After its public debut last month, Gemini Space Station (GEMI) shares are trading around $25. Mizuho Securities has set a target price of $30, implying substantial medium-term growth linked to enhanced user conversion and revenue.

Gemini’s Crypto Rewards Card: A Game Changer

The Gemini Credit Card has emerged as a pivotal growth catalyst. The card’s user base has expanded from 8,000 in 2024 to nearly 31,000 by August 2025. This card offers users the chance to earn bitcoin, ether, or other tokens as cashback on daily purchases, with rewards instantly deposited into their exchange accounts.

According to Mizuho analysts Dan Dolev and Alexander Jenkins, the card generates a “flywheel effect.” Approximately half of the cardholders become regular exchange traders, a conversion rate that significantly boosts trading volumes and recurring user engagement.

European Expansion with MiCA License

International market expansion forms the second pillar of Gemini’s growth strategy. In August, the company secured a license under the European Union’s Markets in Crypto-Assets (MiCA) framework. This enables Gemini to expand its offerings to include staking, derivatives, and other regulated products across Europe.

As the IPO research blackout lifted, coverage on GEMI increased, with 11 analysts initiating coverage: six with buy ratings and five with hold recommendations. The average price target suggests a 25% upside, outperforming competitors like Robinhood, Coinbase, and Blockchain.com, whose targets remain below current levels.

Despite this optimism, KBW maintains a more cautious outlook, noting that while Gemini’s growth potential exceeds its peers, the company is still projected to face profitability challenges throughout the forecast period.

Disclaimer: The Block is an independent media outlet providing news, research, and data. As of November 2023, Foresight Ventures is the majority investor in The Block. Foresight Ventures invests in various companies within the crypto industry. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry.

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The newly launched layer-2 network will support the issuance of over 200 US stock and exchange-traded fund (ETF) tokens. This development aims to provide European investors with access to US assets. Robinhood made this announcement on Monday.

The brokerage firm’s stock tokens will be commission-free and will be accessible for trading round the clock, five days a week. Furthermore, Robinhood announced the initiation of perpetual futures in the EU, offering eligible traders the opportunity to access derivatives with up to three times leverage. These trades will be processed via Bitstamp, the cryptocurrency exchange recently bought by Robinhood for $200 million.

Other exchanges, such as Gemini, have previously extended tokenized shares to European investors. However, Robinhood continues to intensify its crypto push. Recently, it unveiled micro futures contracts for Bitcoin (BTC), XRP (XRP), and Solana (SOL), thus facilitating traders to access derivatives markets with significantly reduced capital requirements.

In addition to these developments, Robinhood has acquired Canadian crypto operator WonderFi for $179 million and is actively advocating for rational tokenization legislation in the United States. It has proposed a national framework for RWAs to the Securities and Exchange Commission, including plans to launch the Real World Asset Exchange, a platform designed for offchain trading with onchain settlement.

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On March 11, Bloomberg revealed that EU regulators were investigating the Web3 services of OKX for potential involvement in money laundering activities related to the Bybit hack. Following this, OKX President Hong Fang, along with other top executives, labelled the Bloomberg report as misleading and reaffirmed their dedication to fighting financial crime.

An OKX representative clarified to CoinDesk via a Telegram message, “The OKX DEX aggregator is being mistakenly identified by explorers as the final destination for trades. In reality, the aggregator merely identifies the best price for an order execution, with the final order being placed on one of the DEXs that our aggregator links to.”

The representative added, “After discussions with regulators, we decided to voluntarily suspend our DEX aggregator to carry out necessary tagging and security enhancements. This decision underscores our commitment to transparency in our software and system operations, as well as the safety of our platform and its users.”

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Tether expressed dissatisfaction with the hurried developments in the European market, driven by the enforcement of the MiCA framework. “The rushed actions prompted by statements that do little to clarify the basis for such moves are disappointing,” a Tether spokesperson told Cointelegraph.

According to Tether, these MiCA-induced changes pose significant risks to EU consumers and the local crypto market. The company fears that such actions will expose EU consumers to increased risk as many tokens, not just USDt, are affected by these changes.

Tether warns that these regulatory changes could lead to a “disorderly” market at a time when MiCA is still in the early stages of implementation. Notably, Crypto.com’s MiCA-enforced delisting process will affect a total of 10 tokens, including Wrapped Bitcoin (WBTC), Dai (DAI) stablecoin, and others.

Coinbase, another exchange that delisted USDT in December 2024, said it would delist six tokens to comply with MiCA. However, it delisted WBTC on the entire Coinbase platform for other reasons on December 19, 2024. A Coinbase spokesperson explained, “To meet regulatory requirements, we regularly review the assets we make available to customers on our platform and will consider re-enabling services for stablecoins that achieve MiCA compliance at a later date.”

