This report summarizes the policy developments and industry dynamics for November 2024, covering the advancement of the XRP ETF, the Federal Reserve’s 25 basis points interest rate cut at the beginning of the month, the launch of IBIT options trading, and the introduction of the first spot Bitcoin ETF index options by CBOE. Additionally, SEC Chair Gary Gensler announced his resignation effective January 20, 2025, potentially opening new opportunities for project development and regulatory reform in the cryptocurrency industry.

Key Takeaways

• Paxos and DBS Bank launched the Singapore-compliant stablecoin USDG.
• Cryptocurrency asset management firm 21Shares applied for an XRP ETF.
• The Federal Reserve cut interest rates by 25 basis points on November 7.
• Trump’s social media platform Truth Social is reportedly in merger talks with X.
• A proposal to establish a national Bitcoin reserve was introduced for legislation.
• IBIT options trading officially launched on November 19.
• Trump-affiliated companies are in advanced negotiations to acquire Bakkt.
• SEC Chair Gary Gensler announced his resignation, effective January 20.
• CBOE will launch the first spot Bitcoin ETF index options on December 2.
• Global ETF provider WisdomTree has registered an XRP ETF in Delaware, USA.

Timeline

Key Events

11/1

Paxos and DBS Bank Collaborate to Launch USD-Backed Stablecoin USDG
Paxos has introduced USDG, a Singapore-compliant stablecoin backed 1:1 by USD reserves managed by DBS Bank. Approved by the Monetary Authority of Singapore (MAS), USDG adheres to MAS’s stablecoin regulatory framework. Currently operating on the Ethereum blockchain, USDG plans to expand to other public blockchains in the future. This marks a significant step toward regulatory compliance and globalization for stablecoin products. [1]

11/2

UBS Launches Tokenized Fund, Incorporating Ethereum into Core Traditional Finance
On November 1, UBS introduced “uMINT,” a tokenized money market fund based on the Ethereum blockchain. The fund aims to enhance asset management efficiency by increasing liquidity and reducing operational costs for investors. Recently, other financial institutions, including Franklin Templeton and BlackRock, have launched tokenized funds, demonstrating the growing acceptance of blockchain technology in traditional finance. UBS’s initiative represents a significant milestone for the mainstream financial industry embracing blockchain technology and sets a clear direction for the future of tokenized assets, accelerating the transition into the digital economy. [2]

21Shares Files S-1 with the SEC to Apply for a Spot XRP ETF
According to the U.S. SEC website, 21Shares has submitted an S-1 filing to the SEC to launch an XRP ETF, titled the 21Shares Core XRP Trust. This ETF will track XRP’s price and is planned to be listed on the Cboe BZX Exchange. The ETF will not involve leverage or derivatives but will reflect XRP’s USD performance through the CME CF Ripple-Dollar Reference Rate (New York version). Coinbase Custody has been appointed as the custodian of the ETF’s XRP holdings. This filing indicates that as the regulatory environment continues to mature, crypto assets are rapidly integrating into mainstream financial markets. [3]

11/3

Has Russia Truly “Legalized” Cryptocurrency Mining?
Russia’s comprehensive cryptocurrency mining regulations took effect on November 1, reforming the industry with strict energy caps, mandatory registration, and stringent oversight. The law establishes mining as a legal activity, outlining safety and operational requirements for miners and creating a framework for trading digital financial assets on specially approved platforms.
Under the new rules, only registered organizations and individual entrepreneurs are legally permitted to engage in cryptocurrency mining. Additionally, miners are required to report the total amount of cryptocurrency mined to the Federal Tax Service (FTS) and provide address identifiers for each transaction. [4]

11/5

The UK’s First Pension Fund Invests in Bitcoin
With assistance from consultancy firm Cartwright, the UK’s first pension fund has directly invested 3% of its assets in Bitcoin rather than through indirect means such as ETFs. This decision followed in-depth discussions with fund trustees, focusing on Environmental, Social, and Governance (ESG) factors and asset security. The private keys are managed collectively by five independent institutions. Additionally, Cartwright plans to introduce a Bitcoin employee benefits program, allowing companies to pay employees directly in Bitcoin. Several companies have already shown significant interest in this initiative. [5]

