Latest Crypto News: Coinbase To Promote German Soccer Team, Europe Close To Implementing Crypto Legislation

Here are some latest developments in the cryptocurrency space.

Latest Crypto News: Coinbase To Promote German Soccer Team, Europe Close To Implementing Crypto Legislation

Leading cryptocurrency exchange Coinbase has partnered with German soccer club Borussia Dortmund or BVB for team promotional activities at stadiums and through online marketing channels, cryptocurrency news portal Coinnews said.

In a blog post, Dortmund said Coinbase has now become its premium partner. Coinbase had started its partnership with BVB in July last year to provide crypto workshops for BVB employees.

As part of the new deal, Coinbase ads will feature at Dortmund's Signal Iduna Park, Germany's largest soccer stadium.

"The crypto world offers exciting opportunities. The granting of the license by 'BaFin' is the clear signal for us as BVB to now have such a partner at our side in a segment that is still very new and often confusing for non-insiders,” BVB’s managing director Carsten Cramer was quoted as saying.

Europe Close To Implementing Crypto Regulations

The European Union (EU) is all set to implement the Market in Crypto-Assets (MiCA ) legislation. The new rules will be stricter than the existing ones in some countries in Europe, CoinDesk reported.

MiCA demands “an unprecedented level of transparency from crypto exchanges,” it said.

Under the new legislation, crypto companies must keep the public informed about their pricing process and trading volumes in real time. They must also settle trades the same day.

The exchanges must also maintain their own funds, including cryptos, besides funds from customers. The regulation also explicitly prohibits insider trading.

MiCA will also introduce a “universal licensing approach for all EU member states”, making it the world’s most comprehensive legislation, the report said.

The MiCA licensing and other rules are “more complex, more sophisticated” than those currently established by the French regulator, Frédéric Montagnon, founder of French blockchain company Arianee, told CoinDesk.

Some 60 companies are already registered with the French Financial Markets Authority (AMF), however, “if the MiCA makes it mandatory for crypto service providers to get their businesses insured, it will be a headache for the startups in France,” Montagnon added.

Crypto Billionaire Arthur Hayes Says Bitcoin May ‘Crash’ Again

Crypto billionaire and former BitMex CEO Arthur Hayes has warned that Bitcoin may lose again after its recent rally if the Federal Reserve continues to hike its repo rate.

In a blog post, Hayes stressed that inflation could impact the crypto market, noting that the consumer price index (CPI) has continued its downward after peaking around 9 per cent in mid-2022.

Investors expect the Fed to slow down rate hikes, he said, adding, “Those prognosticators would argue that our esteemed Lord Powell is looking for every opportunity to pivot away from his current quantitative tightening (QT) policies."