Coinfomania

Kraken Partners with DeFi Development to Tokenize Stock on Solana Blockchain

In a groundbreaking move, cryptocurrency exchange Kraken has partnered with DeFi Development to list the tokenized stock of DeFi Development’s publicly traded equity on the Solana blockchain. This collaboration, announced on June 23, 2025, represents a major step forward in the intersection of traditional capital markets and decentralized finance (DeFi).

DeFi Development (DFDV) will now be part of Kraken’s upcoming xStocks platform, which aims to offer tokenized stocks of some of the world’s biggest companies, including Apple, Tesla, and Nvidia. DFDV’s tokenized stock, trading under the symbol DFDVx, will provide on-chain access to the company’s equity, making it the first U.S.-listed crypto treasury strategy to trade on a blockchain.

A Major Milestone in Merging Traditional and Decentralized Finance

The launch of DFDVx is not only a significant achievement for DeFi Development but also a milestone in merging traditional financial markets with blockchain technology. By making DFDV’s stock available on the Solana blockchain, this partnership opens up new possibilities for developers, institutions, and DeFi protocols to integrate tokenized equity into their products and financial systems.

Joseph Onorati, CEO of DeFi Development, explained the importance of this move, stating, “We view the tokenization of our stock as a DeFi lego block, one that developers and institutions can build on top of.” This approach underscores the potential for creating innovative products that bridge the gap between equity ownership and on-chain finance.

Kraken’s general manager of xStocks, Val Gui, also expressed enthusiasm about the collaboration, noting the growing demand for access to U.S. equities in the crypto space. “We have seen incredible demand for access to US equities; the crypto community is excited for onchain access to crypto treasury strategy companies like DFDV,” Gui said.

The Growing Demand for Real-World Assets (RWAs) on Solana

The listing of DFDVx comes at a time when there is increasing demand for Real-World Assets (RWAs) on the Solana blockchain. RWAs are seen as a critical convergence of blockchain technology and traditional finance, providing new opportunities for CFOs and corporate treasurers in managing liquidity, reducing risk, and optimizing balance sheets.

Unlike cryptocurrencies, which are valued based on consensus and scarcity, RWAs are tied to real-world value and can generate cash flow, offering tangible benefits in liquidity management and yield generation. This trend is seen as an important shift toward integrating traditional financial instruments into the blockchain ecosystem, opening up new avenues for institutional involvement in decentralized finance.

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Solana Faces Risk of Sell Pressure After FTX Whistleblower Exposes Hidden Holdings

In a shocking revelation, a whistleblower linked to the now-defunct cryptocurrency exchange FTX has disclosed that the exchange still holds approximately 8% of the total supply of Solana (SOL) in secret wallets. This disclosure has raised concerns about the future of Solana as it could result in significant sell pressure, potentially affecting its price and market stability.

The amount of SOL held by FTX is estimated to be worth around $5 billion at current market prices, which could have a profound impact on the cryptocurrency’s value if these assets are liquidated. The news comes amid ongoing volatility in the cryptocurrency market and heightens the uncertainty surrounding Solana’s future.

The Impact of FTX’s Holdings on Solana’s Market

Solana, a high-performance blockchain known for its speed and scalability, has faced numerous challenges in the wake of the collapse of FTX. FTX, once a major player in the cryptocurrency industry, filed for bankruptcy in late 2022, and its assets have been subject to intense scrutiny.

The revelation that FTX still holds a significant portion of Solana’s supply is alarming for investors. If these holdings are sold off, it could introduce substantial sell pressure on the market, potentially driving down the price of SOL. This raises concerns about the broader health of the Solana ecosystem, which has struggled to regain investor confidence after FTX’s collapse and the ensuing market fallout.

What This Means for Solana and the Crypto Market

The news that FTX is still holding a substantial amount of Solana in secret wallets casts doubt on the stability of the token. Given the size of these holdings, any future liquidation could cause severe price fluctuations. Investors and market watchers will be closely monitoring any movements from these wallets to gauge the potential impact on Solana’s price.

For Solana, this revelation could hurt its reputation and market value in the short term. The uncertainty surrounding the release of these holdings adds another layer of risk for SOL investors, particularly those who had hoped the token would recover after the market downturn in 2022.

The Broader Implications for the Cryptocurrency Market

This event underscores the continuing challenges facing the cryptocurrency market, especially for projects that were heavily intertwined with FTX. Solana’s price and market stability were closely tied to the success of FTX and its ecosystem, and this new information raises questions about the true extent of the damage caused by FTX’s collapse.

Moreover, the news highlights the importance of transparency and security in cryptocurrency holdings. As the industry continues to mature, developments like this could push regulators to impose more stringent measures to prevent market manipulation and protect investors.

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Ripple and SEC Request Appeal to Remain in Abeyance: What’s Next for the Case?

In a recent development in the ongoing legal battle between Ripple Labs and the U.S. Securities and Exchange Commission (SEC), both parties have jointly requested that the Second Circuit continue to hold their appeal in abeyance. This means that the appeal process will be paused for the time being as the parties prepare for the next steps. The SEC is set to file a status report on August 15th, which will provide further insight into the progress of the case and any potential resolutions.

Background: The Ripple vs. SEC Legal Battle

The case between Ripple and the SEC centers around whether Ripple’s XRP token should be classified as a security. The SEC alleges that Ripple conducted an unregistered securities offering by selling XRP to investors, while Ripple argues that XRP is a digital currency, not a security, and should not be subject to the same regulatory scrutiny as securities.

The legal proceedings have had significant implications for the broader cryptocurrency industry, as the outcome of the case could set important precedents for how cryptocurrencies are regulated in the U.S. and globally.

What Does Holding the Appeal in Abeyance Mean?

When an appeal is held in abeyance, it means that the legal proceedings are temporarily paused or suspended. In this case, Ripple and the SEC have agreed to continue the suspension of the appeal, likely to give both parties time to discuss potential settlements or other resolutions outside of court. The SEC’s status report, due on August 15th, will provide further details on the progress of the case and whether any new developments or agreements have been made.

This decision to pause the appeal process allows the involved parties to explore additional options, including possible negotiations, while also signaling that the legal battle is far from over. The crypto community is closely monitoring these developments, as the outcome could have lasting effects on XRP and its future.

What’s Next for the Ripple Case?

As the SEC is expected to file a status report on August 15th, the coming weeks will be crucial in determining the next steps for the case. The status report may reveal whether the two parties have reached any agreements or if the case will proceed with a new timeline for appeals. Investors and stakeholders in the cryptocurrency market are watching closely, as the case’s outcome could impact not only XRP but also how the entire industry is regulated.

The outcome of this case could provide much-needed clarity on the regulatory status of cryptocurrencies in the U.S., offering guidance on whether digital assets like XRP should be treated as securities or as currencies.

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Canaan’s Strategic Shift Toward Bitcoin Mining

Canaan, a prominent player in the cryptocurrency industry, has recently announced a major strategic shift, deciding to exit the AI chip sector. The company, which initially expanded into AI chip production, is now refocusing its efforts on the booming Bitcoin mining market. This shift comes as part of Canaan’s strategy to capitalize on the growing demand for cryptocurrency mining hardware, especially as Bitcoin continues to be a leading asset in the crypto space.

Canaan’s Move to Focus Solely on Bitcoin Mining

Canaan’s decision to exit the AI chip sector marks a significant pivot in its business model. The company, which has been manufacturing advanced hardware for cryptocurrency mining, aims to concentrate on producing more efficient and powerful Bitcoin mining machines. This move is expected to strengthen Canaan’s position in the global Bitcoin mining market, especially as competition intensifies in the mining hardware industry.

With this shift, Canaan aims to leverage its expertise in the production of ASIC (Application-Specific Integrated Circuit) chips, which are specialized for cryptocurrency mining, to further solidify its market presence. By concentrating on Bitcoin mining hardware, Canaan is aligning itself with the growing demand for high-performance mining solutions that can meet the challenges posed by Bitcoin’s increasing difficulty level.

Implications for the AI Chip Sector and the Bitcoin Mining Market

Canaan’s decision to exit the AI chip market is a bold move, particularly given the rising interest in artificial intelligence technologies. However, the company’s commitment to Bitcoin mining hardware positions it to capitalize on a market that shows no signs of slowing down. Bitcoin mining continues to thrive due to the ongoing adoption of cryptocurrency and the increasing value of Bitcoin.

This strategic shift is likely to lead to stronger growth for Canaan within the Bitcoin mining industry, as the company focuses on developing more advanced and efficient mining rigs, which are crucial for miners looking to stay competitive.

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The Intersection of DAOs and Fintech Companies

In the ever-evolving world of finance, Decentralized Autonomous Organizations (DAOs) and traditional fintech companies are increasingly converging. As blockchain technology continues to gain traction, both sectors are realizing the potential benefits of collaborating and integrating their on-chain and off-chain operations. This merging of decentralized finance (DeFi) with centralized financial systems is creating a more dynamic, innovative, and competitive environment.

The Rise of DAOs and Their Disruption of Traditional Finance

DAOs have disrupted the traditional financial model by providing decentralized governance, transparent decision-making, and autonomy in operations. These organizations are powered by blockchain, removing the need for central authorities. Unlike traditional financial institutions, DAOs provide governance through a token-based voting system, where members have a say in decisions. As this decentralized model continues to gain momentum, fintech companies are facing pressure to adapt, finding ways to incorporate blockchain solutions into their services to remain competitive and relevant in this new financial paradigm.

