The past week was marked by significant regulatory shifts and market signals that are shaping a new landscape for digital assets. From a presidential decree in Kazakhstan to the expansion of MiCA in Europe, key events point to the industry's maturity and its integration into the global financial system.
Market: Bitcoin Shows Resilience to Geopolitics
The week began with Bitcoin falling below the $62,000 mark amid the escalating conflict between Iran and the US. However, unlike previous crises, digital gold demonstrated impressive resilience, recovering to $64,000 by the weekend. The asset gained 2.2% over the week, while Ethereum showed a comparable increase of 2.6%. Most altcoins, however, ended up in the red: Dogecoin lost 4%, and Solana dropped 4.4%.
A key positive signal was the end of a record eight-week streak of outflows from spot Bitcoin ETFs. Over the week, $197.4 million flowed into these instruments, raising the total asset value to $77.4 billion. A similar trend was observed for Ethereum funds, which attracted $84.4 million. The Fear and Greed Index left the zone of extreme fear, rising to 26 points, and the total market capitalization grew from $2.07 trillion to $2.2 trillion.
Kazakhstan: A New Vector for the Crypto Industry
President Kassym-Jomart Tokayev signed a decree aimed at creating a "modern and transparent ecosystem of digital financial services." The document outlines mechanisms for using digital assets and stablecoins in cross-border settlements, providing businesses with additional channels for export-import operations. Special attention is given to bringing crypto asset transactions into the legal framework: it plans for voluntary disclosure of assets from foreign unregulated platforms and their transfer to Kazakhstani platforms. For individuals, an exemption from personal income tax on income from operations through regulated infrastructure is provided. This is a bold step that could turn Kazakhstan into a regional crypto hub.
EU: MiCA Expands Beyond Its Scope
The European Parliament approved its official position on further regulation of digital assets, calling for expanded oversight of sectors left outside MiCA: DeFi, crypto lending, staking, and NFTs. The document does not introduce direct changes to the regulation but sets a development direction. This came right after the end of MiCA's transitional period, when crypto companies in the EU switched to mandatory licensing. The main goal is to prevent fragmentation of the single market and create clear rules for innovation.
US: Bitcoin Reserve Stuck in Bureaucracy
The Trump administration's initiative to create a strategic Bitcoin reserve has encountered disagreements between ministries. A dispute over who will manage the reserves—the Treasury or the Commerce Department—has stalled the plan's implementation. Lawyers are searching for legal options while the White House assesses the optimal structure. The US already holds the largest state reserve of 328,372 BTC (about $21 billion). Simultaneously, bills aimed at acquiring 1,000,000 BTC over five years are advancing in Congress.
SWIFT and Other Events of the Week
SWIFT announced that its blockchain infrastructure is ready for the first phase of use. A pilot project involving 17 banks focuses on 24/7 cross-border payments with tokenized deposits. Among other notable events: CertiK estimated crypto industry losses from hacks at $1.32 billion over six months, the AscendEX exchange and Zapper service announced closures, and ETH Zurich created a quantum chip with mechanical memory.
My Analysis: The regulatory initiatives in Kazakhstan and the EU are not just a reaction to the market but a conscious effort to structure the industry. Kazakhstan is betting on attracting capital through tax incentives, while the EU focuses on unifying rules for innovation. At the same time, delays with the Bitcoin reserve in the US highlight that even with political will, bureaucratic mechanisms can slow progress. The market, meanwhile, is showing resilience, indicating its maturity and ability to weather geopolitical storms.