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UK Opens New Chapter for Crypto as FCA Starts Accepting Applications

<p class="text-left mb-4 ">The UK’s Financial Conduct Authority (FCA) began accepting applications for <a href="https://jrkripto.com/tr/analytics" target="_blank" rel="noreferrer" class="text-primary underline">cryptoasset </a>authorisation on September 30. The regulator urged firms seeking to continue operating in the country to apply by February 28, 2027, ahead of the new regime taking effect on October 25, 2027.</p><p class="text-left mb-4 ">According to the FCA, applicants will be assessed on consumer protection, safeguarding of customer assets, market integrity and financial resilience. Submitting an application will not guarantee approval; firms that fail to meet the required standards will not receive authorisation under the new regime.</p><h2 class="text-left text-foreground text-3xl font-bold mb-3 mt-1">FCA will assess crypto firms across four key areas</h2><p class="text-left mb-4 ">The application process marks the implementation phase of the UK’s plan to bring the crypto sector under broader regulatory oversight. The FCA requires firms to demonstrate clearly that they meet its standards.</p><p class="text-left mb-4 ">Dominic Cashman, the FCA’s director of authorisation, said the new regime would give consumers stronger protections and firms a clear framework in which to operate. The regulator is also supporting applicants through pre-application meetings and webinars.</p><p class="text-left mb-4 ">Existing firms that apply during the application window may continue providing services under the relevant conditions if their applications remain under review when the new rules take effect. This will also allow them to take on new business while awaiting a decision.</p><h2 class="text-left text-foreground text-3xl font-bold mb-3 mt-1">Existing registrations will not automatically become authorisations</h2><p class="text-left mb-4 ">The FCA’s application guidance sets out a separate requirement for firms registered under anti-money laundering regulations. Existing registration under the Money Laundering Regulations (MLRs) will not automatically convert into authorisation under the new system.</p><p class="text-left mb-4 ">These firms will need to obtain the necessary authorisation under the Financial Services and Markets Act. Businesses already authorised for other financial activities will need to extend their existing permissions to cover cryptoasset services.</p><p class="text-left mb-4 ">Firms will submit their applications through the FCA’s Connect system. An existing registration or authorisation relationship with the regulator will therefore not remove the requirement to apply for the relevant cryptoasset permissions.</p><h2 class="text-left text-foreground text-3xl font-bold mb-3 mt-1">Firms that miss the application window will face restrictions</h2><p class="text-left mb-4 ">February 28, 2027, does not mark the end of all opportunities to apply. However, firms applying after that date will not receive an expedited assessment to compensate for their late submission.</p><p class="text-left mb-4 ">Late applicants that have not secured authorisation when the regime begins will fall under transitional provisions. They will only be allowed to conduct activities necessary to fulfil existing contracts and will be unable to enter into new contracts with either existing or new UK customers.</p><p class="text-left mb-4 ">Firms that do not apply before the new regime begins will need to wind down their relevant UK cryptoasset business by that date. The application timetable will therefore directly affect their ability to accept customers and maintain services.</p><h2 class="text-left text-foreground text-3xl font-bold mb-3 mt-1">Trading platforms, custody and staking services fall within scope</h2><p class="text-left mb-4 ">The FCA’s perimeter guidance, published on September 16, explains which activities will fall under the regime. It covers issuing qualifying stablecoins, operating cryptoasset trading platforms, dealing and arranging deals, safeguarding assets and arranging staking services.</p><p class="text-left mb-4 ">Firms will need to determine which permissions their products and services require based on their business models. The FCA will also consult in October on targeted updates to the guidance following limited legal exclusions and clarifications affecting certain technical service providers.</p><p class="text-left mb-4 ">The final rules announced on June 30 include financial resilience requirements such as capital standards and stress testing. The framework also introduces provisions addressing insider trading and market manipulation.</p><p class="text-left mb-4 ">The FCA says it will apply established financial services standards to crypto firms where the risks are comparable. This includes the Consumer Duty rules governing firms’ responsibilities toward consumers.</p><p class="text-left mb-4 ">Until the new rules take effect in October 2027, the FCA’s oversight in this area will remain largely limited to financial promotions and anti-money laundering controls. The regulator also stresses that broader regulation will not eliminate the risks associated with crypto investments.</p>

