When the Markets in Crypto-Assets Regulation (MiCA) was signed into law in June 2023, a framework for twenty-seven countries was finally in place. Although this was a landmark piece of legislation for a region that represents nearly twenty percent of the global economy, MiCA is serving as the beginning of a twelve to eighteen-month process of transition, transformation, and customization; that’s because MiCA includes a “substantial number of Level 2 and Level 3 measures,” as noted by the European Securities and Markets Authorities, that still must be developed and refined.
So, in 2024, we’ll see the European Union transition into actually enacting MiCA, followed by collaborations and customizations to expand its international impact, including EU financial institutions seeking qualified sub-custodians.

Spot Bitcoin ETF approvals are imminent across Europe

Ultimately, it will be much easier to have one framework for all the jurisdictions in the EU, with crypto exchanges and other firms no longer needing a separate license in each country of the Union. In 2024, though, individual countries will still have unique characteristics that must be navigated. For example, if a company is licensed to offer crypto services in Germany and wants to transact in France, France’s KYC and AML requirements still need to be separately addressed.
So, what lies ahead is a year of governments hashing out details, creating mounds of paperwork, and filling out forms among plenty of parties. With the new processes associated with MiCA, nobody can say, “Well, we’ve always done it that way before,” because there is no “before” when it comes to such sweeping crypto regulations anywhere in the world. Instead, plenty of learning will be on the ground, traversing the new processes as they unfold. The companies that proactively prepare in 2024 should experience a smoother pathway to enjoying the benefits inherent in MiCA.
It’s likely that spot Bitcoin ETFs will be made available in the EU sometime in 2024—first for institutions and, later, for retail purposes. Once spot Bitcoin ETFs are approved for institutions, they’ll be thoroughly scrutinized again before being made available to retail clients.
The bull market makes it more likely that spot Bitcoin ETF applications and approvals will come to fruition sooner rather than later. With high trading volume, there’s a fear of missing out on making money on financial products. Then, adopting the new digital asset product will be seamless with this crypto-adept generation.
After MiCA regulations are implemented and operational, we’ll likely see customizations that will allow more people to have a piece of the financial pie. This can include bilateral agreements with the EU from smaller locales to help them achieve more trading volume in advantageous ways they couldn’t accomplish independently. For example, smaller banks in Switzerland don’t have EU branches, so once MiCA is implemented, they could theoretically execute a bilateral agreement with the EU to reap the benefits of MiCA.

International standards for AML/CFT will become the norm

With the adoption of MiCA, Europe helps to set the bar when contributing to international standards regarding rules and regulations around anti-money laundering and combating the financing of terrorism (AML/CFT). Organizations like the International Organization of Securities Commissions (IOSCO) have developed standards that can also serve as guidelines. As various countries and regions develop crypto regulations, common themes are emerging, such as the “same activity, same risk, same regulation” philosophy, and it can make sense for regulators to benefit from what other jurisdictions are doing when crafting legislation rather than continually recreating the wheel.
That said, it’s unlikely that we’ll see fully standardized international regulations across the board. Economies are driven regionally in different ways, with some regions willing to have more open crypto regulations to attract more business while others value risk management more highly. What’s important is that each region provides clarity about its rules and processes to allow crypto businesses to feel comfortable about operating in the area and to foster growth. 

MiCA and custodial needs

With the passage of MiCA, every bank and every registered asset manager in the EU can easily apply for a crypto custody license. It’s likely, though, that many of these financial institutions, like banks, won’t want to take on this added responsibility—including having to obtain the appropriate technology and gain and maintain the necessary technical expertise—and will, therefore, want a sub-custodian to manage their digital assets. It’s logical for them to use sub-custodians to more clearly separate functions and funds.
Banks will want an established custodian that has proven its ability to manage volatility well by continuing to keep digital assets safe and secure. Financial institutions can further benefit by choosing a custodian who doesn’t oversee their own exchange to enjoy accurate segregation of function. 
Choosing a sub-custodian strategy is just one of many decisions that will need to be made as key stakeholders navigate the implementation of MiCA and its upcoming collaborations and customizations. 

Analyst: Bitcoin to hit $650k; Terra Classic pool balance hits 5B as NuggetRush gains momentum 

Crypto analyst Will Woo has predicted that the value of Bitcoin could surge as high as $650k under bullish conditions. 
Terra Classic’s community pool balance has hit a new all-time high of 5 billion LUNC. NuggetRush’s gaming platform has become the talk of the town due to its play-to-earn concept. 
A crypto analyst has given a bullish forecast that Bitcoin’s value could skyrocket to $650k in bullish scenarios. Meanwhile, the Terra Classic community pool balance has reached an impressive milestone, hitting a record high of 5 billion LUNC.
In addition, NuggetRush’s gaming platform has been generating buzz among investors. The top DeFi project has adopted a play-to-earn model that allows players to earn rewards while playing games. 

NuggetRush (NUGX) introduces unique play-to-earn gaming concept 

NuggetRush (NUGX) is a gaming project that stands out due to its 3D mining adventure game. It offers gamers a unique opportunity to engage in artisanal mining and accumulate different assets – free tokens, popular NFTs, and digital collectibles. In NuggetRush’s mining game, players face mining challenges to extract and sell mineral resources on the game’s marketplace.
It also provides entertainment and contributes to global artisanal mining communities in underdeveloped countries. A portion of the rewards are allocated to support artisanal mining communities in the areas. 
Community-focused, NuggetRush’s design delegates control of its smart contracts to the community. It allows them to be a part of the platform’s governance process. In addition, the NFT staking feature makes NuggetRush one of the best alt tokens to buy. This provides players with a potential 20% annual percentage yield (APY) by staking their NFTs.
The blockchain ICO of the project that was conducted just recently attracted massive attention from investors, and as a result, more than 270 million tokens were sold, and $3.8 million was raised. With a listing value of $0.020 and a potential surge to $1.00, NUGX has the potential to lead the GameFi sector.

Bitcoin (BTC) predicted to reach $650k

Renowned Bitcoin (BTC) analyst and expert Willy Woo has projected the price trajectory of the leading cryptocurrency over the course of the next few months. The analyst’s forecast rallies based on the growth and popularity of Spot ETFs, not on the long-awaited Bitcoin halving.
According to Woo’s analysis, the expansion of Spot Bitcoin ETFs in other markets can make BTC’s price reach $91,000 after the recent crypto crash. Nevertheless, at the peak of the bull market, Bitcoin could explode to new heights, up to $650,000. This makes Bitcoin a good crypto to buy for significant profits in 2024.

Terra Classic (LUNC) hits new milestone 

The Terra Luna Classic community pool balance has reached a new milestone, now standing at an all-time high of 5 billion LUNC. Currently, the community pool holds 5,005,468,596 LUNC and 11,803,526 USTC, according to the latest data provided by StakeBin.
This is a significant achievement for the community as more funds are left for developers and other contributors. Regrettably, they have not utilized the funds to the fullest. DevNet activity in the Network has been sluggish in the past year. In addition, the current price of Terra Classic has dropped by 21.3% year to date.

Closing thoughts 

The possible surge of Bitcoin to $650,000 and Terra Classic’s remarkable pool balance are good news for the crypto community. In addition, NuggetRush has emerged as the best new crypto to invest in, with an exciting platform that could transform the GameFi sector.