Crypto Weekly: Move over dogecoin, here's Pepe

STORY: From a new memecoin in town, to why the EU is taking the lead on setting rules for crypto, these are the week’s big stories in the world of virtual money…

Memecoins are back in the spotlight, and old champ dogecoin may have a new rival.

The Pepe token - inspired by the internet frog meme - leapt around 7,000% after its mid-April launch.

That’s inspired new interest in the whole class of hyper-speculative, ultra-volatile and often downright strange coins.

One analyst told Reuters it typically happens when - as now - big tokens like bitcoin are trading sideways.

Binance had another busy week.

The crypto exchange pulled out of Canada just weeks after the country issued a series of new regulations for the sector.

Media reports say Binance could also seek UK oversight, amid a battle with what it sees as over-zealous regulators in the U.S.

EU states have given the final nod to the world’s first comprehensive set of rules governing crypto markets.

Firms that want to issue, trade or hold such tokens in the bloc will now have to be licensed.

The rules should be rolled out next year, and the move is seen as piling pressure on the U.S. and UK to follow suit.

And fugitive bitcoin billionaire Do Kwon has been released on bail in Montenegro.

He’s facing charges over crypto fraud in the U.S. and his native South Korea.

Montenegro has also hit Kwon with charges over the use of forged documents.

Washington and Seoul are both seeking extradition of the entrepreneur.