The past week was marked by several significant regulatory shifts that could determine the industry's development trajectory for the coming quarters. From support for mining and crypto services in Kazakhstan to the expansion of Europe's MiCA to DeFi and NFTs, the world of digital assets continues to institutionalize, but not without bureaucratic hurdles.
Bitcoin: Resilience Amid Geopolitics
The week started on a worrying note: Bitcoin fell below $62,000 amid escalating conflict between Iran and the US. However, the market demonstrated maturity — subsequent rounds of escalation and threats to close the Strait of Hormuz did not trigger panic. By the weekend, the price recovered to $64,000, gaining 2.2% over the week. Ether showed similar dynamics (+2.6%), while most altcoins, including Dogecoin and Solana, fell by 4–4.4%.
Spot Bitcoin ETFs broke a record eight-week streak of outflows, attracting $197.4 million. Total AUM grew to $77.4 billion, though it has still lost about 32% since the start of the year. The Fear and Greed Index left the extreme fear zone, rising to 26 points, indicating a cautious but gradual return of optimism.
Kazakhstan: New Decree as a Signal for Investors
President Kassym-Jomart Tokayev signed a decree aimed at forming a "modern and transparent ecosystem of digital financial services." The document, prepared by the Ministry of Digital Development and the National Bank, proposes the legalization of stablecoins and digital assets for cross-border settlements, as well as voluntary declaration of assets previously moved to foreign unregulated platforms.
A key incentive is the exemption from individual income tax for individuals conducting transactions through regulated Kazakh infrastructure. This is a strategically sound move: Astana seeks to intercept some capital flows leaving uncertain jurisdictions and create a competitive hub for digital assets in Central Asia.
EU: MiCA Expands Beyond Its Scope
The European Parliament approved a political position on further regulation of digital assets, calling for extending MiCA to DeFi, crypto lending, staking, and NFTs. Although the report does not introduce direct changes to the regulation, it sets a clear direction: uniform rules for all segments to avoid market fragmentation within the bloc. Following the end of MiCA's transitional period on July 1, this is a logical continuation — but it creates new challenges for DeFi protocols accustomed to gray areas.
US: Bitcoin Reserve Stuck in Bureaucracy
Trump's initiative to create a Strategic Bitcoin Reserve (SBR) has encountered legal disputes between the Treasury and Commerce Departments. The question: who has the authority to manage a volatile asset? The Justice Department is exploring legal options while the White House evaluates the optimal structure. The US already holds 328,372 BTC (~$21 billion), but plans to purchase 1,000,000 BTC through the BITCOIN Act and ARMA bills remain on paper. Political will exists, but the speed of decision-making leaves much to be desired.
Expert Opinion
The week showed that the market is learning to ignore geopolitical noise, but regulatory news — from Kazakhstan and the EU — has a much stronger impact on medium-term prospects. However, delays with the US reserve remind us that even with support at the highest level, the bureaucratic machine can slow down the most ambitious plans. Investors should keep an eye on developments in the EU — that is where a new regulatory framework is currently being shaped, which could become a global standard.