Launch of a New Global USD Stablecoin Backed by Robinhood, Kraken, and Paxos
Paxos launched the regulatory-compliant USDG stablecoin in Singapore, gaining support from crypto giants such as Robinhood, Kraken, and Galaxy Digital. USDG adheres to Singapore’s upcoming stablecoin framework, and reserve asset yields will be distributed to partners based on their contributions to promote adoption and ecosystem growth. Partners like Anchorage will provide USDG services across all 50 U.S. states, while DBS Bank will manage and custody the reserve funds. [6]

11/7

Post-Election Market Outlook Following Trump’s Victory
Analysis by Nordea Bank suggests that following Trump’s victory in the U.S. presidential election and the likely Republican control of both chambers of Congress, markets should anticipate the fulfillment of many campaign promises. The Federal Reserve is expected to cut interest rates by 25 basis points on November 7 and December 18, as it perceives current rate levels as restrictive. However, sustained strong economic growth combined with Trump’s policies may prompt the Fed to question the necessity of these precautionary rate cuts.
The inflationary impact of Trump’s policies will take time to manifest in CPI data, but effects such as increased hiring and lower immigration are expected to become evident early next year. While there is uncertainty about the timeline for ending the Fed’s rate-cutting cycle, analysts predict another 25-basis-point cut in March 2025, with a high probability of a pause thereafter. [7]

UK House of Lords Supports Property (Digital Asset etc) Bill
The UK House of Lords has broadly supported the Property (Digital Asset etc) Bill in its second reading, which aims to provide greater legal clarity for cryptocurrencies within the legal framework. Drafted by the Law Commission and introduced in September 2024, the bill adds a new category of “objects” to address legal disputes related to cryptocurrencies, such as fraud, theft caused by hacking, and division of marital property. Lawmakers believe the bill will help the UK maintain its global leadership in the legal treatment of digital assets while providing a flexible framework to address the dynamic nature of digital assets and emerging technologies.
Lord Ponsonby highlighted that the bill’s implementation would not only assist the judiciary in handling criminal cases related to cryptocurrencies but also address issues like marital property division. Although the bill is concise, Lord Holmes emphasized its potentially profound impact. The Lords called on the incoming Labour government to provide more policy clarity for the crypto industry and evaluate the effectiveness of existing promotional rules. The Treasury and Financial Conduct Authority are collaborating on a regulatory framework for crypto assets, with the government expected to announce its crypto asset policy agenda soon. [8]

11/11

Russia Approves Cryptocurrency Tax Framework
On November 11, Russia’s Government Legislative Activities Committee proposed a bill introducing corporate profit tax and personal income tax for cryptocurrency mining operations. This legislation complements the new mining regulations enacted on November 1, classifying cryptocurrencies as property and establishing detailed tax and compliance requirements for individual and corporate miners.

New framework include

1. Tax Structure: Individuals are taxed at a progressive rate of 13%-22%, while corporate tax rates will rise to 25% in 2025. Companies can reduce their taxable base by accounting for electricity, equipment purchases, and maintenance costs.
2. Phased Taxation: Companies are required to pay an initial tax when cryptocurrencies are deposited into wallets and additional taxes upon sale. The minimum taxable value is set at 80% of the market price.
3. Compliance Requirements: Mining infrastructure operators must report service data to tax authorities, with penalties imposed for late submissions.