30 Sep 2026

Bitcoin Gains Momentum as US Inflation Supports Markets

<p class="text-left mb-4 ">Bitcoin climbed toward $86,000 following the release of US inflation data. Below-forecast core PCE figures lowered expectations for another Fed interest rate hike.</p><p class="text-left mb-4 ">According to market data, <a href="https://jrkripto.com/tr/coin/btc" target="_blank" rel="noopener noreferrer" class="text-primary underline">Bitcoin</a> gained approximately 2.4% following the announcement, trading near $86,000. However, it later retreated to just above $84,000, surrendering part of its initial gains.</p><p class="text-left mb-4 "> <figure class="my-6"> <img src="https://minio-api-1.jrkripto.com/blog/btcusdt-2026-09-30-17-02-07-661f2e8c.webp" alt="BTCUSDT_2026-09-30_17-02-07.png" width="auto" height="auto" class="w-full rounded-lg border" /> </figure> </p><p class="text-left mb-4 ">Consequently, US economic releases took center stage in the crypto market’s macroeconomic outlook. Investors assessed the inflation surprise alongside growth and employment figures.</p><h2 class="text-left text-foreground text-3xl font-bold mb-3 mt-1">Bitcoin rises following PCE data</h2><p class="text-left mb-4 ">The US core PCE price index increased 0.2% monthly in August. Its annual increase reached 3%.</p><p class="text-left mb-4 ">Forecasts had pointed to increases of 0.3% monthly and 3.3% annually. Therefore, both readings came in below market expectations.</p><p class="text-left mb-4 ">Meanwhile, the headline PCE price index rose 0.3% from the previous month. The Fed closely monitors PCE measures when assessing price pressures.</p><p class="text-left mb-4 ">Gains in traditional markets accompanied Bitcoin’s advance following the release. However, available data cannot attribute Bitcoin’s entire move to a single announcement.</p><p class="text-left mb-4 ">Alongside interest rate expectations, institutional demand and investor positioning also influence crypto prices. Therefore, the inflation release represented one important factor shaping the day’s trading.</p><h2 class="text-left text-foreground text-3xl font-bold mb-3 mt-1">Shifting Fed expectations support crypto</h2><p class="text-left mb-4 ">Following the releases, markets priced roughly a 37% probability of an October Fed rate hike. Consequently, expectations for unchanged interest rates gained greater weight.</p><p class="text-left mb-4 ">The Fed’s September rate hike had increased the importance of incoming data. Investors now seek clarity on the pace of further tightening.</p><p class="text-left mb-4 ">Falling expectations for additional rate hikes can create more favorable conditions for risk assets. Higher interest rates can encourage investors to favor interest-bearing investments.</p><p class="text-left mb-4 ">Conversely, easing tightening pressure can support demand for assets such as Bitcoin. However, this relationship does not produce equally strong price movements after every economic release.</p><p class="text-left mb-4 ">Moreover, a potential October pause does not imply an imminent interest rate cut. Markets currently continue to adjust their expectations for the timing of another increase.</p><h2 class="text-left text-foreground text-3xl font-bold mb-3 mt-1">Inflation revisions draw attention</h2><p class="text-left mb-4 ">Changes to July’s figures also matter when assessing August’s results. The Bureau of Economic Analysis lowered July’s annual core PCE increase from 3.3% to 3%.</p><p class="text-left mb-4 ">Consequently, July and August show identical annual increases in the updated series. August’s main surprise came from undershooting the market’s 3.3% forecast.</p><p class="text-left mb-4 ">This distinction separates inflation’s month-to-month trajectory from its performance against expectations. Both the level and persistence of inflation will matter in subsequent Fed assessments.</p><h2 class="text-left text-foreground text-3xl font-bold mb-3 mt-1">Economic strength keeps the rate debate alive</h2><p class="text-left mb-4 ">The US economy recorded annualized growth of 2.2% in the second quarter. The previous estimate had indicated growth of 1.5%.</p><p class="text-left mb-4 ">Additionally, ADP reported that private employers added 90,000 jobs in September. This exceeded August’s revised increase of 36,000.</p><p class="text-left mb-4 ">Real personal spending also rose 0.6% monthly in August. The result showed that consumption remained resilient despite elevated costs.</p><p class="text-left mb-4 ">Strong growth can ease concerns about an economic slowdown. However, robust demand could also encourage the Fed to remain cautious about inflation.</p><p class="text-left mb-4 ">Crypto investors will next focus on employment data and comments from Fed officials. Subsequent trading will reveal whether Bitcoin can retain its remaining gains.</p>

