European Squash Federation Adopts Bitcoin as a Strategic Reserve Asset
The European Squash Federation (ESF) is pioneering Bitcoin adoption in the region after becoming the first major sports agency to create a strategic reserve.After conquering the United States, the Bitcoin adoption wave is slowly moving into Europe. With European Union lawmakers already considering creating a strategic Bitcoin reserve, corporate firms have started adopting the idea of holding Bitcoin on their balance sheets.The European Squash Federation, a sporting firm that promotes squash games in the bloc, recently announced that it is adopting Bitcoin. Notably, the private corporation disclosed it would use the pioneering cryptocurrency in different capacities, including as a strategic reserve asset.First Sporting Organization to Hold BitcoinIn a blog post yesterday, the squash gaming federation announced that it has embraced Bitcoin, becoming the first major sports federation to do so in Europe. The agency noted that this move demonstrates its openness to digital financial innovations.Notably, the ESF revealed that as part of the innovation, it will create a strategic Bitcoin reserve, holding the asset in its balance sheet. Furthermore, it will leverage Bitcoins transactional capabilities to facilitate inward and outward transfers, where feasible.Meanwhile, the European squash agency has also created a platform that enables Bitcoin donations. The protocol allows enthusiasts and companies to make Bitcoin-only payments to the ESF to support its sporting activities.Reacting to the announcement, Otto Kalvo, the president of the ESF, said that the new embrace would pave the way for technological innovation to thrive in Europe. It also aims to encourage other sports federations to adopt Bitcoin.MiCA Regulation Steers Crypto AdoptionMoreover, the easing regulatory regime in Europe follows the inception of the Markets in Crypto-Assets (MiCA) framework. The new dispensation fully started on December 30, providing a clear regulatory framework for crypto companies in the bloc.The new regulation will introduce stringent customer protection requirements for crypto firms. Virtual operators in Europe will complete thorough KYCs and obtain credibility licenses.Nonetheless, a liberal disposition towards cryptocurrencies in the United States may have forced the paradigm shift. For context, Donald Trumps crypto embrace spurred a global FOMO, with countries like Russia and Brazil already contemplating adopting the pioneering cryptocurrency.
Text source: The Crypto Basic