While the new regulations exempt value-added tax (VAT), debates persist over the timing of income recognition for taxable purposes. Industry representatives argue that recognizing income upon sale better aligns with economic realities and preserves investment appeal.
The decentralized nature of Bitcoin has enabled countries to reap cross-border economic benefits. For instance, Bhutan has generated $750 million in revenue through green energy mining, El Salvador has used it to address national debt, and the U.S. is considering establishing a strategic Bitcoin reserve.
Russia’s tax framework focuses on fiscal revenue but is only one part of global crypto regulation. Countries pioneering Bitcoin’s economic integration may secure advantageous positions in the financial system’s future transformation. [9]

11/12

Crypto AML Specialist Notabene Secures $14.5 Million in Funding
Notabene, a provider of anti-money laundering (AML) services for cryptocurrency companies, announced the completion of a $14.5 million Series B funding round led by DRW Venture Capital. Other participants included Apollo, Nextblock, ParaFi Capital, Wintermute, CMT Digital, F-Prime, Green Visor Capital, Illuminate Financial, Jump Capital, Signature Ventures, and Y Combinator. The funds will help Notabene expand its compliance solutions to assist the crypto industry in meeting escalating regulatory demands, particularly in the global areas of anti-money laundering and transaction tracking. [10]

11/13

U.S. October Consumer Price Index (CPI) Matches Market Expectations

1. Year-over-Year CPI: Rose 2.6%, matching forecasts and higher than September’s 2.4%.
2. Month-over-Month CPI Percent Change: Increased by 0.2%, in line with the forecast of 0.2%, consistent with the prior value of 0.2%.
3. Year-over-Year Core CPI: Increased by 3.3%, in line with the forecast of 3.3%, unchanged from the previous value.
4. Month-over-Month Core CPI Percent Change: Increased by 0.3%, matching the forecast of 0.3%, consistent with the prior value of 0.3%.

The data indicates that U.S. inflation remains stable and aligns with market expectations. This suggests that the Federal Reserve’s current pace of rate adjustments is likely to continue, with market expectations for the future path of interest rates remaining steady. [11]

Cryptocurrency ETF Provider Bitwise Acquires Ethereum Staking Service Attestant
Bitwise Asset Management, a cryptocurrency exchange-traded fund (ETF) issuer, has announced the acquisition of Ethereum staking service provider Attestant. This move marks an expansion of Bitwise’s business beyond its core ETF offerings. Following the transaction, Bitwise’s assets under management (AUM) will reach $10 billion. Specific terms of the cash and stock deal were not disclosed.
The acquisition strengthens Bitwise’s presence in the Ethereum staking sector and underscores its strategy of using acquisitions to broaden its business scope. By providing more diversified cryptocurrency investment solutions to institutional and individual investors, Bitwise is poised to unlock new growth opportunities while promoting the adoption and development of Ethereum staking services. [12]

11/14

Franklin Templeton Expands $410 Million Money Market Fund to Ethereum Blockchain
Franklin Templeton has extended its $410 million OnChain U.S. Government Money Market Fund (FOBXX) to the Ethereum blockchain, one of the most favored blockchains for traditional asset tokenization issuers, having processed over $1.6 billion in tokenized assets. Launched in 2021, FOBXX was the first money market fund to utilize public blockchain technology for transaction recording and ownership tracking. It is currently the third-largest tokenized money market fund, following BlackRock’s USD Institutional Digital Liquidity Fund and Ondo’s U.S. Dollar Yield fund. FOBXX supports multiple blockchains, including Base, Aptos, and Avalanche, with Stellar remaining its primary public blockchain.
Ethereum, the second-largest blockchain by market capitalization, continues to attract asset issuers due to its decentralized and neutral trust characteristics, making it a strong candidate as the global platform for tokenized assets. According to rwa.xyz, Ethereum leads with over $1.6 billion in tokenized asset volume, ahead of Stellar and Solana. Meanwhile, competitors such as BlackRock and Ondo are rapidly expanding their market share in tokenized assets.
In a report published in April, Grayscale Investments highlighted Ethereum’s advantages in decentralization and neutrality, which solidify its dominance in smart contracts and position it to benefit significantly from the tokenized asset wave. As traditional finance increasingly integrates with blockchain technology, Ethereum is emerging as the platform of choice for leading asset management companies driving innovation.
Franklin Templeton’s strategic move underscores Ethereum’s leadership as the infrastructure for tokenized assets and reflects the growing influence of blockchain technology in financial markets. This trend is likely to accelerate the migration of traditional assets to blockchain platforms, further cementing Ethereum’s central role in the global financial ecosystem.[13]