30 Sep 2026

Standard Chartered Sets $2 Price Target for ENA

<p class="text-left mb-4 ">Standard Chartered has set a $2 price target for Ethena’s governance token, ENA, by the end of 2028. The bank’s assessment highlights how revenue generated through USDe’s growth could fund ENA buybacks. Its outlook centers on the intended link between the protocol’s business activity and demand for the token.</p><p class="text-left mb-4 ">The assessment, prepared by Geoffrey Kendrick, the bank’s head of digital assets research, focuses on Ethena’s efforts to diversify its revenue sources. The bank believes growth in stablecoin adoption, derivatives markets, and asset tokenization could support the project.</p><p class="text-left mb-4 ">As of September 30, <a href="https://jrkripto.com/tr/coin/ena" target="_blank" rel="noopener noreferrer" class="text-primary underline">ENA</a> is trading at around $0.25.</p><p class="text-left mb-4 "> <figure class="my-6"> <img src="https://minio-api-1.jrkripto.com/blog/enausdt-2026-09-30-14-48-03-835f5aaf.webp" alt="ENAUSDT_2026-09-30_14-48-03.png" width="auto" height="auto" class="w-full rounded-lg border" /> </figure> </p><h2 class="text-left text-foreground text-3xl font-bold mb-3 mt-1">USDe Supply Expected to Grow Roughly Eightfold</h2><p class="text-left mb-4 ">Standard Chartered’s scenario projects USDe supply reaching approximately $40 billion by the end of 2028. Reports covering the research put the starting level at around $4.9 billion. This forecast would require supply to grow roughly eightfold in just over two years.</p><p class="text-left mb-4 ">USDe is Ethena’s synthetic dollar product, designed to maintain its value against the US dollar. The protocol aims to hedge against price movements by offsetting its backing assets with derivatives positions. Users who stake USDe can receive a share of the protocol’s yield through sUSDe.</p><p class="text-left mb-4 ">USDe and ENA serve different functions within this structure. While USDe’s supply reflects adoption of the product, the proposed ENA buyback mechanism aims to translate revenue into demand for the token. The bank’s bullish outlook depends on these two areas developing together.</p><h2 class="text-left text-foreground text-3xl font-bold mb-3 mt-1">First USDe Supply Threshold for ENA Buybacks Set at $7.5 Billion</h2><p class="text-left mb-4 ">Ethena’s governance proposal dated August 27 outlines a tiered model linking buybacks to USDe supply. The first threshold is set at $7.5 billion. As supply grows, the share of protocol revenue allocated to the mechanism would also increase.</p><p class="text-left mb-4 ">Once the first threshold is reached, the proposal aims to direct 95% of net revenue paid to the Ethena Foundation toward ENA buybacks. The framework covers the USDe savings product, white-label stablecoin services, and the business line referred to as “Ethena [X]” at the time of the announcement.</p><p class="text-left mb-4 ">The 95% figure applies to net revenue flowing to the foundation. The size of the buyback budget therefore depends on USDe supply, the revenue generated by the protocol, and the foundation’s share. These conditions are central to assessing the price forecast.</p><h2 class="text-left text-foreground text-3xl font-bold mb-3 mt-1">Tokenized Equities Could Broaden Revenue Sources</h2><p class="text-left mb-4 ">Another part of Ethena’s growth plan involves generating returns from assets beyond crypto markets. The tokenized equity framework published on the protocol’s governance forum combines spot equity tokens with offsetting derivatives positions.</p><p class="text-left mb-4 ">Under this model, the protocol buys a tokenized stock while opening a short position in a perpetual futures contract tied to the same underlying asset. The aim is to offset changes in the stock’s price while collecting funding payments in the derivatives market. This would extend a strategy used in crypto assets into equities.</p><p class="text-left mb-4 ">However, this expansion also comes with its own requirements. The framework calls for an assessment of trading platforms, collateral structures, and the characteristics of the tokens representing the underlying assets. Adding new assets therefore introduces different operational risks alongside potential revenue opportunities.</p><h2 class="text-left text-foreground text-3xl font-bold mb-3 mt-1">Reaching the Price Target Depends on Growth Generating Revenue</h2><p class="text-left mb-4 ">Standard Chartered’s $2 target reflects a scenario in which USDe adoption expands and buybacks support demand for ENA. The bank expects Ethena’s position across three markets to help drive that process.</p><p class="text-left mb-4 ">The structure of the buyback proposal identifies the key indicators to watch: USDe supply, protocol revenue, and the amounts flowing to the foundation. The mechanism suggests that the impact of supply growth on ENA also depends on revenue generation. Reaching the specified thresholds alone would not mean that ENA will reach the target price.</p>

