News Preview:
- The "Markets in Crypto-Assets (MiCA)" regulation will take effect on December 30;
- Optimism (OP) will unlock approximately 31.34 million tokens at 8:00 AM Beijing time on December 31, 2024, accounting for 2.32% of the current circulation, valued at about $58.6 million;
- ai16z will announce a new token economics proposal around January 1;
- Sui (SUI) will unlock approximately 64.19 million tokens at 8:00 AM Beijing time on January 1, 2025, accounting for 2.19% of the current circulation, valued at about $270 million;
- ZetaChain (ZETA) will unlock approximately 53.89 million tokens at 8:00 AM Beijing time on January 1, 2025, accounting for 9.35% of the current circulation, valued at about $32 million;
- FTX claims processing will begin on January 3 next year, with $16 billion in cash to be repaid;
- Binance plans to launch BIO at 6:00 PM (Beijing time) on January 3, 2025.
December 30
Policy Regulation:
The European Banking Authority (EBA) has taken significant steps to strengthen anti-money laundering (AML) measures by extending travel rule guidelines to crypto service providers and intermediaries. Starting December 30, cryptocurrency exchanges operating in the EU will be subject to Regulation (EU) 2023/1113 (travel rule guidelines), which requires reporting information on the transfer of funds and crypto assets.
Thus, under the definition of MiCAR, crypto asset service providers (CASPs) will be bound by the EU's AML/CFT regime. Once the regulation takes effect, payment service providers (PSPs), intermediary PSPs, CASPs, and intermediary CASPs will have a two-month grace period to declare compliance with the new requirements. Some general provisions include collecting user information to transfer funds or crypto assets, determining whether transactions are related to the purchase of services, and detecting seemingly related transfers. Additionally, crypto service providers and intermediaries need to declare their policies on multiple intermediaries and cross-border transfers.
The EBA acknowledges that compliance with the EU travel rule guidelines will impose financial pressure on cryptocurrency exchanges and service providers. However, the regulator expects that overall benefits will be realized in the long run.
EBA issues guidelines on restrictive measures for crypto providers, effective December 30, 2025
On November 14, the European Banking Authority (EBA) released new guidelines for payment service providers (PSPs) and crypto asset service providers (CASPs), clarifying that these institutions must comply with the restrictive measures regime of the EU and its member states during transfers. The EBA noted that these guidelines will help financial institutions effectively implement restrictive measures within governance and risk management frameworks to avoid operational and legal risks.
The EBA emphasized that if there are gaps in the controls, internal policies, and procedures of financial institutions, it could lead to legal and reputational risks, undermining the effectiveness of EU restrictive measures and potentially impacting the stability of the EU financial system. The new guidelines require PSPs and CASPs to use reliable screening systems to prevent users or entities from circumventing restrictive measures. These guidelines will take effect on December 30, 2025.
The "Markets in Crypto-Assets (MiCA)" regulation will take effect on December 30
The EU's dedicated regulation for the cryptocurrency industry, the "Markets in Crypto-Assets (MiCA)," is set to take effect on December 30 across 27 member states. However, some countries have yet to establish legislation to implement MiCA. The Bank of Portugal stated on Monday that it has not yet determined which national authority will be responsible for these rules, as the legislation has not been passed. Industry associations indicated that part of the delay in national authorities is due to the short time interval between the final technical standards released by ESMA in October and the implementation date.
Exchanges:
Bloomberg: EU crypto exchanges must delist USDT by December 30
According to Bloomberg, the EU's crypto asset law is set to take full effect by the end of the year, prompting several cryptocurrency exchanges within the EU to delist the mainstream stablecoin Tether (USDT) to comply with the "Markets in Crypto-Assets (MiCA)" regulation. This move is impacting the market for such tokens, with new issuers attempting to fill the gap while investors default to using euros for cryptocurrency trading. Tether's main competitor, Circle, obtained such a license in July. However, Tether has not yet obtained such a license but has not ruled out the possibility of attempting to acquire one in the future. In the absence of a license for Tether, regulated exchanges must delist the token by December 30. Tether declined to comment on its own electronic money license plans.