In addition to potential consumer risks triggered by MiCA, Tether stressed that MiCA has negative implications for stablecoins licensed in the EU. The spokesperson indicated that the USD stablecoin market is almost negligible in Europe, unlike emerging markets where USDT is extremely popular.

Despite its concerns, Tether recognized the importance of established regulatory frameworks such as MiCA for sector growth and reaffirmed its commitment to compliance while introducing innovative technologies like Hadron and supporting transformative projects like Quantor, which are designed to be MiCA compliant.

This statement from Tether follows the European Securities and Markets Authority’s directive to European crypto asset service providers (CASPs) to start restricting non-MiCA-compliant stablecoins by the end of January 2025. The regulator also asked CASPs to completely restrict non-compliant stablecoins by the end of the first quarter of 2025.

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The European Commission is turning to blockchain technology to revolutionize how educational and professional credentials are verified across international borders. The Commission recently announced its collaboration with Protokol, a Web3 and blockchain solutions provider, and the EBSI Vector project. The latter is an EU-funded venture aimed at constructing a decentralized framework for cross-border verification.

The initiative will harness the power of blockchain technology to craft an upcoming credential verification solution. The primary objective is to make it easier for EU citizens to have their credentials acknowledged and accepted in diverse nations. This step forms part of a broader move to leverage technological advancements to streamline processes and build a more efficient future.

Lars Rensing, Protokol’s CEO, shared that the goal is to establish a more secure, open, and decentralized digital infrastructure not only for the EU but also with a global perspective. He stated, “We believe that blockchain and Web3 technology have enormous potential to transform a wide range of industries and prepare them for the future.”

Digital Wallets and Credential Management

As part of the initiative, EU citizens will receive a digital wallet designed by Protokol. This tool will serve as a secure space for storing and using their digital credentials. It’s a move that leverages the potential of blockchain and Web3 technologies to foster a safe and efficient mechanism for handling digital credentials.

The project goes beyond simply creating a digital wallet for credentials. It aims to integrate with other EU initiatives such as EUeID. By bringing together various innovative solutions, the initiative aims to enhance interactions between individuals and organizations, making these processes smoother and more efficient.

Looking Ahead: The Potential of Blockchain in Credential Verification

This collaboration illustrates the growing trend of blockchain adoption for various real-world applications. By integrating blockchain technology into credential verification, the EU, Protokol, and the EBSI Vector project are demonstrating the vast potential this technology holds.

As more industries and sectors recognize the benefits of blockchain, such initiatives are likely to become more common. This move is not just about improving the credential verification process; it’s also about setting a precedent for using blockchain technology to drive improvements in other sectors.

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Endorsement of MiCA Marks a New Era in Crypto Asset Regulation

Tuesday’s unanimous vote by the Economic and Financial Affairs Council of the European Union – comprising the finance ministers of all member states – highlights the collective intent to bring the crypto industry under a more robust legal framework. The ministers approved amendments to the highly anticipated MiCA regulation, setting the stage for its phased implementation from 2024 onwards.

Today’s approval in Brussels reflects the amendments passed by the European Parliament in April, thus pushing other countries, including the United States and the United Kingdom, to bolster their regulatory mechanisms. The call for stricter oversight has been amplified following recent industry disruptions, such as the FTX collapse and the TerraUSD stablecoin implosion.

According to Elisabeth Svantesson, Sweden’s finance minister, recent developments underscore the urgent necessity for regulatory norms that protect European investors in these assets and prevent potential misuse within the crypto sector for money laundering and terrorism financing.

MiCA: A Possible Blueprint for US Crypto Regulation

Since its inception in 2022, MiCA aims to become the first official regulatory framework governing the crypto industry. Once enacted, it will safeguard consumers from fraudulent activities, offering clarity and transparency to the industry. The regulation mandates crypto companies to comply with rules that meticulously define various industry aspects. Furthermore, companies will need to secure approval to operate within the EU, assuming liability for any potential loss of investors’ assets.

MiCA covers a broad spectrum of cryptocurrencies, utility tokens, digital assets, and stablecoins, clearly delineating how these and related services should be conducted across the EU.

In contrast, the US has made minimal progress in enhancing its industry oversight. However, SEC commissioner Hester Peirce believes that MiCA offers a balance between consumer protection and promoting innovation, making it a potentially viable model for the US to follow.

Disclaimer: This article is for informational purposes only and should not be construed as legal, tax, investment, financial, or other advice.

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Binance, a major cryptocurrency exchange, has reportedly resumed allowing users to purchase crypto with Russian bank cards. This move comes after the exchange had limited its services in Russia due to international sanctions. According to BeInCrypto’s Russian language site, compatibility with Russian bank-issued cards was reintroduced this week.

The limitations on Russian accounts began after international sanctions were imposed on Russia for its invasion of Ukraine. In March, Binance blocked transactions with cards issued by banks within the Russian Federation. This action followed the significant withdrawal of Visa and Mastercard, who both stopped providing network services in the country.