Fintech Companies Embracing Blockchain Integration

While DAOs are pushing boundaries in decentralized finance, traditional fintech companies are recognizing the value of blockchain integration. By adopting decentralized elements, fintech companies are enhancing security, streamlining operations, and reducing transaction costs. They are also improving transparency and trust among users, as blockchain ensures that data is immutable and verifiable. As both industries continue to evolve, the future of finance is expected to be defined by the collaboration between these two entities, with fintech companies leveraging blockchain to enhance their offerings and DAOs providing innovative governance models.

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Countries such as Austria are a proper icon and trendsetter for forward-thinking countries in crypto. They skillfully manage their innovation with strong regulatory frameworks, making a crypto-friendly hub of the EU. Fully in line with the EU, Austria has also, by way of directive, adopted the MiCA framework in December 2024, setting standardized rules for crypto-assets, stablecoins, and the providers of these services. Besides improving investor protection and market integrity, the regulation requires that the Crypto-Asset Service Provider (CASP) become authorized by the Authority to operate under Austria’s financial regime. The transitional period allows a current set of firms to find themselves positioned in line with MiCA until December 31, 2025. This structuring certainly facilitates growing compliance without choking off expansion at the same time and strengthens the reputation of Austria as a pro-crypto economy.

Historical Context

2019: Austria has officially classified cryptocurrencies as a mode of payment. 

2020: The Financial Market Authority (FMA) started to supervise crypto businesses operating under AML/CFT legislation.

2024: Full implementation of MiCA, harmonizing crypto regulations across the EU.

2025: Transition period ends, requiring all Crypto-Asset Service Providers (CASPs) to obtain FMA authorization.

Regulatory Framework

Legal Status of Cryptocurrencies

Cryptocurrencies come within the framework of law and the Federal Act on Combating Money Laundering and Terrorist Financing (FM-GwG) regulates the same.

MiCA distinguishes three classes of crypto assets:

Asset-referenced tokens (ARTs)

E-money tokens (EMTs)

Other crypto-assets

Key Regulatory Bodies

Financial Market Authority (FMA): It oversees crypto asset service providers and ensures that they follow MiCA regulations. 

Ministry of Finance: This institution establishes and oversees the tax regulations applicable to the transactions and holdings of cryptocurrency. 

Austrian National Bank (OeNB): The central bank surveys systemic risks and also controls cryptocurrencies with regard to financial stability.

AML & CFT

Crucial agents must register with the FMA and adhere to AML/CFT challlenges.

The KYC rules applicable to €1,000 and above transactions were initiated by the FSCA in developing guidelines.

Austria’s Crypto Policies

Crypto Tax Rules

In Austria, any crypto transaction earning capital gains will be taxed at a flat rate of 27.5%. In case of transactions involving crypto received in payment or for mining rewards, income tax will be applicable. The losses in crypto may only offset gains under the same category of taxation at the rate of 27.5%. NFTs are taxed on a case-by-case basis, mainly because they are not specified as per current laws on crypto taxes.

MiCA Compliance & Transition Period

Deadline: Existing CASPs must obtain FMA authorization by December 31, 2025.

Requirements:

Proof of reserves & security measures

Transparent whitepapers for token issuers

Compliance with investor protection rules

Austria’s Approach to Crypto Innovation

Taking a balanced approach without preventing growth, but assuring compliance with regulations, Austria is really making strides in crypto innovation. It also nurtures blockchain startups by providing them with some government grants and regulatory sandboxes to incentivize FinTech growth. A strong contender for the crypto businesses has been Vienna, an area where banks now offer services related to Bitcoin.

At the same time, Austria strictly implements EU directives such as MiCA, which requires a crypto firm to obtain adequate licensing. The Austrian National Bank is also considering a digital euro,o as interest in central bank digital currencies (CBDCs). Even as it nurtures innovation, strong anti-money laundering (AML) rules and investor protections are established in Austria so that the economy can remain stable for the embrace of crypto.

Notable Challenges and Issues

Regulatory Uncertainty for NFTs – or Austria, there are no proper direct tax and legal guidelines for NFTs, creating a great deal of confusion for investors and businesses with respect to their compliance or other reporting obligations. 

High Costs of Compliance with MiCA – With small crypto firms having trouble surmounting expensive licensing and operational requirements under MiCA, market competition is likely to be stifled. 

Rising Crypto Scams & Fraud – Advanced schemes for fraud, such as fake exchanges and phishing, constitute a challenge for regulators to protect these investors. 

Tax Ambiguity in DeFi & Staking – Compliance risks for the user and platforms arise due to the unclear taxation regime imposed on DeFi yields and staking rewards. 

Banking Barriers for Crypto Firms – Many traditional banks are still limiting services to crypto businesses and therefore restricting access to financial infrastructure.

Cross-Border Regulatory Conflicts – Distinct cryptocurrency regulations seen worldwide impose difficulties upon Austrian firms serving the global market.

Limited Investor Education – The risk of trading crypto is low among most retail investors, which leads to ill-consideration and mishandling of decisions.

Austria’s crucial need lies in surmounting these hurdles if it is to capitalize on this good standing as a balanced, safe, and crypto-friendly jurisdiction while further fostering the spirit of innovation.

Key Trending Rules and Future Outlook

Tighter MiCA Rules – The FMA of Austria shall apply stricter licensing in 2025 for companies dealing with cryptocurrency, and non-compliance shall incur penalties.

Tax Changes Possible – The tax rate for crypto, which stands at 27.5%, may change, while new rules may come in for DeFi and NFTs.

More Institutional Crypto Services – Bitcoin ETF, custody, mutual funds, and investment firms will partner with banks to introduce such services.

Expansion is expected in the Market – Crypto revenue could reach nearly US$620 million by 2025 and continue growing steadily into 2026.

Increasing User Base – By 2025, Austrian crypto users are projected to number around 6 to 7 million, much higher than present.

Stronger Investor Safeguards – New transparency rules will target exchanges and DeFi platforms to prevent fraud.

Digital Euro Research – It will study the CBDC of Austria’s central bank, which will affect the respective crypto regulation.

The trends put Austria at the forefront of innovation, emphasizing growth and complementing regulatory oversight.

Conclusion

Austria is working to develop a balanced legal framework for cryptocurrency policies that encourages innovation but protects the integrity of markets and safeguards investor interests. As the MiCA implementation progresses at the end of the country’s thresholds, it will have been shaped as an advanced yet secure environment for digital asset activities. Revisions will continue along with the rapidly changing technology that reflects Austria’s future trends.

FAQs

1. Is cryptocurrency considered legal in Austria?

Yes, cryptocurrency is considered perfectly legal in Austria. Crypto operations, for Austrian purposes, are regulated by the FM-GwG (Fraud Money Laundering Act) and are compliant with the existing MiCA framework under the EU. 

2. What are the rules for KYC to be applied to crypto exchanges in Austria? 

Exchanges need to follow very stringent KYC rules for transactions above €1,000. These rules have been inspired by the EU Anti-Money Laundering Directives.

3. How are crypto gains taxed in Austria? 

Gains derived from crypto are taxed with a withholding tax of 27.5%, while income for any sort of payment in crypto is taxed with progressive rates up to 55%.

4. Can NFT transactions be taxed in Austria?

Tax treatment of NFTs is ambiguous; cases are looked at individually due to the absence of express regulatory coverage.

5. What is MiCA’s effect on the crypto businesses in Austria?

MiCA calls for licensing to be provided for crypto service providers with a transition end date by December 2025 for alignment. 

6. In Austria, are losses on crypto transactions offset gains? 

Yes, but only against capital gains in the same 27.5% tax category; they cannot be set against other types of income. 

7. In Austria do banks provide crypto-friendly services? 

Some banks allow crypto services, while some other banks are still not willing to take them on due to compliance risks and regulatory uncertainties. 

8. How does Austria regulate stablecoins?

 Stablecoins are supervised under e-money token regulations in MiCA in Austria; any issuer is required to acquire a fit authorization from the FMA. 

9. Is there a tax exemption for small amounts of crypto? 

The tax exemption may apply to personal transfers and purchases not exceeding €440 in one jurisdiction within a year; any other transfers above this amount must be declared, regardless of amount. 

10. What is the stance of Austria on Bitcoin ETFs?

Austria permits Bitcoin ETFs authorized in the EU for institutional investors. Retail access will likely expand with increasing regulatory clarity.

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In a bold and headline-grabbing move, French Member of Parliament Sarah Knafo has called for the creation of a strategic Bitcoin reserve in Europe, signaling rising political momentum around Bitcoin as an alternative to centralized digital currencies. The announcement, shared by The Bitcoin Conference on X, comes shortly after Knafo reportedly met with MicroStrategy’s Michael Saylor to discuss the future of Bitcoin adoption at a sovereign level.

“No to the digital euro, yes to a strategic national reserve of #Bitcoin,” Knafo declared, underlining her skepticism toward the European Central Bank’s plans for a centralized digital euro and her belief in Bitcoin as a more secure, decentralized alternative.

Turning Point in European Crypto Politics?

Knafo’s position is striking, particularly coming from a member of France’s National Assembly, one of Europe’s key political arenas. Her vocal opposition to the digital euro, a central bank digital currency (CBDC) project being actively developed by the European Central Bank (ECB), stands in contrast to the cautious embrace of CBDCs by many EU institutions.

