- 1. 47 Nations Embrace CARF for Tax Information Exchange in Global Collaboration
- 2. OKX Wallet Boosts Solana Development in Groundbreaking Collaboration
- 3. European Banking Authority Proposes Guidelines to Strengthen Stablecoin Framework
- 4. Trust Wallet Revolutionizes Decentralization with Wallet-as-a-Service (WaaS)
- 5. Crypto Exchange Binance Launches Web3 Wallet
- 6. Coinbase Faces Official Restriction Following Kazakhstan's Digital Asset Laws
This week brought big steps in crypto, both in new products and in regulation. In a landmark collaboration, 47 nations, including the US, UK and Japan, adopted the Crypto-Asset Reporting Framework (CARF). It aims to set a global standard for sharing tax data automatically. Meanwhile, the European Banking Authority proposed new rules to make stablecoins safer. They tie in with the EU’s new MiCA crypto law.
MiCA licensing later became a flashpoint for Binance, as CZ claimed its Greek approval was blocked by politics.
On the product side, Trust Wallet introduced its Wallet-as-a-Service (WaaS) offer for businesses. Binance unveiled its Web3 Wallet to make Web3 simpler and safer. On the rules side, Kazakhstan imposed restrictions on Coinbase. It said the exchange broke its crypto laws.
47 Nations Embrace CARF for Tax Information Exchange in Global Collaboration
In a historic collaboration, 47 nations have joined forces to embrace the Crypto-Asset Reporting Framework (CARF). Key players include Brazil, Canada, the United States, the UK, South Korea, Singapore, France, Switzerland and Japan. CARF sets a new world standard. Tax offices will share data with each other on their own.
The joint pledge was issued by 50 national governments on November 10. They committed to bring CARF into their own laws. The initiative has three main goals:
- Make it simpler to share tax data across borders
- Improve tax compliance
- Increase public revenue
The OECD built CARF in 2022. Its roots go back to a G20 request in April 2021. CARF asks for clear reports on many kinds of crypto deals. Signatories expect to start sharing data under the framework by 2027. The aim is to boost tax compliance, fight evasion and ease the tax burden on citizens.
OKX Wallet Boosts Solana Development in Groundbreaking Collaboration
In a significant collaboration, OKX Web3 and the Solana Ecosystem announced “Solana Ecosystem Week 2.0.” The event shows their shared focus on growth and innovation in the Solana ecosystem. OKX Wallet took an active part. The event gave developers, projects and the community a place to talk and help shape Solana’s future.
OKX Wallet is a digital asset wallet built by OKX Web3. It played a key role in supporting Solana’s development. By working with Solana, OKX Wallet aims to help both developers and users. It promises a smooth and secure blockchain experience.
Key features of OKX Wallet include:
- Access to more than 70 blockchains
- Self-custody, so users keep control of their funds
- MPC tech, which splits the key into parts so you can get your wallet back with ease
OKX describes it as the world’s most powerful, secure and versatile crypto wallet.
European Banking Authority Proposes Guidelines to Strengthen Stablecoin Framework
The European Banking Authority (EBA) has taken steps to strengthen the crypto sector’s financial base. It has drafted new guidelines to improve liquidity and capital safeguards. The EBA sees stablecoins as more and more important. It has asked the public for views. It wants to bring stablecoin issuers under the EU’s coming Markets in Crypto Assets (MiCA) law.
The proposed rules put strict liquidity requirements on the reserves behind stablecoins. This helps keep the coins stable and reliable. The EBA also wants clear plans for how cash is managed. These help issuers cope with many different market conditions.
Trust Wallet Revolutionizes Decentralization with Wallet-as-a-Service (WaaS)
Trust Wallet has a new tool for firms that pioneers decentralisation. It is called Wallet-as-a-Service (WaaS). It lets businesses of any size add Web3 wallets for their users with ease.
The platform serves many kinds of firms:
- Web3 specialists
- Centralised crypto exchanges
- Startups
- Traditional enterprises
Trust Wallet’s technology cuts development time by a large margin. WaaS also takes away many setup and safety hurdles. It also lets firms launch decentralised services, such as asset management and cross-chain transfers, quickly. The launch shows Trust Wallet’s focus on efficiency, security and new ideas.
Crypto Exchange Binance Launches Web3 Wallet
Binance is the world’s largest cryptocurrency exchange. It introduced its Web3 Wallet at Binance Blockchain Week in Istanbul. The product aims to make Web3 safe and easy for millions of users. It sits inside the Binance mobile app and works as a digital gateway.
With the Web3 Wallet, users can:
- Swap tokens
- Explore decentralized apps (dApps)
- Move funds between the exchange and wallets
- Earn yields
CEO Changpeng Zhao said Web3 wallets give people self-sovereign finance, meaning full control over their own money. The launch shows Binance’s aim to make Web3 accessible and secure worldwide.
Coinbase Faces Official Restriction Following Kazakhstan’s Digital Asset Laws
Kazakhstan’s Ministry of Culture and Information has confirmed it blocked Coinbase, the world’s second-largest cryptocurrency exchange. It cited breaches of the nation’s digital asset laws. Another ministry asked for the block. This was the Ministry of Digital Development, Innovation, and Aerospace Industry. It refers to Article 11, paragraph 5, of the Law on Digital Assets.
This rule bans the sale and trade of unsecured digital assets outside the Astana International Financial Center. The block was carried out under the Communications Act. It did not only affect Coinbase. Interactive Brokers and NYMEX websites also had brief outages due to reported breaches.
The next week’s review highlighted new crypto innovations and a wave of partnerships.
For more on how regulation shapes the market, see our crypto news today page.
