The past week set the direction for several months ahead: Kazakhstan officially moves toward a regulated crypto economy, the European Parliament sets its sights on DeFi and NFTs, and the U.S. Bitcoin reserve is stuck in bureaucratic quicksand. Let's break down the key events.

Bitcoin Holds Strong: Geopolitics Fail to Break the Bullish Mood

The start of the week was tense: Bitcoin fell below $62,000 amid escalating tensions between Iran and the U.S. However, the market quickly digested news of the closure of the Strait of Hormuz and retaliatory strikes — by the weekend, the price recovered to $64,000. Over the week, BTC gained 2.2%, Ethereum 2.6%. Altcoins, except for DOGE and SOL, showed mixed performance.

A key signal — spot Bitcoin ETFs broke a record eight-week streak of outflows, attracting $197.4 million. Total AUM rose to $77.4 billion. The Fear and Greed Index left the extreme fear zone, climbing to 26 points. The market appears to be finding a bottom.

Kazakhstan: Tax Amnesty and Stablecoins for Business

President Kassym-Jomart Tokayev signed a decree that fundamentally changes the landscape for the crypto industry in the country. The document provides for the voluntary disclosure of digital assets previously held on foreign unregulated platforms and their transfer to Kazakhstani platforms. For individuals — exemption from income tax on transactions through legal infrastructure.

Special attention is given to stablecoins and digital assets in cross-border settlements. Authorities aim to provide businesses with regulated channels for export-import operations. This is a pragmatic step that could make Kazakhstan a regional hub for crypto commerce.

Europe: MiCA Expands to DeFi and NFTs

On July 7, the European Parliament approved its official position on further regulation of digital assets. The document does not directly amend MiCA but clearly signals the intention to bring DeFi, crypto lending, staking, and NFTs under control. The main goal is to prevent fragmentation of the EU's single market by local rules.

This is a logical continuation after the MiCA transitional period ended on July 1. Now, crypto companies in the EU must obtain licenses, and regulators are preparing the ground for comprehensive coverage.

U.S.: Bitcoin Reserve Stalls Due to Agency Dispute

The Trump administration's initiative to create a Strategic Bitcoin Reserve (SBR) has hit an unexpected obstacle — a dispute between the Treasury and the Commerce Department. A March 2025 executive order mandated placing the reserve in the Treasury, but doubts arose about the legality of managing a highly volatile asset. The Justice Department is currently seeking legal loopholes.

The U.S. already holds 328,372 BTC (~$21 billion). The BITCOIN Act and ARMA bills propose purchasing an additional 1,000,000 BTC over five years. However, without a clear management structure, these plans risk remaining on paper.

SWIFT and Blockchain: 17 Banks Test Cross-Border Payments

SWIFT announced that its blockchain infrastructure is ready for the first phase. The pilot involves 17 banks from six continents, including Citi, HSBC, and BNP Paribas. The solution will connect different ledgers and synchronize payment obligations 24/7. Final settlements will remain in traditional systems — a compromise between speed and reliability.

Expert Summary

The week showed: institutional interest in crypto is not fading despite bureaucratic hurdles. Kazakhstan and the EU choose the path of regulation, while the U.S. remains stuck in place. Bitcoin holds above $60,000, ETFs attract capital, and SWIFT integrates blockchain. The market is waiting for a trigger — and it may come from resolving the SBR dispute.