By advocating for Bitcoin as a national reserve asset, Knafo is pushing for a radically different monetary model, one that treats BTC as digital gold rather than a disruptive threat. In doing so, she echoes sentiments long championed by Michael Saylor, who has been a leading voice for corporate and sovereign Bitcoin accumulation.

“Digital Gold” Over Centralized Control

Supporters of Knafo’s proposal argue that Bitcoin’s finite supply, decentralized nature, and global accessibility make it a far stronger strategic reserve than a centrally issued, programmable euro. Critics of the digital euro have long expressed concerns about surveillance, financial overreach, and erosion of privacy.

Michael Saylor, who met with Knafo to discuss the idea, has frequently warned that nations without Bitcoin exposure risk falling behind economically and technologically. His influence in the corporate sector is well-known, particularly through MicroStrategy’s historic BTC accumulation strategy, but Knafo’s involvement may signal that this philosophy is beginning to gain traction among national policymakers as well.

Could Bitcoin Enter the EU Policy Debate?

The proposal is still in its early stages and has not yet received formal backing from other members of the European Parliament or national governments. However, the conversation is now live—and with the ECB moving forward on pilot programs for the digital euro, the contrasting vision put forth by Knafo could gain more attention.

If even a handful of European nations begin exploring Bitcoin-backed reserves, it could reshape how Europe approaches monetary stability, currency sovereignty, and digital financial infrastructure.

A Decentralized Future for Europe?

Knafo’s message taps into a broader global narrative: that Bitcoin can offer countries a form of economic independence in a digital era increasingly dominated by centralized control. Whether her proposal gains traction or not, it adds a critical voice to the evolving debate on crypto’s role in national strategy.

As the EU edges closer to a digital euro, voices like Knafo’s suggest the conversation is far from settled.

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Harshdeep Bhatia, a former trader at the global commodities Trafigura Group, has recently been hired by Abu Dhabi-based International Resources Holding (IRH). It is once again causing a sensation, as he is a central figure in one of the largest known nickel frauds that took place last year. The career of Bhatia was shadowed by his relations with a man, identified by Trafigura as plotting a large nickel scheme that has had long-term effects on both the company’s reputation and finances. His shift to IRH is creating headlines as it is making everyone realize how complicated global trading can be.

Bhatia had a successful and trustworthy tenure at Trafigura, where he served as a major trader for the company. This, however, has raised controversy over his professional relationship with the man at the center of the fraud case. This led to the loss of good business interests to Trafigura in the nickel scandal that resulted from price manipulation and the misreporting of inventories. Law was involved, and as a result, the event received some negative publicity. The new appointment of Bhatia at IRH is an indication of a new dawn in his career. However, he still has the mark of his previous affiliation with the now-infamous fraud.

The Nickel Fraud Scandal and Its Aftermath

The nickel disaster, which occurred in the international trading scene, resulted in hundreds of millions of dollars in losses for Trafigura, a leading global commodities trader. The company charged that the former partner of Bhatia was manipulating the nickel deals. This resulted in a substantial financial loss and sparked numerous legal inquiries, having a profound impact on the commodities sector.

The move by Trafigura to cut off Bhatia and the other suspects is based on a campaign being undertaken to restore Trafigura’s image and differentiate itself from its gloomy past of fraud. The consequences of the scandal have been significant, particularly in the highly competitive commodities market. A key lesson for firms engaging in international trade is the importance of maintaining robust internal controls, transparency, and ethical standards. The aftereffects of the fraud are still not exhausted, as the trend is eroding the credibility of industry players. Bhatia’s move to IRH in Abu Dhabi is bound to give a sense of whether he can add value in his new firm, given his controversial background.

Abu Dhabi’s International Resources Holding and Strategic Expansion

Hiring Harshdeep Bhatia at the IRH company in Abu Dhabi is a risky yet good plan by the corporation. IRH, a company that has achieved increased levels in the international resource market, has gone an extra mile to diversify its operations. This includes ventures in energy, technology, and vital raw materials. It may seem that IRH is indeed upgrading its trading and strategic operations by taking Bhatia on board.

Hiring is viewed as part of a larger picture of increasing talent within the resource sector. This is where driven traders and executives are eager to stay informed about various markets and negotiate more effectively. This action by IRH to hire Bhatia may be a reflection of a serious attempt to consolidate its presence in the international commodities market. This is despite the risk it poses to its image, considering his history. His experience is likely to be considered an asset by the company in its own ambitions in the resources sector.

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Finland, akin to the other countries in Europe, has been watching over regulations about cryptocurrencies to create an environment for innovation without taking risks too easily. In contrast to the radical adoption of Bitcoin as legal tender in El Salvador or the draconian restrictions imposed on the trade of cryptocurrencies in China, Finland is attempting to cautiously embrace crypto assets within its wealth of existing financial regulation. Treating cryptocurrencies like private property for tax purposes, sealing them with rigorous anti-money-laundering AML controls, and licensing requirements for service providers, Finland sets forth a strategy with sound market integrity while keeping consumer protection atop its list.

Being a member state in the European Union, Finland would implement the Markets in Crypto-Assets Regulation (MiCA) completely by 2025. MiCA is aimed at establishing a harmonized regulatory standard of crypto exchanges, stablecoin issuers, and custodial wallet providers throughout the Union. This framework would furnish legal clarity across Europe but also preserve Finland’s name as a haven and innovation-friendly jurisdiction for blockchain businesses. Discussion is currently ongoing on regulation with regard to DeFi, tax refining, and sustainable practices for crypto mining, making the landscape very dynamic.

Historical Context

Finland’s cryptocurrency regulations have evolved gradually:

2014-2019: No specific crypto laws; treated as taxable assets.

2020: VASPS need to be registered under the Fifth Anti-Money Laundering Directive.

2023-2024: The process of transition toward MiCA standards within the framework of EU-wide harmonization of crypto regulations began. 

2025: MiCA filling marks his conscience by adhering to strict compliance with exchanges, stablecoins, and custody services.

Finland has avoided extreme measures (like bans or legal tender adoption), focusing instead on consumer protection and financial stability.

Regulatory Framework

Key Regulators

The Financial Supervisory Authority (Fin-FSA)  is in charge of the supervision of companies working in the cryptocurrency sector.

Whereas the value-added tax expense from sales of cryptocurrencies is handled by Vero, the Finnish Tax Administration.

Despite being an EU-scale regulation, MiCA applies to all, including Finland.

Legal Status of Crypto (2025)

Legal to buy, sell, and hold – Not banned, but not legal tender.

VASPs must register with Fin-FSA (exchanges, custodians, issuers).

MiCA compliance is mandatory from 2024.

Licensing & Registration

Exchanges & Wallet Providers – Must register under Fin-FSA & MiCA.

Stablecoin Issuers – Face stricter reserve & transparency rules.

Deadline: Existing firms need to comply from October 2024.

Finland’s Crypto Policies

Taxation (2025)

Capital Gains Tax – Applies to profits from crypto sales (rates vary by income).

Mining & Staking – Taxed as business income if done professionally.

No VAT on crypto-to-crypto transactions (EU ruling).

AML & KYC Rules

Mandatory for all VASPs (exchanges, OTC desks).

Transaction monitoring is required for sums over €1,000.

Consumer Protection

Disclosure requirements for risks.

Custody rules to prevent exchange collapses.

Finland’s Approach to Crypto Innovation

There is a regulation in place by the Finnish authorities, but it allows a sufficient degree of flexibility to foster innovation. Blockchain activities are being encouraged to develop further. DeFi activities are permitted, but there could be some stricter rule-settings in the future while going with the MiCA regulation. Regulatory sandboxes encourage experimenting with fintech in Finland while promoting blockchain research through various academic and private sector collaborations.

Yet by prescribing stringent compliance mechanisms, even in cases where a crypto business model may be more experimental, such regulatory superimposition may deter the growth of some potentially innovative applications while securing certain aspects of the financial stability. A diverse approach, more cautious than innovative, positions Finland as a good, albeit conservative, platform for blockchain development in the EU framework.

Main Difficulties and Concerns

Finland’s crypto sector faces several regulatory and operational challenges that could impact its growth and innovation potential. The key issues include:

Heightened expense on compliance is putting in place huge barriers for small players in the crypto game, making it extremely hard for them to stand their ground against the big and established competitors.

DeFi projects remain in legal limbo and uncertainty about the future requirements by not being covered in regulation under MiCA.

The complicated tax principles governing frequently trading individuals and miners have led to frustrations and the imposition of administrative burdens.

Continual restrictions on access to banking facilities affect cryptocurrency businesses. It has turned out to be legally recognized within the traditional banking framework, as banks are still cautious in this regard.

Key Rule Changes and Future Prospects

2025 Trends:

Full MiCA Implementation- Finland is going to ensure stablecoin issuers and crypto exchanges of enhanced transparency, capital reserves, and consumer protection, which in turn may affect the states. 

DeFi Regulatory Evolution- The EU plans to extend MiCA to cover DeFi, thus requiring issuers of governance tokens and DAOs to follow financial regulation. 

Tax Simplification- The Finnish Tax Administration (Vero) could simplify the taxation process by giving clear instructions for crypto transactions, staking, and mining, lessening the reporting burden for traders and enterprises.

