Spot Bitcoin exchange-traded funds (ETFs) could be on the verge of their much-anticipated launch in the United States, with key exchanges recently submitting revised documents, suggesting they expect imminent approval from the U.S. Securities and Exchange Commission (SEC).

Nasdaq-listed cryptocurrency exchange Coinbase is looking to launch cryptocurrency-linked derivatives in the European Union, and to make this happen, it is in the process of acquiring a company that holds a MiFID II license.

Próspera, a special economic zone in Roatan, Honduras, has embraced Bitcoin as a unit of account less than two years after making it legal tender in April 2022, allowing it to be used to value goods and services.

Top stories in the Crypto Roundup today:

• Major US Exchanges File Final Spot Bitcoin ETF Applications
• Coinbase Set to Acquire MiFID II Licensed Firm to Expand into EU Derivatives Market
• Honduras Special Economic Zone Embraces Bitcoin as Unit of Account
• Digital Asset AUM Rises 67.6% in Q4 of 2023

Major US Exchanges File Final Spot Bitcoin ETF Applications

Spot Bitcoin exchange-traded funds (ETFs) could be on the verge of their much-anticipated launch in the United States, with key exchanges recently submitting revised documents, suggesting they expect imminent approval from the U.S. Securities and Exchange Commission (SEC).

These amended 19b-4 filings come on behalf of prominent issuers, including BlackRock, Grayscale, and Fidelity, and join amended S-1 filings from last month to address feedback from the SEC.

Over 12 applicants are trying to launch the first spot Bitcoin ETFs in the country, and several issuers will likely see simultaneous approval. The SEC has until January 10 to decide on at least the application of Ark 21 Shares, suggesting that there could be several approvals on that date.

The regulator has to give the green light to both the 19b-4 filings and the S-1 filings prior to the ETFs’ debut.

Coinbase Set to Acquire MiFID II Licensed Firm to Expand into EU Derivatives Market

Nasdaq-listed cryptocurrency exchange Coinbase is looking to launch cryptocurrency-linked derivatives in the European Union, and to make this happen, it is in the process of acquiring a company that holds a MiFID II license.

The company has reportedly already entered into an agreement to buy an unnamed holding company that owns the MiFID II license. MiFID II, the EU's revised regulations for financial instruments, broadened its scope in 2017 to include various asset classes beyond stocks, such as derivatives and currencies.

Coinbase has been actively expanding its services to cater to institutions like hedge funds and high-frequency trading firms, attracted by the larger transaction sizes these entities handle.

If finalized, the deal would see Coinbase launch derivatives like futures and options in the EU. It will still require regulatory approval, but is expected to close later this year.

Coinbase said it’s committed to meeting the EU's stringent compliance standards, which include requirements against money laundering, ensuring customer transparency, and adhering to sanctions.

Honduras Special Economic Zone Embraces Bitcoin as Unit of Account

Próspera, a special economic zone in Roatan, Honduras, has embraced Bitcoin as a unit of account less than two years after making it legal tender in April 2022, allowing it to be used to value goods and services.

The move was led by Jorge Colindres, the acting manager and tax commission of the Próspera Zone for Employment and Economic Development (ZEDE). On social media, Colindres defended it was meant to offer more financial freedom to individuals and businesses in the region.

Embracing Bitcoin as a unit of account means BTC can be used as a monetary unit to measure the market value of goods and services.

Per Colindres, implementing the “Final BTC Tax Payment Procedure” is currently on hold, however, over technological challenges with its eGovernance system and external regulatory constraints.

Businesses wishing to adopt Bitcoin for accounting purposes must notify Próspera's tax commission within 30 days of their tax period, referencing an approved cryptocurrency exchange like Coinbase or Kraken.

Digital Asset AUM Rises 67.6% in Q4 of 2023

The fourth quarter of 2023 saw a remarkable upswing in digital asset volumes and Assets Under Management (AUM). In December, the average daily volumes of combined products surged by 33.93%, hitting $659.5 million.

In tandem, the AUM of digital asset investment products continued its upward trajectory, growing 14.6% to reach $49.6, a new high since March 2022. This growth accounted for a substantial 152% increase over the year, with a notable 67.6% of this growth occurring in Q4 alone.

Factors fueling this significant rise include the escalating Bitcoin (BTC) prices, progressive conversations about ETF approvals, and the general wave of optimism that permeated the market in December.

Dig deeper into the world of cryptocurrency trading with CCData’s latest Digital Asset Management Review.

State of the Crypto by Top Tier Exchange Volume

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