Europe
Binance fined $3M over illegal operations in the Netherlands
Major global cryptocurrency exchange Binance is facing a penalty in the Netherlands after failing to obtain regulatory approval to operate in the country. The central bank of the Netherlands (DNB) has fined Binance Holdings 3.3 million euros ($3.3 million) for offering local crypto services without registration with authority. The Dutch central bank officially announced Monday that the regulator imposed the administrative fine in April 2022. The DNB pointed out that any company offering crypto services in the Netherlands is obliged to register with the central bank in compliance with the Money Laundering and Terrorist Financing Prevention Act. The regulator also mentioned that the DNB previously issued a public warning to Binance on Aug. 18, 2021. According to the announcement, the DN...
MiCA and ToFR: The EU moves to regulate the crypto-asset market
On the last day of June, the European Union reached an agreement on how to regulate the crypto-asset industry, giving the green light to Markets in Crypto-Assets (MiCA), the EU’s main legislative proposal to oversee the industry in its 27 member countries. A day earlier, on June 29, lawmakers in the member states of the European Parliament had already passed the Transfer of Funds Regulation (ToFR), which imposes compliance standards on crypto assets to crack down on money laundering risks in the sector. Given this scenario, today we will further explore these two legislations that, due to their broad scope, can serve as a parameter for the other Financial Action Task Force (FATF) members outside of the 27 countries of the EU. As it’s always good to understand not only the resul...
Bogshoeing in Latvia: silly but outrageously good fun
Bogshoeing in Latvia? Nope, we hadn’t heard of it either. But the wetlands of Ķemeri National Park are more than a bog-standard destination It’s a cliché I know, but travel never ceases to surprise me. I’ve hiked all over the world – from high-altitude treks in Nepal and Pakistan to remote expeditions in Greenland and Norway – so when I was invited to the tiny Baltic nation of Latvia with its highest point just 312m (1,024ft) above sea level, I wasn’t expecting to find much in the way of expansive wilderness. But, despite its size, Latvia devotes a substantial amount of space to nature and outdoor pursuits. My itinerary included a morning in the swamps of Ķemeri National Park located around 40km (25mi) from the capital, Riga. Throughout the 19th and early 20th centuries, Ķemeri, known for ...
Andorra green lights Bitcoin and Blockchain with Digital Assets Act
A small light of progress shines from Andorra, a tiny European country nestled between France and Spain. The country’s government, the General Council of Andorra, recently approved the Digital Assets Act, a regulatory framework for digital currencies and blockchain technology. The act is split into two parts. The first regards the creation of digital money, or “programmable digital sovereign money,” which can be exchanged in a closed system. In effect, this would allow the Andorran state to create its own token. The second half of the act refers to digital assets as financial instruments and intends to create an environment in which blockchain and distributed ledger technologies can be regulated. For Paul (who withheld his surname), CEO of local Bitcoin business 21Million, the new la...
CoinShares launches staked Algorand ETP on Deutsche Boerse Xetra
Major European cryptocurrency investment firm CoinShares is expanding its exchange-traded products (ETP) with a new physically-backed ETP based on Algorand (ALGO). CoinShares on Thursday announced the listing of its physically-backed staked Algorand ETP on Xetra, the electronic trading platform run by Germany’s exchange operator Deutsche Boerse. Named the CoinShares Physical Staked Algorand, the new crypto investment product will be trading on Xetra under the ticker RAND. The ETP is enabled through CoinShares’ proprietary technology platform Galata, allowing investors to benefit from the 2% staking rewards associated with participating in Algorand’s blockchain security. The new Algorand ETP joins a family of CoinShares’s staked ETP offerings featuring blockchain networks and cryptocu...
Photos: Look Inside the Eye-Popping Return of Balaton Sound, Europe’s Largest Beachfront Festival
Tucked away in the majestic rolling hills of Zamardi, Balaton Sound returned to Hungary from June 29th to July 2nd. For four days, ravers enjoyed electrifying DJ sets flanked by the scenic Lake Balaton, one of the most unique festival venue grounds in the world. EDM.com was on the ground to capture the 2022 edition of Balaton Sound, Europe’s biggest beachfront music festival, which welcomed over 180 DJs from around the globe. This year, the fest hosted larger-than-life performances from the likes of Alesso, Martin Garrix, Lost Frequencies, Timmy Trumpet, Alok and more. Balaton Sound Festival 2022. brphoto.co British sensation Becky Hill started things off on the Mainstage with roaring energy on the first of three days, kicking off Balaton Sound with an upbeat performance of dance-pop...
