On January 20, 2025, Bitcoin (BTC) reached a new all-time high, briefly surpassing $109,000 ahead of President Donald Trump’s inauguration. The cryptocurrency’s price surged by more than 6% within minutes, peaking at $109,036 at 6:55 am UTC before retracting below $108,000.

This record-breaking performance coincided with Trump’s inauguration as the 47th President of the United States. The crypto community has expressed optimism regarding the incoming administration’s pro-cryptocurrency stance, including potential initiatives like establishing a strategic Bitcoin reserve.

The surge in Bitcoin’s price reflects growing investor confidence in the cryptocurrency market, influenced by favorable political developments. The market capitalization of Bitcoin has now exceeded $2.15 trillion, positioning it alongside traditional assets such as gold and major corporations like Apple and Amazon.

As the cryptocurrency market continues to evolve, Bitcoin’s performance remains a focal point for investors and policymakers alike. The inauguration of President Trump is anticipated to have a lasting impact on the regulatory landscape and the broader adoption of digital assets.

Gemini, the cryptocurrency exchange founded by the Winklevoss twins, has selected Malta as its central hub for compliance with the European Union’s Markets in Crypto-Assets (MiCA) framework. This strategic move underscores Gemini’s commitment to enhancing regulatory compliance and expanding its presence in the European market.

In December 2024, Gemini secured a Virtual Financial Assets (VFA) Service Licence from the Malta Financial Services Authority (MFSA), marking a significant step in its European operations. This license enables Gemini to offer its services across the EU, aligning with MiCA’s regulatory standards.

Mark Jennings, Gemini’s Head of Europe, highlighted the importance of establishing a compliant infrastructure to meet MiCA’s requirements. He noted that the primary challenge was allocating resources to build the necessary infrastructure to support MiCA compliance, emphasizing the need for a unified onboarding process that meets regulatory standards.

While Gemini has yet to receive a MiCA license, the exchange holds VASP licenses in six EU countries, including Malta, France, Ireland, Spain, Italy, and Greece. The company is actively working to transition its existing licenses to align with MiCA’s framework, aiming to provide a scalable and compliant solution for its European customers.

The European Securities and Markets Authority (ESMA) has directed crypto asset service providers (CASPs) to restrict stablecoins that do not comply with the European Union’s Markets in Crypto-Assets Regulation (MiCA). This directive aims to ensure that only authorized stablecoins are offered within the EU market.

ESMA has set a deadline of January 31, 2025, for CASPs to implement these restrictions. However, the authority has allowed a grace period until the end of the first quarter of 2025 for CASPs to maintain “sell-only” services for non-compliant stablecoins, enabling investors to liquidate or convert their holdings.

The ESMA’s guidance clarifies that MiCA prohibits the offering of stablecoins by issuers who are not authorized under the regulation. This includes the requirement for CASPs to obtain written consent from the issuer before offering such tokens to the public.

This regulatory action has significant implications for stablecoin issuers and users within the EU. Notably, Tether’s USDt (USDT), the largest stablecoin by market capitalization, does not hold a MiCA license and is considered non-compliant. As a result, CASPs may need to delist USDT by the January 31 deadline, except for “sell-only” operations.