Trump and Musk-Owned Social Media Platforms, X and Truth Social, May Form Alliance
Truth Social, Trump’s social media platform, is reportedly considering a merger with Elon Musk’s X platform (formerly Twitter). Data reveals that Truth Social generated just $2.6 million in revenue in Q3 2023, with approximately 698,000 monthly active users on mobile and 11.3 million monthly website visits. In contrast, X’s projected annual advertising revenue is $2 billion, boasting 70.4 million monthly active users and over 1 billion monthly website visits.
Erik Nisbet, director of Northwestern University’s Center for Communication and Public Policy, notes that since Musk took over X, its content style has increasingly mirrored that of Truth Social. Both platforms emphasize “free speech” as a core value and primarily target conservative audiences. Data indicates that 57% of Truth Social users rely on it as a daily news source, compared to 59% for X.
Industry experts believe this potential merger holds greater commercial value for Trump, possibly serving as part of an exit strategy to cash out. Trump’s current stake in Truth Social is valued at approximately $3.3 billion. If the merger succeeds, it would allow Trump to capitalize on his investment while providing X with opportunities to expand its market reach further. [14]

11/15

Tether Launches Real-World Asset Tokenization Platform “Hadron”
Tether has announced the launch of a new asset tokenization platform, Hadron by Tether, aimed at providing institutions, fund managers, governments, and private companies with innovative avenues for asset issuance and management.

Hadron by Tether supports the full lifecycle management of tokenized digital assets, offering core features such as modular design, high security, stability, and a seamless user experience. Additionally, the platform includes a comprehensive compliance toolkit encompassing KYC, anti-money laundering (AML), risk management, and secondary market ecosystem monitoring to assist users in meeting diverse regulatory requirements. [15]

Pennsylvania House Proposes Bitcoin Strategic Reserve
On November 15, Pennsylvania introduced the Bitcoin Strategic Reserve Act, proposing that 10% of state funds be invested in Bitcoin to combat inflation and diversify investments. This is the first legislation of its kind in the U.S., highlighting Bitcoin’s growing role in state-level economic strategies. If passed, Pennsylvania would become the first state to directly hold Bitcoin, setting a precedent for incorporating digital assets into government investments. Since Trump’s election victory, Bitcoin’s price has surged to an all-time high, with its market capitalization surpassing $1.8 trillion. [16]

11/16

ZetaChain Receives Approval from Dubai Financial Services Authority
The Dubai Financial Services Authority (DFSA) has officially recognized ZetaChain (ZETA) under its GEN Rule 3A.3.4. As a universal blockchain, ZetaChain supports native access to multiple blockchains, including Bitcoin. ZetaChain is a foundational public blockchain enabling all-chain, universal smart contracts and messaging across any blockchain. It envisions and supports a truly interoperable multi-chain crypto ecosystem. These “all-chain” smart contracts can transmit data and value between connected blockchains, such as Bitcoin, Ethereum, and Polygon, as well as non-smart contract chains like Bitcoin and Dogecoin, which are planned for future support. ZetaChain is built on the Cosmos SDK and Tendermint consensus framework. [17]

11/19

Donald Trump Nominates Pro-Crypto Howard Lutnick as Commerce Secretary
U.S. President-elect Donald Trump has nominated Howard Lutnick, CEO of Cantor Fitzgerald, as Secretary of Commerce. Lutnick is well-known for his pro-cryptocurrency stance and long-term partnership with stablecoin issuer Tether, underscoring the Trump administration’s favorable approach toward the crypto industry.
As Commerce Secretary, Lutnick will be responsible for advancing domestic and international trade in the U.S. He currently serves as co-chair of Trump’s transition team and is a leading candidate for a key cabinet role. Lutnick has been a long-time supporter of Tether’s operations, with Cantor Fitzgerald managing billions of dollars in U.S. Treasury and bond investments for Tether, as well as driving its financial auditing processes. He has publicly expressed confidence in Tether’s financial health and has demonstrated strong enthusiasm for Bitcoin.
At the Bitcoin 2024 conference, Lutnick announced Cantor Fitzgerald’s upcoming $2 billion Bitcoin financing program, showcasing his commitment to the Bitcoin ecosystem. He has also criticized U.S. regulatory agencies for falling behind in digital and cryptocurrency regulation.
Lutnick’s appointment is expected to further advance the cryptocurrency industry and strengthen the role of digital assets like Bitcoin in the U.S. economy. He will replace Gina Raimondo as Commerce Secretary, becoming a prominent advocate for the crypto sector within Trump’s cabinet. [18]

