

MiCA: EU Signs Off on Landmark Crypto Regulation Text



The EU Council has endorsed the Markets in Crypto Assets (MiCA) law. The document specifies important rules for tokens and service providers.
Rules for Crypto Tokens, Stablecoins, Exchanges
A significant milestone for crypto rules in the European Union was reached on Oct. 5 as the EU Council endorsed and published the approved text of the much anticipated Markets in Crypto Assets (MiCA) law. The act, which is set to take effect in 2024, still has to be voted into law by the European Parliament with the vote anticipated in December.
MiCA introduces a crypto licensing framework for the EU and establishes requirements for stablecoins as well as identity verification requirements for crypto exchanges. Following intense political negotiations between EU bodies and lobbying groups, the main provisions of the act were agreed in June.
At that time, the EU had said that MiCA will set high consumer protection standards and ensure a level playing field in the “Wild West of the crypto-world.” Publishing of the finalized text has been mostly welcomed by the EU crypto community.
We can finally pop our champagne bottles 🍾
— Tommaso Astazi (@tommasoastazi) September 21, 2022
Habemus #MiCA and it’s looking very good for the #crypto industry in the EU!
More details coming soon 👀 https://t.co/JoUW6Qio09
MiCA states it will define crypto assets as broadly as possible so regulation can keep pace with the rapidly changing digital asset market. The act specifies three types of crypto assets that will fall under its purview - eMoney (referring to stablecoins that reference one official currency), Asset Referenced Assets (all other crypto currencies with a financial use), and Utility Assets.
The EU has specified strong disclosure and information rules and provided guidance for issuers of digital assets and crypto asset service providers (CASPs) in order to be licensed by the European Securities and Markets Authority (ESMA). It grants powers to the ESMA to decide what information crypto asset issuers need to provide in their white papers, with especially strong requirements for stablecoins.
Stablecoin reserves need to be “segregated and insulated” and ensure that consumers are “fully protected in case of insolvency.” Non-euro stablecoins are limited to transaction volume of 200 million Euros per day in the EU. Concerns in the EU over the fate of its own digital euro initiative is thought to be the reason for this curb, which will affect the largest stablecoin tokens (Tether, USDC and BUSD) dollar-denominated stablecoins that are already well in excess of those limits.
▶️USD DENOMINATED STABLECOINS/2
— Blockchain for Europe (@BlockchainforEU) October 6, 2022
After some uncertainty, now we know that:
✅USD-stablecoins used for spot #trading will NOT be captured by the limits
❌USD-stablecoins used by smaller #CEXs as means of #settlement for transactions between crypto-assets WILL be capped
20/22
Non-Fungible Tokens (NFTs) will theoretically not come under the MiCA regulation, however they will need to qualify as “unique and non-fungible” assets. It remains to be seen how EU authorities will define these terms.
Other rules include a requirement for CASPs to protect consumer wallets and the platforms can be held liable for losing consumers’ crypto assets. The European Banking Authority (EBA) will maintain a public register of non-compliant and non-supervised CASPs to prevent EU licensed service providers from dealing with them.
Many in the European Web3 community expressed concern over the new rules, saying they could lead to a lot of compliance burden on the sector.
“This marks a new era for crypto regulations in Europe because this could mean a very different crypto market once the regulation comes into effect,” said Marina Markezic, co-founder of lobby group European Crypto Initiative, during a Twitter Spaces discussion.
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This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
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Related News


Ice Network Releases Whitepaper: Here’s What You Need to Know

The Whitepaper details Ice Network’s components, including tokenomics and more.
Ice Network, a mobile mining blockchain platform, has recently made its long-awaited whitepaper available to its user base, referred to as Snowmen. The whitepaper was released to the public on September 28.
🎉 Exciting news! 🎉 Our Whitepaper is now LIVE! 📄 Access it directly from the app under the news section. 📲
— Ice: Decentralized Future (@ice_blockchain) September 28, 2023
New to Ice? Our invitation page has a fresh look and is packed with all the necessary info, making it easier than ever to dive in! 🚀🤓
But that's not all! We've…
For users eager to access the document, it is available through the Android application in the news section. The protocol has further confirmed that an iOS version will be released for iPhone users soon after confirming its submission on the Appstore store, which ostensibly not yet been accepted.
The whitepaper offers a comprehensive insight into the Ice Open Network (ION), providing information about various components of this mining blockchain. These components include IceID, IceConnect, IceNet, IceVault, and IceQuery. Additionally, the whitepaper delves into the intricacies of Decentralized Community Governance and Tokenomics.
Components of Ice Network
Here’s a quick overview of the components, according to the document:
IceID: IceID is the network’s decentralized digital identity designed to bridge the gap between real-world use cases and blockchain technology. The IceID allows ION-based and other Decentralized Applications (dApps) to interact with verified and trusted users while protecting their personal identification data with enhanced security and privacy measures.
“By decentralizing key aspects of digital identity management – such as data storage and access control – users can decide which dApps can access their data, which attributes are accessed, when they are accessed, and for what purpose,” the document reads.
IceConnect: Ice Network refers to this as “Decentralized Social Media,” aiming to promote information accessibility, limit censorship, and give authority over the spread of information to users.
IceNet: This is the blockchain’s Decentralized Proxy and Content Delivery Network. IceNet was introduced to give users “digital freedom in an era of increasing censorship.” With the service, Ice users can deliver uninterrupted content with privacy. Further, IceNet offers dApps and users secure, swift, and continuous access to content.
IceVault: IceVault is the network’s Decentralized Storage, designed to offer users an alternative to traditional cloud storage providers. Ice Network wrote that the IceVault “provides an infrastructure with reduced risk of hacks, unauthorized access, or data breaches.”
IceQuery: This is the last component, the Decentralized Database, created to provide a transparent, trustworthy, and secure database system for dApps building on the ION ecosystem.
Ice Network aims to provide a comprehensive solution for dApps, data management, and digital identity by combining all components into its platform.
“By integrating these features into a single, scalable blockchain infrastructure capable of handling millions of requests per second and catering to billions of users, the Ice Open Network aims to provide a comprehensive solution for decentralized applications, data management, and digital identity. This positions ION at the forefront of a new, user-centric digital landscape,” Ice wrote.
Building on TON’s Foundation
According to the whitepaper abstract, ION is building upon the foundation of The Open Network (TON) blockchain. Its primary goal is to establish an ecosystem of decentralized services that encourage active participation and genuine content creation. This ecosystem is designed to reward contributors and foster the development of authentic content.
The release of Ice Network's whitepaper is a significant development for the Ice ecosystem, offering a detailed and transparent overview of the platform's key components and objectives.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $1500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
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