Finland is expected to remain a secure but cautious crypto hub, prioritizing:

Investor protection through EU-aligned regulations

Fintech innovation within controlled frameworks

Sustainable blockchain adoption in enterprise and government use cases

Finland may not be the most liberal crypto market; however, due to its predictable regulations as well as strong financial infrastructure, it has gained attraction as an institutional and compliant base for blockchain ventures. The question that remains is if it would be able to balance innovation with oversight, even as DeFi and Web3 technologies continue to mature.

Final Thoughts

Finland’s crypto landscape presents a paradox; it offers stability through clear regulations, yet struggles with rigidity that may stifle innovation. The framing of the country’s MiCA-aligned structure provides ample security for institutional players, but paradoxically starts pushing smaller startups down the road created by all the burdens of compliance and banking restrictions. 

In the years to come, Finland will be able to prove whether it manages to keep up in reputation as a balanced crypto hub, or whether its cautiousness will end up having important moves pushed to more agile jurisdictions. The success of Finland lies in its ability to change the rules without undermining the well-respected fundamentals of consumer protection and financial integrity.

FAQs

1. Is cryptocurrency legal in Finland?

Cryptocurrency is legal in Finland, although it is not considered legal tender. As private assets, they are taxed and regulated as any other financial instrument. 

2. Who is in charge of regulating cryptocurrencies in Finland?

Fin-FSA plays an overseeing role of cryptocurrency business while the Finnish Tax Administration (Vero) works with taxes. Both of them follow the EU-wide MiCA provisions.

3. Do crypto exchanges need a license in Finland? 

Yes, exchanges and custodial wallet providers must register with Fin-FSA and comply with AML/KYC and MiCA requirements.

4. Taxation of crypto gains in Finland? 

Gain from crypto is taxed under capital gains with different rates for different profit levels. Mining and staking could be taxed as income from business.

5. Are DeFi and NFTs allowed in Finland? 

DeFi is functioning in a grey area on the regulatory scale, while NFTs are generally considered taxable assets. Future updates to MiCA may clarify the regulatory framework for DeFi.

6. Do crypto companies have trouble accessing banking? 

Yes, many traditional banks are still reluctant to serve crypto companies with compliance risk, despite legal standing. 

7. In comparison to other EU countries, how does Finland regulate? 

Finland is stricter than Malta or Estonia but offers more stability. It is closely aligned with MiCA and prioritizes consumer protection over watered-down legislation. 

8. Is Finland set to introduce stricter laws concerning crypto very soon?

 By 2025, the full implementation of MiCA will likely articulate stringent regulations on the instruments, especially of stablecoins and exchanges, while outright bans are probably unlikely.

9. Can cryptocurrencies be used for payments in Finland? 

It is possible in principle but not accepted by the vast majority of businesses due to extreme volatility and tax complexities. It is a niche payment option used for private transactions.

10. How friendly is Finland towards crypto start-ups? 

Strong legal structure favorable for compliant firms, but high costs and barriers in banking might make innovators opt for more crypto-favorable markets within the EU.

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India may still be lagging behind countries like the U.S. and the UAE when it comes to crypto regulation, but meaningful progress is underway, according to Sumit Gupta, CEO and co-founder of CoinDCX, one of India’s largest cryptocurrency exchanges. In an exclusive interview with CryptoNews, Gupta expressed cautious optimism, pointing to recent developments like clearer taxation rules and global engagement during India’s G20 presidency.

“India has definitely made progress,” Gupta said, noting improvements in areas like KYC/AML compliance, advertising disclosures, and its recent adoption of the Crypto-Asset Reporting Framework (CARF), which aims to improve cross-border transparency starting in 2026.

A Need for Long-Term Vision

Despite these positive steps, Gupta believes India still lacks a long-term roadmap—something that’s becoming increasingly necessary as other jurisdictions race ahead. Countries such as the United States, United Kingdom, and United Arab Emirates are already integrating crypto more strategically into their financial systems, with regulations designed to encourage both innovation and consumer protection.

Gupta argues that for India to compete globally, it must develop a consistent and phased regulatory approach. One proposed solution is the formation of a Parliamentary Select Committee on Crypto Assets, which would bring together lawmakers, regulators, and industry experts to craft a balanced, future-facing policy.

Cross-Ministry Collaboration Could Be Key

To ensure consistency and alignment across sectors, Gupta also recommends forming an Inter-Ministerial Group on Web3, involving key ministries like finance, commerce, and information technology. Such a group could bridge regulatory gaps, reduce confusion, and make India’s crypto environment more cohesive and supportive of long-term innovation.

He stressed that while regulation must address risks, over-regulation or uncertainty can hurt investor confidence, stall institutional involvement, and push startups abroad.

A Thriving Ecosystem Waiting to Be Unleashed

Despite the regulatory delay, India already holds one of the largest crypto investor bases in the world, with more than 1,200 Web3 startups and a growing pool of blockchain developers. According to Gupta, India has the potential to be a global blockchain leader, especially if given the right policy environment.

With appropriate support, the Indian Web3 sector could create over 800,000 jobs by 2030, increase exports through decentralized innovation, and vastly improve access to digital financial services.

“The momentum is clearly on,” Gupta stated, adding that Indian innovation shouldn’t be allowed to flourish elsewhere due to domestic inaction.

Looking Ahead: A Crucial Paper and Global Lessons

All eyes are now on the Indian government’s long-awaited discussion paper on cryptocurrencies, which was initially expected in 2024. Gupta believes the paper will address sector risks and invite public feedback, a necessary step in building smart, inclusive crypto policy.

He also cited the U.S. GENIUS Act, a recently approved stablecoin framework, as a valuable reference point for India as it moves forward with stablecoin regulation, an area still underexplored domestically.

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Estonia is a leader in digitalization in terms of e-Residency and a government without paper and that is the reason why the country quickly became one of the first to become a place of attraction for crypto start-ups. There is virtual-currency licensing with minimal red tape, with thousands of licences issued in the last two years by the Financial Intelligence Unit (FIU) in 2017-19, an attractive but deregulated industry.

This scenery has changed since 1 July 2024 when the Crypto Asset Market Act (CAMA) came into force that made Estonia compliant with the EU Markets in Crypto-Assets Regulation (MiCA) and regulation has been in the hands of the Financial Supervision Authority (FSA). Investors, exchanges, and fintech constructors need to take their time to learn this stiffer rulebook, as compliance has turned out to be the determining factor of who can legally serve the entire EU market out of Tallinn.

Historical Context 

The initial crypto regulations in Estonia were very lenient: 2500 euros share-capital and a local contact person was enough to receive a licence, which attracted foreign companies in masses. Reforms in 2022, driven by FATF pressure and a run of international scandals involving crypto, lifted capital requirements, added the Travel Rule and introduced so-called fit-and-proper screening, reducing active licences to a matter of hundreds.

The critical step came on 1 July 2024 with CAMA, which introduced the Crypto-Asset Service Provider (CASP) licence and set 1 July 2026 as the sunset date of all the FIU approvals that existed prior to that date. The transition of Estonia to stability through the change in regulation on a more prescriptive scale is marked.

Regulatory Framework

Key authorities

The FSA can issue, withdraw and cancel licences to CASP and can fine the offenders up to 5 million or 15 % of global turnover. The FIU continues to accept suspicious-transaction reports and tracks the pre-2024 licence owners until 2026, in the meantime the Tax & Customs Board clarifies the crypto tax policy. Estonia The Information System Authority controls the ICT-risk requirements of the EU Digital Operational Resilience Act (DORA) that was applied on 17 January 2025.

Registration and licensing. 

Any company providing custody, exchange, transfer, trading-platform operation, token placing, advice, or portfolio management services has to obtain a CASP licence. Minimal requirements are a paid-up share capital of at least 100,000 euros (250,000 euros in case of transfer rails), physical office in Estonia and a board comprising two resident directors; the state application fee is 10,000 euros.

AML/KYC. 

CASPs have to use complete customer due diligence and sanctions screening, and Travel-Rule data exchange on all crypto transfers, even where self-hosted wallets are used; compliance is supported by regular audits and on-site check-ups.

Taxation. 

People pay income tax on realised gains, corporations are taxed once profits are distributed; there is no VAT on purchase of euros with crypto, and draft amendments intend to not tax some crypto to crypto swaps.

ICOs and STOs. 

White-paper notification is filed with the issuers of utility-tokens, whereas issuers of asset-referenced or e-money tokens require full FSA approval, and security tokens that are linked to shares are considered to be within the scope of prospectus rules.

Estonia Crypto Policies 

Crypto is not a legal tender but a digital property by law and therefore one cannot pay their daily bills using it unless the parties decide on another fiat currency. Consumer crypto payments are neither illegal nor encouraged by the government on the condition that the requirements of AML and consumer-protection laws are satisfied.

Mining

Mining of cryptocurrencies is unregulated and illegal, however, miners are required to pay tax on their earnings and comply with energy and environmental regulations; industrial-scale farms can only be established in locations with low power costs.

Government initiatives. 

The central bank Eesti Pank has experimented with a prototype central-bank digital currency, the KSI-Cash, and the Ministry of Economic Affairs has financed blockchain pilots of supply-chain notarisation.

Penalties

Failure to operate with an FSA licence after 1 July 2026 can lead to business-closure orders and fines of up to 5 million euros or 15 % of turnover, and in case of serious AML violations, criminal offences.