30 Sep 2026

Bitwise Launches the First U.S. Spot NEAR ETF

<p class="text-left mb-4 ">Bitwise Asset Management has launched the Bitwise NEAR ETF, which it describes as the first U.S. spot NEAR exchange-traded product. According to the company’s September 29 announcement, the product will trade on NYSE Arca under the ticker NRR.</p><p class="text-left mb-4 ">The fund offers investors exposure to NEAR’s price movements while also seeking to capture staking rewards. Bitwise has set the annual management fee at 0.75%.</p><h2 class="text-left text-foreground text-3xl font-bold mb-3 mt-1">NEAR ETF Also Targets Staking Rewards</h2><p class="text-left mb-4 ">Bitwise plans to stake the fund’s NEAR tokens through its in-house institutional staking team. Citing network data from September 25, the company reported an annualized NEAR staking reward rate of approximately 5%.</p><p class="text-left mb-4 ">However, this figure does not represent a guaranteed return for ETF investors. Bitwise notes that rewards may change and that staking income earned by the fund will accrue to shareholders through its net asset value per share.</p><p class="text-left mb-4 ">According to the product’s official website, the fund aims to stake all NEAR holdings outside its liquidity reserve. With the reserve set at zero as of September 28, the initial target is to stake approximately 100% of its tokens.</p><p class="text-left mb-4 ">The manager reviews the liquidity reserve each month. As a result, the proportion of assets allocated to staking may change depending on the fund’s policies and operational needs.</p><h2 class="text-left text-foreground text-3xl font-bold mb-3 mt-1">Bitwise Highlights the AI Economy</h2><p class="text-left mb-4 ">At the launch, Bitwise emphasized NEAR’s transaction infrastructure for artificial intelligence applications. Matt Hougan, the company’s chief investment officer, said AI agents making reservations, payments and asset swaps on behalf of users would need fast and reliable settlement systems.</p><p class="text-left mb-4 ">The company pointed to NEAR Intents as a leading example of this approach. According to Bitwise’s announcement, the protocol’s cumulative transaction volume has exceeded $32 billion.</p><p class="text-left mb-4 ">NEAR Intents aims to simplify transactions across different blockchains for users. The protocol’s official overview describes a system that reduces the need to manage transaction fees and bridging processes separately across networks.</p><p class="text-left mb-4 ">This infrastructure serves decentralized finance applications, AI agents and individual users. Developers can also access liquidity across different networks through a single integration.</p><h2 class="text-left text-foreground text-3xl font-bold mb-3 mt-1">How Does NEAR Intents Execute Transactions?</h2><p class="text-left mb-4 ">Users specify the outcome they want from a swap. Service providers known as “solvers” then compete by offering quotes to fulfill the request.</p><p class="text-left mb-4 ">In NEAR’s example, a user wants to exchange BTC on the Bitcoin network for USDC on Arbitrum. The interface submits the request to the system; connected providers offer quotes, and the transaction proceeds based on the selected offer.</p><p class="text-left mb-4 ">This model aims to let users holding assets across different networks manage swaps through a single interface. For AI applications, the same infrastructure provides a mechanism for executing specified transactions on a user’s behalf.</p><h2 class="text-left text-foreground text-3xl font-bold mb-3 mt-1">Fund Shares Differ From Direct NEAR Ownership</h2><p class="text-left mb-4 ">NRR investors will gain indirect exposure to NEAR through fund shares. The product’s official documents emphasize that buying ETF shares is not the same as purchasing NEAR tokens directly.</p><p class="text-left mb-4 ">The fund’s value will depend on the market value of the NEAR it holds. Management expenses will also affect the amount of NEAR represented by each share, while staking carries additional risks, including lost rewards and operational disruptions.</p><p class="text-left mb-4 ">Although the product uses “ETF” in its name, it is not an investment company registered under the U.S. Investment Company Act of 1940. It therefore does not offer the same protections as traditional investment funds registered under that law.</p><p class="text-left mb-4 ">At the time of writing, <a href="https://jrkripto.com/tr/coin/near" target="_blank" rel="noopener noreferrer" class="text-primary underline">NEAR was trading</a> at around $4.96.</p><p class="text-left mb-4 "> <figure class="my-6"> <img src="https://minio-api-1.jrkripto.com/blog/nearusdt-2026-09-29-19-31-55-1a09e2e1.webp" alt="NEARUSDT_2026-09-29_19-31-55.png" width="auto" height="auto" class="w-full rounded-lg border" /> </figure> </p>

