Seeds of Wisdom RV and Economic Updates Tuesday Evening 12-10-24
Good Evening Dinar Recaps,
RIPPLE (XRP) RECEIVES FINAL APPROVAL FROM NYDFS FOR RLUSD
Ripple Labs (XRP) has officially received final approval from the New York State Department of Finance (NYDFS) for its stablecoin RLUSD.
Ripple’s CEO Brad Garlinghouse made the announcement in a post to X Tuesday afternoon, revealing the latest achievement.
“This just in…” the announcement reads, “we have final approval from @NYDFS for $RLUSD! Exchange and partner listings will be live soon – and reminder: when RLUSD is live, you’ll hear it from @Ripple first.” The news means that we may see the arrival of RLUSD as soon as this month.
Following its years-long legal battle with the SEC, Ripple has flourished in the final months of 2024. The company’s native cryptocurrency is now the fifth largest in the world by market cap. Ripple Labs’ decision to launch a stablecoin was also met with optimistic ears earlier this year.
The coin has been ready for some time and could see its door to New York City, one of the finance capitals of the world, open up soon.
Over the past month, Ripple Labs has seen plenty of success, especially with its native cryptocurrency XRP. The asset is up over 200% in the last 30 days. The XRP Ledger has also seen significant success, especially on the world stage.
Last month, the software company made waves in BRICS countries India and Russia. The Russian government has taken a significant step in digital asset regulation, passing a bill recognizing XRP and other cryptocurrencies. The bill also established a clear taxation framework for crypto.
In addition, the Reserve Bank of India (RBI) also announced a collaboration with Ripple Labs for the virtual Rupee initiative.
Ripple RLUSD To Pump XRP Price?
The arrival of RLUSD is also expected to further pump XRP Price. Currently, XRP is trading at $2.255, up 7% in the last hour alone. With Christmas around the corner, the market is also getting into the festive spirit, with investors hoping that the realm would favor their XRP investments more seriously.
Predictions have been raised for the asset over the remainder of the year, with projections touching near $3, contains the assets surge. Should the Ripple stablecoin RLUSD launch in the next week, expect Ripple to see further growth.
Garlinghouse has yet to provide an estimated launch date for the stablecoin. However, the NYDFS’ approval is a great sign.
https://watcher.guru/news/ripple-xrp-receives-final-approval-from-nydfs-for-rlusd
@ Newshounds News™
Source: Watcher Guru
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EU’S MICA CRYPTO RULES: WILL THE DECEMBER DEADLINE DISRUPT STABLECOINS?
Several EU countries are struggling to implement MiCA regulations on time, potentially disrupting the crypto market.
The December deadline for crypto service providers and stablecoin issuers is causing concerns, with industry groups calling for a delay.
MiCA's regulations on stablecoins, especially the volume limits, aim to protect the Euro's dominance and could impact the broader crypto market.
The European Union’s new cryptocurrency regulations, known as MiCA (Markets in Crypto-Assets), are set to take effect by the end of the year.
These rules aim to create a unified framework for crypto operations across Europe. However, many countries are behind in updating their local laws, raising concerns about disruptions—especially for stablecoins.
Nations Falling Behind
Countries like Belgium, Italy, Poland, Portugal, Luxembourg, and Romania haven’t yet adjusted their laws to align with MiCA. This delay puts crypto businesses in these regions at risk of missing the December deadline, which could slow down the rollout of the EU-wide regulations.
In Poland, the proposed legislation is stuck in committee. Portugal is debating how to divide responsibilities between regulators. Belgium is waiting on political decisions, while Ireland’s Central Bank has started processing applications but warns the process will take time. Similarly, Malta, Italy, Cyprus, and Lithuania face delays, with Malta needing to update its crypto laws to meet MiCA’s requirements.
A Unified Vision for Crypto Regulation
MiCA’s goal is to create consistent rules for crypto service providers, such as exchanges, custodians, and wallet operators, across the EU. To continue operating, businesses must secure licenses from their national regulators. However, many regulators are struggling to process these applications in time, creating uncertainty as the deadline approaches.
The implementation is split into two phases.
The first phase began in June and required stablecoin issuers to obtain authorization. The second phase, with a December deadline, focuses on licensing crypto service providers like exchanges and wallet providers.
Industry Calls for More Time
Crypto industry groups are asking for an extension to the December deadline, arguing that the short time frame between the finalization of technical standards in October and the compliance deadline isn’t enough. They propose a six-month extension to help regulators manage the flood of applications and prevent disruptions to crypto businesses.
The European Securities and Markets Authority (ESMA) is set to meet on December 11 to review the situation. While updated guidance may be provided, no official delay has been confirmed. If the deadline remains, some firms may need to pause operations in the EU.
For individual users, the immediate impact is expected to be minimal, but these adjustments are part of the growing pains in the evolving crypto space.
A Big Threat to Stablecoins?
Under MiCA, stablecoins face strict rules designed to limit their volume and prevent them from competing with the Euro. Since many stablecoins are pegged to the USD, these regulations could significantly impact their use in Europe. Starting in December, stablecoin issuers will need e-money licenses from at least one EU country.
While larger players like Circle are already meeting these requirements, smaller issuers may struggle. These changes could set a precedent for stricter rules on other tokens seen as not sufficiently decentralized, signaling more oversight for the crypto industry in the future.
What happens in December might not just affect Europe but could redefine the rules for crypto everywhere.
@ Newshounds News™
Source: Coinpedia
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CHRISTMAS PARTY 12 - 11 - 24 AT 11:11 AM IN YOUR TIME ZONE | Youtube
@ Newshounds News™
Source: Seeds of Wisdom Team RV Currency Facts
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