Unregulated Activities in Virtual Assets
Dubai’s Virtual Asset Regulatory Authority (VARA) has issued a warning regarding several crypto entities operating without the required licenses. Among these is Koto Crypto, allegedly registered in the Dubai Multi Commodities Center (DMCC), which has been offering OTC Crypto services since 2023 without complying with regulatory requirements.
According to VARA’s statement:
"Any activities related to virtual assets conducted on this platform are not in line with VARA regulations. Engaging with unlicensed platforms exposes users to significant financial risks and potential legal consequences for violating regulatory or criminal laws."
Similarly, Finchain Payment Service Provider LLC and Finchain Technologies DMCC have been flagged. Additionally, their websites are currently non-operational.
Other Entities Under VARA’s Radar
VARA also identified Crypto Force, which, like Koto Crypto, operates from DMCC, and Coin Cashy and BTC Bay, whose websites are no longer active.
The list also includes Stabit, linked to Genesis Digital Assets Commercial Brokers Co. LLC, offering unregulated crypto trading services.
XT.COM HACKED FOR $1.7 MILLION
XT.com, one of the entities listed in VARA’s warning, recently suffered a hack that resulted in a $1.7 million loss. On November 28, the exchange suspended withdrawals, citing "wallet maintenance."
However, blockchain security firm PeckShield confirmed shortly afterward that there had been an "abnormal transfer of platform wallet assets." The hacker has already converted the stolen funds into more than 461 ETH, according to PeckShield. XT.com has assured users that their funds will remain unaffected.
Vara Warns Against Interacting With These Platforms
The Dubai regulator emphasized that none of these seven entities are licensed under VARA regulations, making their operations illegal within Dubai’s jurisdiction. VARA has also banned these platforms from promoting or offering virtual asset services to Dubai residents.
Protecting Users
Investors and consumers have been advised to avoid interacting with these platforms. VARA further warned that access to these websites might be restricted without prior notice.
"We recommend taking immediate action to secure the protection of user assets," the regulator stated.
Fines For Rule Violations
In October, VARA announced that it had ordered seven entities to cease operations and issued fines for conducting business without the necessary licenses and for violating marketing regulations. Additionally, on November 17, 2023, VARA fined 18 virtual asset service providers (VASPs) for failing to comply with its guidelines and regulations.
The regulator warned that if these compliance gaps are not actively addressed by the end of the year, further penalties will follow. VARA underlined that these enforcement actions are essential to establish trust in its regulatory framework on global markets.

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Two-Year Delay for Crypto Tax Approved
South Korean regulators have decided to postpone the implementation of a 20% cryptocurrency tax until 2027. This decision follows the rejection of a proposal from the Democratic Party (DP), which sought to raise the annual tax threshold from 2.5 million won to 50 million won.
According to local news outlet Money Today, Park Chan-dae, leader of the DP, announced in a press conference that his party had agreed with the government’s proposal to delay the tax. Originally planned for 2025, the tax law has now been pushed back by two years.
Need for Comprehensive Preparations Before Implementation
Park stated that the government requires additional time for institutional preparations to systematically implement the crypto trading tax.
“After in-depth discussions, we believe further institutional restructuring is necessary before taxing virtual assets,” said Park.
The fate of the tax law will be decided during a vote by the National Assembly, scheduled for December 2, 2024, with both major political parties already agreeing to the delay.
Democratic Party vs. Government Proposal
Initially, the Democratic Party opposed the People Power Party’s (PPP) plan to delay the tax and insisted on implementing it in January 2025. Additionally, the DP proposed increasing the tax threshold to 50 million won (35,633 USD), but the government rejected this suggestion. Instead, it endorsed the PPP’s proposal to push the tax deadline to 2027.
Park also noted that negotiations are ongoing for several related laws, including those on inheritance and gift taxes. This indicates that the current 2.5 million won (1,781 USD) threshold could still be revised.
Third Postponement of the Tax Law
This marks the third delay of the virtual asset tax law. Initially introduced in December 2020, the law was first planned for implementation in 2021. It was later postponed to 2025 and now faces another delay until 2027.
The law is set to impose a 20% tax and an additional 2% local tax on profits exceeding 2.5 million won. Some major cryptocurrency exchanges have argued that this low threshold could significantly reduce trading volumes and have called for it to be increased.

