These are the 5 most important news of the week

Another exciting week in the crypto space is coming to an end. The most important events around Bitcoin and Co. in a moment.

MiCA, TFR and trilog: EU battles over cryptoregulation

that Crypto-asset markets (MiCA) is one of the most discussed topics in the European crypto industry. The regulation aims to create a clear legal framework for Bitcoin, stablecoins and Co. within the EU. The Commission, Parliament and the Member States (Council) each presented their draft. In the trilogue, the institutions now want to find a common line. Negotiations on the MiCA regulation were supposed to take place last Wednesday, but they had to be postponed indefinitely – the cause was a participant’s corona disease.

It’s crunching in the EU. In fact, federal lawmakers are currently negotiating in a trilogy on the so-called Transfer of Funds Regulation (TFR). This aims to introduce comprehensive anti-money laundering and anti-terrorism financing policies for the crypto sector. But as insiders report to BTC-ECHO, negotiations currently appear to be faltering.

Terra (LUNA): The end of a crypto ecosystem

The price of Terra plunged south in an unprecedented way in last week’s trading, impressively showing that investing in cryptocurrencies that are believed to be safe is also subject to high risk.

After Terra Labs failed with its Luna Foundation Guard (LFG) early last week to tie the internal algorithm-based stablecoin TerraUSD (UST) back to the US dollar value, all investors began to save what could still be saved was . Investors sold their Luna coins and TerraUSD holdings galore. In addition, the opening of large short positions, so-called short sales, pushed the LUNA price south.

BTC-ECHO market expert Stefan Lübeck therefore dedicated his latest altcoin analysis to the topic: Terra (Luna) – are the former star’s days finally numbered?

But to reconstruct the drastic decline in value, one must first understand how Terra (LUNA) actually works.

Cryptocurrencies – yes or no? Portugal in conflict

“I believe in the future, I believe in Bitcoin.” With these words, Miguel Albuquerque, President of Madeira, the Portuguese island’s entry into the Bitcoin standard. But shortly after the announcement, there was silence again around the island, which has a population of 250,000.

BTC-ECHO takes a closer look: What can a Bitcoin future for Madeira look like, and does the recently announced tax increases for cryptocurrencies in Portugal not contradict this?

China: A mine despite the ban?

The mining ban in China almost a year ago marked a turning point for the cryptocurrency space. Suddenly, mining of cryptocurrencies like Bitcoin or Ethereum was illegal, and mining was, so to speak, outlawed. The government’s restrictive course surprised a number of market observers at a time when the central empire had previously supplied significant two-thirds of computing power to the Bitcoin network.

Shortly afterwards, the emigration of mining companies followed – to, for example, neighboring Kazakhstan or to the United States. But recent figures show that China continues to deliver a large share of the hash rate in the Bitcoin network. How can it be?

All information: Why China is still a bitcoin mining power

Money laundering and crypto theft are celebrating record highs

The decentralized financial industry (in short, DeFi) is becoming a honeymoon for cybercriminals of all kinds. This is confirmed by the current “Web3 Safety & Compliance Report” from the world’s largest provider of crypto data services, Chainalysis. Whether it’s hacks, money laundering or scams: DeFi is ahead almost everywhere. The biggest advantages: North Korean hacker groups like Lazarus.

Illegal DeFi transactions have risen sharply since 2021, primarily driven by the theft of funds through hacking and misuse of DeFi money laundering protocols, Chainalysis reports in its report. Nearly 70 percent of stolen funds are sent here.

For the detailed article: DeFi is the new stronghold of financial cryptocurrency

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