Breaking Crypto Stories

Here are the top stories today:

• Crypto Security Firm Mistakenly Shares Drainer Link to ‘Help’ Radiant Hack Victims

• Ireland Drafting Urgent Crypto Laws Before EU Money Laundering Rules

• Thailand’s Siam Commercial Bank Introduces Stablecoin Service for International Payments

• Italy Crypto Tax Set to Rise to 42%: What You Need to Know

• Warren vs. Deaton: The High-Stakes Crypto Regulation Debate

• How RWA Tokenization Could Disrupt Financial Markets by 2030

Question of the Day

Will there be other RWA tokens beyond just fiat stablecoins?

🤦Crypto Security Firm Mistakenly Shares Drainer Link to ‘Help’ Radiant Hack Victims

Crypto security firm Ancilia mistakenly shared a scam link leading to a wallet drainer while attempting to help users affected by a $52 million exploit of Radiant Capital, resulting in significant criticism.

• Ancilia accidentally posted a scam link, directing users to a wallet drainer while trying to assist Radiant Capital users affected by a $52 million hack.

• Hackers exploited Radiant Capital's smart contracts, stealing assets like USDC, WBNB, and ETH by gaining access to three private keys from the protocol’s multi-signature wallet.

• This marks the second exploit Radiant Capital has suffered this year, prompting collaboration with security firms to address the issue and urging users to revoke smart contract permissions.

📜Ireland Drafting Urgent Crypto Laws Before EU Money Laundering Rules

Ireland is drafting new cryptocurrency regulations ahead of the European Union’s Anti-Money Laundering and Countering the Financing of Terrorism Act, which takes effect on December 30, 2024.

• Ireland's Finance Minister announced plans to draft urgent crypto regulations in preparation for upcoming EU anti-money laundering laws, which will strengthen transaction monitoring and impose limits on cash payments.

• The new EU regulations, effective December 30, 2024, will require stricter reporting from crypto exchanges and introduce enhanced oversight of large transactions to combat financial crimes.

• Ireland's Central Bank has approved 15 virtual asset service providers and aims to maintain a leadership role in safe innovation through the implementation of MiCA and new anti-money laundering measures.

🌐Thailand’s Siam Commercial Bank Introduces Stablecoin Service for International Payments

Siam Commercial Bank has launched Thailand’s first stablecoin-based cross-border payment service, improving transaction efficiency and reducing costs for clients.

• Siam Commercial Bank, in partnership with Lightnet and Fireblocks, launched Thailand’s first stablecoin-based cross-border remittance service, streamlining transactions by removing pre-funding and reducing operational costs.

• The service enhances capital efficiency, offers faster and lower-cost money transfers, and promotes financial inclusion by reducing transaction capital requirements.

• The adoption of stablecoins, which are pegged to fiat currencies, is growing in the traditional financial industry, with a total supply nearing $180 billion, as they become increasingly important for cross-border payments.

📈Italy Crypto Tax Set to Rise to 42%: What You Need to Know

The Italian government is considering raising the crypto capital gains tax from 26% to 42%, aligning it with the highest income tax bracket, which could significantly impact investors and traders.

• The current 26% Italy crypto tax may rise to 42%, aligning with the top income tax bracket, to standardize digital asset taxation with traditional assets.

• The increased tax burden may deter investors, prompting them to explore strategies like diversifying or consulting tax professionals to mitigate the impact.

• Italy's proposed hike reflects a global trend towards tighter crypto regulations, which could influence other nations to follow suit.

🥊Warren vs. Deaton: The High-Stakes Crypto Regulation Debate

The crypto regulation debate, driven by figures like Elizabeth Warren and John Deaton, highlights the tension between protecting consumers and fostering innovation, with significant implications for the future of cryptocurrency and global financial systems.

• Elizabeth Warren advocates for strict crypto regulations to protect consumers and stabilize the financial system, while John Deaton warns that over-regulation could stifle innovation and push crypto businesses overseas.

• The core issue in this debate revolves around balancing consumer protection with fostering innovation, with Warren favoring robust oversight and Deaton supporting a more flexible, innovation-friendly approach.

• The outcome of this debate will shape not only US crypto regulations but also have global repercussions, as nations look to harmonize their approaches to regulating digital assets.

🔮How RWA Tokenization Could Disrupt Financial Markets by 2030

RWA tokenization, the process of transforming physical assets into digital tokens on blockchain, is set to revolutionize financial markets by 2030, enhancing liquidity, accessibility, and transparency.

• RWA tokenization allows tangible assets, like real estate or art, to be digitally represented on blockchain, enabling easier transactions and fractional ownership.

• By enhancing liquidity and democratizing access, tokenization creates more inclusive investment opportunities while boosting transparency and security through blockchain technology.

• By 2030, the RWA tokenization market could grow significantly, with estimates ranging between $4 trillion and $30 trillion, though challenges like regulatory adaptation and technology scalability need to be addressed.

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