indictment not initially filed as part of the eight-count indictment against Kwon in March 2023. Prosecutors filed the indictment under seal in May 2024, and a judge ordered it unsealed amid Kwon’s court appearance on Jan. 2.
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thomasannie658
@thomasannie658
In a notable court decision, the Dubai Court upheld an employment contract stipulating that an employee’s bonus could be paid in the company’s native crypto tokens, in addition to other typical bonuses employees receive in the UAE, such as an annual ticket flight home or a school subsidy for children.
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wilsongillian959
@wilsongillian959
Marketing at events is being tightened as well. Violators risk fines of up to 10 million dirhams, which equates to more than $2 million. This move was implemented in close cooperation with the federal Securities and Commodities Authority (SCA), illustrating the cohesive regulatory ecosystem that the UAE is building.
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bellasmith80612
@bellasmith80612
A highlight of the year was when the Central Bank of the UAE (CBUAE) introduced the Payment Token Services Regulation via Circular No. 2/2024 in June 2024, regulating the issuance of stablecoins. Moreover, after a 12-month grace period, businesses in the UAE will only be allowed to accept crypto payments in dirham-backed stablecoins issued by CBUAE-approved entities.
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merfil095
@merfil095
Meanwhile, a tax development from the Federal Tax Authority provided that all cryptocurrency transactions are exempt from value-added tax (VAT) from Nov. 15, 2024, retroactive to Jan. 1, 2018. This tax relief is only relevant to those making a lot of trades on centralized UAE exchanges and being charged VAT on exchange fees. Therefore, please disregard the hyped-up, misleading tweets claiming the UAE has released all virtual assets from taxes. That is not the case.
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carrie6084
@carrie6084
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thomasannie658
@thomasannie658
While some international media outlets reported that salaries can now be paid entirely in Bitcoin and crypto, such interpretations misread the ruling. The judgment did not redefine wage laws; it merely recognized crypto tokens as a valid form of bonus payment within a specific employment contract.
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c86749998
@c86749998
As always, the public is urged to rely on official government sources for accurate information rather than sensationalized social media posts.
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wilsongillian959
@wilsongillian959
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jolinejones90
@jolinejones90
Regulatory clarity has a gravitational pull, and in 2024, it drew significant market players to the UAE. Heavyweights like Binance, Crypto.com, OKX and Bybit received VASP licenses, expanding the range of services available, from exchange and lending to derivatives trading.
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