Eu May Consolidate Crypto Regulations, Imf Warns Of Stablecoin...

The IMF and South Africa’s central bank are still concerned about stablecoins, while in the US, spot crypto products can now be traded on futures markets.

European tech regulators have fined social media platform X 120 million euros ($140 million) for breaking EU rules pertaining to online content.

The fine follows a two-year investigation under the Digital Services Act (DSA), which reportedly found that X was not doing enough to tackle illegal and harmful material.

Regulators also said that the blue check marks on Elon Musk’s platform were deceiving. They did not follow industry decisions and negatively impacted users’ ability to make informed decisions about the authenticity of an account.

The fine is part of a wider crackdown on Big Tech companies, particularly social media. TikTok reported it had avoided a fine by making concessions.

The actions against X are bound to create tension with the US. Vice President JD Vance said that EU regulators shouldn’t be “attacking” American companies.

The DSA will also apply to crypto platforms, DeFi frontends and NFT marketplaces if they grow to a sufficiently large size. It can influence how these platforms handle ads, user-directed content and market financial instruments.

A group of 10 European banks, including institutional heavyweights such as BNP Paribas, is planning to launch a stablecoin backed by the euro by the second half of 2026.

BNP Paribas partnered with Danish Danske Bank, the Netherlands’ ING, Austria’s Raiffeisen Bank International and others to create and incorporate the project as Qivalis. The company will be based in Amsterdam.

Qivalis CEO Jan-Oliver Sell said that stablecoins provide both convenience and monetary autonomy “in the digital age.” He said it will give “new opportunities for European companies and consumers to interact with on-chain payments and digital asset markets in their own currency.”

Source: CoinTelegraph