Estonia’s Approach to Crypto Innovation

The Innovation Hub of the FSA provides free, non-binding advice to start-ups on licensing routes and questions relating to compliance and acts as a de-facto sandbox. National e-ID allows exchanges to use instant KYC and local banks are test-driving blockchain-matriculated environmentally friendly bonds. The research of zero-knowledge proofs in universities is sponsored by the government and the intended upgrades to the e-Residency 3.0 will simplify the process of remote founders receiving CASP licences.

Notable Challenges and Issues

The costs of regulation are considerable: 

Besides the state fee of 10,000 euros, the companies are expected to pay six-digit figures of legal services, audit and capital. Fearing historic scandals, domestic banks sometimes decline crypto customers, and the latter have no other choice but to address foreign banking partners. Regulators also admit that AML and cybersecurity skills are in shortage, therefore, supervision becomes more difficult due to the overlapping of the MiCA, DORA and GDPR regulations. The sense of community is ambivalent- Estonians are familiar with the idea of digital services, yet the hype of retailing is dampened by the mainstream media that is more concerned with the threats of frauds and speculative bubbles.

Key Regulatory Trends and Future Outlook

Starting January 2025 CASPs will be required to submit ICT-risk frameworks and major-incident reports under the DORA, which will trigger cyber-security upgrades. The possibility of a VAT carve-out around crypto swaps and less rigorous approach to micro-token offerings is being considered in Parliament, a sign that a more measured laxity is on the cards. By the year 2026, the Ministry of Finance aims to establish a sandbox that will be centred on green assets and tokenised equities. The success of the MiCA implementation in Estonia will act as an example to the Baltic countries and make Tallinn an example to the mid-sized EU economies coping with crypto risk.

Conclusion

Estonia has transformed itself to a highly controlled MiCA hub with its open-door licence mill. Well-governed CASPs will now be able to use a single Tallinn licence to access the EU as a whole, whilst under-resourced actors will have to change or leave. To investors and developers, the ability to stay abreast with the changing rulebook in Estonia is vital since agility will separate long-term winners in the European crypto economy.

FAQS

1. Is Bitcoin allowed in Estonia?

Yes, trading and possession of Bitcoin is legal. It is not a legal tender, thus, it is not accepted as day-to-day payment so far unless both sides agree otherwise.

2. Who are crypto licence issuers?

All licences since July 2024 are provided by the Financial Supervision Authority (FSA). It is only during the transition period that FIU monitors AML reports.

3. What about old FIU licences?

They are until 1 July 2026. Thereafter all the providers have to possess a new CASP licence or shut down.

4. What is the amount of capital required to start an exchange?

It should have at least 100,000 of paid-up share capital. In case you deal with transfers, the limit increases to 250 000 Euros.

5. Do crypto to crypto transactions incur tax?

When gains occur in euros, they are taxed. It has a pending bill that is expected to exempt pure crypto swaps VAT.

6. Is crypto mining permitted in Estonia?

Mining is licensed and unlicensed. The miners are still required to report earnings and adhere to energy policies.

7. Does it have a regulatory sandbox?

Not at this point but the Innovation Hub of FSA provides informal advice. An official sandbox is in consideration by 2026.

8. Which AML regulations are related to exchanges?

KYC, sanctions, and Travel-Rule data sharing are to be performed in full. Compliance failure may attract stiff penalty or revocation of licence.

9. Are foreign founders allowed to own 100 % CASP?

Yes, the foreign founders are allowed to own a hundred percent of the company. They have to continue having a local office and two resident directors.

10. Will Estonia Issue CBDC in the Foreseeable Future?

A prototype by the name of KSI-Cash has been tested by Eesti Pank. There is no formal schedule of the rollout announced.

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In today’s statement, Angolan President João Lourenço has strongly urged US companies to invest further in Africa. In that, not only in the conventional sectors of oil and mineral mining, but also in other areas. The call aligns with Angola’s overall diversification plans to avoid overdependence on oil and mineral exports as a means of sustaining its economy. These sectors are among the foundations of the Angolan economy. Furthermore, the address of Lourenco suggests a shift in economic direction that aims to expand growth into other sectors, including technology, agriculture, and renewable energy.

The emphasis by Lourenco is in line with the overall changes in the global economic environment. This comes as countries, especially those from Africa, slowly seek alternative ways of reaching and collaborating with foreign partners that lead to sustainable and diversified development. The shift would also mitigate part of the risk associated with unreliable commodity prices. US companies, which have primarily focused on Africa’s mineral and energy sectors, have been encouraged to explore other promising sectors. This could potentially unlock new gateways to growth and innovation on the continent.

The Need for Economic Diversification in Angola

In the case of Angola, constant dependence on oil and other mineral reserves has exposed the country to risks posed by fluctuating world commodity prices. This overdependence on these sectors has also served as a drawback to the nation’s long-term economic growth. This is particularly when there are price shocks in the oil and mineral markets. This has resulted in the necessity of diversification, which is not only needed to stabilize the economy but also to attract different investors.

The Angolan government has been making progress in attracting foreign investment in non-extractive sectors, such as agriculture, technological innovations, and tourism. The fact that the US companies are so enticing under the guidance of Lourenco is an acceptance that the nation requires the diversification and modernization of its economy. Angola is expected to invest in more areas to create a stronger economy, which will not be threatened by externalities and sustain prosperity in the long term. This may, in turn, offer a range of possibilities for economic collaborations with US companies.

A Growing Role for US Companies in Africa’s Future

With the increased need to diversify, the US companies are regarded as the main participants in the forthcoming phase of the African economic growth. The invitation to Angola is a trend in which African countries are now becoming more welcoming to foreign investment in emerging sectors. The positive outcome of this push may serve as an example for other African nations eager to reduce their dependence on oil and minerals.

There is a growing understanding of the continent as a vibrant market for diversified businesses. An example is agriculture, which has high potential for investment and innovation, as Africa has a large amount of open land that can be utilized for farming. Likewise, the renewable energy industry is poised for rapid growth. This is particularly as the global economy shifts towards embracing more sustainable sources of energy. In the case of US firms, these regions offer not only an opportunity to diversify their portfolios but also to contribute to Africa’s sustainable development.

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On June 23, CryptoQuant revealed a sharp shift in market behavior. The Estimated Leverage Ratio (ELR) dropped to -0.25 in just three days. This marks the steepest deleveraging event since the notorious China Ban in 2021, when similar levels took nearly a month to unfold. The sudden pace of this decline has alarmed crypto traders, suggesting growing caution and a major pullback in risk. Many now wonder if this rapid drop signals deeper market stress or a setup for recovery.

ELR Crash Mirrors China Ban, but Much Faster

The China Ban in 2021 saw ELR dip to -0.35, a level only reached over a full month. In contrast, this recent drop to -0.25 happened in just 72 hours. That speed reflects a stronger, more sudden shock to market confidence. According to Darkfost on CryptoQuant, this sharp decline is tied directly to macro uncertainty. 

Source: CryptoQuant X Post on June 23, 2025

Tensions between the US and Iran, along with heightened regional risks, appear to have driven this quick exit from leveraged positions. Liquidations surged, but more notably, many traders chose to close their positions voluntarily. This action suggests fear is outweighing greed in the current market mood.

China Ban Levels Signal Investor Anxiety and Market Reset

The Estimated Leverage Ratio falling to China Ban levels suggests more than just liquidations—it signals a shift in investor psychology. Traders are reducing risk and pulling back, even if prices appear to recover slightly. When leveraged positions vanish, Open Interest declines. This often leaves the market in a temporarily quieter state, vulnerable to sudden price movements. Such scenarios increase short-term risk, especially for those hoping to capitalize on leveraged trades. But moments like these, though chaotic, have historically created strong foundations for future rallies. A reset in leverage can reduce market froth and build healthier price structures.

Quiet Consolidation Offers Hope Beyond the Chaos

While fear is visible in the short term, long-term indicators are painting a calmer picture. Bitcoin recently dropped to $98,000 before rebounding above $100,000. Despite bearish noise, on-chain data remains stable. The Binary CDD 30-day moving average peaked around 0.6, far below the 0.8 threshold that usually signals overheating. 

Source: CryptoQuant X Post on June 23, 2025

According to analyst Avocado Onchain, long-term holders are not selling. This indicates quiet consolidation, a phase where the market gathers strength. During the China Ban, a similar calm preceded one of Bitcoin’s strongest recoveries. This phase may not be a collapse, but a pause before another rally.

China Ban Parallels Hint at Next Bitcoin Breakout

The market is showing patterns reminiscent of the China Ban period, but with important differences. Back in 2021, panic was triggered by regulatory crackdowns and mining bans in China. Today, the fear comes from geopolitical risk and global market instability. But the effect, rapid deleveraging and investor retreat, feels very familiar. 

Historically, Bitcoin thrives when attention fades and the noise dies down. The current silence in long-term holder behavior could set the stage for another leg up. While risk remains elevated, history suggests that these moments of fear often precede major price surges. At this time this comparing the present with history can give an optimistic ideology. As market volatility increases, investors need to be cautious and find opportunity in the quiet.