OCC Confirms IBIT Options to Begin Trading on November 19
The Options Clearing Corporation (OCC) has announced that IBIT options will officially begin trading on Tuesday, November 19. This follows the SEC’s approval of 11 spot Bitcoin ETFs earlier this year, prompting firms to actively pursue derivatives tied to spot Bitcoin ETFs. On September 20, the SEC approved the listing application for BlackRock’s iShares Bitcoin Trust (ticker: IBIT) options, paving the way for the first options on spot Bitcoin ETFs. [19]

Trump’s Social Media Group in Talks to Acquire Cryptocurrency Exchange Platform
The Trump Media and Technology Group (TMTG) is in advanced discussions to acquire the cryptocurrency trading platform Bakkt, owned by Intercontinental Exchange. The deal is expected to be completed entirely in stock. According to insiders, the two parties are close to finalizing an agreement, although the valuation has not yet been disclosed. Bakkt currently has a market value of approximately $150 million. This acquisition is viewed as a strategic move for Trump Media to expand its business beyond its online communication platform. [20]

Grayscale Completes Reverse Splits for Bitcoin and Ethereum ETFs
Grayscale Investments announced that its Grayscale Bitcoin Mini Trust ETF and Ethereum Mini Trust ETF will undergo reverse splits on November 19. Specifically, the Bitcoin fund will conduct a 1-for-5 reverse split, while the Ethereum fund will implement a 1-for-10 reverse split. The goal of this move is to optimize fund unit prices, improve market liquidity, and attract more investors. [21]

11/20

“On January 20, 2025 I Will Be Stepping Down as SEC Chair” - Gary Gensler
Gary Gensler, Chair of the U.S. Securities and Exchange Commission (SEC), stated: “The SEC is a remarkable agency. The staff & the Commission are deeply mission-driven, focused on protecting investors, facilitating capital formation, & ensuring that the markets work for investors & issuers alike. The staff comprises true public servants. It has been an honor of a lifetime to serve w/ them on behalf of everyday Americans & ensure that our capital mkts remain the best in the world.“
Gensler expressed his gratitude to President Biden for the opportunity to serve and emphasized the SEC’s unwavering commitment to its mission: “Thank you to President Biden for entrusting me w/ this incredible responsibility. The SEC has met our mission & enforced the law w/o fear or favor.“ [22]

South Korea to Implement 20% Cryptocurrency Tax in 2025 with Increased Tax-Free Threshold
South Korea’s ruling party has announced plans to implement a cryptocurrency tax starting January 1, 2025, rejecting proposals for further delays. The original tax plan proposed a 20% rate (22% including local taxes) on cryptocurrency gains exceeding 2.5 million KRW (approximately $1,795). However, due to opposition from investors and industry stakeholders, the policy has been postponed twice. [23]

11/21

Japan Passes Economic Stimulus Package, Promises Crypto Tax Reform
The Japanese government has unveiled a new economic stimulus plan, expected to be approved by the end of 2024. The package includes reforms to cryptocurrency taxation, proposing a shift from the current “miscellaneous income” tax rate of up to 55% to a unified tax rate of 20%, aimed at attracting more investors to the crypto market.
Additionally, the proposal includes raising the personal tax exemption threshold to approximately $11,345 and cutting fuel and sales taxes to boost economic growth and improve the job market. Prime Minister Shigeru Ishiba stated that he will collaborate with all political parties to ensure smooth legislative approval. [24]

