In the past week, the digital asset market demonstrated resilience amid geopolitical risks, while regulatory initiatives in Kazakhstan and the European Union set a direction for the long-term development of the industry. At the same time, U.S. plans to create a strategic bitcoin reserve faced bureaucratic obstacles.

Bitcoin withstands geopolitical pressure

The leading cryptocurrency started the week with a drop below $62,000 following the escalation of the conflict between Iran and the U.S. However, subsequent rounds of tension, including threats to block the Strait of Hormuz, did not trigger panic. By the end of the week, the price recovered to $64,000, showing a 2.2% increase. Ethereum showed similar dynamics (+2.6%).

Notably, most altcoins, including Dogecoin (-4%) and Solana (-4.4%), ended up in the red zone. Spot bitcoin ETFs broke a record eight-week streak of outflows, attracting $197.4 million, with total AUM reaching $77.4 billion. The Fear and Greed Index left the extreme fear zone, rising to 26 points.

Kazakhstan legalizes crypto assets

President Kassym-Jomart Tokayev signed a decree aimed at creating a "modern and transparent ecosystem of digital financial services." The document involves developing mechanisms for using digital assets and stablecoins in cross-border settlements, providing businesses with new channels for export-import operations.

A particularly significant step is the voluntary disclosure of digital assets previously held on foreign unregulated platforms and their transfer to local provider platforms. For individuals, it is planned to exempt income from operations through Kazakhstan's regulated infrastructure from personal income tax.

EU prepares to expand MiCA

The European Parliament approved an official position on further regulation of digital assets, calling for expanded oversight of DeFi, crypto lending, staking, and NFTs. Although the report does not directly amend the MiCA regulation, it builds political will to include these sectors in a unified regulatory framework. This came right after the end of MiCA's transitional period on July 1, when all crypto companies in the EU switched to mandatory licensing.

U.S. bitcoin reserve: bureaucratic deadlock

The initiative by Donald Trump's administration to create a strategic bitcoin reserve faced disagreements between agencies. The Treasury, initially designated as the reserve's custodian, expressed concerns about the legal authority to manage such a volatile asset. As a result, the Commerce Department became the next candidate, while the Justice Department seeks legally acceptable options. Currently, the U.S. holds 328,372 BTC (~$21 billion), and bills to purchase 1,000,000 BTC over five years are being advanced in Congress.

SWIFT enters blockchain

The SWIFT network announced that its blockchain infrastructure is ready for the first phase of deployment. A pilot project involving 17 banks from six continents focuses on round-the-clock cross-border payments using tokenized deposits. The solution will connect different ledgers and synchronize payment obligations, while leaving final settlements in existing systems.

Expert opinion

In my view, the key event of the week is Kazakhstan's initiative. This is not just another law, but an attempt to create a full-fledged hub for the legal circulation of digital assets in Central Asia, which could attract significant capital from regions with uncertain regulation. At the same time, the delay with the bitcoin reserve in the U.S. highlights that even with political will, the bureaucratic machine can significantly slow down the adoption of innovation at the state level.