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On June 23, 2025, Trezor issued a public security alert regarding a recent phishing attack. Attackers exploited the Trezor website contact form to send fake emails. These phishing emails pretended to be legitimate replies from the Trezor support team. The goal was to deceive users into sharing sensitive wallet information. Trezor emphasized it would never ask users for their wallet backups. Users were strongly advised to keep backups offline and private to avoid risks. Although the problem was contained quickly, the company urged vigilance against ongoing crypto phishing attacks.

Attackers Abused Auto-Reply System Without Breaching Infrastructure

Trezor provided details about the crypto phishing attack on its official social media channels. Attackers submitted false support requests using email addresses belonging to real users. This tricked the Trezor support auto-reply system into sending responses appearing to be genuine support emails. Despite this, Trezor confirmed its email systems had not been compromised in any way. The contact form infrastructure remained secure, though vulnerable to this type of abuse. We’re actively researching ways to prevent future abuse, said Trezor. Users were reminded never to enter recovery seeds into websites or forms.

Users to Never Share Wallet Backups and Use Official Trezor Support Channels

On X (formerly Twitter), a user named Emzy said, “I also got that email,” highlighting the attack’s reach. Trezor responded to users publicly: “Never share your wallet backup (seed) with anyone.” The company stated users should only enter their seed phrase into their physical Trezor device. Any request for a recovery seed is fraudulent and indicates a scam. Trezor also urged users to contact official support through verified channels such as their chatbot Hal.

Warning Against Voice Phishing and Impersonation, and Fake Social Profiles

Beyond email phishing, Trezor warned about other crypto scam tactics, including voice phishing or “vishing.” Scammers might call users pretending to be Trezor or other wallet providers. During these calls, attackers often request wallet backups or login credentials. Trezor advised users to immediately hang up if they receive such suspicious calls. “If someone calls you claiming to be from a crypto company, assume it’s a scam,” the company stated clearly. Disclosing wallet backups in these situations gives scammers full access to users’ funds.

The attackers’ crypto scam methods also include fake social media profiles, urgent warnings, and links to malicious websites. Even emails that look professional and well-written can be deceptive. Trezor reminded users that wallet recovery requires physical confirmation directly on their device’s screen. Users must only follow instructions shown on their Trezor device itself. “Never share your 12-word, 20-word, or 24-word wallet backup,” the alert emphasized. Exposing these words can cause irreversible losses for the user.

Verify Emails Carefully and Protect Wallet Backups at All Times

Users should be skeptical of unexpected emails and carefully check sender addresses. They should avoid clicking on suspicious or unknown links. Watching for grammar errors helps, but attackers may now use AI to mimic natural language flawlessly. Trezor stressed that official support will never request private information from users. The company concluded that users bear responsibility for protecting their crypto assets and must stay alert.

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On June 23, Israel’s Foreign Minister, Israel Katz, said, “The Iranian dictator will be punished” amid the Iran-Israel war. The Israel Defense Forces (IDF) launched powerful airstrikes on central Tehran. These included strategic regime and symbolic targets. Katz said the strikes followed the direct orders of Prime Minister Benjamin Netanyahu. Targets included the Basij headquarters, Evin Prison, and facilities of the Revolutionary Guards. The destruction clock in Palestine Square was also hit. Katz vowed continued attacks for every strike launched toward Israel. He declared that Israel would not stop until all war goals are achieved.

IDF Hits Central Tehran in Escalation of Iran-Israel War

Israel’s military struck key government targets inside Tehran with what Katz described as “unprecedented force.” The IDF’s assault reportedly hit the Basij paramilitary headquarters, Evin Prison, known for detaining political prisoners. Moreover, Revolutionary Guard intelligence hubs, the internal security command center also hit by airstrikes. Katz mentioned that the “Destruction of Israel” clock, a long-standing anti-Israel symbol, was damaged due to the attacks. Israeli forces continue targeting regime infrastructure. Katz warned the Iranian dictator, “For every shot fired at the Israeli home front, the Iranian dictator will be punished and the attacks will continue with full force.”

U.S. Uses Bunker Busters on Iran’s Fordow Facility

In a separate operation, the U.S. military bombed Iran’s Fordow uranium enrichment site on Sunday. This underground plant lies deep inside a mountain. For the first time, the U.S. used bunker-busting bombs in combat. The International Atomic Energy Agency (IAEA) confirmed the significant damage. The full details on this situation still need to be confirmed. Rafael Grossi, IAEA chief, stressed the severity of the assault. This move marks a major escalation in U.S. involvement in the Iran-Israel war narrative. The U.S. aims to disable Iran’s nuclear capabilities before they can threaten regional or global security.

Strait of Hormuz Blockade Threat Sparks Global Oil Fears

Iran’s Parliament has voted to close the Strait of Hormuz, pending national security approval. This waterway is vital for global oil flow. It handles 20% of the world’s crude oil shipments. The U.S. Energy Information Administration calls it the “world’s most important oil transit chokepoint.” If blocked, oil prices could skyrocket. Vandana Hari of Vanda Insights said the closure is unlikely. She warned Iran risks alienating neighbors and facing backlash. David Roche from Quantum Strategy predicted Iran could use small boats or sea mines for partial or full blockades. Goldman Sachs estimates crude prices could hit $110 per barrel if the disruption lasts a month.

Markets, Analysts React to Iran-Israel War Escalation

The global markets again pushed towards volatility as the Iran-Israel war escalated. Asian currencies weakened, especially the South Korean won and Indonesian rupiah. The Bloomberg Asian Dollar Index fell by 0.3%. Brent crude rose by 1.4%, briefly crossing $81 before settling at $78.07. U.S. crude matched the 1.4% rise, ending at $74.88. Patrick De Haan from GasBuddy warned U.S. gas prices may soon reach $3.35–$3.50 per gallon. These are sharp increases from the $3.13 average in mid-June. Analysts suggest Iran may escalate tensions gradually. Its goal could be to raise oil prices just enough to pressure the U.S., without triggering a full-scale retaliation.

Iran-Israel War Marks Dangerous New Phase

The Iran-Israel war has reached a critical tipping point. Israel’s strikes on central Tehran show its readiness for prolonged conflict. Amid these changes, the Israeli defense minister’s words hold a significant impact on war and global markets. Middle East tensions are rising day by day with the recent U.S. involvement. Iran’s threat to block the Hormuz Strait, rising Oil prices to peak, and global trade markets drop. Inflation and investors fear are increasing as there is no sign of restraint. 

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Latvia’s fast-moving fintech sector and early alignment with the EU Markets in Crypto-Assets Regulation (MiCA) have made Riga a serious contender for crypto startups that want single-market access without the red tape found in larger hubs. A company can incorporate online, submit a pre-licensing file to Latvijas Banka, and—once fully authorised—“passport” its services across all 27 EU member states. That efficiency comes with firm guard-rails: every would-be Crypto-Asset Service Provider (CASP) must keep paid-up share capital, undergo quarterly AML audits, and pay an annual supervision levy tied to gross revenue. 

Historical Context

Latvia As of 2017, crypto regulation was explored in Latvia with the amendments to the Anti-Money-Laundering and Terrorism-Financing Law introducing the same customer-due-diligence requirements to the customers of the so-called virtual-currency service providers as those, that apply to banks and casinos. There was growing interest in the COVID-19 lockdowns but the regulatory breakthrough came on 30 June 2024 with the enactment of the Crypto-Asset Service Law, a national law, listing Latvijas Banka as the competent MiCA authority, authorisation fees, prudential ratios, and fines.  The official licence window was about to open in January 2025; until then companies may carry out business under the AML registration but must have applied to get a full licence by 30 June 2025.

Regulatory Framework

Four institutions share oversight:

Latvijas Banka: Licenses and revokes CASP licences, undertakes prudential reviews and charges an annual supervision fee of 0.6 % (min. 3000 Euro). 

State Revenue Service : Maintains the AML register, checks KYC files and may freeze the accounts that are suspected of sanctions violations. 

Financial Intelligence Unit: Examines suspicious-transaction reports, particularly those that are associated with huge cash-outs of exchanges.

Consumer Rights Protection Centre: It checks punitiveness in advertising especially with regard to high-yield lending and staking products.

CASPs must:

Hold a registered office and “effective management” in the EU.

Appoint two fit-and-proper board members resident in Latvia.

Maintain internal control policies that map to both MiCA and the EU “travel rule” for transfers above €1000.

Latvia Crypto Policies

Legal tender. Crypto-assets are not legal tender, but private parties may settle contracts in bitcoin, ether, or stable-coins—provided the underlying obligations are ultimately reported in euros for tax.

Licensing perimeter – Ten activities trigger a licence: custody, trading-platform operation, fiat-to-crypto exchange, crypto-to-crypto exchange, order execution, placement, order transmission, advice, portfolio management, and transfer services. Unlicensed solicitation carries fines up to €5 million or 10 % of annual turnover. 

Capital requirements. The draft implementing rules peg initial capital to service risk—€50 000 for advice, €125 000 for exchanges, and €150 000 for trading-platform operators. Capital must sit in an EU credit institution at all times. 

Marketing. Any public offer of crypto-assets (including NFT drops aimed at retail) requires a MiCA white paper filed with Latvijas Banka ten working days in advance. Telegram or X promotions that target Latvian users without a white paper constitute a breach.

