The past week was marked by a series of landmark events that set the direction for the entire industry. From regulatory breakthroughs in Kazakhstan and Europe to bureaucratic delays in the US and new technological initiatives from SWIFT, the market continues to evolve rapidly. Let's break down the key moments.
Bitcoin Shows Resilience Amid Geopolitics
The week started with anxiety: the leading cryptocurrency fell below the $62,000 mark amid the escalating conflict between Iran and the US. However, subsequent rounds of escalation and even statements about a potential blockade of the Strait of Hormuz failed to break "digital gold." By the weekend, the price recovered to $64,000, showing a weekly gain of 2.2%.
Ether showed a similar trend (+2.6%), while most altcoins, including Dogecoin (-4%) and Solana (-4.4%), moved into negative territory. Notably, spot Bitcoin ETFs broke a record eight-week outflow streak, attracting $197.4 million. This is a signal that institutional investors are starting to return after a period of profit-taking.
Kazakhstan: A New Era for the Crypto Industry
President Kassym-Jomart Tokayev signed a decree that could radically change the digital asset landscape in the country. The document aims to create a "modern and transparent ecosystem of digital financial services." Key points include developing mechanisms for using digital assets and stablecoins for cross-border settlements, providing businesses with new channels for export-import operations.
Of particular note is the section on bringing operations into the legal framework. Authorities propose voluntary disclosure of assets held on foreign unregulated platforms, followed by a transfer to local provider platforms. For individuals, an exemption from income tax on profits from transactions through regulated infrastructure is envisaged. This is a powerful incentive for capital repatriation and attracting new participants.
Europe Prepares for MiCA 2.0: DeFi, NFTs, and Staking in the Crosshairs
The European Parliament approved its official position on further regulation of digital assets. The main news is a call to expand oversight to sectors that remain outside the MiCA framework: DeFi, crypto lending, staking, and NFTs. This came right after the end of the MiCA transitional period, when all crypto companies in the EU moved to mandatory licensing.
The legislators' goal is to prevent fragmentation of the single market and create clear rules for all participants. This is a logical step: leaving such fast-growing and high-risk segments without supervision would be a strategic mistake.
US Bitcoin Reserve: Interagency Struggle Slows Progress
The Trump administration's initiative to create a strategic Bitcoin reserve has hit serious bureaucratic obstacles. The main problem is disagreements between the Treasury and the Commerce Department over who will manage the reserve. The Treasury has concerns about legal authority due to the asset's high volatility. As a result, the Justice Department is trying to find a legally acceptable solution, while the White House is searching for the optimal structure.
Recall that the US already holds the largest state reserve of 328,372 BTC (~$21 billion). Meanwhile, bills are being pushed in Congress to purchase 1,000,000 BTC over five years. While bureaucrats argue, time is running out.
SWIFT Enters the Blockchain
The global financial messaging network SWIFT announced that its blockchain infrastructure is ready for a pilot phase. The project focuses on 24/7 cross-border payments using tokenized deposits. It involves 17 of the world's largest banks, including Citi, HSBC, and BNP Paribas. The solution will connect different ledgers and synchronize payment obligations, although final settlements will remain in traditional systems. This is further confirmation that blockchain is becoming an integral part of the global financial infrastructure.
My Expert Take
The week showed that regulatory clarity is becoming the main driver for the market. Kazakhstan offers tax incentives, Europe expands regulation, and the US gets bogged down in bureaucracy. Investors should closely watch developments in Astana — this region could become a new hub for the crypto industry, while the delay in the US SBR creates uncertainty that weighs on the market.