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Crypto: The EBA establishes final rules for MiCA regulation!

Fri 14 Jun 2024 ▪ 3 min of reading ▪ by Eddy S.
Getting informed Regulation Crypto

The European Banking Authority (EBA) has finalized the MiCA (Markets in Crypto-Assets) regulatory framework! Establishing uniform market rules for crypto within the European Union. This regulatory framework covers crypto-assets that were not regulated by existing financial legislation.

Crypto MiCA ABE Europe

MiCA: The EBA finalizes the regulation at the European level!

The European Union has taken a decisive step in crypto regulation with the finalization of the MiCA framework by the EBA. This framework establishes harmonized rules for crypto-assets at the EU level. It thus offers legal certainty for digital assets not covered by existing legislation.

Additionally, the EBA will facilitate the monitoring and assessment of emerging crypto-assets and use cases across the European Union. With enhanced monitoring, the EBA can equip itself with the necessary information to ensure effective enforcement of MiCA requirements! Also, it will monitor new or emerging activities that may fall outside its scope but may warrant future inclusion.

The regulatory crypto revolution in Europe!

MiCA represents a significant step towards the regulation of crypto markets. It offers a harmonized and dedicated approach at the European Union level. And this, with specific rules for cryptocurrencies and related activities and services. Furthermore, the harmonized MiCA framework regulates cryptocurrency-related services that are not yet covered by EU legislation.

The MiCA regulation therefore aims to support market integrity and financial stability by regulating public offerings of crypto-assets. But also, by ensuring that consumers are better informed of the associated risks. During the implementation phase of MiCA, ESMA (in close cooperation with EBA, EIOPA, and the ECB) consults the public on a series of technical standards that will be published in three batches. The goal is to provide draft measures that meet public requirements.

Finally, this regulatory framework is a first in the EU. MiCA will be directly applicable in all member states, including Malta, without the need for national transposition. This marks an important step in recognizing crypto as an integral part of the financial system and in protecting investors in the digital space.

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Eddy S. avatar
Eddy S.

The world is evolving and adaptation is the best weapon to survive in this undulating universe. Originally a crypto community manager, I am interested in anything that is directly or indirectly related to blockchain and its derivatives. To share my experience and promote a field that I am passionate about, nothing is better than writing informative and relaxed articles.

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.