[News Brief] Jun 30, morning | UK FCA Finalizes Crypto Regulatory Framework…Mandatory Licensing from October 2027

UK FCA Finalizes Crypto Regulatory Framework…Mandatory Licensing from October 2027

The UK Financial Conduct Authority has finalized its crypto regulatory framework. Crypto trading platforms, custodians, stablecoin issuers, and related firms will be subject to mandatory licensing starting October 25, 2027.

According to PANews, citing The Block, the framework includes prudential requirements, market abuse rules, and standards for stablecoins. Covered entities include crypto trading platforms, custodians, stablecoin issuers, lending and staking service providers, and some DeFi firms.

Companies will be able to apply for authorization between September 30, 2026 and February 28, 2027. Existing anti-money laundering registrations will not automatically convert into the new license.

The FCA will require trading platforms to conduct due diligence, meet listing standards, and publish disclosure materials. Insider trading and market manipulation will also fall under market abuse regulations.

In the stablecoin sector, some reserve asset-related obligations have been eased, and the capital coefficient applied to issuers has been lowered from 2% to 1%. The FCA said the measures represent a major milestone in UK crypto regulation and are intended to provide regulatory certainty for businesses.

Full MiCA Implementation Nears in the EU…Unlicensed Firms Asked to Halt or Restrict Services

According to CoinDesk, with the EU’s Markets in Crypto-Assets regulation (MiCA) set to take full effect on July 1, the European Securities and Markets Authority has asked crypto-asset service providers that have not obtained a MiCA license to halt or restrict services within the European Union.

SwissBorg executive Alex Fazel said that more than 10 million European users may need to find new platforms due to the compliance deadline.

OKX Europe’s CEO projected that as many as 80% of the roughly 3,000 existing virtual asset service providers in Europe may struggle to continue operating once the new rules take effect.

Platforms such as Coinbase and OKX, which are either complying with the rules or applying for licenses, are seeking to attract affected users with deposit and transfer incentives.

US ‘Clarity Act’ Enters Critical Two-Week Negotiation Phase

According to Odaily, the US crypto regulatory bill known as the 'Clarity Act' is entering a critical negotiation phase over the next two weeks.

While the Senate is in recess until July 13, bipartisan staff, the White House, and crypto industry stakeholders are expected to coordinate on the remaining points of contention.

Key issues include integrating draft language prepared by the Senate Banking Committee and Agriculture Committee, ethics provisions, and anti-money laundering requirements.

If an agreement is reached, the bill could be put to a full Senate vote as early as late July or early August.

Market participants view the period before Congress’s August recess as the key deadline for passage this year. If a vote does not take place during that window, the chances of enactment in 2026 could decline significantly.

BNY Expands Partnership with Circle…Adds USDC Minting and Redemption to Digital Asset Custody Platform

BNY has expanded its partnership with Circle by adding USDC minting and redemption functions to its digital asset custody platform, according to The Block.

Institutional clients can hold USDC in BNY digital wallets and instruct the bank to convert between US dollars and USDC in both directions.

USDC is the first stablecoin supported on BNY’s platform. Initial support covers USDC on Ethereum and Solana, and BNY plans to gradually broaden support to other stablecoin issuers in the future.

BNY has already served as a major custodian bank for USDC reserves. The move aligns with the broader push by traditional financial institutions to expand stablecoin payment and custody infrastructure.

US Spot XRP ETFs See $15.34 Million in Daily Net Inflows

US spot XRP ETFs recorded $15.34 million in net inflows on June 29, according to PANews citing SoSoValue data.

The product with the largest inflow was the Bitwise XRP ETF, which attracted $11.9381 million in one day. Its cumulative net inflows reached $505 million.

The Canary XRP ETF recorded $3.4033 million in daily net inflows, bringing its cumulative net inflows to $464 million.

As of the time of reporting, total net assets across US spot XRP ETFs stood at $972 million, the XRP net asset ratio was 1.47%, and cumulative net inflows totaled $1.485 billion.

US Spot SOL ETFs Record $5.52 Million in Daily Net Inflows

US spot SOL ETFs posted $5.5233 million in net inflows on June 29 US Eastern Time, according to PANews citing SoSoValue data.

Among products, the Bitwise Solana Staking ETF (BSOL) led with $4.6312 million in net inflows, while the Fidelity Solana Fund ETF (FSOL) recorded $892,100 in net inflows.

As of the time of reporting, total net assets across spot SOL ETFs stood at $876 million, the SOL net asset ratio was 2.00%, and cumulative net inflows were $1.135 billion.

Stream Finance Begins Collecting Potential Creditor Information for Global Settlement Plan

Bankrupt DeFi yield protocol Stream Finance has started collecting information from potential creditors through an online form as part of efforts to develop a global settlement plan, according to PANews citing The Defiant.

Stream previously announced its intention to liquidate in May. Creditors are divided into direct holders of xUSD, xBTC, and xETH, and parties linked to institutional lending backed by Stream tokens as collateral. The latter group includes curators from Euler, Morpho, Silo, and Gearbox.

Research firm Yeast and More estimated direct debt exposure at about $285 million. The largest curator, TelosC, was estimated to have exposure of about $124 million, while Elixir was estimated at about $68 million. That amounts to roughly 65% of the reserves backing Elixir’s deUSD stablecoin.

Stream is currently collecting claim information but has not finalized specific compensation terms or creditor priority. The protocol previously said that in November last year, an external fund manager caused losses of about $93 million, leading xUSD to lose its peg and freezing about $160 million in deposits.

xUSD is currently trading at about $0.08, around 92% below its peg. Stream is also engaged in legal disputes with former operator Caleb McMinns.

Upbit Lists AI on KRW Market

Upbit announced through an official notice that it will list AI on the KRW market.

A KRW market listing could improve trading access for domestic users and help expand liquidity for the asset.

Source: Odaily

Cardone Capital Buys More BTC Around $59,000…Holdings Surpass 2,700 BTC

Real estate investment firm Cardone Capital said it is buying additional Bitcoin at prices around $59,000.

According to Cointelegraph, Cardone Capital CEO Grant Cardone said the firm’s BTC holdings have surpassed 2,700 coins.

Growing Bitcoin holdings by corporations and institutions are closely watched as an indicator of long-term market demand.

JPMorgan Says Tokenization Could Modernize the US Financial System

JPMorgan said tokenization could modernize the US financial system.

According to @WatcherGuru, JPMorgan, which manages $4.7 trillion in assets, views tokenization as a tool for improving financial infrastructure.

Tokenization refers to converting real-world assets or financial products into blockchain-based digital assets, and major financial institutions have recently been exploring the technology to improve efficiency in payments and asset management.