I’ve been around a while and seen a lot of the insides of international summits over the years, but this one was truly extraordinary.
Over 20 leaders flew to Sharm el-Sheikh in Egypt from all over the world – Indonesia, Pakistan, Norway, Canada – to witness the signing of Donald Trump’s peace plan.
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‘We have peace in Middle East’
This historic day was pure theatre for Trump from start to finish. Flying in from Israel, where he had met hostage families and then addressed the Israeli parliament, he arrived a whopping three hours late, keeping a gaggle of world leaders waiting.
We stood around in corridors watching them move from one room to another to hold meetings with each other, presumably to talk about phase two of Trump’s peace deal.
Testimony to the power of Trump
At one point, Sir Keir Starmer’s meeting with his Turkish counterpart included France’s Emmanuel Macro. That then somehow morphed into a summit which also brought in the Germans, Italy’s Prime Minister Giorgia Meloni, and the leaders of Egypt and Qatar. More chairs kept coming into the room until there was the equivalent of a cabinet table of leaders and advisors sitting in a long line facing each other.
What they were talking about was how each country could help in phase two of the peace effort. Now Trump had, alongside fellow signatories of this deal – Egypt, Qatar, and Turkey – ended the war, could they maintain the peace?
As Starmer put it: “We can’t treat today as historic and let it drop tomorrow.”
But these mini summits in the margins happened by fault rather than design. This day really was designed to bear witness – and offer acknowledgement – to Trump. All of these leaders turned up pretty much in the dark as to what the day held, with his peace summit convened 48 hours earlier.
That they dropped plans to make their way to Egypt is testimony to the power Trump wields.
Image: World leaders at the Gaza peace summit
He was utterly omnipotent. First, there was the greeting ceremony, in which each leader filed in individually for a photo and handshake with him before all returning to the stage for the family photo.
Then, at the signing ceremony, Trump sat with his three fellow signatories as the world leaders stood behind him.
“This took 3,000 years to get to this point. Can you believe it?” Trump said as he signed that deal. “And it’s going to hold up, too. It’s going to hold up.”
Finally, in another giant hall, Trump gave a speech in which he ran through all the leaders who had turned up – praising them or fondly poking a bit of fun at them accordingly, as (most) of them stood behind him.
He teased Macron for sitting in the front row rather than joining the others on the stage, joking it wasn’t like him to be low-key. He described Meloni as a “beautiful young woman”.
“I’m not allowed to say it because usually it’s the end of your political career if you say it – she’s a beautiful young woman,” said Trump mid-speech. “You don’t mind being called beautiful, right? Because you are,” he turned to say to her – her reaction obscured from view.
Now for the ‘easy part’?
Soon after, the prime minister of Pakistan, invited to say a few remarks by Trump, renewed his call for the US president to be awarded the Nobel Peace Prize.
Having brokered the deal, Trump took the moment and made it into his summit on his terms, as fellow leaders fell into line, literally standing behind him. And in his characteristic bullishness, he told his audience in this final speech that the hard part – the ceasefire – had been done, and rebuilding Gaza was the easy part.
Image: U.S. President Donald Trump talks to Prime Minister Sir Keir Starmer
That isn’t really what the rest of them believe: 92% of Gazans have been displaced, the Gaza Strip is a wasteland. Organising a peacekeeping force, getting Hamas to disarm and Israel to withdraw from the strip, putting together a technocratic team and peace board to oversee the running of Gaza still needs to be done.
This was a largely celebratory day, but there are concerns whether this deal will hold up. Trump says Hamas needs to disarm and disband, and yet one of their most senior leaders told Sky News a few days ago, it won’t.
Meanwhile, there is a growing humanitarian crisis in Gaza. The UK has in short order sent in £20m of aid to try to help with sanitation.
On the British side, the prime minister said he had offered to help demilitarise the strip, saying the UK can take a role in “monitoring the ceasefire but also decommissioning the capability of Hamas and their weaponry, drawing on our experience in Northern Ireland”.
“It’s really important we keep that focus. We mustn’t have any missteps now,” he said.
Image: Drone footage of Gaa
Trump’s peace board is still in its infancy – Starmer told me he isn’t going to sit on it, with the make-up still being discussed, while Tony Blair’s participation is controversial.
Trump said on the way over to Egypt that he was going to canvass opinion to make sure everyone is happy with the former prime minister’s presence. It comes after Bassem Naim of Hamas told Sky News that Blair was not welcome in Gaza after his role in the invasion of Iraq.
When I asked Starmer if he thought Trump should be awarded the Nobel Peace Prize he said “there’ll be plenty of people, I’m sure, nominating him” – as he paid tribute to him for getting “leaders to this position”.