11/22

Crypto Firms Compete for Seats on Trump’s Promised Advisory Committee
According to Reuters, prominent cryptocurrency firms such as Circle, Ripple, Kraken, Coinbase, a16z, and Paradigm are actively competing for seats on President-elect Donald Trump’s promised Cryptocurrency Advisory Committee, which aims to influence his administration’s crypto-friendly policy reforms.
Trump committed to establishing this committee during a Bitcoin conference in July as part of his plan to foster a pro-crypto government. Insiders revealed that his transition team is currently discussing the committee’s structure and member selection to ensure representation of key industry stakeholders. [25]

Cboe Launches Spot Bitcoin Cash Options
Cboe Global Markets, a leading derivatives exchange, has announced the launch of the first cash-settled index options tied to spot Bitcoin ETF prices, set to debut on December 2, 2024. These SEC-regulated options will exclusively trade on the Cboe Options Exchange and are based on the newly developed Cboe Bitcoin U.S. ETF Index (Ticker: CBTX). The index tracks a basket of spot Bitcoin ETFs listed on U.S. exchanges, providing investors with exposure to Bitcoin’s price movements.

Cash Settlement and European-Style Exercise: All positions are cash-settled at expiration, eliminating the complexities of physical delivery. European-style options allow execution only on the expiration date, reducing the risk of early assignment.
Standard and Mini Options: Mini options (Ticker: MBTX) represent 1/10 the value of standard options, catering to portfolios of different sizes and offering greater flexibility and precision in management.
FLEX Options: Investors can customize key contract terms, including strike prices, expiration dates, and exercise methods, supporting more flexible trading strategies and larger position management.

This initiative marks a significant milestone in Bitcoin derivatives, providing institutional and retail investors with new opportunities for hedging, risk management, and speculative trading without directly holding Bitcoin or ETFs.
The move complements Cboe’s existing digital asset derivatives suite, which includes cash-settled Bitcoin and Ethereum margin futures. These products are expected to transition to the Cboe Futures Exchange by mid-2025, pending regulatory approval. Cboe also dominates the U.S. crypto ETF market, hosting most of the listed spot Bitcoin and Ethereum ETFs.

Rob Hocking, Cboe’s Global Head of Product Innovation, stated:
“The unique advantages of cash settlement and multiple index sizes offer investors efficient tools to capture Bitcoin’s price volatility. These index options are designed to meet the needs of institutional investors while attracting retail traders.”
Cboe’s new offerings solidify its leadership in the digital asset derivatives market, providing diverse options for hedging and profiting from Bitcoin price fluctuations, further bridging the gap between traditional finance and the crypto market. [26]

11/25

Tether in Talks to Support Cantor Fitzgerald’s Bitcoin Lending Project
Cantor Fitzgerald plans to collaborate with Tether to launch a Bitcoin-collateralized USD lending service with an initial scale of $2 billion, aiming to expand it to tens of billions of dollars. Cantor Fitzgerald has a longstanding relationship with Tether, including holding U.S. Treasury securities backing its stablecoins and acquiring approximately 5% of Tether’s shares last year. Additionally, Cantor Fitzgerald CEO Howard Lutnick’s nomination as U.S. Commerce Secretary may provide Tether with significant political backing, helping it address controversies around reserve adequacy and compliance. [27]

11/26

Global ETF Provider WisdomTree Registers XRP ETF in Delaware
Global ETF provider WisdomTree has registered an XRP ETF in Delaware, confirming its legal filing. WisdomTree manages over $100 billion in assets, further strengthening its presence in the crypto ETF market. [28]

Morocco Plans to Re-legalize Cryptocurrency
Morocco is preparing to relegalize cryptocurrencies after imposing a comprehensive ban on crypto transactions in 2017. Morocco was the first North African country to prohibit cryptocurrency usage, and its plan to reverse the ban highlights the rapid evolution and progress of the crypto industry over the past few years. [29]

