USDThis Week’s Global Policy Heat Turns Up for Crypto Players
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Google Enforces MiCA Licensing for Crypto Ads in Europe Starting April 23
Starting April 23, 2025, Google will enforce new advertising policies for cryptocurrency services in Europe, mandating that cryptocurrency exchanges and wallets be licensed under the Markets in Crypto-Assets (MiCA) or Crypto Asset Service Provider (CASP) regulations. This policy, aimed at enhancing investor protection, reflects the implementation of MiCA in December 2024, which established a comprehensive regulatory framework for digital assets across the EU. Google’s rules require compliance with local legal requirements and certification by Google, impacting various European nations. While this initiative could reduce fraud, experts highlight potential challenges, including the risk of creating gaps in enforcement and imposing compliance burdens on smaller exchanges. Notably, policy violations will first result in warnings rather than immediate account suspensions. The updates may primarily serve to protect Google’s liability more than safeguarding investors, raising concerns about accessibility for smaller players within the evolving regulatory landscape.
Panama City Accepts Bitcoin, Ether, and Stablecoins for Tax Payments
Panama City has become a trailblazer in digital asset acceptance, allowing residents to pay taxes, fees, tickets, and permits using Bitcoin, Ether, and stablecoins like USDT and USDC. This decision, announced by Mayor Mayer Mizrachi Matalon, positions Panama City as the first public institution in the country and among the first globally to embrace crypto payments for government transactions. Payments will be converted to USD by a partner bank at the time of the transaction, aligning with the legal requirement for institutions to receive funds in dollars. This initiative coincides with the Panamanian National Assembly's consideration of legislation to develop a regulatory framework for crypto assets, which includes proposals for oversight bodies, compliance standards for Virtual Asset Service Providers, and integrating blockchain technology into governance. The overarching goal is to foster a digital economy and enhance the free flow of cryptocurrency throughout Panama.
Ethena Labs Exits Germany, Abandons MiCA Authorization for USDe Stablecoin
Ethena Labs will cease its operations in Germany and has abandoned plans for MiCA authorization of its USDe stablecoin, following BaFin's ban on its issuance. German users will now access USDe via Ethena's international branch, Ethena BVI, outside German regulations. USDe's supply has decreased from over $6.1 billion to $4.9 billion amid Ethereum's price decline, with trading volumes dropping to $50 million. The reserves backing USDe are reported at $5.1 billion, consisting of various cryptocurrencies. Additionally, ENA has fallen from $0.93 to $0.29, losing all gains since September 2024.
Argentina's CNV Launches Pioneering Tokenization Framework with One-Year Sandbox
The Argentine securities regulator (CNV) has launched an innovative tokenization framework that positions Argentina as a leader in the region. This regime allows for the tokenization of various assets, such as stocks and bonds, within a one-year sandbox structure aimed at fostering digital finance. Issuers will only need a generic digitization permit, with registered virtual asset service providers (VASPs) facilitating market access. CNV President Roberto Silva emphasized the initiative's revolutionary nature compared to regional peers, aiming to integrate the latest technology into the financial landscape. Ongoing public consultation will enhance the framework during the sandbox period.
Swedish MPs Propose Adding Bitcoin to National Reserves, Inspired by U.S. Initiatives
Two Swedish MPs, Dennis Dioukarev and Rickard Nordin, are advocating for Bitcoin to be added to Sweden's national reserves, inspired by similar U.S. initiatives to utilize seized crypto assets for a national Bitcoin reserve. Dioukarev formally questioned Finance Minister Elisabeth Svantesson about this approach, emphasizing Bitcoin's role as a hedge against inflation. Meanwhile, New Hampshire's House passed a bill to create a state Bitcoin reserve, indicating a shift in Europe towards recognizing Bitcoin's geopolitical significance. Despite these movements, ECB President Christine Lagarde maintains a skeptical stance, deeming Bitcoin “unsafe” for central bank reserves, even as its price hovers around $85,586.
Russia Considers Developing Stablecoins After USDT Wallet Blockage
Russia is considering the development of its own stablecoins following the recent blockage of $30 million in USDT wallets connected to sanctioned Russian exchanges. Osman Kabaloev, a finance ministry official, emphasized the need for stablecoins that could potentially be pegged to currencies other than the US dollar. This comes amid ongoing experiments with crypto for cross-border settlements, as the Bank of Russia seeks to mitigate the effects of Western sanctions. Despite these efforts, the outcome remains uncertain, and the nation has utilized cryptocurrencies like Bitcoin and USDT for oil trades with China and India.
Slovenia Proposes 25% Tax on Crypto Trading Amid Growth Concerns
Slovenia's Finance Ministry is proposing a 25% tax on crypto trading profits as part of a draft law available for public consultation until May 5, with potential implementation on January 1, 2026. The tax will apply when selling cryptocurrency for fiat or purchasing goods, while crypto-to-crypto trades and wallet transfers will be exempt. Finance Minister argues that it's unreasonable not to tax such speculative assets. Opposition lawmaker Jernej Vrtovec warns this could hinder Slovenia's growth as a crypto hub. Slovenia currently has a 10% tax on withdrawals, with approximately 98,000 crypto users projected by 2025.
Vietnam's Finance Ministry Teams Up with Bybit CEO to Launch Crypto Trading Pilot in May
Vietnam's Ministry of Finance has partnered with cryptocurrency exchange Bybit to initiate a pilot program for crypto trading, aimed at developing a regulatory framework for the country's significant crypto user base. This collaboration was confirmed in a meeting on April 17, 2025, between Bybit CEO Ben Zhou and the Vietnamese Minister of Finance. The Ministry plans to present the pilot plan for a crypto trading platform in May 2025. Bybit will provide technical support and risk management expertise, marking a significant step toward formalizing crypto trading in Vietnam and enhancing the regulatory landscape for digital assets.
This article has been refined and enhanced by ChatGPT.
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