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Tornado Cash Under Scrutiny: $552 Million in Stolen Crypto Laundered
According to a report by Global Ledger, shared with crypto.news, over $552 million in stolen cryptocurrency was laundered through the Tornado Cash mixing service between January 1 and November 27, 2024. During this period, the platform processed a total of 457,768 ETH, valued at approximately $1.64 billion at current market prices.
Hacked Funds as the Main Source of Deposits
More than 60% of ETH deposits into Tornado Cash originated from high-risk sources, particularly accounts linked to major crypto hacks. Over 56% of the total volume was tied to attacks that occurred in 2023 and 2024. This marks a significant increase compared to 2023, when Tornado Cash processed 314,740 ETH.
Major Hacks of 2024
WazirX Hack: In July, attackers laundered 61,698 ETH, worth approximately $217.2 million, through Tornado Cash.Heco Bridge Exploit: This attack saw 52,281 ETH ($189.1 million) laundered in March.Poloniex Hack: Hackers funneled 18,874 ETH ($68.4 million) through Tornado Cash.Orbit Chain Exploit: The platform processed 12,930 ETH ($46.8 million) tied to this incident.Penpie Exploit: Added 11,261 ETH, worth $40.8 million, to the mixer’s illicit transactions.
Sanctions on Tornado Cash and Legal Challenges
Tornado Cash was sanctioned by the U.S. Treasury Department in 2022 for its role in facilitating money laundering. The regulator claimed that since 2019, the platform had processed over $7 billion in illicit funds, including $455 million linked to the North Korean hacking group Lazarus.
However, a recent U.S. court ruling found that the Treasury overstepped its authority by sanctioning certain immutable smart contracts of Tornado Cash.
Implications for Global Regulations and the Crypto Market
The Global Ledger report warned that this ruling could create a "dangerous precedent" hindering global efforts to combat financial crime in the crypto space. The report suggests that bad actors might launder even larger volumes of cryptocurrency, making it harder for regulators to enforce compliance.
The decision could also shake investor confidence and push regulators to introduce stricter rules, potentially burdening legitimate businesses with increased scrutiny and reporting requirements.
Tornado Cash remains a focal point in the ongoing debate over crypto regulation, highlighting the tension between fostering innovation and preventing financial crime.

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End of EURT, Tether’s Euro-Backed Stablecoin
Tether, one of the largest stablecoin providers, has announced the discontinuation of its euro-backed stablecoin, EURT. The company stated it would stop minting new EURT tokens due to changes in the regulatory framework for stablecoins in the European market. This decision aligns with Tether's efforts to balance usability and sustainability across its product offerings.

Reasons Behind EURT Discontinuation
Tether’s CEO, Paolo Ardoino, called the decision to discontinue EURT a necessary step, though not an easy one. He explained that the EURT stablecoin would remain unavailable until Europe establishes a stronger regulatory framework that ensures user protection and avoids risks associated with the banking system.
"The decision to discontinue EURT was not taken lightly. We await a regulatory framework in Europe that supports innovation, stability, and user protection," Ardoino stated.
Hadron Becomes Tether’s New Priority
Tether announced it would focus on its new project, Hadron, a platform designed to facilitate asset tokenization. Hadron integrates all the technologies and expertise Tether has developed over the past decade. According to Ardoino, the goal of Hadron is to make asset tokenization accessible to a broader audience, including fund managers, governments, and private companies.
Hadron aims to support stablecoin issuance processes, regulatory compliance, and anti-money laundering (AML) tools. Additionally, it is expected to accelerate the tokenization of stocks and bonds while offering solutions for loyalty point systems.
Notice for EURT Holders
Tether has asked EURT holders to redeem their holdings by November 27, 2025, to ensure a smooth transition to new products and technologies, including Hadron’s solutions.
Hadron and the Future of Tokenization in Europe
Tether described Hadron as a pivotal tool for advancing digital asset solutions in Europe. The platform has already been used to develop new stablecoins, EURQ and USDQ, which comply with the European MiCAR regulations.
Tether also highlighted its investment in Quantoz Payments, which has helped integrate these stablecoins into a broader ecosystem. These efforts underscore Tether’s ambition to become a leader in real-world asset (RWA) tokenization and provide the infrastructure for the digital economy.
Tether as a Leader in Asset Tokenization
Tether is positioning itself as a key player in the tokenization of real-world assets, with its stablecoin ecosystem nearing a market capitalization of $200 billion. The company views Hadron as a critical milestone in modernizing the financial sector and driving the growth of digital asset markets in Europe.

