Kraken prepares to delist USDT in Europe while LayerZero settles with the FTX estate.
Uphold Relaunches UK Staking Services
Cryptocurrency broker Uphold has restarted staking services in the United Kingdom, aligning with new regulatory amendments from the UK Treasury. The company announced on Feb. 3 that the relaunch follows a regulatory change that took effect on Jan. 31. This marks a return to staking services nearly a year after Uphold suspended them due to evolving EU and UK regulations. Uphold’s compliance with these new guidelines could set a precedent for other platforms navigating shifting regulatory landscapes.
India Signals Potential Crypto Policy Shift
India, historically cautious about cryptocurrency, is reviewing its regulatory stance amid increasing global adoption. Economic affairs secretary Ajay Seth emphasized that digital assets “don’t believe in borders,” suggesting that India may adjust its policies to remain competitive. This comes as the government imposes a tax of up to 70% on previously undisclosed crypto gains under the Income Tax Act. If India revises its crypto framework, it could have significant implications for market participants and investors.
Kraken to Delist Tether and Other Stablecoins in Europe
Crypto exchange Kraken is set to remove five stablecoins, including Tether’s USDT, from its European platform to comply with the EU’s Markets in Crypto-Assets Regulation (MiCA). The delisting will take effect on March 31, with additional removals of PayPal USD (PYUSD), Tether EURt (EURT), TrueUSD (TUSD), and TerraClassicUSD (UST) in European markets. Kraken stated that these changes are necessary to maintain compliance and continue serving European traders effectively.
LayerZero Settles with FTX Estate Over 2022 Transactions
LayerZero Labs CEO Bryan Pellegrino announced that the company had reached a settlement with the FTX estate regarding past transactions with Alameda Research’s venture capital arm. Pellegrino clarified that while LayerZero had a strong case against FTX, the settlement prioritized creditors’ interests. In 2022, Alameda Ventures had transferred $70 million to LayerZero and acquired $25 million in STG tokens. The settlement ensures the return of the repurchase to the FTX estate.
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