The European Commission is evaluating a draft proposal to create a regulatory body similar to the US SEC to oversee crypto exchanges.

According to the Financial Times, the restructuring of the financial supervision framework in the bloc, to be presented next month, envisions “granting the European Securities and Markets Authority (ESMA) direct power to supervise both traditional stock exchanges and cryptocurrency exchanges operating in the 27 countries of the European Union.”

ESMA would then oversee Crypto Asset Service Providers (CASPs), trading platforms, and other financial infrastructure focused on crypto trading. It would also have the capacity to “resolve disputes between asset managers, a function that is currently fragmented among national regulators.”

According to Verena Ross, ESMA’s chairperson, this proposal aims to end the fragmentation of the European market and “move towards a unified capital system, strengthening coherence between the various national regulatory frameworks.”

The cryptocurrency trading regulation project is a response to the regulatory vacuum identified after the launch of the Markets in Crypto-Assets (MiCA) Act, which came into effect in December. 2024.

M.Pino

Source: cripto247

(Reference image source: Carl Campbell on Unsplash)

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La entrada The European Union could create a regulator to oversee crypto exchanges apareció primero en Bitfinance.

Trading of cryptocurrency platforms such as Deribit, Coinbase and Greeks.live reached a record level in February this year, according to recent reports.

The aforementioned cryptocurrency exchange platforms gave record transaction referrals in the month that just ended. Deribit, in fact, “experienced multiple trading records on its platform, with cryptocurrency options and futures trading seeing open interest surpass an all-time high of $29 billion.”

There are records of the assets of the clients of the platform at a maximum of USD 4 billion. For its part, “the company’s 24-hour volume of operations reached 12.4 billion dollars, another historical high.”

Similarly, Coinbase Institutional announced on its X account that its futures exchange in the United States reached a record amount on February 29, which it defined as “the second-best day in its history, with a notional volume traded of approximately $380 million in bitcoin and ether contracts.”

“Coinbase Derivatives is committed to fostering a fair, transparent, trustworthy and efficient market for a diverse set of participants,” they said.

The Greeks.live platform recorded a record daily volume through its platform, reaching USD 620 million in options volume.

M.Pino

Source: cripto247

(Reference image source: Kanchanara at Unsplash)

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La entrada Earnings from cryptocurrency exchanges reached record levels in February apareció primero en Bitfinance.

The Google Play Store in India recently excluded apps from cryptocurrency exchanges Binance and OKX. The move followed a notice of non-compliance issued by the Indian government, marking a stricter regulatory trend in the country towards cryptocurrencies.

On December 28, 2023, the Financial Intelligence Unit (FIU) of the Indian Ministry of Finance notified several cryptocurrency exchanges, including Binance, Huobi and Kraken, for illegal transactions in the country. This notice required any exchange serving Indian users to register as a “reporting entity” and file returns with the tax department.

In response to this breach, the FIU proposed to the Ministry of Electronics and Information Technology to block the websites of the affected exchanges. Meanwhile, the Google Play store blocked Binance and OKX, although Binance’s operations remain available through its app and website to existing users.

Binance South Asia, via a post on X (formerly known as Twitter), confirmed its knowledge of the ban in India, assuring users the security of their accounts and funds.

This situation intensified after India implemented a 30% tax on cryptocurrencies, as well as a 1% withholding tax deduction for each cryptocurrency transaction, causing a decrease in the volume of transactions on local exchanges and an exodus of users to international platforms.

India’s Finance Bill, passed in March 2022, brought significant changes to the tax regulations for cryptocurrencies, including a 30% tax on the holding and transfer of cryptocurrencies. These regulations, considered strict by many, have transformed the cryptocurrency landscape in India, affecting both local and international exchanges.

K. Tovar

Source: The Economic Times

(Reference image source: Pathum Danthanarayana, Unsplash)

La entrada Google Play Store blocked access to Binance in India apareció primero en Bitfinance.