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Major Changes in Cryptocurrency Regulation
Russia has taken a significant step toward regulating digital currencies with the adoption of a new crypto tax law. This legislation, approved by the Federation Council, the upper chamber of parliament, follows prior approval by the State Duma and awaits President Vladimir Putin's signature to become law. The new rules introduce a series of changes affecting mining, tax obligations, and the legal status of cryptocurrencies.
Digital Currencies Classified as Assets
Under the new law, digital currencies, including those used in experimental legal regimes, are classified as assets under Russia's tax code. This classification exempts mining and digital currency transactions from value-added tax (VAT), significantly easing financial obligations for entities in this sector. Additionally, services provided by authorized organizations facilitating these transactions will also be VAT-exempt.
Mandatory Reporting and Taxation of Mining Income
The new legislation requires mining infrastructure operators to report user data to tax authorities. Income from cryptocurrency mining will be treated as taxable income, with individuals paying an income tax rate of 13%. For annual incomes exceeding 2.4 million rubles, the rate will rise to 15% starting in 2025. Businesses engaged in mining activities will be subject to the standard corporate income tax rate.
Tax Framework and Broader Regulatory Goals
The law specifies that mining revenues will be taxed based on the value of digital assets on international exchanges. This measure is part of a broader strategy to create a transparent and legally sound framework for cryptocurrencies. The goal is not only to ensure controlled growth in the sector but also to contribute to national revenues and align regulations with the country’s economic priorities.
A Key Step in Russia’s Crypto Regulation Strategy
This legislative move reflects Russia's efforts to establish comprehensive control over the digital currency market amid increasing global scrutiny of cryptocurrencies. With the adoption of this law, Russia aims to create a stable and predictable environment for cryptocurrency investors and entrepreneurs while promoting sustainable growth in the industry aligned with national interests.

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Chris Giancarlo, former CFTC Chair, predicts that the SEC might end its lawsuit against Ripple if Donald Trump becomes the President of the United States.
SEC May Drop the Ripple Case
During an interview with FOX Business, Giancarlo expressed confidence that the SEC (Securities and Exchange Commission) could potentially dismiss its lawsuit against Ripple. He suggested that the SEC should consider ending cases it has already lost in court.
When host Charles Gasparino asked whether the SEC would drop the Ripple case under Trump’s leadership, Giancarlo stated: “I would bet on it.”
This comment indicates that a new SEC leadership could revisit the Ripple case based on the court’s prior ruling from last year. The initial verdict was handed down by the lower court in August.
Current Status of the SEC Appeal
In the earlier ruling, the court determined:
Institutional sales of XRP were classified as securities,Other distributions and programmatic sales of XRP were not,XRP itself is not a security.
Following the decision, the SEC filed an appeal, seeking to overturn the parts of the verdict it lost. Ripple also filed a counter-appeal regarding institutional sales. The appeals process continues, with the SEC’s next submission due by January 15, 2025.
How a Trump Presidency Could Impact the Ripple Case
If Donald Trump becomes president, speculation suggests Ripple could benefit from the shift in administration. These speculations gained traction after SEC Chair Gary Gensler announced his intent to resign on January 20.
Trump’s transition team is reportedly considering pro-crypto candidates to lead the SEC. According to WIRED magazine, the team is already consulting with cryptocurrency industry stakeholders to identify potential nominees.
Should the SEC be led by a pro-crypto chair, the commission might reassess the Ripple lawsuit and potentially dismiss the case.
Possibility of a Settlement Between Ripple and SEC
Some pro-crypto lawyers, such as Jeremy Hogan, speculate that a settlement between Ripple and the SEC could occur. Ripple could potentially pay $125 million to resolve the dispute.
However, this scenario remains uncertain, and further developments in the case are awaited.

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The Russian Ministry of Industry has suggested a two-year transition period for implementing digital ruble payments in the retail sector, citing concerns over unprepared infrastructure and potential challenges with rapid deployment.
Concerns About Infrastructure Readiness
The Ministry of Industry has called for a two-year transition period before mandatory adoption of the Central Bank Digital Currency (CBDC), known as the digital ruble. According to the ministry, rushing the implementation could cause significant issues for retail businesses, as reported by the state-controlled media outlet Izvestija.
Under the proposed legislation, starting in July 2025, large retailers would be required to allow customers to pay using the digital ruble. Smaller businesses could receive delayed implementation deadlines based on their annual revenue.
More Time Needed for CBDC Adoption
The ministry highlighted that the current draft law lacks clear operational guidelines for the introduction of the digital ruble. Key areas requiring attention include:
Finalizing the software,Updating information systems,Conducting system testing,Training personnel.
To mitigate risks, the ministry recommends a two-year transition period, giving businesses adequate time to adapt to the new digital payment system.
Central Bank Plans Gradual Rollout
The governor of the Russian Central Bank, Elvira Nabiullina, stated that if pilot programs for the digital ruble proceed as planned, the country could begin mass implementation by July 2025. However, the transition will be gradual.
Nabiullina further noted that full-scale CBDC adoption may take five to seven years, emphasizing that the process will be "natural" and guided by business needs and consumer convenience.
Conclusion
The Ministry of Industry stresses that successful digital ruble adoption requires thorough preparation of infrastructure and a longer transition period. Whether the planned mass implementation by July 2025 will succeed depends on cooperation between the government, central bank, and businesses.