11/27

Brazil’s Congress Proposes Bitcoin Reserve Legislation
A member of Brazil’s House of Representatives has proposed allocating 5% of the country’s $370 billion treasury reserves, approximately $18.5 billion, to establish a Bitcoin strategic reserve. The bill must pass the House of Representatives and then the Federal Senate before being submitted for presidential approval to become law. This proposal underscores Brazil’s active exploration of Bitcoin’s potential as a national reserve asset. [30]

NYSE Arca Files 19b-4 Application for Bitwise Bitcoin and Ethereum ETP
Crypto asset management firm Bitwise, managing $11 billion in client assets, has filed an application with NYSE Arca to launch a market-cap-weighted dual-asset ETP holding Bitcoin and Ethereum directly. The product awaits approval of the 19b-4 filing and effectiveness of the S-1 registration statement before it can be listed.
Market Context: Bitcoin and Ethereum together account for 70% of the global crypto market, with a combined market cap of $2.25 trillion. Bitcoin is regarded as a store of digital value, while Ethereum supports critical blockchain applications, including stablecoins, DeFi, NFTs, and asset tokenization.
Investment Appeal: Matt Hougan, CIO of Bitwise, remarked that Bitcoin and Ethereum complement each other, akin to the relationship between gold and tech stocks. The ETP aims to offer investors a balanced crypto asset investment solution.
2024 Achievements: Bitwise has attracted $4.2 billion in assets with its spot Bitcoin and Ethereum ETPs, completed acquisitions of ETC Group and Attestant, and filed applications for XRP and Solana ETPs.

This dual-asset ETP proposal reflects Bitwise’s ongoing innovation in crypto investment products and its commitment to expanding access to the digital asset market. [31]

11/29

21Shares Launches Four New European Crypto ETPs
21Shares has introduced four new ETPs in Europe, covering areas such as price oracles, asset tokenization, decentralized computing, and artificial intelligence. These ETPs allow NEAR staking rewards to be reinvested into the products to enhance performance. The new offerings will trade in cities such as Amsterdam and Paris. Previously, 21Shares urged European regulators to establish unified rules for ETFs and ETPs to address gaps in the current regulatory framework. Additionally, the firm launched an Ethereum Core Staking ETP, leveraging Europe’s flexible staking policies to optimize product yields. [32]

Summary

In November 2024, cryptocurrency policy updates demonstrated significant global progress in digital asset adoption and regulatory framework refinement. Singapore approved Paxos to issue the compliant stablecoin USDG, highlighting advancements in the globalization and compliance of stablecoins. Russia enacted cryptocurrency mining regulations and proposed taxation on mining income, solidifying mining as a legal activity while enhancing oversight. The UK saw its first pension fund directly invest in Bitcoin and supported the Property (Digital Asset etc) Bill, providing greater legal clarity for cryptocurrencies.

In the U.S., 21Shares filed for an XRP ETF, while Cboe announced plans to launch cash-settled options tied to spot Bitcoin ETFs, underscoring the rapid integration of crypto assets into mainstream finance. In Brazil, a congressman proposed establishing a Bitcoin strategic reserve, exploring the potential of digital assets as national reserves. Japan announced plans to unify its cryptocurrency gains tax rate at 20%, aiming to attract more investors to the market. Dubai recognized the ZetaChain blockchain, supporting cross-chain interoperability in blockchain technology.

Additionally, U.S. President-elect Donald Trump nominated pro-crypto Howard Lutnick as Commerce Secretary, signaling the incoming administration’s favorable stance toward the crypto industry. These policies and market developments collectively advanced the globalization of digital assets, indicating that nations are exploring diverse ways to integrate cryptocurrencies into their economic systems.


