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With MiCA, Gemini sees Europe moving away from fragmented regulation and adding transparency and resilience, Jennings said.
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“Prior to this, we had different requirements to be able to onboard customers in France, Spain, Italy,” the executive said, adding that MiCA enabled the exchange to build a scalable solution supporting the entirety of Europe.
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Organizing compliant services infrastructure was among key elements of MiCA compliance for Gemini, Jennings said, adding that requirements include tracking and ensuring unified onboarding processes meeting regulatory standards.
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In the United States alone, $5.6 billion was stolen from investors through cryptocurrency scams in 2023. Power is becoming concentrated in the hands of a few creators, and the only way we can combat this is by giving strength back to the many.
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Although Web3 was initially designed to be decentralized, creators are increasingly developing protocols that are often, at best, exploitative or manipulative, consisting of pump and dumps. At worst, they are illegal scams and frauds.
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While Web3 offers numerous advantages, it also raises significant concerns and unresolved questions — chief among them being the imbalance of power between creators and consumers.
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“We’re not allowed to own Bitcoin,” Powell said, adding that the Fed is “not looking for a law change” that would allow them to hold BTC.
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Regarding Bitcoin’s reserve asset status, Powell said that the US central bank has no desire to be involved in any government effort to stockpile Bitcoin.
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The Fed committee also raised their 2025 inflation outlook from 2.1% to 2.5%, adding to what market participants view as a hawkish outlook.
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The drawdown in crypto prices comes after the Fed announced a 25 basis point rate cut to its benchmark policy rate. It was Powell’s post-rate cut comments that triggered panic selling as indicated that only two more rate cuts would occur in 2025.
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Similarly, the total crypto market cap has dropped by 3.8% over the last 24 hours to rest at $3.53 trillion at the time of publication.
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Solana corrects alongside other cryptocurrencies, which have also dropped, triggered by Federal Reserve chair Jerome Powell’s hawkish comments about 2025 economic outlook.
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Data from Cointelegraph Markets Pro and TradingView shows SOL trading at $210, 20% below its $264 all-time high reached on Nov. 24.
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Among the techniques that have been attributed to North Korean actors are impersonating authorized workers, hacking cryptocurrency exchanges, planting malware in an operating system and using crypto mixers.
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According to TRM Labs, groups with ties to North Korea stole at least $600 million in cryptocurrency in 2023, and possibly as much as $700 million, through a variety of means. Another source said the North Koreans stole $3 billion worth of crypto between 2017 and 2023.
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UAE-based Green Alpine Trading company is alleged to be a front for money laundering operations that support Sim’s activities. The company’s website is currently suspended.
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In a Dec. 12 statement, the Prudential Regulation Authority (PRA) asked firms to share their “current and expected future cryptoasset exposures” and explain their use of the crypto-regulating Basel framework.
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The Bank of England’s regulatory arm has requested that businesses disclose any current or future exposure to crypto by next March so it can monitor stability and help shape policy.
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In addition to the two-year prison sentence, Ahlgren has been ordered to serve one year of supervised release and to pay $1.1 million in restitution to the United States government.
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The two-year prison sentence became “the first criminal tax evasion prosecution centered solely on cryptocurrency,” said Acting Special Agent in Charge Lucy Tan of the Internal Revenue Service’s Criminal Investigation Houston Field Office. She also said her team has the expertise and tools to track crypto and fiat activity.
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