On June 3, the Latvian Cabinet approved Bill No. 24-TA-3148, a major step toward aligning the country’s tax laws with the Crypto Asset Reporting Framework (CARF) and the EU’s DAC8 directive. The new legislation introduces stricter reporting and due diligence rules for crypto asset service providers and will come into effect on January 1, 2026.
Key Highlights of Latvia’s New Crypto Regulation
DAC8 Directive Implementation: The bill incorporates Directive 2023/2226/EU (DAC8), which mandates detailed reporting standards for crypto service providers to prevent tax evasion and crypto-related financial fraud.
Automatic Data Exchange: Aligned with the Multilateral Competent Authority Agreement (MCAA), the new framework enables cross-border financial data sharing for better transparency under CARF.
Stricter Reporting Obligations: The Common Reporting Standard (CRS) and CARF now extend to crypto, requiring service providers to report on crypto assets, swaps, and electronic money products, including central bank digital currencies (CBDCs).
Non-Compliance Penalties: Failure to meet the reporting requirements can result in fines of up to EUR 14,000 (~$16,026).
New Definitions Introduced: The bill formally defines reportable crypto assets and crypto swaps, plugging critical gaps in earlier regulations that allowed for loopholes in taxation.
EU-Wide Adoption Deadline: All EU Member States must publish their DAC8-compliant rules by December 31, 2025.
The new crypto bill aims to increase transparency and cooperation across the EU by ensuring all crypto transactions, including indirect investments, fall under international reporting standards.
CARF also expands CRS coverage to include digital wallets and stablecoins, aligning with the OECD’s global push for crypto regulation.
Latvia’s Vision: A Blockchain Powerhouse
Latvia is rapidly emerging as a hub for crypto and blockchain innovation. According to the Ministry of Economics:
Around 20 new blockchain startups are setting up operations in the country.
Established names like Paybis reflect the growing confidence in Latvia’s crypto-friendly ecosystem.
With a clear regulatory roadmap, Latvia is positioning itself to lead in Web 3.0 development, attracting global talent and investment in blockchain technology.
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Coinbase SOL Updates:- In a good news for the crypto users and investors, Coinbase has announced the much anticipated upgrade in its Solana infrastructure.
These updates are particularly soothing to the users who had faced significant struggles on Coinbase exchange and its wallet during January.
While announcing the upgrades, the exchange said that it has been working very hard to scale its Solana infrastructure since then.
Notably, Solana’s memecoin trading-driven surge has pushed the exchange’s Solana stack to ten times higher than its actual throughout.
What are the new Upgrades in Coinbase Solana Infra?
In early 2025, Coinbase users took to social media to vent our their frustration in the exchange’s long transactions time for Solana.
A user had reportedly said that two transactions from a Solana wallet to coinbase took him more 10 hrs – to get completed.
Now in order to solve this, Coinbase as part of its new updates has shifted to asynchronous transaction handling.
This means that its systems can now process transactions blocks in parallel. Previously, transaction blocks were processed sequentially, which created bottlenecks under heavy load.
According to the largest US exchange’s X post, this will improve its block processing throughput by 5 times.
This change alone is expected to slash wait times for transaction confirmations. This means that high‑volume periods will no longer compromise user experience or liquidity flows.
Coinbase Shifts to Bare‑Metal Machines and Enhance liquidity
In addition to software tweaks, Coinbase has migrated critical components of its Solana stack onto dedicated bare‑metal servers rather than virtualized cloud instances.
Virtual machines (VMs) run on top of something called a hypervisor, which is like a middleman between the software and the actual computer. This middleman uses up some of the computer’s power (CPU and memory), which can slow things down.
But the newly adopted bare-metal servers skip that middleman. According to IBM, they let the software run directly on the hardware, so Coinbase’s systems can use 100% of the server’s power.
In simple terms, this means faster processing, quicker responses from the system, and smoother handling of Solana transactions.
According to the exchange, this shift can deliver roughly a four‑fold improvement in remote procedure call (RPC) speed – allowing faster queries and state reads on the Solana ledger.
Further, Coinbase has also deployed back‑end optimizations to ensure better distribution of SOL liquidity across its order books and custody wallets. Its enhanced monitoring tools would now track on‑chain and off‑chain liquidity metrics.
These “operational changes” would give Coinbase’s operations team finer‑grained oversight to prevent order execution delays and maintain deep, frictionless liquidity for Solana assets.
Further, these updates to the exchange’s Solana ecosystem come as Canada approves and launches first Spot Solana ETFs this week.
Upgrade for Transaction Failures
To bolster resilience, the exchange has also introduced advanced failover augmentations. This will automatically reroute traffic in the event of node failures or network congestion.
The upgrade implements multi‑region redundancy and health‑check protocols that detect performance degradation in real time.
If a node underperforms or becomes unresponsive, traffic would immediately shifts to healthy nodes without manual intervention. This will help in guarding users against partial outages or cascading failures that have previously led to stalled transactions.
Bullish Market Reaction
News of the Coinbase Solana infrastructure improvements has already created ripple effects across the Solana markets.
As of writing, SOL’s price has climbed by 6% to its highest level in April – trading around $136 – today. This has ended up outperforming many top cryptocurrencies – XRP, BTC, ETH – as investors viewed the upgrades as a bullish signal for on‑chain activity and exchange confidence.
Notably, SOL Price is also driven by the Solana ETF approval in Canada.
SOL Price Today | Source: Coingecko
The upgrades become all the more important as Solana’s on‑chain trading continues to grow.
