r28890666

@r28890666

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222 Followers

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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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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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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

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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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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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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Kwon, alleged to have been involved in the 2022 collapse of the Terra ecosystem, was arrested and jailed in Montenegro for using falsified travel documents in 2023. Authorities from the US and South Korea filed competing petitions to extradite the Terraform co-founder, but Montenegrin authorities did not decide on his legal status until December 2024, when Kwon was handed over to US officials.

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The Terraform co-founder appeared in court on Jan. 2 and pleaded not guilty to all charges, agreeing to be held in detention. It’s unclear whether US authorities will consider a plea deal or intend to move forward with a criminal trial.

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The Terraform co-founder appeared in court on Jan. 2 and pleaded not guilty to all charges, agreeing to be held in detention. It’s unclear whether US authorities will consider a plea deal or intend to move forward with a criminal trial.

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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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@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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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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Ripple obtained in-principle approval from the Dubai Financial Services Authority within the DIFC. Meanwhile, in the ADGM, prominent companies such as Blockdaemon, Circle, Paxos and eToro made significant expansions or relocations, attracted by the region’s clarity and business-friendly climate. Tether’s USDt was listed as an accepted token in ADGM.

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As 2024 draws to a close, the shape of the future is becoming more apparent. In the US, all eyes are on the incoming Bitcoin strategic reserve. Europe’s MiCA framework may tighten further, pushing more companies out of the EU.

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Within the UAE, the trend is toward more granular rules for token issuance, stablecoins and decentralized finance platforms. However, despite tighter regulations, the UAE is expected to attract even more global players.

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Buckle…no, lawyer up for 2025. Expect stronger Anti-Money Laundering rules, more defined stablecoin governance and deeper cross-border regulatory cooperation.

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