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Cautious Approach Toward Digital Assets
South Korea's Financial Services Commission (FSC) has taken a cautious stance on the idea of creating a national bitcoin reserve. FSC Chairman Kim Byung-hwan stated that such a move is currently "too distant," despite increasing calls for ensuring liquidity in digital assets.
According to a report by Newsprime, South Korea is closely observing the United States’ bullish stance on cryptocurrencies. Kim acknowledged that U.S. President-elect Donald Trump has a more favorable approach to cryptocurrencies compared to previous administrations.
Priority: Integrating Cryptocurrencies with Traditional Financial Systems
Kim emphasized that the primary focus is now on connecting the digital asset market with the existing financial system to establish a stable relationship. While South Korea is monitoring developments in the U.S., Kim noted that the country needs time to evaluate its next steps:
"We need to see what the U.S. does, but for now, this is a distant story," he said.
Kim also warned that more funds should flow into the stock market rather than the crypto market. He pointed out that trading volumes for virtual assets have already surpassed those of South Korea's stock indices, KOSPI and KOSDAQ.
Cryptocurrencies and Market Volatility
According to Kim, the cryptocurrency market is highly volatile, requiring strict monitoring.
"The prices of virtual assets are rising rapidly, and the market is extremely unstable, which necessitates a focus on unfair trading practices," he added.
Cryptocurrency Taxation Plans from 2025
South Korean regulators are taking steps to regulate the crypto market. The Democratic Party of Korea recently announced plans to introduce a 20% tax on cryptocurrency trading profits, starting in January 2025.
Key Points of the Proposed Taxation:
A 20% tax on cryptocurrency profits exceeding 50 million Korean won (approximately $35,668).An additional 2% local tax on the same profits.
The initial proposal aimed to impose a 20% tax on profits over 2.5 million won (around $1,800). However, this faced opposition from major cryptocurrency exchanges, which warned of a potential decline in trading volumes.
Conclusion:
South Korea's FSC continues to adopt a conservative stance on digital assets. Plans for a bitcoin reserve remain on hold, as regulators focus on integrating cryptocurrencies with traditional financial systems and ensuring market security.

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India is taking significant steps to strengthen its cross-border payment systems by fostering collaborations with other countries through mobile payments and Central Bank Digital Currency (CBDC) technology. This initiative could revolutionize international financial transactions.
Partnerships for Mobile Payments with Neighboring Countries
T. Rabi Sankar, Deputy Governor of the Reserve Bank of India (RBI), announced that India is establishing mobile payment partnerships with several countries. Agreements have already been finalized with Sri Lanka, while discussions are ongoing with the United Arab Emirates (UAE), Bhutan, and Nepal. These developments were highlighted at a conference in the Philippines.
India is also collaborating with ASEAN central banks to create a regional platform for instant cross-border payments, positioning itself as a leader in CBDC development.
Importance of CBDC in the Financial Ecosystem
RBI considers enhancing cross-border payments a key agenda item from its G20 summit discussions. To address this, it established the Committee on Payments and Market Infrastructures, which is dedicated to advancing CBDC development while addressing security concerns such as anti-money laundering (AML) and countering the financing of terrorism (CFT).
CBDCs provide advantages in trust and regulation as they are issued and backed by the central bank. With government assurance, they offer stability and are likely to gain broad acceptance.
India’s digital rupee is still in the testing phase, and RBI has not announced a timeline for its launch. Bank representatives emphasized the importance of careful observation of its impact before final implementation.
Blockchain Perspective and the Future of Payments
According to Raj Kapoor, founder of the India Blockchain Alliance, India’s initiative to integrate mobile payments with CBDC holds tremendous potential. Blockchain technology can significantly enhance cross-border financial systems by eliminating intermediaries, reducing costs, and speeding up transactions.
CBDCs can also:
Improve financial accessibility for businesses and individuals,Mitigate risks associated with cryptocurrency volatility,Offer stability with government support.
Kapoor stressed the need for India to implement a clear policy and regulatory framework to fully harness this technology’s potential.
Path Toward Digital Transformation
CBDCs represent a major leap forward for India, not only in domestic financial inclusion but also in strengthening cross-border trade and payments. Lower remittance costs and faster transactions could particularly benefit Indian expatriates.
India’s commitment to enhancing its cross-border payment systems is a step toward closing payment system gaps, building trust, and accelerating its digital financial transformation.

#cbdc , #digitalassets , #cryptoregulation , #india_crypto , #CryptoNewss

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