Particularly driven by the memecoin trading volume, its current state stands at over $15 billion in DEX transactions during the past seven days alone. Surprisingly, this has surpassed every other chain in this time frame.
In many retail stores today, frustrated customers often ask, “Do you accept crypto?” only to hear, “Not yet.” This daily encounter reflects a growing demand among consumers eager to use digital assets in real-world purchases.
The gap between rising crypto adoption and traditional payment systems is evident. Yet, SpacePay, a fintech startup based in London, is stepping in with a practical solution. Backed by global investors, SpacePay is quietly changing how merchants and customers engage with payments.
The platform offers a fast, familiar way to accept crypto, making digital payments as effortless as card transactions. This integration is not theoretical, it’s available now, built for Android POS systems, and crafted to remove all the friction retailers fear.
Practical Payments Built for the Real World
SpacePay has built its payment infrastructure with compatibility and user experience at its core. Designed for all Android POS terminals, the system upgrades existing devices without requiring any new hardware.
Through a lightweight APK, SpacePay enables instant crypto payments while shielding merchants from price volatility. This ensures retailers receive funds in their local currency, even if customers pay in cryptocurrency.
The process is simple: a customer scans a QR code, pays with any of over 325 supported wallets, and the merchant receives an immediate settlement in fiat. With no learning curve and no disruption to the checkout process, SpacePay functions as a direct substitute for credit card networks.
Transaction efficiency also brings economic benefits. Merchants only pay a 0.5% fee per transaction, compared to traditional card fees. SpacePay’s approach supports faster payments, eliminates delays in fund access, and helps businesses manage crypto risk with automatic real-time conversions.
A Presale Surge and Plans for Sustainable Growth
SpacePay is in its presale phase, and the project has drawn great interest from the broader crypto community.
According to website data, the presale has already surpassed $1 million in raised capital. Tokens are currently offered at $0.003181, providing early supporters a chance to join the project before its broader public rollout.
Users can link wallets such as MetaMask to the platform’s web widget to purchase $SPY coins. Credit and debit card choices are offered, and supported currencies include ETH, BNB, MATIC, AVAX, USDC, USDT, and BASE. Once connected, users can swap their assets for $SPY directly on the site, with transaction authorization handled within their wallet.
The project has confirmed that the Token Generation Event (TGE), initially anticipated earlier, is now rescheduled to Q2 2025. In a detailed statement shared on X, SpacePay addressed the shift:
“After thoughtful discussions with our advisors, market makers, and industry leaders, we have made the important decision to reschedule our TGE to Q2 2025,” SpacePay stated. The team emphasized that the token launch is a one-time opportunity that must be perfectly executed.
Dear SpacePay Community,
First and foremost, we want to express our deepest gratitude for your unwavering support.
It’s because of you that we’re here today.
After thoughtful discussions with our advisors, market makers, and industry leaders, we have made the important…
SpacePay pointed to several reasons behind the decision. These include securing tier-1 launchpad listings and finalizing key partnerships. The team also cited market conditions, noting that poorly timed launches have underperformed, making timing and liquidity essential factors in achieving long-term adoption.
The announcement concluded with a message from founder Maxwell Bunting, who invited the community to an AMA session hosted in their official Telegram group. The team remains focused on preparing for a milestone debut while building infrastructure for scalable success.
Unlocking New Avenues for Merchants and Consumers
SpacePay’s value proposition extends beyond payments. The platform seeks to enhance customer experiences in-store while providing merchants access to a larger pool of digital asset holders.
With over 400 million crypto users worldwide, businesses can expand their reach by accepting digital currencies. What makes this model different is its focus on functionality and merchant protection.
SpacePay removes two of the biggest concerns retailers face by offering instant settlements and volatility shields. Besides, businesses gain the ability to accept crypto without exposing themselves to its price swings.
Additionally, SpacePay’s NFC-enabled system introduces secure, contactless transactions through Near Field Communication technology.
The system uses AES for data protection, ensuring user security during every transaction. SpacePay lowers the risk of fraud and counterfeiting with features like device verification and two-factor authentication.
Customers enjoy a flawless experience thanks to these security features, and shops feel more secure accepting digital payments. Digital assets can be spent in the same way as cash or credit cards because of the smooth process from QR scanning to final authorization.
A Token Built on Utility and Community Governance
Beyond payments, the $SPY token is designed to support the ecosystem’s utility and governance. Token holders can participate in governance decisions, such as voting on new features and strategic directions.
Those holding $SPY also gain early access to new features, services, and products.
SpacePay issues monthly loyalty airdrops to reward long-term supporters and drive continued engagement. Through a revenue-sharing model, token holders may benefit from the platform’s overall success, aligning financial incentives with adoption goals.
Importantly, SpacePay’s decentralized structure enables trust and transparency. Operating without a central authority, the platform empowers users and merchants while fostering open financial systems.
SpacePay organizes interactions with its audience through quarterly webinars in addition to its technical capabilities. During these friendly get-togethers, anyone who owns tokens can ask questions, hear the latest news about the project, and talk directly with the team members.
The team also matches charitable donations made in $SPY, adding a layer of social responsibility to the token utility. Visit the official presale page to get your SPY tokens today.
The post Crypto at Checkout: How SpacePay is Simplifying Payments for Merchants and Users appeared first on Coinpedia Fintech News
In many retail stores today, frustrated customers often ask, “Do you accept crypto?” only to hear, “Not yet.” This daily encounter reflects a growing demand among consumers eager to use digital assets in real-world purchases. The gap between rising crypto adoption and traditional payment systems is evident. Yet, SpacePay, a fintech startup based in London, …
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