Now the task for them all is to implement what Trump has set in train. If his plan works, he would be sitting on an achievement that has eluded successive US presidents for decades.
Trump should rightly be lauded for ending the war, now he must bring the peace.
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.
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.
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.
The ruling party’s ultimatum follows slow progress and repeated delays, with officials hoping to bring the bill to debate during the National Assembly’s extraordinary session in January 2026.
Millionaire Tory donor Malcolm Offord has defected to Reform UK, saying he would be campaigning “tirelessly” to “remove this rotten SNP government”.
Nigel Farage announced the former Conservative life peer’s defection during a rally in the Scottish town of Falkirk, where regular anti-immigration protests have taken place outside the Cladhan Hotel – which is being used to house asylum seekers.
Mr Farage, Reform UK’s leader, said he was “delighted” to welcome Greenock-born Lord Offord to Reform, describing his defection as “a brave and historic act”.
He added: “He will take Reform UK Scotland to a new level.”
During a speech, Lord Offord, who previously donated nearly £150,000 to the Tories, said he would be quitting the Conservative Party and giving up his place in the House of Lords as he prepares to campaign for a seat in Holyrood in May.
The 61-year-old said he wanted to restore Scotland to a “prosperous, happy, healthy country”.
“Scotland needs Reform and Reform is coming to Scotland,” he told the rally.
“Today I can announce that I am resigning from the Conservative Party. Today I am joining Reform UK and today I announce my intention to stand for Reform in the Holyrood election in May next year.
“And that means that from today, for the next five months, day and night, I shall be campaigning with all of you tirelessly for two objectives.
“The first objective is to remove this rotten SNP government after 18 years, and the second is to present a positive vision for Scotland inside the UK, to restore Scotland to being a prosperous, proud, healthy and happy country.”
The latest defection comes as Mr Farage finds himself at the centre of allegations of racism dating back to his time in school.
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Claims made against Nigel Farage
Sky News reported on Saturday that a former schoolfriend of Mr Farage claimed he sang antisemitic songs to Jewish schoolmates – and had a “big issue with anyone called Patel”.
Jean-Pierre Lihou, 61, was initially friends with the Reform UK leader when he arrived at Dulwich College in the 1970s, at the time when Mr Farage is accused of saying antisemitic and other racist remarks by more than a dozen pupils.
Mr Farage has said he “never directly racially abused anybody” at Dulwich and said there is a “strong political element” to the allegations coming out 49 years later.
Reform’s deputy leader Richard Tice has called the ex-classmates “liars”.
A Reform UK spokesman accused Sky News of “scraping the barrel” and being “desperate to stop us winning the next election”.
The European Commission’s proposal to expand the powers of the European Securities and Markets Authority (ESMA) is raising concerns about the centralization of the bloc’s licensing regime, despite signaling deeper institutional ambitions for its capital markets structure.
On Thursday, the Commission published a package proposing to “direct supervisory competences” for key pieces of market infrastructure, including crypto-asset service providers (CASPs), trading venues and central counterparties to ESMA, Cointelegraph reported.
Concerningly, the ESMA’s jurisdiction would extend to both the supervision and licensing of all European crypto and financial technology (fintech) firms, potentially leading to slower licensing regimes and hindering startup development, according to Faustine Fleuret, head of public affairs at decentralized lending protocol Morpho.
“I am even more concerned that the proposal makes ESMA responsible for both the authorisation and the supervision of CASPs, not only the supervision,” she told Cointelegraph.
The proposal still requires approval from the European Parliament and the Council, which are currently under negotiation.
If adopted, ESMA’s role in overseeing EU capital markets would more closely resemble the centralized framework of the US Securities and Exchange Commission, a concept first proposed by European Central Bank (ECB) President Christine Lagarde in 2023.
EU plan to centralize licensing under ESMA creates crypto and fintech slowdown concerns
The proposal to “centralize” this oversight under a single regulatory body seeks to address the differences in national supervisory practices and uneven licensing regimes, but risks slowing down overall crypto industry development, Elisenda Fabrega, general counsel at Brickken asset tokenization platform, told Cointelegraph.
“Without adequate resources, this mandate may become unmanageable, leading to delays or overly cautious assessments that could disproportionately affect smaller or innovative firms.”
“Ultimately, the effectiveness of this reform will depend less on its legal form and more on its institutional execution,” including ESMA’s operational capacity, independence and cooperation “channels” with member states, she said.
Global stock market value by country. Source: Visual Capitalist
The broader package aims to boost wealth creation for EU citizens by making the bloc’s capital markets more competitive with those of the US.
The US stock market is worth approximately $62 trillion, or 48% of the global equity market, while the EU stock market’s cumulative value sits around $11 trillion, representing 9% of the global share, according to data from Visual Capitalist.