Will global regulations now follow the successful EU regulation?

Thought of the week

With the beginning implementation of MiCA, the EU has established standards that are recognised worldwide. The European representatives have now asked for global (uniform) regulations to follow, thus indirectly putting pressure on the USA, where, due to power struggles between various authorities, no final regulation has yet been enforced. If the EU succeeds in pushing regulations worldwide, this would be a great success for the entire industry.

Digital Asset News

One million Bitcoin, the equivalent of 25 billion US dollars: that’s how much Coinbase, the largest crypto exchange in the US, holds.This is according to a report by Arkham Intelligence. The analysis firm identified a network of wallets that hold the Bitcoin reserves.

If this data is correct, Coinbase would be Bitcoin’s biggest known hodler. Only Satoshi Nakamoto, the anonymous inventor of the cryptocurrency holds more: 1.1 million Bitcoin. In total, Arkham Intelligence identified 36 million wallets belonging to Coinbase. The largest wallet holds 10,000 bitcoin. More are still being sought.

Coinbase also holds nearly $2.7 billion in Ethereum and nearly half a billion in Chainlink, among others.
Coinbase is the largest crypto exchange in the US. It was founded in May 2012.

The crypto exchange Coinbase is now allowed to offer certain crypto services in Spain thanks to a new authorisation. According to a statement issued on 22 September, the registration with the Spanish Central Bank means that Spanish users will now be able to store their cryptocurrencies on Coinbase and buy and sell them in euros.

“This registration will allow Coinbase to offer our full range of products and services to retail and institutional users in Spain, in compliance with the Spanish national legal framework.”

In October 2021, the Bank of Spain issued guidance on the steps crypto service providers can take to achieve AML compliance in the country.

Among other things, these instructions stated that crypto exchanges must submit reports detailing their efforts to prevent illegal activities such as money laundering and terrorist financing.

Recent media reports indicate that Coinbase is aiming for a strong presence in Europe.

Binance CEO Changpeng “CZ” Zhao, along with his crypto exchange, has filed a motion to dismiss the lawsuit filed by the US Securities and Exchange Commission (SEC).
According to a related court document dated 21 September from the United States District Court for the District of Columbia, both Binance Holdings and Zhao claim that the SEC exceeded its authority in the lawsuit against them.

In the 60-page filing, lawyers for Binance and Zhao accused the SEC of failing to articulate clear guidelines for the crypto industry in advance of its lawsuit against the crypto exchange and, as a result, only retroactively asserting its regulatory authority over the sector. “The SEC is retroactively pursuing this novel stance, seeking to impose liability for sales of crypto assets that occurred as early as July 2017, before the SEC even issued its first public guidance on cryptocurrencies.”

“It is clear that the SEC’s action is not supported by the securities law currently in place.” So it remains exciting to see how the SEC will react, as court cases of the recent past have already been lost.

Digital Asset Market

The majority of digital assets experienced slight price declines last week, after the previous week conveyed slight positivity. The US Federal Reserve did not raise interest rates, despite rising inflation figures, but signalled that another rate hike is very likely to follow this year. This caused a gloomy mood on the financial markets. In particular, risk-on-assets and tech stocks fell noticeably, representing an opposite trend to the previous week. The markets for digital assets were unable to escape this slight negativity over the weekend and experienced a slightly negative start to the week.

On a weekly basis, the overall market performance was ~-1.98%.

For the coming week, the support zones formed a few weeks ago must support the market, otherwise further sell-offs could follow.

Weekly overview

As usual, we are also providing detailed videos for those who want to delve deeper into the subject.


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