The CEO of CryptoQuant, Ki Young Ju has called for regulations as a key factor in the long-term development of Web3 and cryptocurrency.
Here are the developments of the crypto world from the past few days
The CEO of CryptoQuant, Ki Young Ju has called for regulations as a key factor in the long-term development of Web3 and cryptocurrency.
In a post on X on Sept. 29, Ju argued that crypto and Web3 could “thrive responsibly” with the regulatory framework necessary to mitigate scams and build trust.
This sparked debate among the crypto community. Some supported his views, while others expressed concerns about the implications of regulatory oversight.
Bitcoin BTC $63,599.39 has struggled to gain momentum after breaking above $65,000, but at the same time, it is encouraging that the bulls have not lost significant ground. This indicates that buyers are maintaining their positions, anticipating a further upward movement.
United States-based spot, Bitcoin exchange-traded funds have witnessed inflows of $1.1 billion last week, the largest weekly flows since July 15-19. This shows that the sentiment has turned positive. On Sept. 29., the rally pushed the Crypto Fear & Greed Index into the greed territory at 63.
The increase in the download of the coinbase's official app on the Apple AppStore is also a sign of retail traders entering the crypto markets. On Sept. 28, the app was the 385th most downloaded app, which is way above the 500th place and a dynamic which corresponds to bear markets.
On Sep. 29, the Dutch Authority for the Financial Markets (AFM) warned about the risks of cryptocurrency pump-and-dump schemes ahead of upcoming regulation.
According to an official AFM press release, it was released that the Markets in Crypto-Assets Regulation (MiCA) will come into effect on Dec. 30.
Under MiCA, market manipulation practices like pump-and-dump schemes will be explicitly prohibited in the European Union.
For this, AFM will supervise and enforce the new regulations in the Netherlands.
MiCA implications
MiCA aims to increase transparency and market integrity in the crypto world by prohibiting manipulative practices like pump-and-dump schemes.
In anticipation of MiCA, the AFM has examined multiple instances of pump-and-dump schemes in recent months and plans to establish a standard for rigorous enforcement when MiCA is implemented.