21 Apr 2023
The Friday Focus - Issue 82
The European Union became the first major jurisdiction to pass comprehensive crypto laws—more on the EU's new MiCA law and other news in this week's Friday Focus.
Top stories
EU's new crypto law, MiCA, passes in a landslide vote
Coinbase receives Bermuda license
The U.S. House Committee publishes draft for stablecoin bill
In a landslide vote, EU lawmakers voted in favor of the new crypto licensing regime called Markets in Crypto-Assets (MiCA). The European Union is now the first major jurisdiction in the world to introduce a comprehensive crypto law. According to the plan, the law will be in effect from mid-2024. The industry reactions have been good so far, with powerhouses Coinbase and Binance posting positive comments.
In addition to posting positive comments on MiCA, Coinbase have received a license to operate in Bermuda. Unconfirmed rumors say they are contemplating setting up an offshore derivatives exchange. If so, it will be interesting to see how this matches with their U.S. stock listing.
Last Friday, just after the Friday Focus went out, The U.S. House Committee published its draft for a stablecoin bill. Stablecoins are crucial for centralized exchanges and DeFi alike, and the implemented regulation of stablecoins in the world's biggest crypto market can have a huge impact on the industry.
Other News
Crypto lender BlockFi is granted extra time to file Chapter 11 exit plan
Credit agency giant TransUnion will deliver credit scores for crypto lending
U.S. Government allows the bulk of Voyager-Binance.US deal to proceed
Societe Generale's crypto division introduces Euro stablecoin on Ethereum
EU lawmakers skeptical on digital Euro plans
From our Analysts
A global retail exodus
Global exchange traffic is down 25% from this summer. Read here.
Traffic data in line with new crypto ownership study in Norway
The Norwegian ownership rate of cryptocurrencies declined from 10% to 8% in 2023, a 20% (2 pp) decline. Read here.
Weekend Reading
Read here.
