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A crypto storm is brewing: The EU takes the reins!

Tue 20 Jun 2023 ▪ 3 min of reading ▪ by Evans S.
Getting informed Crypto regulation

The European Union is gearing up to write a decisive new chapter. The rules governing the Markets in Crypto-Assets (MiCA) are fast approaching, promising a series of far-reaching changes for companies in the cryptosphere.

Crypto: The EU strikes a blow!

New regulations for cryptocurrencies

While the US Congress shakes up the SEC in a pro-crypto surge, Europe stands out. Visionary and pragmatic, it is striving to clearly define the crypto landscape ahead of everyone else.

The European Securities and Markets Authority (ESMA) is gearing up to specify the implementation framework for the new MiCA rules, according to an announcement on its official website.

A consultation is scheduled for July to discuss the complaints management procedures and conflict of interest rules that crypto firms will have to comply with.

The implementation of these new regulations will be detailed next month by the ESMA. This will include the forms and notifications that existing companies and funds will have to comply with in order to offer their services within the Union.

A look into the future of regulation

Following these initial steps, a second round of consultations will take place in October. These will cover the disclosure of environmental impacts, and may also include issues of transaction transparency and governance.

Finally, a third round of consultations, scheduled for early 2024, will focus on market abuse and investor protection. This phase could mark a major turning point in the regulatory landscape of the European cryptosphere.

These first steps mark the beginning of the implementation of the new regulations. As a result, the crypto industry is gearing up for a series of major changes. The ESMA is currently clarifying the framework for these new rules.

Meanwhile, crypto companies are adapting and preparing for this new regulatory era. What does the future hold for this regulatory landscape? The crypto industry is eagerly awaiting the next developments. The next American presidential candidate supports Bitcoin. Could he be a significant force for change in the current political landscape?

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Evans S. avatar
Evans S.

Fasciné par le bitcoin depuis 2017, Evariste n'a cessé de se documenter sur le sujet. Si son premier intérêt s'est porté sur le trading, il essaie désormais activement d’appréhender toutes les avancées centrées sur les cryptomonnaies. En tant que rédacteur, il aspire à fournir en permanence un travail de haute qualité qui reflète l'état du secteur dans son ensemble.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.