Three news to start your week: October 16
Crypto exchange Binance to stop accepting new users in UK
(Reuters)
Per a new rule limiting marketing from foreign digital asset companies nationwide, cryptocurrency exchange Binance announced that it will no longer take on new clients in the UK.
The nation's robust stance on cryptocurrencies coincides with the global attention that regulation of the space is receiving in the wake of several high-profile failures last year that raised concerns about how these companies handle and hold client deposits in a mostly unregulated sector.
On October 8, the Financial Conduct Authority (FCA) implemented new regulations regarding the promotion of cryptoassets.
OECD agrees with global treaty targeting tax from digital giants
(Financial Times)
After publishing an international treaty prepared by more than 130 countries, the OECD has applauded progress on a global agreement to require internet giants and other significant multinationals to pay more tax where they do business.
The historic agreement that nations struck two years ago to modernize the international tax system for the digital era is codified in the treaty, which was released this morning.
Manal Corwin, director of the OECD Centre for Tax Policy and Administration, stated that "the release of this text represents another significant step towards practical implementation of the October 2021 agreement."
Microsoft closes $69 billion Activision deal, overcoming regulators' objections
(New York Times)
Microsoft completed its $69 billion acquisition of Activision Blizzard, clearing major regulatory obstacles in the US and UK and indicating that the industry's titans can still use their cash reserves to grow even further.
The merger cleared the final regulatory hurdle on Friday after receiving approval from British regulators. It is the largest consumer tech purchase since AOL acquired Time Warner over 20 years ago.
The completion of Microsoft's Activision acquisition is a blatant indication that after years of international governments closely examining large internet businesses, little has been done to limit their influence, expansion, or capacity to negotiate megadeals. Furthermore, the agreement may serve as a model for other large tech firms seeking to stave off government interference successfully.
