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‘Project Atlas’, pioneered by Bank of International Settlements and various European Central banks, is developing a proof of concept system tracking on-chain and off-chain cryptocurrency transactions. The project aims to understand macroeconomic relevance of cryptocurrency markets and decentralized finance, offering transparency and potential risk mitigation.

Binance’s withdrawal from the Dutch market, prompted by its inability to secure VASP registration with regulatory authorities, raises questions about the crypto exchange’s commitment to upholding regulations and its ability to function effectively in an increasingly regulated landscape. Market participants are urged to conduct thorough research and consider shifting landscapes around cryptocurrencies and exchanges.

“Crypto.com secures registration approval with the Dutch central bank, De Nederlandsche Bank (DNB), joining 36 other crypto businesses in the country. The approval highlights Crypto.com’s commitment to compliance and allows it to offer exchange and custodial services. Other platforms, like Binance, face rejection from the Dutch market due to regulatory uncertainties.”

“Yield Protocol’s decision to cease operations, impacted by decreased demand and strict regulations, juxtaposes with Wirex’s launch of W-Pay, a bridge for decentralized applications and traditional payment infrastructures. The future of blockchain remains uncertain amid these contrasting developments.”

The SEC has sued Binance for legal violations involving crypto tokens BNB and BUSD, and Circle argues that these stablecoins aren’t securities as their acquisition doesn’t foresee profit-making. Meanwhile, Gemini is closing its Netherlands operations for failing to meet regulatory requirements, highlighting growing tensions between crypto platforms and financial regulatory bodies.

“New York-based crypto exchange, Gemini, is ending its operations in the Netherlands due to inability to meet the regulatory requirements. However, it plans to return once it aligns with the new crypto-asset rules under the Markets in Crypto-Assets Regulation (MiCA).”

“Crypto exchange Gemini discontinues its services in the Netherlands due to stringent regulations instituted by the Dutch central bank. Gemini intends to comply with the Markets in Crypto-Assets Regulation (MiCa), before reopening for Dutch users. These regulatory tightening trends raise questions about the future of crypto platforms in the European Union.”

“Crypto platform, Binance, moved to dismiss a lawsuit by the US Commodity Futures Trading Commission (CFTC), challenging its jurisdiction over non-US entities. Meanwhile, the US Senate sanctioned the 2024 National Defense Authorization Act, targeting crypto mixers, trading bodies, and ‘anonymity-enhancing’ coins.”

“Crypto.com has registered as a cryptocurrency service provider in the Netherlands, after complying with the nation’s regulations against terror financing and money laundering. However, providers are only allowed to offer cryptocurrency wallets and facilitate fiat-crypto exchanges in the country.”

“Project Atlas, launched by the Bank for International Settlements (BIS) and four European central banks, aims to revolutionize financial authorities’ management of crypto assets by tracking global asset movements. It melds data from crypto exchanges with data from public blockchains, providing tools for accurate assessment of crypto markets’ economic significance.”