Tax. Capital gains on crypto disposals are taxed as “income from capital increases” at 20 %. CASPs pay standard corporate tax (20 % on distributed profits) plus the 0.6 % supervision levy

Crypto Innovation Approach

Regulators are more inclined to a guided sandbox. Candidates are able to reserve free pre-licensing consultations in which the central-bank engineers examine custody set-ups, smart-contract audits, and chain-analytics tools.  The most popular use-cases to date are euro-backed stable-coin issuers that seek to connect to SEPA, Baltic game studios that issue NFT in-game assets, and neobanks that insert on-ramp/off-ramp rails into multi-currency wallets.

Challenges and Issues of Note

Cost of compliance. Small start-ups must fund capital, external audits, and the annual levy long before revenue arrives.

Talent shortages. Demand for resident AML officers has outstripped supply, pushing salaries above those in traditional banking.

Legacy de-risking. Several commercial banks still refuse accounts for new CASPs, pushing them toward higher-fee e-money institutions.

Rapid rule changes. Firms must synchronise MiCA, the EU travel rule, and forthcoming Anti-Money-Laundering Authority standards within 18 months.

Important Regulatory Trends and Prospects

MiCA fast-track. Latvia intends to finish all secondary rules by Q4 2025, giving early licensees first-mover EU passporting rights. 

Supervision tech stack. Latvijas Banka is piloting a node that will ingest CASP-submitted blockchain analytics, aiming for near-real-time risk scoring.

Staking clarity. Draft guidance will treat staking-as-a-service as portfolio management, requiring enhanced conflict-of-interest controls.

Retail advertising code. Consumer watchdogs are drafting a crypto-promotions code modelled on the UK’s “fin-proms” rules, likely to land in 2026.

Conclusion

Latvia offers a compelling blend of digital-first administration and stringent oversight. For founders willing to invest in governance, a Latvijas Banka license opens the entire EU market; for those looking to “fly under the radar,” the new framework leaves little hiding space. As MiCA beds in, Riga is poised to become a northern European launchpad for compliant, pan-EU crypto businesses.

FAQs

1. Is cryptocurrency legal tender in Latvia?

No. Only the euro has legal-tender status, although private crypto-settlement is permitted by contract.

2. What are the timelines of the current operators to have a full MiCA licence?

Companies operating prior to 30 December 2024 can run on AML registration until 30 June 2025, on the condition that they submit a licence application by this date. 

3. What are the authorisation charges?

Application fee: 2,500 euros; after the licence is issued, 5,000 euros and 0.6 % of gross income of crypto-services annually. 

4. What is the time frame of licensing?

The Latvijas Banka aims at three to nine months duration, with a pre-application period, where consultations are free. 

5. Are NFTs regulated differently from fungible tokens?

Single-edition NFTs fall outside MiCA’s core rules, but fractional or “bundle” NFTs that act like securities will trigger the full regime.

6. Can offshore exchanges serve Latvian users on a reverse-solicitation basis?

Yes, if the Latvian user approaches the platform without prior marketing. Any active solicitation—ads, Latvian-language social feeds, or local events—brings the platform inside Latvian jurisdiction.

7. What capital is required for an exchange licence?

Current draft rules set the floor at €125 000, held in an EU bank.

8. How are crypto gains taxed for individuals?

As capital gains at 20 % once annual disposals exceed €1 000.

9. Does Latvia plan a CBDC?

Latvia participates in the European Central Bank’s digital-euro project but has no separate national CBDC agenda.

10. Where can I verify a firm’s licence?

Latvijas Banka publishes a live register of authorised CASPs on its website. 

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As of June 23, China has set an impressive record of 93 gigawatts (GW) of solar panels installed, which is the highest value globally. This is quite impressive, even more so in comparison to the total solar energy capacity installed in the course of an entire year that any other country is likely to implement. Such actions by China are supported by BloombergNEF, which has shown that it accelerated the energy race as it faced a looming deadline.

Such a high rate of solar installation has never been seen before and has propelled China significantly ahead of other countries, making it a world leader in solar energy growth. The country’s decision showcases not only its technical and manufacturing potential but also its determination to lead the renewable energy sector. As the world increasingly adopts more environmentally friendly forms of energy generation, China’s example of rapidly expanding renewable infrastructure is a pointer to what other nations can achieve.

China’s Strategy for Scaling Solar Energy Installations

The focus on solar panel installations is one of the initiatives China is using to achieve its ambitious green energy target. Targeting a major role in helping to alleviate global energy issues, as well as decreasing carbon emission levels. Furthermore, it enables slowing down global warming as China pursues a surge in its renewable energy capacity. The astonishing figures reached in May 2025 must have been attributed to both government policies and technological developments in the field of solar power.

This surge is linked to the rapid development of solar infrastructure in China and the substantial investment in clean energy sources. It is not only that the country is installing solar panels, but also working to promote the associated technologies. These include the distribution and storage of energy, allowing solar power to be effectively integrated with the existing grid. This emphasis on scaling up renewable energy solutions underscores the fact that China is keen on achieving a green future and diversifying its energy sources to lower its reliance on fossil fuels.

The Global Impact of China’s Solar Energy Growth

The solar energy boom of China has serious repercussions, not only within the country but also in the global market. China is the world’s leading producer of solar panels. Due to this sentiment, Chinese people have been installing solar panels in droves, leaving other nations with a role model to follow. It will help curb the further decline in solar power prices, which is good news for the global renewable energy industry. This is more so due to its capacity to scale up production, establish manufacturing capacity, and innovate in this sector.

This rapid increase in solar installations in China has the potential to accelerate the global shift toward energy transitions. Additionally, the magnitude of the Chinese deployment of solar panels presents prospects for international partnerships, the trade of renewable technology, and the exchange of knowledge to address global environmental issues.

Following China’s milestone in leading the world in solar panel establishment, other nations are feeling the pressure to pursue the same level of advancement. This will enable them to meet their environmental and sustainability targets. The Chinese-led solar revolution is possibly at the beginning of a new era in the global renewable energy sector.

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On June 23, 2025, the stablecoin landscape changed dramatically when financial technology juggernaut Fiserv introduced an initiative that will enable thousands of smaller banks to join the digital finance ecosystem. This initiative is a watershed moment for regional banks that have been previously left out of the crypto evolution dominated by fintechs and large financial institutions.

According to an article by Gina Heeb of The Wall Street Journal, the initiative revolves around a new platform created by Fiserv, which is designed to act as a bridge from traditional banking to stablecoins. The company partnered with Circle, the creator of the USDC, the most widely-used stablecoin, and its platform will establish access for smaller banks and financial institutions that have been locked-out of this newly established alternative financial future. 

Fiserv Opens the Stablecoin Market to Smaller Players

Fiserv’s move into the stablecoin space isn’t just another fintech announcement, it’s more about power and access. The company can has a well-established client base with 3000 or more regional and community banks.  The company’s new platform supports integration of stablecoins including USDC for these institutions. The platform allows them to expand their offerings to include digital payments and crypto-friendly banking. 

If we think about the power of the platform connecting and being compatible with a larger network of over 10,000 financial institutions and millions of merchant touchpoints, Fiserv’s infrastructure has the potential to fundamentally reshape the way smaller banks function. This allows community-minded-focused lenders to stay relevant in a world shaped as financial inclusion through digital currencies are forcing a new conversation, and a different financial lens.

Why Circle’s Involvement Adds Serious Momentum?

Circle, one of the most trusted names in the stablecoin market, brings credibility and security to Fiserv’s venture. With USDC being widely accepted and regulated, the partnership ensures that the platform adheres to compliance standards that many regional banks require before venturing into crypto.

Circle’s track record of transparent reserves and regulatory alignment offers confidence to risk-averse institutions. Their participation signals a deliberate move to ensure that the project is not just technically sound but also financially responsible.

How the New Platform Changes the Crypto Game for Banks?

Until now, the high compliance costs and technological complexities have kept regional banks away from digital assets. Fiserv’s platform aims to eliminate these barriers by offering plug-and-play functionality that connects directly to existing systems used by these banks.

This innovation enables banks to issue, accept, or interact with stablecoins easily. For example, a small-town credit union could soon allow customers to transact using USDC for everyday purchases or cross-border remittances, services that were previously unthinkable for such institutions.

A Larger Crypto Vision Backed by Legacy Infrastructure

This isn’t Fiserv’s first flirtation with crypto. The fintech giant has previously explored blockchain-powered settlements and merchant tools. But with this stablecoin-focused platform, it’s committing to bringing long-term innovation to traditional banking.

Rather than competing with large exchanges or DeFi platforms, Fiserv is focusing on providing the tech rails that empower banks to serve their local communities better. And in doing so, it could elevate the entire U.S. financial ecosystem by connecting Main Street to Web3 finance.

Will This Disrupt the Traditional Banking Structure?

In short, it already is. As large financial institutions begin to blend stablecoin strategies into their core operations, smaller banks are under increasing pressure to innovate. This new platform finally gives them a fighting chance.

The entry of regional banks into the stablecoin market doesn’t just level the playing field, it also introduces new competition, forcing the entire industry to innovate. With Fiserv crypto ventures pushing boundaries, a more inclusive digital financial system seems inevitable.

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According to Bloomberg, in June 2025, the Eurozone economy showed little progress, remaining near stagnant levels for the sixth month. S&P Global’s Composite Purchasing Managers’ Index (PMI) recorded a reading of 50.2, just above the neutral level. This neutral mark of 50 is the dividing line between economic expansion and contraction in PMI data. Economists had forecast a rise to 50.5, but the actual figure fell short of that expectation. Within the breakdown, services returned to 50, while manufacturing continued to decline, staying at 49.4. “The euro-zone economy is struggling to gain momentum,” said Cyrus de la Rubia of Hamburg Commercial Bank. “For six months now, growth has been minimal,” he added, pointing to persistent signs of stagnation.