References:

1. Cointelegraph, https://cointelegraph.com/news/paxos-global-dollar-usdg-singapore-stablecoin
2. Cointelegraph, https://cointelegraph.com/news/ubs-ethereum-tokenized-fund-eth-bullish-analysts
3. Cointelegraph, https://cointelegraph.com/news/xrp-etf-21shares-sec-listing-trading
4. Cointelegraph, https://cointelegraph.com/news/russia-regulates-crypto-mining-no-full-legalization
5. Coindesk, https://www.coindesk.com/business/2024/11/04/first-uk-pension-fund-invests-in-bitcoin
6. Coindesk, https://www.coindesk.com/business/2024/11/04/new-global-dollar-stablecoin-backed-by-robinhood-kraken-paxos-and-other-crypto-heavies
7. Cryptocraft, https://www.cryptocraft.com/
8. Coindesk, https://www.coindesk.com/policy/2024/11/07/uk-lords-echo-support-for-digital-assets-property-bill
9. Forbes, https://www.forbes.com/sites/digital-assets/2024/11/13/russia-approves-cryptocurrency-tax-framework/
10. Coindesk, https://www.coindesk.com/business/2024/11/12/crypto-anti-money-laundering-specialist-notabene-raises-145m
11. Cryptocraft, https://www.cryptocraft.com/
12. Bloomberg, https://www.bloomberg.com/news/articles/2024-11-13/crypto-etf-provider-bitwise-buys-ether-staking-service-attestant?utm_medium=social&utm_campaign=socialflow-organic&utm_source=twitter&utm_content=crypto
13. Coindesk, https://www.coindesk.com/business/2024/11/14/franklin-templeton-expands-410m-money-market-fund-to-ethereum-blockchain
14. Fortune, https://fortune.com/2024/11/14/trump-musk-social-media-truth-social-x-alliance/
15. Cointelegraph, https://cointelegraph.com/news/tether-introduces-real-world-asset-tokenization-platform
16. Fox Business, https://www.foxbusiness.com/money/pennsylvania-house-introduces-bill-implement-strategic-bitcoin-reserve
17. DFSA, https://www.dfsa.ae/news/notice-crypto-token-recognition-1
18. Cointelegraph, https://cointelegraph.com/news/trump-commerce-secretary-howard-lutnick-crypto
19. X, https://x.com/theblockupdates/status/1858595934264832459
20. Financial Times, https://www.ft.com/content/d7f921d5-3668-4b6b-a98d-2681ad73610f
21. Cointelegraph, https://cointelegraph.com/news/grayscale-bitcoin-ether-etfs-reverse-share-split
22. X, https://x.com/GaryGensler/status/185965819229857409
23. The Block, https://www.theblock.co/post/327366/south-korea-to-push-20-crypto-tax-in-2025?utm_source=twitter&utm_medium=social
24. Cointelegraph, https://cointelegraph.com/news/japan-passes-stimulus-package-commits-cryptocurrency-tax-reform
25. Reuters, https://www.reuters.com/technology/crypto-industry-jockeys-seats-trumps-promised-council-2024-11-21/
26. PRN, https://www.prnewswire.com/news-releases/cboe-to-launch-the-first-cash-settled-options-product-related-to-spot-bitcoin-beginning-monday-december-2-302314301.html
27. Coindesk, https://www.coindesk.com/business/2024/11/25/tether-in-talks-to-support-cantor-fitzgerald-s-planned-bitcoin-lending-program-wsj
28. X, https://x.com/EleanorTerrett/status/1861081346774310943
29. X, https://x.com/Cointelegraph/status/1861383022794166682
30. Crypto News, https://crypto.news/bitcoin-reserve-bill-introduced-in-brazils-congress/
31. Bitwise, https://bitwiseinvestments.com/newsroom/nyse-arca-files-form-19b-4-for-bitwise-bitcoin-and-ethereum-etp
32. Crypto News, https://crypto.news/21shares-unveils-four-new-european-crypto-etps/

Gate Research
Gate Research is a comprehensive blockchain and cryptocurrency research platform that delivers in-depth content. This includes technical analysis, hot topic insights, market reviews, industry research, trend forecasts, and macroeconomic policy analysis.

Click here to visit now

Disclaimer
Investing in the cryptocurrency market involves high risk, and it is recommended that users conduct independent research and fully understand the nature of the assets and products they are purchasing before making any investment decisions. Gate.io is not responsible for any losses or damages caused by such investment decisions.