Gate Daily (July 9): MiCA plans to include "non-EU" stablecoin issuers; Russia plans to impose criminal penalties for illegal crypto exchanges.

Bitcoin (BTC) retraced its early-week gains, currently around $62,420 on July 9. EU officials plan to revise the Markets in Crypto-Assets Regulation (MiCA) to include non-EU stablecoin issuers. Russia proposes criminal penalties for illegal crypto exchanges, with a maximum sentence of five years imprisonment.

Macro Events & Crypto Hotspots

1. According to CoinTelegraph, EU officials are planning to amend the MiCA framework amid the US implementing stablecoin legislation. European news outlets report that EU officials intend to review proposed MiCA modifications to expand its scope, especially regarding non-EU companies issuing stablecoins.

It is reported that the EU will review the revised rules in 2027. These regulations aim to respond to the US Government’s GENUIS Act, which guides and establishes US stablecoin innovation. The act pressures EU officials to clarify how to regulate US stablecoin issuers within member states. Additionally, officials are considering expanding MiCA to include tokenized payments and deposit rules.

Under MiCA, crypto companies serving users in the 27 EU member states must obtain a Crypto Asset Service Provider (CASP) license issued by a member state regulator. Although this licensing requirement took effect on July 1, EU Commission officials have previously initiated a public consultation on potential amendments to the framework, including provisions on decentralized finance (DeFi) and stablecoins.

2. According to Bits.media, Russia’s State Duma has passed the first reading of a government-proposed criminal responsibility bill on “Illegal Circulation of Digital Assets,” imposing criminal penalties for unregistered and unauthorized crypto exchanges. The bill stipulates that illegal exchange organizers face fines of 1 million to 3 million rubles or one to two years of income-based punishment, with courts able to impose forced labor or up to four years in prison, plus fines up to 80,000 rubles. For organized groups or large-scale operations (above 3.5 million rubles), the maximum penalty is five years imprisonment and fines up to 1 million rubles. The law will take effect on July 1, 2027. Previously, government crypto regulations required all Russian crypto exchanges to operate through licensed financial institutions.

News Highlights

1. Russia’s largest private bank, Alfa Bank, plans to offer cryptocurrency services to clients.

2. Kazakhstan’s president signs a decree allowing enterprises and government to use stablecoins for cross-border payments.

3. US CFTC Chairman urges Congress to pass the CLARITY Act before the August 7 recess.

4. He Yi: No bias against Meme; do not interpret my interactions as market signals.

5. Michael Saylor: Free markets have alleviated Bitcoin block space anxiety; transaction fees remain low.

6. Russia proposes criminal penalties for illegal crypto exchanges, with a maximum of five years imprisonment.

7. Glassnode: Bitcoin’s bottoming process is progressing, but confirmation signals are yet to appear.

8. China’s Ministry of Commerce and nine other departments promote digital yuan use in consumer vouchers and settlement.

9. Strive executives: Global capital is entering the Bitcoin market through three channels.

10. AscendEx announces shutdown, with user withdrawals facing uncertainty.

Market Trends

1. Latest Bitcoin news: $BTC retraced early-week gains, currently around $62,420. Over the past 24 hours, $75.69 million in long positions were liquidated.

2. US stock market on July 8 saw mixed results. Trump announced the end of US-Iran ceasefire, raising concerns over renewed attacks near the Hormuz Strait. Oil prices surged, boosting US Treasury yields. After a sharp decline, semiconductor stocks rebounded, lifting the Nasdaq slightly. Dow Jones fell 576.76 points, down 1.1%, closing at 52,348.39; S&P 500 dropped 21.14 points, down 0.3%, closing at 7,482.71; Nasdaq gained 51.96 points, up 0.2%, closing at 25,870.65.

(Source: Gate)

3. According to Gate’s BTC/USDT liquidation map, with the current price at $62,097.50, a drop to around $61,500 would liquidate over $146 million in long positions; a rise to about $62,722 would liquidate over $231 million in short positions. Short liquidations significantly exceed longs, advising prudent leverage use to avoid large-scale liquidations during market volatility.

(Source: Coinglass)

4. In the past 24 hours, Bitcoin spot inflow was $1.96 billion, outflow $2.10 billion, net outflow $140 million.

(Source: Coinglass)

5. Over the past 24 hours, net outflows led in contracts trading for <a data-currency='SNDK' href='/futures/USDT/SNDK_USDT'>$SNDK , $EVAA, $KAITO, $CL, $EDGE , indicating trading opportunities.

Selected Opinions from X KOLs

Phyrex Ni (@Phyrex_Ni): “Today’s focus is on the US stock market and Iran fighting again. I haven’t watched oil prices for a while, but now looking at WTI again feels familiar. By this afternoon, WTI was already around $72. It’s not the best time to short, mainly because prices are still relatively low and US trading hours haven’t started yet. The war’s escalation hasn’t yet caused panic among European and American investors.”

“By the time European markets open in the afternoon, WTI prices started rising steadily. After US markets opened, it nearly hit $76, and my short at $75 was filled. My stance remains consistent: if the US really wants to be tough, they could block the Strait of Hormuz or Iran’s ports directly, without waiting until July 17. Trump has seen enough of this since taking office.”

“Although I can’t say with 100% certainty that Trump will TACO, the extra ten days seem to be for third-party mediation between the US and Iran. Neither side wants a broader war. The US knows it can’t resolve a theocratic state like Venezuela quickly; even if Iran is damaged, their retaliation would make Trump and the Republicans look bad in midterms.”

“Iran also knows that if the US acts strongly, Iran won’t benefit. Even with universal conscription, the conflict would be hard to end, especially after blocking the Strait of Hormuz, which already sparked outrage. The US firing this time is because of the Strait; if Iran gains a big advantage there, they won’t back down.”

“War caused US stocks to fall, dragging cryptocurrencies like $BTC down as well. But if the mediation continues, market recovery is just a matter of time. Trump repeatedly promised oil prices would recover quickly, showing he’s not eager for an extended conflict.”

Today’s Outlook

1. Germany’s May seasonally adjusted trade balance (billion euros), previous 14.2

2. US initial jobless claims for the week ending July 4 (thousands), previous 215

3. US June NAR seasonally adjusted existing home sales (annualized monthly rate), previous 3.2%

4. European Central Bank releases June monetary policy meeting minutes

5. NY Fed President Williams delivers speech