The United Kingdom takes a step towards regulating cryptocurrencies before the end of the year, as announced by the Economic Secretary to the Treasury.
In a revealing announcement, UK Economic Secretary to the Treasury Bim Afolami has expressed a strong government commitment to introduce cryptocurrency-related legislation in the country before the end of the year. Afolami highlighted that the government is “pushing very hard” to pass laws on stablecoins and crypto betting services in the next six months. According to Bloomberg reports.
During an event hosted by cryptocurrency exchange Coinbase in London, Afolami said that “We are very clear that we want to do these things as soon as possible. And I think in the next six months, those things will be feasible.”
This announcement reflects the UK’s continued commitment to establishing clear and effective regulation for the crypto sector.
South Korea Democratic Party Pushes Bitcoin Adoption
The South Korean financial landscape is undergoing a major change. As South Korea’s opposition Democratic Party is pushing to open the doors to local investments in spot Bitcoin exchange-traded funds (ETFs).
According to local reports, the party is looking to not only allow citizens to purchase Bitcoin ETFs through their individual savings accounts. If not also make it easier for financial institutions to launch their own spot bitcoin ETFs.
The Democratic Party’s proposal highlights the possibility for investors to purchase Bitcoin ETFs in cash using individual savings accounts, known as ISAs. These all-in-one accounts offer investors the flexibility to invest in various funds or stock-linked securities, while providing tax exemptions for financial gains of up to two million Korean won (approximately $1,497).
STRK Token Marketing Begins on Major Cryptocurrency Exchanges
Starknet, the Ethereum Layer-2 network that implements the ZK-Rollup solution to improve the scalability of decentralized applications, is taking a significant step today with the start of trading of its native token, STRK, on several centralized exchanges.
Following the opening of distribution claims for approximately 1.3 million wallets, trading with STRK will begin on platforms such as Binance, Bybit, Bitfinex, and OKX. This, once the liquidity requirements are met.
The Starknet Foundation announced its token provisioning plan last week, highlighting that the goal of the STRK token is to facilitate more decentralized scaling based on STARK. Diego Oliva, CEO of the Starknet Foundation, stressed that the design of the token is intended to allow the community to manage and govern Starknet more effectively.
The distribution of the STRK token involves 728 million units, equivalent to 7.28% of the total supply of 10 billion. About 1.297 million wallets are eligible to participate, according to a November snapshot that analyzes transactions and interactions on the network.
Mass Bitcoin Outflow from Coinbase: Whales Move 18,000 BTC in One Weekend
Bitcoin holdings on cryptocurrency exchange Coinbase have hit their lowest point in nine years, according to a report from CryptoQuant. Over the weekend, whales made significant moves, moving 18,000 Bitcoin, valued at nearly $1 billion, out of Coinbase. The transfers had values ranging between USD 45 million and USD 171 million, leaving Coinbase’s public order book with around 394,000 BTC, estimated at USD 20.5 billion.
Some suggest that funds are moving into custodial wallets in anticipation of a price surge, especially with the upcoming Bitcoin halving just two months away, which could create a supply shock. On the other hand, there are those who speculate that the transferred funds could be used for liquidity in over-the-counter (OTC) operations.
By Audy Castaneda
