Uphold, a well-known cryptocurrency trading platform, has made an exciting move by restarting its staking services in the UK.
This comes on the heels of recent regulatory updates, particularly a shift initiated by the UK Treasury on January 31.
Last year, Uphold had to inform its users that staking would be discontinued in the UK and EU due to evolving regulatory concerns.
The revival of these services marks a notable reversal for the platform.
India’s Reevaluation of Crypto Regulations
In a significant turn of events, the Indian government is reevaluating its approach to cryptocurrency regulations, despite its previously cautious stance.
Ajay Seth, the economic affairs secretary of India, has pointed out that the global nature of digital currencies suggests India must not fall behind as other countries embrace these assets.
This renewed focus on crypto regulation coincides with the introduction of a hefty tax—potentially as high as 70%—on undisclosed crypto profits under India’s Income Tax Act.
Adaptations by Cryptocurrency Exchanges
On a related note, cryptocurrency exchange Kraken is adapting to the latest European regulations by planning to remove several stablecoins, including Tether’s USDT, from its listings.
This phased delisting, set to complete by March 31, aims to ensure compliance with the European Union’s new Markets in Crypto-Assets Regulation (MiCA).
In addition to USDT, Kraken is set to gradually phase out support for other stablecoins such as PayPal USD, Tether EURt, TrueUSD, and TerraClassicUSD in its European operations.
The exchange emphasized that these strategic adjustments are vital for remaining compliant and providing a top-notch trading experience for its European customers.
Financial Resolutions in the Crypto Space
Furthermore, Bryan Pellegrino, the co-founder and CEO of LayerZero Labs, recently shared that the company has come to an agreement with FTX regarding transactions connected to Alameda Research’s venture capital division from 2022.
Pellegrino explained that this decision was made to ensure alignment with the interests of creditors, which include LayerZero itself.
He added that the original repurchase has been returned to the relevant estate, signaling that the complex financial interactions—which at one point involved approximately $70 million being transferred from Alameda to LayerZero for the acquisition of STG tokens worth $25 million—have been resolved.
This series of developments highlights the rapidly evolving landscape of cryptocurrency regulations and services, reflecting both challenges and opportunities in this dynamic sector.
Source: Cointelegraph
