Urgent Crypto News: EU Licenses, Massive Fund Inflows, and Saylor’s Pakistan Role
Welcome to your daily dose of Crypto News! Staying informed in the fast-paced world of digital assets is crucial. Today’s highlights include major exchanges making strategic moves in Europe, significant capital flowing back into crypto funds, and a notable figure offering guidance on national crypto strategy.
Exchanges Navigate EU Regulation Under MiCA
Two prominent cryptocurrency exchanges, Coinbase and Gemini, are reportedly close to securing licenses to operate within the European Union. This development is a key step in their expansion efforts, aligning with the newly implemented Markets in Crypto-Assets (MiCA) framework.
- Gemini is expected to gain approval from Malta.
- Coinbase is pursuing its license through Luxembourg, a respected financial center.
- This move follows other major players like Bybit and Binance adjusting operations to comply with MiCA regulations, which fully take effect in December 2024 after final guidance from the European Securities and Markets Authority (ESMA).
Securing these licenses under MiCA is vital for exchanges seeking to offer services legally across EU member states, providing regulatory clarity and potentially increasing institutional adoption.
Crypto Funds Attract Significant Capital
Cryptocurrency investment products have extended their streak of inflows, indicating renewed investor confidence as Bitcoin trades near recent highs and Ether saw a price surge. Global crypto exchange-traded products (ETPs) recorded substantial inflows last week.
- ETPs saw $1.9 billion in inflows during the week ending Friday.
- This brings the nine-week inflow total to $12.9 billion.
- Year-to-date inflows for crypto ETPs have now reached a historic $13.2 billion.
- Total assets under management (AUM) in these products rose to $179 billion.
Bitcoin products led the charge with $1.3 billion in inflows, recovering after minor outflows in previous weeks. Ether (ETH) ETPs also saw strong performance, attracting $583 million, marking their largest gains since February. Even altcoins like XRP and Sui saw positive inflows, suggesting broadening market participation beyond just Bitcoin.
Michael Saylor Advises Pakistan on Bitcoin Strategy
Pakistan is reportedly seeking advice from a major figure in the crypto space. Michael Saylor, Executive Chairman of Strategy (formerly MicroStrategy), met with Pakistan’s Finance Minister and State Minister on blockchain and crypto matters.
- Discussions included the potential role of Bitcoin in national reserves.
- Saylor offered his expertise as an advisor on the country’s planned crypto policies.
- Saylor praised Pakistan’s potential, highlighting its skilled population and business environment.
Strategy, led by Michael Saylor, is known for holding the largest corporate Bitcoin treasury, demonstrating a strong belief in Bitcoin‘s long-term value. His involvement suggests Pakistan is exploring serious steps toward potentially integrating digital assets into its financial framework.
Summary
Today’s Crypto News highlights significant developments on multiple fronts: major exchanges solidifying their presence in Europe under the MiCA framework, a strong resurgence of capital into Crypto Funds driven by Bitcoin and Ether, and a high-profile figure like Michael Saylor engaging with national governments on Bitcoin adoption. These events underscore the ongoing maturation and global integration of the cryptocurrency market.
