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- 1 The year 2024 is going to be a special and important year for the crypto universe.
- 2 The crypto community is going to witness a few of the major events related to MiCA rules, ETF approval, and pending Sam-Bankman’s case.
As technology is growing, the crypto industry is extending its roots in the financial sector. The new year, 2024 comes with 3 big cryptocurrency events for which every crypto fan is eagerly staying. In the year 2023, the industry eyeballed many small and major events that had both favorable and adverse influences.
Let’s explore these 3 big cryptocurrency events in depth.
Europe’s Market in Crypptoassets (MiCA) Regulations
One of the major events, every crypto enthusiast is waiting for is Europe’s MiCA implementation. The mass collapse of crypto firms boomed the need for clear policies and rules, making it essential for the EU to introduce MiCA.
Introduced in September 2020 by the European Commission, it seeks to safeguard crypto services from fraud acts as well as govern the issuance and provision of the crypto industry.
As a successive step, the EU parliament attained a few of the milestones including MiCA publications in The Official Journal of the European Union (OJEU) in June 2023 and 1& 2 consultation package publications in July and October, respectively.
Major upcoming events are entries into the application title. On June 30, 2024, the stablecoins will arrive into influence while on December 30, 2024, the remaining regulations will be applied.
In April 2020, The EU parliament voted 517-38 in favor of the new MiCA rules and approved a new licensing policy in May.
Ether Exchange-Traded Funds (ETF) Approval
Another big cryptocurrency event that going to Shudder the crypto world is Ether ETF approval, expected to be approved between February and May 2024.
It is an investment vehicle that offers exposure to ETH, through future contracts. Ease of trading, diversified investment portfolio, and regulatory insights are a few of the benefits that seek the attention of Crypto enthusiasts towards such events.
As per several filings, the SEC has issued delay orders to many of the applicants including Hasdex, VanEck, and Ark Invest/21Shares. Afterward, other crypto giants including Invesco/Galaxy Digital and Grayscale Investments also applied for spot and mixed ETFs.
The approval of the same will create room to run for the Ethereum ecosystem along with more opportunities for fund inflows.
FTX Bankruptcy Case Sentencing
Another prominent event to watch out for in 2024 is Sam-Bankman Fried’s (SBF) sentencing which is planned for March 2024. Sam is the co-founder of FTX, a cryptocurrency exchange that went bankrupt in November 2022.
After several investigations and hearings, the jury found Sam guilty of seven charges including money laundering conspiracy, wire fraud, commodities fraud conspiracy, and securities scam. Sam used consumers’ and investor’s billions of purchases for personal use.
FTX went bankrupt whereas Sam faced a maximum of 115 years in prison. However, FTX found a way to exit bankruptcy and proposed a plan to return billions of dollars to the troubled customers and clients.
Moreover, the plan is approved by the legal authorities but doesn’t indicate FTX restart. Here, it would be interesting to see the jury’s next decision on Sam’s imprisonment as well as the exchange’s proposal progress.
Other Major Events To Look At
Apart from these noteworthy events, Bitcoin halving is another major occurrence, that holds the possibility to stir the crypto world. BTC halving is anticipated to take place in April 2024 when the block rewards will be reduced by 50%, declining the rate at which BTC is produced.
In addition, the crypto industry is eagerly staying for several spot Bitcoin ETFs which are expected to get approval in February or March, spot Bitcoin ETF is another major event to watch. The first spot Bitcoin exchange-traded fund is foreseen between January 8 to 10, 2024.
Conclusion
The crypto universe is eagerly waiting for the 3 cryptocurrency events in 2024, which holds the power to stir the industry as a whole. Ether ETFs, Sam case sentencing, and application of MiCA rules are the main events to watch.
FAQs
What are MiCA regulations?
MiCA is a uniform EU market regulation developed for securing crypto-assets from fraud actions.
What is Bitcoin halving?
Bitcoin halving is the process in which the rate at which new bitcoins are spawned is cut in half and block rewards are dropped by 50%.
Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.