Previously, it was reported that Coinbase plans to delist USDT and other non-compliant stablecoins in Europe.
Tether CEO Paolo Ardoino retweeted posts from the co-founder of weRate and the CEO of JAN3 on the X platform, mentioning that there is a lot of "FUD information" about USDT in the market, but the reality is that USDT will not be deemed illegal in Europe on December 30, 2024. The MiCA rules need to be complied with, but stablecoin service providers have a transition period of 6-18 months, and some exchanges are waiting for clear information.
Binance contracts will delist OMGUSDT perpetual contracts on December 30
Binance contracts will postpone the automatic liquidation and delisting of the OMGUSDT perpetual contract to 5:00 PM (UTC+8) on December 30, 2024. Users are advised to close their positions before trading stops to avoid automatic liquidation.
Token Unlocks:
Beldex (BDX) will unlock approximately 330 million tokens at 8:00 AM Beijing time on December 30, 2024, accounting for 4.78% of the current circulation, valued at about $26.1 million.
Tribal Token (TRIBL) will unlock approximately 22.07 million tokens at 8:00 AM Beijing time on December 30, 2024, accounting for 15.38% of the current circulation, valued at about $6.3 million.
Slash Vision Labs (SVL) will unlock approximately 605 million tokens at 8:00 AM Beijing time on December 30, 2024, accounting for 12.25% of the current circulation, valued at about $3.9 million.
December 31
Exchanges:
Following Kraken's announcement that it will stop supporting Monero (XMR) in the European Economic Area (EEA) at the end of October, the price of Monero has dropped over 5% in the past 24 hours to $144. Kraken stated that this move is due to regulatory changes in the region and will cease all XMR market trading and deposits on October 31. Users must withdraw their assets by December 31, 2024; any unwithdrawn Monero will be automatically converted to Bitcoin and distributed to users on January 6, 2025.
Policy Regulation:
Israel to launch six Bitcoin mutual funds on December 31
The Israeli Securities Authority (ISA) has approved six mutual funds tracking Bitcoin prices, which will launch simultaneously on December 31, 2024, by institutions such as Migdal Capital Markets, More, Ayalon, Phoenix Investment, Meitav, and IBI. The management fees for the funds range from 0.25% to 1.5%, with one fund being actively managed, aiming to outperform Bitcoin's performance. Initially, these funds will trade only once a day, but continuous trading may be possible in the future.
Token Unlocks:
Optimism (OP) will unlock approximately 31.34 million tokens at 8:00 AM Beijing time on December 31, 2024, accounting for 2.32% of the current circulation, valued at about $58.6 million.
Delysium (AGI) will unlock approximately 34.38 million tokens at 8:00 AM Beijing time on December 31, 2024, accounting for 2.57% of the current circulation, valued at about $5 million.
January 1
Policy Regulation:
Russia will fully ban cryptocurrency mining in 10 regions starting January 1, 2025
According to local Russian media TASS, the Russian government has approved a complete ban on cryptocurrency mining in 10 regions starting January 1, 2025, with the ban lasting until March 15, 2031. These regions include Dagestan, Ingushetia, Kabardino-Balkaria, Karachay-Cherkessia, North Ossetia, Chechnya, as well as Donetsk, Luhansk, Zaporizhia, and Kherson regions. The ban applies to both mining pool activities and individual mining. Additionally, Russia will implement seasonal mining restrictions in three Siberian regions—Irkutsk, Buryatia, and Transbaikal—during winter energy peaks. In 2025, these restrictions will last from January 1 to March 15, and then from November 15, 2025, to March 15 of the following year.
Project Updates:
ai16z will announce a new token economics proposal around January 1
During a community exchange meeting, members of the Eliza team revealed to PANews that the project plans to release two important announcements. First, the project will officially announce the list of all partners to enhance project transparency and help the community better understand the relationships and specific scopes of collaboration. Second, regarding token economics, ai16z will unveil a new token economics proposal around January 1. This proposal is designed collaboratively by professionals from multiple teams and will include LP pairing mechanisms, integration of DeFi functions, and more. Additionally, the project team disclosed that they have acquired a Launchpad company, which will be used for official releases in the future.
