Latest news with #MarketsinCryptoAssets
Yahoo
30-07-2025
- Business
- Yahoo
ECB Says U.S.-Backed Stablecoin Use in EU Could Weaken Its Monetary Autonomy
Widespread use of U.S. dollar-denominated stablecoins in the European Union (EU) for payments or settlement could damage the European Central Bank's control over monetary conditions, an ECB adviser said. If U.S.-backed stablecoins, digital assets that are backed by the dollar, gain traction for use in the EU, the effect could be similar to the impact of the U.S. dollar on developing economies, Jürgen Schaaf said in a blog post on Monday. In particular, they have made it harder for policymakers to set interest rates and control money supply. "This encroachment, though gradual, could echo patterns observed in dollarised economies, especially if users seek perceived safety or yield advantages that are not available in euro-denominated instruments," Schaaf said. The biggest stablecoins are Tether's USDT and Circle's USDC, which together make up more than 80% of the total stablecoin market cap, which climbed to $271.8 billion following the signing into law of a U.S. stablecoin act on July 19. Schaaf described the U.S. law as similar to the EU's Markets in Crypto Assets (MiCA) regulation, but more lenient in some areas. The implementation of the act could result in the stablecoin market growing to $2 trillion by the end of 2028, investment bank Standard Chartered said in April. "U.S. dollar stablecoins may cement their early dominance unless credible euro alternatives materialise," Schaaf wrote. Such dominance "would provide the United States with strategic and economic advantages, allowing it to finance its debt more cheaply while exerting global influence." In cross-border transactions, dollar-denominated stablecoins could compete directly with euro-based instruments, Schaaf said. They could also be heavily relied on for tokenized settlements as that process requires a digital representation of cash to settle transactions, he added. To mitigate against the threat, Schaaf suggested that more support should be offered for euro-backed stablecoins. He also suggested the digital euro — a digital currency that would be issued by the ECB — would have a role to play. "The digital euro promises to be a robust line of defence of European monetary sovereignty," Schaaf said. The ECB is not the only regulator concerned about the dominance of stablecoins that are pegged to the greenback. China is also considering the need for a regulated offshore yuan (CNH) stablecoin, Animoca Group President Evan Ayuang said in an interview with CoinDesk last week. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
25-07-2025
- Business
- Yahoo
Revolut Makes Crypto Staking Available in Hungary After Restricting Services
Digital bank Revolut's crypto staking services are once again available for its customers in Hungary after pausing for a couple of weeks, a spokesperson from the company told CoinDesk on Friday. The company had paused the majority of its crypto services for customers in Hungary on July 7 due to a new law that criminalized trading on unlicensed crypto platforms, but a spokesperson told CoinDesk on Friday that Revolut was comfortable bringing staking back. It had previously resumed withdrawals, the spokesperson added. After conducting further analysis in connection with its legal position, Revolut is able to resume these [staking] services as only crypto-asset exchanges are captured by the revised legislation," a company spokesperson said in response to an emailed request for comment. Revolut's Hungary customers are now able to participate in staking, where participants can verify transactions on the blockchain network and earn rewards on tokens via its app, and can stop staking at any time. The company's other crypto services are still on pause, its spokesperson said, adding that new crypto deposits are currently not accepted but existing deposits in the app can be sent to another wallet. Revolut has also been trying to comply with the Markets in Crypto Assets legislation which requires firms to get a license in at least one European Union state to be able to operate across the bloc of 27 nations. As of June 30, customers are unable to open new accounts in the Netherlands, Finland, Hungary, Latvia and Slovenia to comply with MiCA. Revolut does not yet hold a MiCA license. Sign in to access your portfolio
Yahoo
24-07-2025
- Business
- Yahoo
Crypto Asset Manager CoinShares Secures EU-Wide MiCA License
CoinShares (CS) said it received a license under the European Union's Markets in Crypto Assets (MiCA) regulation, the first crypto asset manager based in continental Europe to qualify. The approval allows the Saint Helier, Jersey-based firm to offer crypto portfolio management services across the 27-nation bloc under a single, harmonized regulatory framework. Operations are already passported to countries including Germany, the Netherlands and Luxembourg, and it may expand further, the company said. The license, granted by France's Autorité des Marchés Financiers (AMF), joins CoinShares' existing permissions under the EU's MiFID and AIFM directives. That, the company says, makes it the only major European asset manager to hold all three credentials. It's a step the firm says could help open the 33 trillion euro ($38.7 trillion) European asset management industry to more fully regulated cryptocurrency investment products. 'Receiving MiCA authorisation from the AMF is a pivotal milestone, not just for CoinShares, but for the entire European digital asset industry,' CEO Jean-Marie Mognetti said in the statement. 'With MiCA, we now have a clear, harmonized structure across the EU, and CoinShares is proud to be the first in continental Europe to meet that standard as a fully regulated asset manager." Various other cryptocurrency firms, it's worth adding, have secured MiCA licenses, including exchanges Coinbase, Bybit, OKX, and Founded in 2013 and publicly traded on Nasdaq Stockholm, CoinShares says it manages over $9 billion in assets. The company's shares rose 1.7% to 120 krona ($12.66). They're up more than 46% year-to-date. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
