The past week was marked by significant regulatory shifts: from an ambitious decree by the President of Kazakhstan to the expansion of Europe's MiCA to DeFi and NFTs. Meanwhile, the market showed cautious optimism, and the initiative to create a U.S. strategic bitcoin reserve faced bureaucratic delays.
Market: Bitcoin Holds Steady, Investors Regain Confidence
Despite geopolitical tensions and a dip below $62,000 early in the week, the leading cryptocurrency demonstrated remarkable resilience. By the weekend, the price recovered to $64,000, posting a weekly gain of 2.2%. Ethereum showed similar dynamics (+2.6%), but most altcoins, including Dogecoin and Solana, moved into negative territory.
A key positive signal was the resumption of inflows into spot bitcoin ETFs after a record eight-week streak of outflows. Over the week, funds received $197.4 million, bringing total AUM back to $77.4 billion. Ethereum funds also attracted $84.4 million. The Fear and Greed Index left the extreme fear zone, rising to 26 points, and the total market capitalization grew from $2.07 trillion to $2.2 trillion.
Kazakhstan: A New Phase of Legalization
President Kassym-Jomart Tokayev signed a decree aimed at laying the foundation for a "modern and transparent digital financial services ecosystem." The document outlines mechanisms for using digital assets and stablecoins in cross-border settlements, providing businesses with additional channels for export-import operations. Of particular note is the initiative for voluntary disclosure of assets held on foreign unregulated platforms, followed by their transfer to local platforms. For individuals, there are plans to exempt income from operations through regulated infrastructure from personal income tax—a powerful incentive for repatriating capital.
EU: MiCA Expands Its Scope
The European Parliament approved a political position calling for the extension of the MiCA regulation to DeFi, crypto lending, staking, and NFTs. This is a direct consequence of the end of MiCA's transitional period on July 1, when all crypto companies in the EU moved to mandatory licensing. The main goal is to prevent fragmentation of the single market and create uniform rules for all participants. Essentially, this paves the way for MiCA 2.0, which could become a global standard.
USA: Bitcoin Reserve Stuck in Legal Quagmire
The Trump administration's initiative to create a Strategic Bitcoin Reserve (SBR) has hit an unexpected obstacle. Disagreements between the Treasury and the Commerce Department over who will manage the holdings of 328,372 BTC (approximately $21 billion) have stalled the process. The main reason is legal concerns about the asset's volatility. While the White House seeks an optimal structure, Congress is advancing bills proposing the purchase of 1 million BTC over five years.
SWIFT and Blockchain: The Era of Tokenized Payments
The global financial messaging network SWIFT announced the readiness of its blockchain infrastructure. A pilot project involving 17 banks, including Citi, HSBC, and BNP Paribas, focuses on round-the-clock cross-border payments using tokenized deposits. The solution synchronizes payment obligations across different ledgers while leaving final settlements within existing systems. This is a step toward a hybrid model where blockchain enhances efficiency without disrupting established infrastructure.
Expert Opinion: The week showed that regulators are moving from words to action, creating clear frameworks for the industry. However, delays with the U.S. bitcoin reserve are a worrying signal. If bureaucracy prevails, the U.S. risks losing its leadership in the race for digital assets, ceding ground to more flexible jurisdictions like Kazakhstan or the UAE.