EU officials reach agreement on AML authority for supervising crypto firms
The European Council has reached an agreement to form an anti-money laundering body that will have the authority to supervise certain crypto asset service providers, or CASPs. In a Wednesday announcement, the council said it had agreed on a partial position of a proposal to launch a dedicated Anti-Money Laundering Authority, or AMLA. According to the regulatory body, the AML body will have the authority to supervise “high-risk and cross-border financial entities” including crypto firms — “if they are considered risky.” European Parliament member Ondřej Kovařík said EU officials had also reached a “provisional political agreement” on the government body’s Transfer of Funds Regulation. Not all the details of the revision are clear at the time of publication, but Cointelegraph reported that a...
Poorest countries in the world – ranked
African nations dominate the ranking of the poorest countries in the world based on the latest data from the World Bank We all have preconceptions about places. Take Ethiopia for example. As children of the eighties, Kia and I were only too aware of the struggles Ethiopia has faced historically: political unrest, civil war and, of course, famine. It was easy then to imagine a vast desolate dust bowl ahead of our visit in 2017. Ethiopia is perceived by many as a representation of wider Africa: still developing, still struggling. In reality, it is a land of lush mountains, dazzling architecture and jaw-dropping natural wonders. There is poverty, but there is also hope. Our visit prompted us to ask if Ethiopia still ranked as one of the poorest countries in the world. Data from the Worl...
ECB head calls for separate framework to regulate crypto lending
A week after the major American crypto lending platform Celsius had to freeze the withdrawal option for its users, European Central Bank (ECB) president Christine Lagarde voiced her conviction on the necessity of tighter scrutiny over this part of the crypto market. During the testimony before the European Parliament on Monday, June 20, Christine Lagarde expressed her thoughts not only about the looming inflation in Europe and around the globe but also about the increasing activities of crypto-assets staking and lending. In Lagarde’s opinion, this trend demands additional regulatory efforts from the European Union (EU). Referring to the major regulatory package, making its way through the legislative routine, Markets in Crypto-Assets (MiCa), she even coined the term “MiCa II”: “MiCA ...
Third non-EU country, Ukraine, joins the European Blockchain Partnership
After Norway and Liechtenstein, Ukraine became the third country outside the European Union (EU) to join the European Blockchain Partnership (EBP), an initiative derived by 27 member states to deliver cross-border public services. The Ministry of Digital Transformation of Ukraine announced the country’s move to join the EBP as an observer on June 17. With the ultimate goal of integrating its digital economic space with the EU, Ukraine plans to expand its interstate blockchain network partnership with other countries. Ukraine’s intent to join the EBP dates back to July 2021, when Oleksii Zhmerenetskyi, the head of the Parliamentary group, Blockchain4Ukraine, and Konstantin Yarmolenko, the founder and CEO of Virtual Assets of Ukraine, wrote a letter to Ursula von der Leyen, the president of ...
EU commissioner reiterates need for ‘regulating all crypto-assets’
Mairead McGuinness, the Commissioner for Financial Services, Financial Stability and Capital Markets Union at the European Commission, is moving forward with a discussion on regulating cryptocurrencies amid three major events in the space. In written remarks for a speech in Brussels on Tuesday, McGuinness said the Celsius Network’s recent suspension of withdrawals, as well as the crash of Terra (originally LUNA, now LUNA Classic, or LUNC), show the need for crypto-asset regulation in the European Union. She added that ongoing concerns about crypto potentially being used to circumvent sanctions on Russia were also a factor. “Regulating all crypto-assets — whether they’re unbacked crypto-assets or so-called “stablecoins — and crypto-asset service providers is necessary...
DeFi pulls the curtain on financial magic, says EU Blockchain Observatory expert
As decentralized finance continues its victorious march — although the road is sometimes bumpy — some significant questions on its nature remain. How can DeFi applications be protected from becoming nonoperational under extreme stress? Is it really decentralized if some individuals have way more governance tokens than others? Does the anonymous culture compromise its transparency? A recent report from the EU Blockchain Observatory and Forum elaborates on these questions and many others around DeFi. It contains eight sections and covers a range of topics, from the fundamental definition of DeFi to its technical, financial and procedural risks. Conducted by an international team of researchers, the report formulates some important conclusions that will hopefully make their way to the eyes an...