16-07-2025
- Business
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XRP Futures Volume on the CME Hit a Record $235M
The CME's nascent XRP futures market is growing fast as sophisticated investors gravitate to the payments-focused cryptocurrency. Together, the standard and micro futures registered a total trading volume of $235 million on Friday, the highest on record. The tally takes the cumulative trading since inception on May 19 to $1.6 billion, according to data source CME Active Trader. "The record underscores the rapidly growing demand in our new XRP futures suite," Active Trader said on X. The CME is a preferred venue for institutions seeking to gain exposure to digital assets through regulated derivatives while avoiding direct ownership of the token. CME's futures tied to bitcoin and ether are widely considered a proxy for institutional activity. The XRP standard contracts are sized at 50,000 XRP and micro contracts at 2,500 XRP. Ripple, which uses XRP to facilitate cross-border transactions, has applied for a banking license in the U.S. and is reportedly interested in getting a Markets in Crypto Assets (MiCA) license to expand into the European Union. Sign in to access your portfolio
Yahoo
10-07-2025
- Business
- Yahoo
Europe's Financial Watchdog Probes Malta Over Fast-Track MiCA Authorizations
The European Securities and Markets Authority (ESMA), the financial watchdog for the 27-country trading block, has carried out a peer review of Malta's application of the Markets in Crypto Assets (MiCA) regime, with specific attention to the island's fast-tracked authorization of a certain unnamed crypto firm. ESMA's Peer Review Committee (PRC) focuses on the authorization of a specific crypto asset service provider or 'CASP entity,' which was cleared for MICA despite the fact that 'material issues remained unresolved or pending remediation at the time of the authorization.' OKX, the top five crypto exchange was granted pre-authorization status in Malta at the start of this year and soon after revealed a $500 million settlement with the U.S. Department of Justice (DoJ). OKX did not confirm if it is the CASP entity referred to in the review by press time. Malta Financial Services Authority (MFSA) said it was unable to provide official comment regarding specific operators in relation to the report. 'On the authorization process of the CASP entity, the PRC questions the timing of the authorization of the specific entity under MiCA given that several material issues remained unresolved at the time of the authorization,' said the ESMA review. 'It is unclear to the PRC, why MFSA did not leverage on the authorization process to ensure that the entity would remedy key deficiencies before the authorization would be effective. The PRC is of the view that the overall authorization process should have been more thorough and conducted on a sufficient time to allow MFSA to properly assess compliance against the MiCA framework.' Questions have been circulating about Malta's competency since the island began handing out expedited licenses, some of which, it must be said, came from players in other jurisdictions that are potentially worried about falling behind in terms of authorizing firms. The ESMA findings also stated that any regulator should consider the supervisory history of an entity when assessing a request for authorization. The PRC said, 'the supervisory history of the entity formed part of the authorization assessment, but it was not adequately considered,' including the fact that 'material issues remained unresolved or pending remediation at the time of the authorization, including the remediation of previous enforcement cases and the outcome of (at the time) pending ones.' The ESMA review went on to say that it did not find evidence that certain key aspects of the authorization were adequately assessed. These included aspects of its business plan related to its growth and the on-boarding of new clients, potential conflicts of interest, and governance arrangements. The review also mentioned risks related to the ICT infrastructure, custody, use of the […] booking model, use of Web3 services and certain AML/CFT risks and controls. The ESMA review found that Malta fully or largely met expectations in areas like its supervisory settings and resources, and it was just the authorization process where it had really fallen short. The Malta Financial Services Authority (MFSA) welcomed ESMA's findings. 'The insights provided by the ESMA Peer Review Committee (PRC) (composed of staff from ESMA, European Banking Authority (EBA) and NCAs) are invaluable in supporting the MFSA and other NCAs in their continued efforts to improve and strengthen supervision of this sector,' the MFSA said in an emailed in to access your portfolio