US Policies and Geopolitical Conflicts Increase Economic Uncertainty

These PMI results suggest that the second quarter of 2025 will bring little to no economic growth. Recent US policies under President Donald Trump have further added to the complexity of the global economic environment. In particular, changes in trade strategy and foreign relations have increased unpredictability in financial markets. The conflicts in Middle East have added another layer of concern and could contribute to market volatility in the coming weeks.

National PMI Data Reveals Divergent Trends in Germany and France

Looking at national PMI data reveals mixed results within major Eurozone economies. Germany, the region’s largest economy, showed signs of recovery and returned to moderate growth. France continued to contract, staying below the 50 mark for the ninth consecutive month. “The euro area’s second-biggest economy continues to drag its feet,” de la Rubia said in the report. Such divergence between major economies complicates efforts to achieve consistent growth across the euro area. These differences in performance reflect deeper structural and sectoral issues in national economies. They also show how uneven recovery can be, even within a closely integrated economic zone.

Private sector growth outside the Eurozone continues to contrast with its sluggish performance. PMI figures earlier this month showed expansion in Japan, India, and Australia across both manufacturing and services. Those countries benefited from strong domestic demand and steady international orders during the same period. In the Eurozone, services saw their first decline in activity since November 2024. Export orders dropped at their fastest rate since the end of last year, reducing work backlogs. Falling demand also affected employment, as companies became more cautious about hiring in response to weaker sales.

ECB Projects Modest Growth and Considers Pausing Interest Rate Cuts

The European Central Bank (ECB) expects the Eurozone economy to grow by only 0.9% in 2025. Despite inflation falling in recent months, the ECB may hold off on more interest rate cuts. Some officials believe that the current cycle of easing could be nearing its natural end. “The ECB can remain relatively calm,” said de la Rubia, discussing monetary policy expectations. He noted that a strong euro and the deflationary effects of US tariffs limit inflationary risks. 

Political Tensions and NATO Spending Raise Economic Concerns

These economic readings arrive during politically sensitive talks among European leaders in The Hague and Brussels. Near the top of the agenda is increased NATO defense spending and its budgetary consequences. PMI readings remain a useful tool for investors and analysts alike to quantify current business conditions. But PMI readings measure business activity changes, not the size or value of economic output. This means their direct relationship with GDP growth remains limited in precision. Now, the Eurozone economy faces internal structural problems and growing external geopolitical risks. These combined factors continue to limit any profound or broad-based recovery across the private sector.

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In 2025, the Croatian legislation provides a fair balance between accepting innovation and placing clear, unambiguous rules in its jug. Cryptocurrency ponies like Bitcoin and Ethereum are not under any prohibition, but rather are neither recognized as legal tender. Virtual assets are considered a marketable resource to be traded and invested in, like stock or real estate.

The crypto businesses like exchanges must register with HANFA (Croatia’s financial watchdog) and comply with strict anti-money laundering regulations. Thus, legitimizing the workings of crypto trading while netting out fraud and corruption.

Taxation-wise, Croatia says it’s a straight 12% tax on your profit when you sell crypto for euros or any other currency. Cryptocurrencies could be traded tax-free against other cryptocurrencies until fiat is not involved.

As an EU member state, Croatia has prepared itself for MiCA (Markets in Crypto-Assets Regulation) that would further buttress rules to be made more transparent by as early as 2026. In that perspective, it equally means that the same balance as regards financial technology growth and investor protection and stability should be extended to Croatia.

Historical Context

The way cryptocurrency is regulated in Croatia has slowly evolved, following worldwide trends and local financial goals. Croatia has cautiously moved to bring digital assets to court, shielding itself from attendant risks.

Key milestones:

2017: Croatia’s National Bank (HNB) declared crypto not legal tender.

2021: Implemented AML/CFT regulations for virtual asset providers.

2023: Introduced a 12% capital gains tax on crypto-to-fiat conversions.

2025: No dedicated crypto license, but HANFA registration mandatory for exchanges.

Regulatory Framework

Key Regulatory Authorities

Croatian National Bank (HNB)- Sets the monetary policy while asserting that cryptocurrency is not regarded as legal tender in Croatia. 

HANFA (Croatian Financial Services Supervisory Agency): Register of Businesses in the Crypto complies with AML Compliance.

Key Rules in Effect:

Banks can’t process crypto payments (HNB policy).

Mandatory customer checks for all transactions.

Suspicious activity must be reported immediately.

No preset transaction limits; however, above certain amounts, transactions undergo closer scrutiny.

Croatia’s Crypto Policies

1. Market Positioning

Legal Status: Taxable property as per Article 14 of the Financial Assets Act with explicit exemption from currency status.

EU Alignment: MiCA compliance to be completed by Q3 2026, with gradual implementation of travel rules (2024) and licensing (2025).

Market Vision: Government statements emphasize regulated crypto growth, avoiding claims of regional hub status.

2. Fiscal Approach

Retail Investors:

12% capital gains tax on crypto-to-fiat conversions

€2,500/year tax-free allowance for private traders

Businesses:

18% corporate tax on crypto-related profits

No confirmed transaction levy (under parliamentary discussion)

Miners:

Taxed as standard business income (10-30% rates)

No special energy taxes enacted as of 2025

3. Innovation Support

Regulatory Sandbox:

Proposed 12-month testing program at Split Tech Park (pending 2026 budget approval)

Talent Initiatives:

Potential STEM grants for blockchain education (not yet funded)

Infrastructure:

Public consultations are ongoing for a possible state-backed custody solution

Croatia’s Approach to Crypto Innovation

Practical adoption and regulatory flexibility organize Croatia’s forging of crypto innovation. Indeed, Zagreb has become a burgeoning hub for fintech startups incorporating blockchain-based solutions. Within the travel industry, select hotels and restaurants engage with Bitcoin and Ethereum through third-party payment processors, aiming especially to please foreign visitors. 

Taxing returns from staking or mining as regular income rather than capital gains brings sanity to individuals undertaking either venture. While adhering to some of the AML securities, Croatia’s balanced manner in outlining provisions gives room for controlled growth in ventures related to cryptocurrency.

Main Hurdles and Concerns

Croatia faces three main regulatory challenges:

Gaps in regulation – Lack of clarity on DeFi, NFTs, or stablecoins generates legal uncertainty. 

Banking Hurdles – Most institutions still block crypto transactions, hampering accessibility. 

EU Compliance – Full MiCA implementation by 2026 imposes heavy regulatory changes.

These challenges signify a constant conundrum for Croatia, where innovative strides are usually accompanied by adverse effects in financial stability and soundness as the sector grows.

Key Rule Updates and Future Possibilities

What’s Happening Now

HANFA is increasing the monitoring of crypto companies.

Parliament is debating cutting crypto taxes from 12% to 10%.

What’s Coming Next

2026 EU Rules: Full MiCA adoption will bring standardized licenses.

Digital Money: Croatia’s central bank is testing the digital euro.

Tourism Boost: More hotels and shops may start accepting crypto.

Conclusion

Croatia is weaving a balanced crypto ecosystem: fostering innovation while ensuring stability. The regulations will be revealed in detail, covered by EU alignment. Thus, probably the brightest hub for responsible growth in digital assets in Southeast Europe could be expected. A bright future awaits Croatia’s crypto economy.

FAQs

1. Is cryptocurrency legal in Croatia? 

Yes, cryptocurrencies are permitted to possess and trade properties in Croatia, but cannot be construed as legal tender because they cannot be used for official payments. 

2. Do I have to pay taxes on crypto profits? 

Croatia applies a 12% capital gains tax when converting crypto to regular money. Currently, there’s no tax on switching between different cryptocurrencies.

3. Is the crypto industry regulated in Croatia? 

Yes, all crypto exchanges must be registered with HANFA and comply with anti-money laundering (AML) regulations. The usual time for registration varies between three to six months.

4. Can businesses besides themselves receive crypto payments?

Not illegal, but has a legal gray area as barter transactions. Businesses usually prefer customers to pay with fiat since it is easier to comply.

5. What are the penalties for crypto research institutions operating out of premises?

Unregistered VASPs face fines up to €500,000 and may be forced to stop operations. HANFA may also black-list non-compliant platforms from the Croatian market.

6. What are the requirements for reporting cryptocurrency transactions?

Exchanges are mandated to report dubious transactions to authorities. Individuals must declare their cryptocurrency holdings and any gains from it during annual tax filings.

7. How is the taxation regime for crypto staking in Croatia?

Benefits of staking are regarded as taxable income under general income tax rates (10-30%), as opposed to capital gains tax.

8. Will Croatia someday introduce a digital euro? 

The Croatian National Bank participates in the progress of the research into the digital euro conducted at the ECB. National CBDC plans do not exist now. Any implementation would follow only after all EU-wide adoption. 

9. Do banks refuse any crypto transaction? 

Yes, some Croatian banks are halting all transactions toward or from crypto exchanges because of risk concerns. 

10. Are NFTs and DeFi platforms regulated? 

There exist no regulations yet for NFTs or DeFi. Legal gray zone pending EU-wide rules.

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