The UK Financial Conduct Authority (FCA) this week formally published a crypto-asset regulatory framework that allows overseas trading platforms to serve UK users through locally authorized branches and connect to global trading infrastructure. According to Odaily, the framework is widely described by the industry as emphasizing access to global liquidity, though its implementation is expected to face significant compliance and approval challenges. Under the new rules, the FCA’s approach is intended to avoid creating a closed domestic liquidity pool. The framework also permits stablecoins issued outside the UK to circulate in the UK market, a stance described as differing from the European Union’s Markets in Crypto-Assets (MiCA) model. The rules introduce a “Qualified Cryptoasset Trading Platform” (QCATP) mechanism, which is viewed as a key structure linking global exchanges with the UK market and is expected by some industry participants to improve price efficiency and market depth. However, industry sources said the FCA has not clarified which jurisdictions will be recognized as providing “comparable regulatory protections,” and this uncertainty may affect firms’ planning decisions. Separately, decentralized finance (DeFi)-related rules remain incomplete. Some practitioners expressed concern that early proposals could restrict centralized platforms’ access to the DeFi ecosystem, potentially leaving the UK behind other jurisdictions in related innovation. On compliance, lawyers said authorization under the new Financial Services and Markets Act framework could be highly stringent. Historical data cited by lawyers show the FCA’s anti-money laundering registration approval rate has been below 15%. The new system is also expected to cover consumer duty, capital adequacy, operational resilience, and senior management accountability, raising market entry requirements. Industry participants said the framework provides an institutional basis for capital to enter the crypto market, while the UK’s positioning will depend on regulatory certainty and approval efficiency in the coming months.

UK Prime Minister Keir Starmer and French President Emmanuel Macron issued a joint statement on July 3 saying the two countries will work with Oman to safeguard shipping security in its sovereign territorial waters. According to Odaily, Iranian Deputy Foreign Minister Kazem Gharibabadi responded on July 4, saying the Strait of Hormuz is not a venue for military displays by countries outside the region and that Iran opposes any military action that could affect the waterway’s security. Gharibabadi said on social media that Iran, as a guarantor of security in the Strait of Hormuz, will remain highly vigilant regarding related military developments. He added that security in the strait should be jointly maintained by coastal states, and that any actions that create a crisis would leave the parties involved responsible for the consequences. He also said the warning was “serious.”

JPMorgan technical strategist Jason Hunter said record bullishness on Wall Street could set the stage for a stock market correction as the Q2 earnings season begins. According to NS3.AI, nearly 60% of S&P 500 stocks currently carry Buy ratings. Hunter also pointed to expectations that S&P 500 earnings per share will grow 22% year over year.

Nearly one million investors had lost about $3.81 billion on Trump-related meme coins as of the end of June, according to an analysis by Nansen. According to NS3.AI, the analysis said the tokens’ trading mechanism allows Trump to profit from transaction fees and continued market activity. The report also linked repeated promotion on Truth Social to higher trading volumes.

Tether CEO Paolo Ardoino said large technology companies in the AI industry are subsidizing computing power to expand their user bases, relying on infrastructure expansion driven by high capital expenditures, with related assets often depreciating quickly within three to five years. According to Odaily, Ardoino said this approach is creating multiple structural mismatches. He listed mismatches between token prices and real value, between profit cycles and capital investment cycles, and between the cost of capital and debt maturity timelines. Ardoino also said open-source AI is continuing to erode revenue potential. Ardoino said that as these structural pressures accumulate, risks in the industry are building, and he questioned what could go wrong within such a structure.

The total market capitalization of stablecoins has fallen by about $10 billion to roughly $300 billion amid a continued crypto market pullback. According to ChainCatcher, on-chain analyst Yu Jin said the decline reflects net outflows across major stablecoins over the past quarter. Yu Jin reported that USDT supply decreased to $184.1 billion from $189.8 billion, an outflow of $5.7 billion. USDC supply fell to $73.0 billion from $79.6 billion, an outflow of $6.6 billion, the largest among stablecoins cited.

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