The Ethereum liquidity re-staking platform Kelp DAO has announced the details of the KERNEL token economics, with 55% allocated for community rewards and airdrops (20% for airdrops, 35% for future community rewards), 5% for ecosystem and partners, 20% for private sales, and 20% for the team and advisors (the team and private sale tokens have a 6-month lock-up period and will unlock over 24 months).
Additionally, 20% of the KERNEL tokens will be distributed through three rounds of airdrops:
- First round of airdrop: 10% of the total supply, with a snapshot date of December 31, 2024;
- Second round of airdrop: 5% of the total supply, from January 1 to April 30, 2025; an additional 15% loyalty reward will be granted for re-staking before January 15, 2025;
- Subsequent airdrop: 5% of the remaining supply, with plans to be determined.
The KERNEL token will be used for governance, re-staking to provide economic security, liquidity mining, and ecosystem revenue buybacks. The token generation event (TGE) is expected to be completed in early Q1 2025.
The Layer 1 blockchain MANTRA, focused on RWA assets, passed an update to the OM token economics proposal last week through voting.
While the proposal suggests adjusting the token issuance schedule, individual allocations obtained through various activities will remain unchanged. The specifics of the proposal include:
- Adjusting the vesting schedule for OM upgrade rewards, with the cliff period ending on March 18, 2025, followed by a linear vesting period extending until October 16, 2028.
- 10% of the initial airdrop allocation will unlock starting March 18, 2025, followed by a 6-month cliff period until September 18, 2025. From that date, the remaining rewards will begin to vest linearly and continue until March 18, 2027. Additionally, a second phase of anti-sybil checks will be proposed for all wallets. The vesting period for subsequent airdrop rewards will not be extended.
- The cliff and vesting periods for team and core contributor incentives will be extended, with the cliff period ending on April 23, 2027, and the vesting period ending on October 22, 2029.
- The cliff period for Pre-Seed round investors' tokens will end on October 23, 2025, with vesting ending on October 23, 2027; the cliff period for Seed round investors' tokens will end on April 23, 2025, with vesting ending on April 23, 2026.
- The ecosystem allocation will remain unchanged, and the on-chain inflation rate will drop from 8% to 3% starting January 1, 2025.
Meme trading tool ABOT has announced a gradual shutdown of its business, with the following arrangements: service fees reduced to 0; the Meme function will be removed on January 1, 2025; non-meme functions will be removed on January 7, 2025, and the website will be closed; new feature development will continue until December 31, and real-time issue response will be maintained until the website closes.
Governance Voting:
The Snapshot page shows that the Frax Finance community has opened voting on the adoption of BlackRock BUIDL as the proposed reserve asset for the stablecoin Frax USD (frxUSD), with voting ending on January 1, and the current proposal support rate is 100%.
Additionally, the Frax community has initiated a proposal vote on "USTB as collateral and custodial asset for frxUSD", aiming to introduce USTB to provide stability, liquidity, and treasury bond yields as reserves for the stablecoin. USTB will have an initial collateral cap of $100 million. Currently, USTB is being evaluated as a yield source for Polygon's PoS Bridge Assets and Sky's USDS reserves. Voting will end on January 1, 2025.
Token Unlocks:
Sui (SUI) will unlock approximately 64.19 million tokens at 8:00 AM Beijing time on January 1, 2025, accounting for 2.19% of the current circulation, valued at about $270 million.
ZetaChain (ZETA) will unlock approximately 53.89 million tokens at 8:00 AM Beijing time on January 1, 2025, accounting for 9.35% of the current circulation, valued at about $32 million.
Sleepless AI (AI) will unlock approximately 23.21 million tokens at 8:00 AM Beijing time on January 1, 2025, accounting for 17.85% of the current circulation, valued at about $14.6 million.
dydx (DYDX) will unlock approximately 8.33 million tokens at 8:00 AM Beijing time on January 1, 2025, accounting for 1.17% of the current circulation, valued at about $12.8 million.
