MiCA – Travel Rule
With the December 31, 2024, deadlines for the EU Transfer of Funds Regulation (TFR) and Markets in Crypto-Assets (MiCA) regulations approaching, all registered Crypto Asset Service Providers (CASPs) in the EU face increasing pressure to understand and comply with these new requirements. Non-compliance could lead to regulatory penalties and reputational damage, which in turn may reduce transaction volumes.
Bitclear is prepared to meet this challenge head-on, having already implemented the necessary software to ensure full compliance with both TFR and MiCA.
Bitcoin - Price Movement
The Bitcoin price has seen some ups and downs in October 2024, and most forecasts predicted a stronger price increase with the election of Donald Trump, which has materialized.
Ethereum
Ethereum made progress in expanding its infrastructure in October. In particular, new features were developed to improve scalability and transaction speed.
Crypto hacks and security concerns
As with every month, October 2024 saw various reports of hacks and security vulnerabilities in crypto protocols and DeFi projects. However, progress was also made in security research to better fend off attacks.
The Bitclear PayGate and Exchange applications are protected against unauthorized access by various security elements. The applications are all developed in-house, can be flexibly configured for B2B business and the latest findings are taken into account during development to ensure security. However, it is often forgotten that in addition to technical security, the security of the company offering crypto services is also very important. Bitclear is licensed by the FMA in Liechtenstein and we do make sure, that we meet all legal and compliance requirements.
Conclusion
Despite regulatory challenges and market fluctuations, the crypto market remains an exciting and dynamic environment. Developments relating to Bitcoin ETFs, Ethereum upgrades and increasing regulation in various countries will shape the market in the coming months.
