EU Parliament Tags Crypto as Securities: XEROF June '23 Digest

Welcome to our weekly update on the latest news and trends in cryptoassets. XEROF's European research desk reports on the most influential news in the industry and provides critical insights to ensure our clients stay well-informed.

In this edition, we report on:

Why the European Parliament is recommending the classification of cryptoassets as securities

Last week’s top five performing cryptoassets

Tether’s new venture in renewable energy

‍

XEROF also brings you the latest luxury real estate news by covering the most critical updates in the industry and discussing exciting new trends in upscale living, such as:

The surge in super-luxury home sales in global financial centres

Which Mexican resort offers top-tier equine amenities

The current state of the prime London market

‍

Cryptoasset News

European Parliament Study Recommends Classification of Cryptoassets as Securities

According to a Cryptonews report, a European Parliament study proposes that all cryptoassets should be classified as transferable securities by default. To prevent classification as securities, the study suggests that the intermediary responsible for a cryptoasset can obtain an exemption from the national competent authority, which refers to the regulatory authority of an EU member state. In addition, the study recommends shifting the burden of compliance from national regulators to firms that offer or facilitate cryptoasset trading. The goal is to streamline the regulatory process and ensure accountability for those directly involved in digital currency transactions.

The Top 5 Performing Cryptoassets Last Week

As reported by BeInCrypto, during the week of May 26th to June 3rd, the cryptoasset market witnessed the rise of the following top five bullish altcoins, which emerged as the biggest gainers:

1. Injective (INJ) price increased by 27.88%
2. Quant (QNT) price increased by 21.46%
3. XDC Network (XDC) price increased by 17.13%
4. Aptos (APT) price increased by 13.82%
5. The Graph (GRT) price increased by 13.56%

During the week, Injective (INJ) was the most significant price gainer. In addition, its price has risen significantly since the beginning of the year.

Tether Leaps into Renewable Energy and Bitcoin Mining in Uruguay

CNBC has reported on Tether's expansion into the renewable energy sector and sustainable Bitcoin mining in Uruguay. Tether, traditionally associated with its widely used stablecoin, is now entering the realm of eco-friendly initiatives, positioning itself as a leader in the cryptoasset industry's shift toward sustainability. Tether has expressed its commitment to environmental responsibility and intends to use Uruguay's abundant renewable energy resources to reduce the ecological impact of Bitcoin mining.

‍

Luxury Real Estate News

First Quarter Sees an 11% Surge in Super-Luxury Home Sales in Global Financial Centres

Knight Frank reported that sales of luxury properties in global financial centres rose significantly in the first quarter. The data shows that sales were up 11% compared to December. A total of 417 properties valued at $10 million or more were sold in 12 markets. This represents a rebound from the second quarter of last year and an uptick in superprime property sales.

Luxury Residences Gallop into the Spotlight with Equine Amenities

As reported by the New York Times, Mandarina, a luxury resort in Mexico, is taking the concept of opulence to new heights by offering buyers 49 polo horses alongside stunning infinity pools and ocean views. In addition, the developer has constructed magnificent stables designed by renowned architects, which serve as a focal point where residents can access the expertise of two polo professionals and their herd of horses. This ambitious project is expected to draw buyers' interest from the ultra-luxury market.

Prime London Market Thrives as Housing Supply and Demand Surge

The London prime property market saw strong demand in the first four months of the year, outperforming the five-year average (excluding 2020) for new prospective buyers by 35%. As a result, London's prime property supply has also increased, with the number of offers rising by 16% over the same period. This increase in supply led to an 8% increase in property exchanges compared to the five-year average (excluding 2020).

‍

Company News

Brussels - Brussels Blockchain Week (June 6-8)

XEROF will attend Brussels Blockchain Week 2023 alongside senior representatives from leading European and global institutions. If you want to review the key speakers at this year’s main conference, you can check out the list on the official website. 

At the event on June 7^th, between 10:30-11:15, XEROF’s COO Marc Taverner will discuss “What Can Blockchain-Based Finance Learn from Traditional Finance Regulation?”. This seminar will take place on Stage 2 in the Merode Salon.

Please contact us if you would like to arrange a meeting at Brussels Blockchain Week, and don’t forget to purchase your ticket early for this event.