In April, Binance deactivated accounts of numerous major clients in response to EU sanctions. Since then, Russian users holding crypto assets worth over 10,000 euros have been barred from making new deposits or trading. However, users with less than 10,000 euros in crypto remained active.

Section 2: Russia’s Push for Alternative Payment Technologies

As a result of its invasion of Ukraine, Russia has found itself increasingly excluded from crucial payments infrastructure, such as the Swift network. Consequently, after the widespread sanctions imposed in 2022, developing new cross-border payment channels has become essential.

The Central Bank of Russia (CBR) Governor Elvira Nabiullina discussed the country’s approach in a recent speech. She emphasized Russia’s investment in domestic infrastructure, ensuring interoperability with foreign partners. Furthermore, she stated that creating an international settlements system is one of CBR’s top priorities.

Section 3: CBDCs and Cryptocurrencies as Potential Solutions

With many existing payment channels between Russia and its trading partners hindered, the country is exploring alternative technologies. For instance, the CBR is developing payment gateways to integrate with foreign systems, working closely with Turkey. Additionally, Russia and Iran initiated collaboration on an interbank payment network earlier this year.

The CBR is also drafting a bill to introduce an “experimental legal regime” for cryptocurrencies to be utilized in international transactions. Moreover, the ongoing development of a central bank digital currency (CBDC) is focusing on cross-border payments. CBR officials recently suggested that the digital ruble platform would be able to interoperate with other CBDCs.

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According to reports, Kraken, the second biggest cryptocurrency exchange in the United States, emailed its Russian clients. The company confirmed on October 19 that it would be ending operations. It said in the email that in light of the new European regulations, they must limit the Russian Kraken accounts. If there are any updates, they will post them to the help desk.

Both Crypto.com and Blockchain.com have recently chosen to restrict access to their sites for Russian citizens. Blockchain.com permitted Russians to withdraw custodial cash and rewards, but Crypto.com did not provide withdrawal details.

However, Kraken users in Russia were informed that they might withdraw money upon request. Unfortunately, the withdrawal cap was not elaborated upon.

Kraken, Crypto. com, Blockchain. com… What’s Next? Will Russia Finally Be Free of Crypto?

EU restrictions on goods that may be used by Russia to improve its military and technical capabilities have been expanded recently. Multiple cryptocurrency exchanges left the area because of this classification.

A representative for Kraken made the following statement:

Since the EU’s announcement, we have been working to make the changes needed to comply with the latest package of sanctions against Russia.

Bitfinex, another cryptocurrency exchange, retaliated by denying service to anybody in Russia who wasn’t on the approved sanction list.

All of these services have discontinued support for Russian users, making it more difficult for Russians to obtain cryptocurrency. As a result, there is widespread concern that the area could soon be cut off from using major cryptocurrencies.

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The Russian war had a considerable effect on the European energy supply, prompting the May announcement of the REPowerEU Plan. The European Commission said that the crisis in Russia presented a chance to quickly speed up the clean transition. The plan’s focus covers blockchains and other distributed ledger technologies as a subset of data centers.

Germany and Ireland dominate European crypto mining, but Sweden has seen a significant increase in activity since China’s ban on crypto mining. The European Securities and Markets Authority is envisioned to provide technical guidelines for crypto mining in this paper.

According to the authors, there are possible policy solutions that may be considered to reduce undesirable repercussions on the climate of technology employed in the crypto-asset market in an undated paper prepared by the EUBOF. In 2025, a study will be released on the effects of crypto assets on the environment, and this file will be essential to that analysis. If the EUBOF’s suggestions are implemented, they said that to lower demand for bitcoin and hence its value, this would be the first effort anywhere in the world.

The study also echoed the EUBOF document in saying that the EU should lead the way in developing international blockchain label standards and that investors need more information regarding the energy usage of cryptocurrencies. There is talk in Norway about reducing tax advantages for cryptocurrency miners.

Mairead McGuinness, the European Union’s commissioner for financial stability, financial services, and the Capital Markets Union, recently made an appearance in Washington, DC, where she emphasized the significance Europe places on the energy and environmental concerns related to cryptocurrency.
The Joe Biden administration of the US has also investigated the ecological effects of cryptocurrency.

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Russia’s effort to seize the areas of Donetsk, Luhansk, Kherson, and Zaporizhzhia prompted the restrictions, which aim to curb the price of oil that Russia may export. Previous crypto sanctions applied to Russian people, residents, and organizations, unless they were located in the EU, and went into force upon publication in the EU’s Official Journal.

Russian Efforts in the Cryptospace

However, Russia also seems to be making strides in the crypto industry, with the Bank of Russia and the Ministry of Finance working together on a proposed legislation to govern cryptocurrency mining in energy-rich areas. Previously, in a report published at the end of January 2022, the Bank of Russia had called for a complete ban on all cryptocurrency activity, including trading and mining.

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