Hey there, PoI readers! 🌟

It's your favorite crypto connoisseur, Mochi, here to take you on a whirlwind tour around the globe! Today's newsletter is packed with regional flavors spicier than a bowl of kimchi - we're talking regulatory waves in Europe, Big Apple movements, Indonesian market explosions, and Russian crypto chess moves! From East to West, North to South, the crypto world is serving up a feast of developments.
So grab your virtual passport and let's jet-set through today's most exciting crypto headlines! 🧭 ✈️

INTEL BRIEF

🟧 European crypto users express discontent as Coinbase ends USDC yield program due to MiCA regulations, highlighting growing tensions between EU crypto laws and user benefits.

🟧 Ripple Labs' RLUSD stablecoin is reportedly on the verge of receiving NYDFS approval, marking a significant expansion into the stablecoin market while maintaining its commitment to XRP.

🟧 Indonesia's crypto market shows remarkable recovery in 2024, with transactions exceeding $30 billion, showcasing the country's growing influence in the global crypto landscape despite previous regulatory hurdles.

🟧 Russia takes decisive steps in crypto regulation by approving new tax legislation that officially recognizes digital currencies as property, while Bitcoin reaches record highs against the weakening ruble.

EU Forces Coinbase to Kill USDC Yields While Users Watch in Horror

Coinbase, dropped quite the news on November 28th, sending emails to users in the European Economic Area (EEA) announcing the end of their USDC rewards program. Why, you ask? Well, it's all thanks to our friend MiCA (Markets in Crypto-Assets) - the EU's new regulatory framework that's making waves in the crypto ocean.

The timing is particularly interesting, with the program scheduled to sunset on December 1st, leaving users just two days to soak up those final sweet, sweet yields. The change affects the entire EEA gang - that's 30 countries including all EU member states plus Iceland, Norway, and Liechtenstein. Talk about a continental breakfast of regulations!

The crypto community's reaction? Let's just say they're not throwing a party. Paul Berg, CEO of Sablier, served up some grade-A sarcasm on X, expressing his "gratitude" for being "protected" from earning yields. The sentiment was echoed by others in the space, including Trading Strategy's Mikko Ohtamaa, who's clearly feeling very "protected" indeed!

But here's the kicker - while Coinbase and Circle are playing by the new rules, we're seeing some interesting moves in the stablecoin space. Tether's waving goodbye to its euro-pegged token, while newcomer Schuman Financial is boldly stepping in with their EURØP token. It's like watching a game of musical chairs, but with stablecoins!

Coinbase forced to end USDC yield program in EEA by December 1st due to MiCA regulations

Trading, sending, and receiving USDC remain unaffected on the platform

New Euro-pegged stablecoin EURØP set to launch amid regulatory changes

Ripple Conquers New York as RLUSD Stablecoin Gets Ready to Dominate 2T Market

Word on Wall Street (well, Fox Business to be precise) is that the New York Department of Financial Services is about to give Ripple Labs' RLUSD stablecoin its stamp of approval. And we're not talking about some distant future - this baby could be hitting the crypto streets as early as December 4th!

Now, let's talk numbers because they're looking tastier than a New York cheesecake. The current stablecoin market is sitting pretty at $196 billion, but Ripple's got their sights set on something much bigger. They're predicting this market could balloon to a whopping $2 trillion by 2028

Ripple's been busy as a New York minute, testing RLUSD on both the XRP Ledger and Ethereum mainnet. They've also lined up quite the roster of exchange partners, including some heavy hitters like Bitstamp, Bitso, and MoonPay. And for all you transparency lovers out there, they're promising regular third-party audits and monthly reports on those collateral reserves - keeping it as clear as a Central Park lake on a sunny day!

And for those XRP holders who've been biting their nails - relax! Ripple's made it crystal clear they're not abandoning their firstborn. In fact, they're planning to use both RLUSD and XRP to make their cross-border payments smoother than a Brooklyn hipster's latte.

NYDFS approval for RLUSD expected in coming days with potential December 4th launch

Ripple aims to capture share of projected $2 trillion stablecoin market by 2028

Company confirms commitment to using both RLUSD and XRP for cross-border payments

Young Indonesians Flood Crypto Market with Record Breaking 30B Trading Spree

Hold onto your batik, because Indonesia's crypto market just smashed through the $30 billion ceiling in the first ten months of 2024. We're talking about a mind-boggling 350% increase from last year's numbers. That's not just growth - that's like finding an extra helping of rendang in your takeout order!

Remember 2022's crypto winter when the market was as cold as a Bandung mountain morning? The infamous "dual taxation" policy had traders feeling like they were getting a double serving of bill shock, with that extra 0.1% tax on top of regular gains taxes. But look at Indonesia now - they're serving up transaction volumes that exceed the past two years combined!

What's even more fascinating is the youth movement driving this crypto renaissance. More than 60% of Indonesian crypto investors are spring chickens under 30! While millennials globally are known for their crypto appetite, Indonesia's demographic is skewing younger than their Western counterparts, like a fresh-faced K-pop group compared to a classic rock band.

And here's the cherry on top - Indonesia isn't just playing in the crypto sandbox; they're building castles! The country ranks third globally in crypto adoption, according to Chainalysis, only trailing behind India and Nigeria. The entire Oceana/Asia region is dominating the space, with seven out of the top ten countries coming from this part of the world!

Indonesia's crypto transactions hit $30B in 2024, up 350% from 2023

Young investors under 30 make up over 60% of Indonesian crypto traders

Country ranks 3rd globally in crypto adoption, leading the Asian crypto wave

Russian Bitcoin Hits 11M Rubles While New Tax Laws Change Everything

Mother Russia has spoken, and she's got some thoughts about crypto! The Federation Council just gave a thunderous "da" to a new bill that's about to shake up the crypto scene. The legislation, which got the green light on November 27th, is now just one Putin signature away from becoming the law of the land.

Let's break down this Russian crypto-nesting doll: First up, we've got digital currencies being officially recognized as property - a pretty big deal for our crypto comrades! The tax rates? They're setting it at a cool 13-15% personal income tax on crypto sales. But here's where it gets interesting - they're giving crypto miners a VAT exemption on their mined coins!

But wait, there's more drama than a Tchaikovsky ballet! While all this is happening, Bitcoin is pulling a Bolshoi against the ruble, hitting an all-time high of about 11 million rubles! That's partly thanks to Bitcoin's global performance, but also because the ruble's been doing the sad Russian dance - we're talking about a 25% drop against the USD over the past year.

For all you miners out there planning to join the Russian crypto party, just remember - you'll need to report your mining activities to the government, or you might find yourself facing a 40,000 ruble fine (that's about $360 in non-Soviet money).

New Russian crypto tax law sets 13-15% rate on crypto sales and recognizes digital currencies as property

Crypto miners get VAT exemption but must report activities to authorities

Bitcoin hits ATH against ruble at ~11 million rubles amid currency weakness

And there you have it, my globe-trotting PoI adventurers! 🗺️ From Europe's regulatory tango to Russia's crypto ballet, from Indonesia's market feast to New York's stablecoin symphony - we've circumnavigated the crypto world in one newsletter! Remember, while we may speak different languages and live in different time zones, crypto continues to bridge our worlds in fascinating ways. 🌉

Until our next international crypto adventure, this is your resident travel guide Mochi, signing off with a multilingual goodbye! Sayonara! До свидания! Selamat tinggal! Ciao! 🙋‍♀️ ✨

P.S. Don't forget to share this newsletter. Your friends might thank you for this passport to crypto knowledge! 🌐 ❤️ Share the newsletter

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