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The European Union’s MiCA legislation has received final approval, introducing a harmonized regulatory framework for cryptocurrency businesses. Aimed at preventing money laundering and requiring authorization from the EU, the law brings greater transparency and compliance, covering issuers of various tokens and service providers like trading venues and crypto wallets.

The SEC urges a judge not to entertain Coinbase’s request for clearer crypto regulation guidelines, stating it’s not mandated to fulfill Coinbase’s outlined requirements. Coinbase claims the SEC refuses to address its rulemaking petition while aiming to initiate enforcement actions for listing unregistered securities. The SEC argues regulatory changes necessitate time and deliberation with no completion deadline.

The European Union (EU) finance ministers unanimously approved the Markets in Crypto Assets regulation (MiCA), positioning the EU at the forefront of crypto licensing regimes. Along with MiCA, new anti-money laundering measures related to crypto fund transfers were endorsed. These regulations bring legitimacy and oversight to the crypto industry while potentially impacting innovation and privacy concerns.

The upcoming SEC enforcement action against Coinbase may impact the company’s revenue streams and challenge its attempts to pivot away from the US market, raising questions about cryptocurrency exchanges’ sustainability amidst changing regulatory landscapes.

The BlockFi Creditors Committee disputes BlockFi’s claim of being a victim of FTX and Alameda, blaming poor management decisions for the company’s downfall. They highlight a series of financial losses, potential tax complications for customers, and mishandling of customer funds. Despite recent rulings, BlockFi’s future depends on claims against Alameda and FTX.

The G7 central bank governors and finance ministers’ summit has highlighted the urgent need for regulatory measures to prevent North Korea’s hacking activities involving cryptocurrencies. Japan calls for other nations to follow its lead in blocking North Korea’s raids, emphasizing the importance of a robust regulatory framework to address growing concerns surrounding crypto theft and misuse as global crypto adoption increases.

The SEC has rejected Coinbase’s request for regulatory clarity in the crypto industry, stating that no statute requires them to act within a specific timeline. This highlights the ongoing struggle between the crypto industry’s demands for clarity and the cautious stance taken by financial authorities like the SEC.

The G-7 finance ministers discussed their commitment to regulating crypto-assets and exploring central bank digital currencies (CBDCs) in a recent meeting. They emphasized the need for effective regulatory frameworks while supporting innovation and addressing potential risks to the monetary and financial system.

South Korean lawmaker Kim Nam-kuk’s crypto investments scandal, involving $4.5 million worth of wemix coins, has led to his resignation and raids on exchanges Upbit and Bithumb. It raises questions surrounding potential insider information, preferential treatment, and the need for increased transparency and fairness in the crypto market.

South Korean authorities investigate major crypto exchanges Upbit and Bithumb in connection with allegations against former lawmaker Kim Nam-kuk, emphasizing the need for clear regulatory guidelines to ensure transparency, ethical standards, and the protection of stakeholder interests in the industry.