Blockchain
Authorities Prepare for New Crypto Regulations in Europe
The cryptocurrency business is facing a crucial period, needing to prepare for several new rules, with the Markets in Crypto-Assets (MiCA) regulation being a key focus. As of June 30, 2024, the initial regulations regarding stablecoins have taken effect, and by December, broader regulations for crypto service providers will be operational.
Authorities, including the European Banking Authority (EBA), are bolstering their ranks to manage these new regulations. The EBA is hiring specialists to oversee various aspects of the crypto market, including DeFi markets, crypto asset classification, and the application of cybersecurity and crypto regulations. These positions reflect the significant impact MiCA will have, particularly in enforcing standards regarding governance, custody, and reserve requirements for stablecoins.
All entities in the crypto market must ensure compliance with these new regulations. Any stablecoins that do not meet MiCA’s standards will be removed from EU markets. The EBA and other regulatory bodies are committed to providing clarity and support to help businesses navigate these changes. Having spent years developing MiCA, the EBA is now responsible for ensuring that national authorities adhere to these final guidelines and for influencing any future laws related to DeFi. Although MiCA does not currently cover decentralized protocols, the European Commission will examine DeFi to determine if regulation is necessary, with the EBA monitoring the market and potentially providing findings to the Commission.
Crypto firms are bracing for challenges as they prepare for these new rules. The urgency of this preparation cannot be overstated. One of the EBA’s roles includes overseeing the Digital Operational Resilience Act, which mandates stricter tech security tests for financial institutions, including crypto service providers, thereby increasing regulatory expenses for businesses. Companies must comply with the Digital Operational Resilience Act by January, emphasizing the need for immediate action.
In response to these regulations, Bitstamp announced it will remove from its platform any stablecoins priced in euros that do not adhere to MiCA, such as the EUR-denominated stablecoin EURT. The exchange will not list new EMTs that fail to meet MiCA requirements nor engage in any marketing of them. Binance also warned its users of disruptions in stablecoins, stating it will implement certain restrictions for EEA users and offer alternatives with regulated stablecoins or other crypto assets.
This period of regulatory transformation is critical for the cryptocurrency business, with MiCA being a central focus. Compliance with these regulations is essential, highlighting the importance of preparation and adaptation to the evolving regulatory landscape.
Source: blockhead.co
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Blockchain
ZBD and Finfare partner to offer gamers cash rewards for their everyday purchases!
Finfare Connect, a market-leading rewards platform empowering businesses to engage and retain customers through personalized offers, has announced an innovative collaboration with ZBD, a leading payments company at the forefront of digital economies.
Finfare Connect is a part of Finfare Inc., a thriving fintech company with offices in Irvine, California and London.
Through this strategic alliance, Finfare will provide ZBD users with access to affiliate, card-linked, and instant cashback offers, enabling them to earn Bitcoin through everyday purchases, above and beyond those already earned via the ZBD app.
Beginning today, ZBD users will have the option to link their payment card or multiple payment accounts to start automatically earning rewards while shopping online or at in-person stores. Card linking involves connecting a single payment card, while account linking occurs when a user connects multiple bank accounts to earn highly customized rewards.
In terms of rewards, ZBD users who sign up for the program will have access to offers from thousands of well-known brands such as Nike, Adidas, Asics, Crocs, Tommy Hilfiger, Urban Outfitters, Cole Haan, Steve Madden; and popular retailers such as Nordstrom, Brookstone and Best Buy, among many others.
ZBD’s innovative app immerses users in a world of games and apps, allowing them to earn Bitcoin while enjoying diverse entertainment experiences.
Now, US-based ZBD users will be able to seamlessly earn Bitcoin through their everyday purchases simply by linking their payment accounts via the ZBD app. Then, they will automatically earn Bitcoin whenever they purchase an item that’s promoted by FinFare.
“We are thrilled to launch this exciting offering with ZBD,” said Alan Zrado, Executive Vice President, Finfare Connect. “Through this alliance, we are enhancing the way ZBD users engage with digital payments, offering them unparalleled opportunities to earn Bitcoin through their everyday transactions. This partnership also underscores our commitment to empowering businesses by providing their customers with compelling, customized, and valued rewards.”
“We are excited to join forces with Finfare Connect to give ZBD users greater value by giving them more ways to easily earn Bitcoin rewards,” said Ben Cousens, Chief Strategy Officer of ZBD. “By combining Finfare Connect’s expertise in personalized offers with ZBD’s cutting-edge payments technology, we are providing our users with a great way to earn Bitcoin by shopping as they normally would anyway.”
The post ZBD and Finfare partner to offer gamers cash rewards for their everyday purchases! appeared first on HIPTHER Alerts.
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