EU and Crypto
CZ said on social media that the EU needs Bitcoin.
Previously, according to Bloomberg (BBG), European Central Bank President Lagarde expressed confidence that Bitcoin would not enter the EU's official reserves.
In addition, according to Cointelegraph, Tether expressed concerns about the delisting of USDT from exchanges caused by the EU MiCA regulations. Crypto.com confirmed that it will start delisting USDT and nine other tokens from the European platform on January 31, after Coinbase removed USDT in December 2024 on the grounds of compliance.
Tether criticized the move as hasty and lacking a clear basis, and warned that a sudden delisting could increase market instability and affect European crypto users.
MiCA requires non-compliant stablecoins to be fully restricted by the end of the first quarter of 2025. In addition, Tether announced that it would move its headquarters to El Salvador to support the country's Bitcoin policy and decentralized financial development.
Speaking of MiCA, the European Securities and Markets Authority (ESMA) previously issued a statement on asset-referenced tokens (ARTs) or stablecoins.
In the statement, ESMA emphasized the role of EU member state regulators (i.e., national competent authorities, NCAs) in guiding CASPs to bring their services into line with the latest guidelines of the European Commission. The guidelines make it clear that MiCA prohibits issuers from offering stablecoins that are not authorized and do not comply with MiCA regulations.
The guidelines state that “persons other than the issuer may also offer or seek trading listings for electronic money tokens (EMTs) or asset-pegged tokens (ARTs) to the public,” adding that such offerings are subject to specific conditions. One of these conditions is that the issuer should be authorized in the EU, and another that the person concerned must obtain the written consent of the issuer. According to ESMA, NCAs should ensure that CASPs achieve compliance for non-compliant stablecoins “as soon as possible” and by the end of the first quarter of 2025 at the latest.
According to Bloomberg, the Czech National Bank (CNB) will recently vote on a proposal for a $7 billion Bitcoin reserve.
CNB Governor Aleš Michl plans to propose investing up to 5% of reserves in Bitcoin, noting that market interest in Bitcoin has continued to grow since institutions such as BlackRock launched a BTC spot ETF. However, he also acknowledged the high volatility of BTC and said that its potential role in central bank reserves still needs to be further evaluated.
If the proposal is approved, the CNB may hold at least $7 billion in Bitcoin, part of its total reserves of $146 billion. The proposal has received some support in the local Czech industry. Trezor analyst Lucien Bourdon said that the Czech Republic has long been a frontier country for Bitcoin innovation, including the world's first mining pool, hardware wallet and large-scale Bitcoin conference.
Standard Chartered Bank analyst Geoff Kendrick said that at current prices, the Czech central bank could hold up to 69,000 bitcoins. The country currently known to hold the most bitcoins is El Salvador, which holds 6,049.
Geoff Kendrick further pointed out that the Swiss National Bank also seems to be moving towards embracing Bitcoin, and Swiss activists are collecting signatures for a vote on the issue, although Switzerland may take some time, but the move is significant because Switzerland's foreign exchange reserves are six times that of the Czech Republic.
Looking ahead, the EU's policies and actions in the field of cryptocurrency will continue to attract global attention. As the MiCA regulations are gradually implemented, the stablecoin market will face new challenges and opportunities.
Although Tether has expressed concerns about the new regulations, this policy may prompt more projects to pursue compliance, resulting in a more stable and healthy market environment. The compliance of stablecoins will become a key issue for the entire crypto ecosystem and may affect regulatory strategies in other parts of the world.
On the other hand, the interest of the Czech National Bank and the Swiss National Bank in Bitcoin shows that Bitcoin is gradually being seen as a new value reserve tool.
As more countries and institutions explore the inclusion of Bitcoin in reserve assets, the status of cryptocurrencies in the global financial system may be further enhanced. Although Bitcoin's high volatility remains a risk that needs attention, its potential high returns are also attracting more and more investors.
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