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If you want a very visual representation of the challenges of transatlantic diplomacy in 2025, look no further than Oslo City Hall.

Its marbled mural-clad walls played home to a European military summit on Friday.

In December – as it does every year – it will host the Nobel Peace Prize ceremony. It’s an award Donald Trump has said he deserves to win.

But while the leaders gathering in the Norwegian capital may not say it publicly, they all have a very different perspective to the US president on how to win the peace – particularly when it comes to Ukraine.

Sir Keir Starmer at a summit in Oslo. Pic: PA
Image:
Sir Keir Starmer at a summit in Oslo. Pic: PA

So far, Sir Keir Starmer has managed to paper over these foreign policy gaps between the US and Europe with warm words and niceties.

But squaring the two sides off on trade may be more difficult.

The US-UK deal announced on Thursday contained no obvious red flags that could scupper deeper trade links with the EU.

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PM defends UK-US trade deal

However, that’s in part because it was more a reaction and remedy to Mr Trump’s tariff regime than a proactive attempt to meld the two countries together.

Laced with party-political venom, yes, but the Tory leader Kemi Badenoch is getting at something when she says this agreement is “not even a trade deal, it’s a tariff deal and we are in a worse position now than we were six weeks ago”.

There may be more to come though.

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How good is the UK-US deal?

The government will talk up the possible benefits, but there are risks too.

Take the Digital Services Tax – much hated by the Trump White House as an unfair levy on US tech firms.

Despite the apparent pitch-rolling from the government, that was left untouched this week.

But asked to rule out changes in the future, the prime minister was non-committal, simply saying the current deal “doesn’t cover that”.

Read more:
Key details of UK-US trade deal
Not the broad trade deal of Brexiteer dreams – analysis

For trade expert David Henig, the potential flashpoints in the transatlantic Venn diagram Downing Street is trying to draw around food standards, digital regulation and services.

“It is a tricky balancing act, at this stage it looks like the UK will go more with the EU on goods regulations, but perhaps a little bit more with the US on services regulations,” he said.

For veterans of the post-2016 Brexit battles, this may all sound like Labour embracing the Boris Johnson-era mantra of “cakeism” – or trying to have it both ways.

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It’s ironic indeed, given Sir Keir is a politician who supported the Remain campaign and then called for a second referendum.

But what matters now is what works – not for Downing Street but for the swathes of voters who have abandoned Labour since they took office.

That’s why the prime minister was once again trying to humanise this week’s trade deals.

These are agreements, he said, that would be measured in the “many thousands of jobs” they would safeguard across the country.

That’s the real challenge now, taking the work done in the marbled halls of the world’s capitals and convincing people at home why it matters to them.

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South Korea to impose bank-level liability on crypto exchanges after Upbit hack: Report

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South Korea to impose bank-level liability on crypto exchanges after Upbit hack: Report

South Korea is preparing to impose bank-level, no-fault liability rules on crypto exchanges, holding exchanges to the same standards as traditional financial institutions amid the recent breach at Upbit.

The Financial Services Commission (FSC) is reviewing new provisions that would require exchanges to compensate customers for losses stemming from hacks or system failures, even when the platform is not at fault, The Korea Times reported on Sunday, citing officials and local market analysts.

The no-fault compensation model is currently applied only to banks and electronic payment firms under Korea’s Electronic Financial Transactions Act.

The regulatory push follows a Nov. 27 incident involving Upbit, operated by Dunamu, in which more than 104 billion Solana-based tokens, worth approximately 44.5 billion won ($30.1 million), were transferred to external wallets in under an hour.

Related: Do Kwon says five-year US sentence is enough as he faces 40 years in South Korea

Crypto exchanges face bank-level oversight

Regulators are also reacting to a pattern of recurring outages. Data submitted to lawmakers by the Financial Supervisory Service (FSS) shows the country’s five major exchanges, Upbit, Bithumb, Coinone, Korbit and Gopax, reported 20 system failures since 2023, affecting over 900 users and causing more than 5 billion won in combined losses. Upbit alone recorded six failures impacting 600 customers.

The upcoming legislative revision is expected to mandate stricter IT security requirements, higher operational standards and tougher penalties. Lawmakers are weighing a rule that would allow fines of up to 3% of annual revenue for hacking incidents, the same threshold used for banks. Currently, crypto exchanges face a maximum fine of $3.4 million.

The Upbit breach has also drawn political scrutiny over delayed reporting. Although the hack was detected shortly after 5 am, the exchange did not notify the FSS until nearly 11 am. Some lawmakers have alleged the delay was intentional, occurring minutes after Dunamu finalized a merger with Naver Financial.

Related: South Korea targets sub-$680 crypto transfers in sweeping AML crackdown

South Korea pushes for stablecoin bill

As Cointelegraph reported, South Korean lawmakers are also pressuring financial regulators to deliver a draft stablecoin bill by Dec. 10, warning they will push ahead without the government if the deadline is missed.