Revolut, a leading digital bank based in London, has announced the expansion of its cryptocurrency exchange, Revolut X, to the European Union. Initially launched in May for professional traders in the UK, Revolut X now offers its services to users in 30 European countries. This expansion enables customers to trade over 200 tokens through a standalone app, supporting Revolut’s global customer base of over 40 million.

According to company officials, Revolut X aims to be the preferred platform for both new and seasoned crypto traders. “The expansion of Revolut X marks a significant step in our journey to dominate the crypto trading space,” a spokesperson said. Feedback from UK-based traders has been overwhelmingly positive, highlighting the app’s competitive fees, broad asset availability, and smooth integration with existing Revolut accounts.

Revolut’s strategy includes a compliance-first approach to safely engage the broader crypto community. Besides expanding its trading capabilities, the bank is also poised to launch its own stablecoin, further cementing its position in the cryptocurrency market.

The Italian government, led by Prime Minister Giorgia Meloni, is set to approve a more lenient increase in crypto taxation, sources told Bloomberg. The proposed tax rate, advocated by coalition partner The League, caps the increase at 28%, slightly up from the current maximum of 26%. This move comes after discussions of a steeper increase to 42% surfaced last month.

The League has further proposed establishing a permanent working group that includes crypto firms and consumer associations. This initiative aims to enhance investor education on digital assets, ensuring that participants are well-informed and safeguarded.

In addition to these developments, Forza Italia, another coalition party, has suggested not only halting the tax increase but also removing the current tax exemption for gains below €2,000. This decision is part of a broader plan to adapt Italy’s fiscal approach to crypto, transitioning from its previous categorization akin to foreign currency to a more regulated asset.

Bloomberg 

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On November 12, 2024, the daily net flow of U.S. Bitcoin ETFs showed strong positive movements, indicating robust investor engagement. BlackRock’s Bitcoin ETF (Ticker: IBIT) led the increases with a substantial net inflow of 8,691 BTC. Fidelity’s Bitcoin ETF (Ticker: FBTC) also reported a significant gain, adding 1,551 BTC to its holdings.

Other ETFs experiencing positive flows included ARK’s Bitcoin ETF (Ticker: ARKB) with an increase of 1,248 BTC, Invesco Galaxy’s (Ticker: BTCO) which added 631 BTC, and Bitwise’s Bitcoin ETF (Ticker: BITB) with a gain of 490 BTC. VanEck’s (Ticker: HODL) and Franklin Templeton’s (Ticker: EZBC) funds also saw increments of 170 BTC and 116 BTC respectively.

The only fund to report a decrease was Grayscale’s BTC fund (Ticker: BTC), with a minor loss of 1 BTC, while Valkyrie’s (Ticker: BRRR) holdings remained stable.

In total, the ETFs encompassed 1,036,842 BTC in holdings, marking a net daily increase of 12,869 BTC, equivalent to about $1.12 billion. This significant net inflow underscores a day of bullish sentiment and strong trading activity in the Bitcoin ETF market.

Disclaimer: Market capitalizations and data can vary in real-time. The information provided here is intended purely for educational purposes and should not, under any circumstances, be construed as financial advice.

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