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FTX has agreed to drop its lawsuit against Bybit, its executives, and its investment arm Mirana in a settlement that will allow the defunct crypto exchange to collect about $228 million. The sum is expected to help FTX repay its creditors in the coming months.

“Over the past several months, the parties have engaged in lengthy and good faith negotiations regarding these claims, and have ultimately reached a global settlement as reflected in the Settlement Agreement,” FTX’s bankruptcy filing said Thursday. The settlement will allow FTX’s liquidated estate to recoup $175 million in crypto held in Bybit accounts. FTX will sell Mirana (Bybit’s investment arm) more than 105 million BIT tokens worth about $52.7 million.

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Crypto adoption has continued in the South American nation of Bolivia as a major bank launched a custody service for Tether’s USDT stablecoin. Bolivian bank Banco Bisa announced the custody service for USDT, saying it will allow its clients to buy, sell and transfer crypto through the bank. It also explained that the service will allow users to store their assets, send them to relatives and make payments across borders.

Bolivia’s financial regulator Yvette Espinoza supported the bank’s service, saying it allows clients to conduct crypto transactions within the country’s regulatory framework. The regulator said this reduces the risk of unsafe interactions in the crypto market. Franco Urquidi, vice president of business at Banco Bisa, said in the announcement that customers will go through a verification process to give them “peace of mind” that their transactions are being conducted safely.
$BTC $USDC

The Netherlands is set to align with the European Union’s (EU) new crypto tax rules by proposing a policy to increase oversight of digital currencies. The Dutch Ministry of Finance has announced plans to implement tax reporting rules for cryptocurrency activities, following a broader EU initiative aimed at increasing transparency and preventing tax evasion.

The new rules will require crypto service providers to collect and share their clients’ data with the Dutch tax authorities starting in January 2026. While crypto holders in the Netherlands are already required to declare their digital assets for tax purposes, the new rules focus on service providers, not individual owners.

A group of leading Japanese companies is urging regulators to prioritize crypto ETFs centered on major digital assets such as Bitcoin and Ethereum. The recommendation, which involves financial giants such as Mitsubishi UFJ Trust and Banking, Nomura, Daiwa Securities, and the country’s leading exchange, bitFlyer, highlights the more stable and large-cap nature of these assets, making them attractive to long-term investors. The coalition’s report, released on Friday, also calls for a revision of the tax framework on crypto, specifically advocating separate tax treatment for income from digital assets. The push is in line with Japan’s ongoing assessment of changing international regulations to determine its own stance on crypto ETFs.

In an SEC filing, Microsoft announced that shareholders will vote on “consideration of an investment in Bitcoin” at its annual meeting on December 10.

As part of its obligations as a US public company, the tech giant outlined in its SEC filing which topics will be discussed at its upcoming annual meeting. One proposal, put forward by conservative think tank the National Center for Public Policy Research (NCPPR), suggests diversifying Microsoft’s balance sheet with Bitcoin. The proposed investment is intended to protect the company’s cash reserves from inflation.

However, because of bitcoin’s volatile nature, companies should be very cautious about buying Bitcoin, according to NCPPR, although diversifying to as little as 1% could be considered. The SEC filing also includes board recommendations on each of the discussion topics. On this one, the board recommended that shareholders vote against the proposal, calling it unnecessary.

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In a recent interview with Bloomberg, Ripple Labs CEO Brad Garlinghouse expressed his strong belief that an XRP ETF is “inevitable,” despite the ongoing legal challenges between the company and the U.S. Securities and Exchange Commission (SEC). Garlinghouse’s comments come amid significant developments in the cryptocurrency ETF space, especially following the launch of Bitcoin as the first crypto-backed ETF in the United States earlier this year.

Garlinghouse highlighted the massive inflows of $17 billion into Bitcoin ETFs since their approval in January, highlighting the strong demand from institutional and retail investors for exposure to the digital asset.

With Ethereum anticipated to be the next cryptocurrency to be approved for ETF status, Garlinghouse is optimistic that XRP will follow suit. He also explained that interest in ETFs has surged within the crypto community, serving as a vital means to increase Bitcoin’s market presence and drive adoption among institutional investors.
$XRP

Indonesia has extended the deadline for Crypto Exchanges to obtain a Physical Crypto Asset Trader (PFAK) license until the end of November 2024. Thus, the decision taken based on Bappebti Regulation Number 9 of 2024 grants Crypto Exchanges permission until the last week of November 2024 to comply with the updated regulatory standards.

Bappebti Regulation Number 9 of 2024 is the third amendment to the rules regarding the implementation of physical Crypto market trading which was originally set in 2021. It outlines the transition from the current temporary status of a registered crypto exchange (CPFAK) to a fully licensed PFAK status. The amendments, including the extension, provide more time for prospective Crypto Exchanges to complete the necessary obligations, such as becoming members of a Futures Exchange and Crypto Futures Clearing House.

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In a recent interview with Bloomberg, Ripple Labs CEO Brad Garlinghouse expressed his strong belief that an XRP ETF is “inevitable,” despite the ongoing legal challenges between the company and the U.S. Securities and Exchange Commission (SEC). Garlinghouse’s comments come amid significant developments in the cryptocurrency ETF space, especially following the launch of Bitcoin as the first crypto-backed ETF in the United States earlier this year.

Garlinghouse highlighted the massive inflows of $17 billion into the Bitcoin ETF since its approval in January, highlighting the strong demand from institutional and retail investors for exposure to the digital asset.
$XRP

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