Ethena (ENA) will unlock approximately 12.86 million tokens at 3:00 PM Beijing time on January 1, 2025, accounting for 0.44% of the current circulation, valued at about $12.1 million.
Maverick Protocol (MAV) will unlock approximately 36.20 million tokens at 8:00 AM Beijing time on January 1, 2025, accounting for 7.86% of the current circulation, valued at about $7.8 million.
Eigenlayer (EIGEN) will unlock approximately 1.29 million tokens at 3:00 AM Beijing time on January 1, 2025, accounting for 0.61% of the current circulation, valued at about $4.4 million.
Sidus (SIDUS) will unlock approximately 448 million tokens at 8:00 AM Beijing time on January 1, 2025, accounting for 4.05% of the current circulation, valued at about $2.1 million.
DODO (DODO) will unlock approximately 10 million tokens at 8:00 AM Beijing time on January 1, 2025, accounting for 1.38% of the current circulation, valued at about $1.6 million.
Manta Network (MANTA) will unlock approximately 1.87 million tokens at 7:59 AM Beijing time on January 1, 2025, accounting for 0.49% of the current circulation, valued at about $1.6 million.
January 2
No updates.
January 3
Exchanges:
FTX announcement: Court-approved Chapter 11 reorganization plan will take effect on January 3, 2025
According to FTX's announcement, its court-approved Chapter 11 reorganization plan will take effect on January 3, 2025, and will set the record date for the first distribution. The first distribution is expected to be completed within 60 days after the effective date, applicable to approved claims in the convenience class. FTX has partnered with BitGo and Kraken to assist in distributing recovery funds to customers and creditors. Distribution requirements include completing KYC verification, submitting tax forms, and connecting with designated service providers. FTX warns users to be cautious of phishing emails and scam websites and will announce distribution dates for other claim categories in the future.
Additionally, HODL15Capital tweeted that FTX will repay $16 billion in cash, and claims processing will begin on January 3 next year.
Binance plans to launch BIO at 6:00 PM on January 3, 2025
Bio Protocol (BIO) has become Binance's 63rd Launchpool project. Binance plans to launch BIO at 6:00 PM (Beijing time) on January 3, 2025, and will open trading pairs BIO/USDT, BIO/BNB, BIO/FDUSD, and BIO/TRY. Seed tags will be applied to BIO.
Token Unlocks:
Staika (STIK) will unlock approximately 1.57 million tokens at 8:00 AM Beijing time on January 3, 2025, valued at about $2.2 million.
January 4
Token Unlocks:
Alephium (ALPH) will unlock approximately 1.88 million tokens at 8:00 AM Beijing time on January 4, 2025, accounting for 1.95% of the current circulation, valued at about $2.5 million;
January 5
Token Unlocks:
Cetus Protocol (CETUS) will unlock approximately 8.33 million tokens at 8:00 AM Beijing time on January 5, 2025, accounting for 1.32% of the current circulation, valued at about $2.7 million.
Everclear (NEXT) will unlock approximately 20.11 million tokens at 8:00 AM Beijing time on January 5, 2025, accounting for 18.82% of the current circulation, valued at about $2 million.
Specific time to be determined
Project Updates:
Bounce Brand: The perpetual contract exchange BounceX will launch next week
Bounce Brand tweeted that BounceX will launch next week, supporting the platform's native token AUCTION as a margin asset. Previous news announced that Bounce Brand will launch the perpetual contract exchange BounceX in the fourth quarter of 2024.
U.S. stocks fell on Friday, disappointing investors' expectations for a so-called "Santa Claus rally." As the New Year's holiday approaches, global financial markets may also tend to remain calm in the coming week. The U.S. ISM Manufacturing Purchasing Managers' Index (PMI) may be the only focus in next week's economic data; however, any headlines related to Trump's policies could also stimulate market volatility. If economic data contradicts the Federal Reserve, the dollar's upward momentum may fade. The number of initial jobless claims next week could also become a significant driver for the dollar's movement, as any data indicating that the Federal Reserve is too cautious about inflation while being overly optimistic about the labor market could lead to a collapse of the recent dollar rally.
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