29 Sep 2026

Coinbase Wins CFTC Approval for 24/7 Settlement With USDC

<p class="text-left mb-4 ">Coinbase has received approval from the U.S. Commodity Futures Trading Commission (CFTC) for its derivatives clearinghouse, Coinbase Clearing LLC. In its September 28 announcement, the company said the new infrastructure is designed to support USDC collateral and round-the-clock settlement, seven days a week.</p><p class="text-left mb-4 ">The approval adds another component to <a href="https://jrkripto.com/tr/exchanges/coinbase-exchange" target="_blank" rel="noopener noreferrer" class="text-primary underline">Coinbase’s</a> U.S. derivatives infrastructure. Alongside its existing brokerage and derivatives exchange, the company now has a registered clearinghouse.</p><h2 class="text-left text-foreground text-3xl font-bold mb-3 mt-1">Coinbase Gains Derivatives Clearing Capabilities</h2><p class="text-left mb-4 ">Coinbase Clearing LLC has secured registration as a Derivatives Clearing Organization (DCO). This gives Coinbase the ability to create and settle fully collateralized contracts directly.</p><p class="text-left mb-4 ">Within the company’s derivatives business, Coinbase Financial Markets serves as the broker, while Coinbase Derivatives operates the exchange. Coinbase Clearing adds clearing services to this structure.</p><p class="text-left mb-4 ">Coinbase expects the new infrastructure to accelerate product development and improve operational efficiency. The company also says it will gain greater flexibility to introduce new regulated products over time.</p><p class="text-left mb-4 ">Clearinghouses help ensure that buyers and sellers meet their obligations in derivatives transactions. They also help manage counterparty risk, including the possibility that one party fails to fulfill its obligations.</p><p class="text-left mb-4 ">Clearing infrastructure therefore plays an important role in the process that follows an order match on an exchange. The approval also supports Coinbase’s expansion as a provider of financial market infrastructure.</p><h2 class="text-left text-foreground text-3xl font-bold mb-3 mt-1">USDC Collateral and Round-the-Clock Settlement Take Center Stage</h2><p class="text-left mb-4 ">Coinbase describes the new entity as the first clearinghouse built around native USDC use. Its core features include USDC collateral and 24/7 settlement.</p><p class="text-left mb-4 ">Coinbase General Counsel Molly Abraham said the approval completes the company’s end-to-end derivatives infrastructure. According to Abraham, the structure will support the introduction of more regulated derivatives products using USDC collateral.</p><h2 class="text-left text-foreground text-3xl font-bold mb-3 mt-1">Approval Covers Fully Collateralized Products</h2><p class="text-left mb-4 ">The clearing authorization is limited to fully collateralized futures, options on futures, and swaps. Coinbase Clearing’s registration does not authorize it to clear leveraged products.</p><p class="text-left mb-4 ">A fully collateralized model requires complete collateral coverage for contractual obligations. This scope determines which products Coinbase can support through its new clearinghouse.</p><p class="text-left mb-4 ">Completing its derivatives infrastructure therefore does not mean Coinbase will transfer clearing for all existing products to the new entity. The company will continue working with external clearing partners for certain products.</p><h2 class="text-left text-foreground text-3xl font-bold mb-3 mt-1">Existing Partners Will Continue Supporting Leveraged Products</h2><p class="text-left mb-4 ">Coinbase said it will continue relying on its existing partners to support its margined derivatives business. Its planned launch of single-stock perpetual futures also falls within this arrangement.</p><p class="text-left mb-4 ">This distinction clarifies the new clearinghouse’s role. Fully collateralized products fall within Coinbase Clearing’s authorized scope, while certain other products will continue to rely on existing partnerships.</p>

29 Sep 2026

Regulation

UK Opens New Chapter for Crypto as FCA Starts Accepting Applicationsabout 11 hours ago

Politics, BTC

Bitcoin Gains Momentum as US Inflation Supports Marketsabout 12 hours ago

Altcoin

Standard Chartered Sets $2 Price Target for ENAabout 14 hours ago

Altcoin

Bitwise Launches the First U.S. Spot NEAR ETF1 day ago

Regulation

Coinbase Wins CFTC Approval for 24/7 Settlement With USDC1 day ago

Regulation

UK Opens New Chapter for Crypto as FCA Starts Accepting Applicationsabout 11 hours ago

Politics, BTC

Bitcoin Gains Momentum as US Inflation Supports Marketsabout 12 hours ago

Altcoin

Standard Chartered Sets $2 Price Target for ENAabout 14 hours ago

Altcoin

Bitwise Launches the First U.S. Spot NEAR ETF1 day ago

Regulation

Coinbase Wins CFTC Approval for 24/7 Settlement With USDC1 day ago

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