Hodl Ninjas
  • News
  • Markets
  • Guides
  • NFTs
  • Defi
  • Exchanges
  • Subscribe
Search
bitcoin
Bitcoin (BTC) $ 28,323.59
ethereum
Ethereum (ETH) $ 1,801.10
tether
Tether (USDT) $ 1.01
bnb
BNB (BNB) $ 328.17
usd-coin
USD Coin (USDC) $ 1.00
xrp
XRP (XRP) $ 0.454334
cardano
Cardano (ADA) $ 0.37616
dogecoin
Dogecoin (DOGE) $ 0.075842
staked-ether
Lido Staked Ether (STETH) $ 1,797.66
matic-network
Polygon (MATIC) $ 1.15
solana
Solana (SOL) $ 22.64
binance-usd
Binance USD (BUSD) $ 1.00
polkadot
Polkadot (DOT) $ 6.32
shiba-inu
Shiba Inu (SHIB) $ 0.000011
tron
TRON (TRX) $ 0.067484
litecoin
Litecoin (LTC) $ 81.37
avalanche-2
Avalanche (AVAX) $ 17.61
dai
Dai (DAI) $ 1.00
uniswap
Uniswap (UNI) $ 6.37
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 28,343.59
chainlink
Chainlink (LINK) $ 7.58
the-open-network
Toncoin (TON) $ 2.43
cosmos
Cosmos Hub (ATOM) $ 11.82
leo-token
LEO Token (LEO) $ 3.38
ethereum-classic
Ethereum Classic (ETC) $ 20.62
monero
Monero (XMR) $ 151.84
okb
OKB (OKB) $ 44.80
bitcoin-cash
Bitcoin Cash (BCH) $ 133.40
stellar
Stellar (XLM) $ 0.094415
filecoin
Filecoin (FIL) $ 5.84
aptos
Aptos (APT) $ 12.18
true-usd
TrueUSD (TUSD) $ 1.01
lido-dao
Lido DAO (LDO) $ 2.37
hedera-hashgraph
Hedera (HBAR) $ 0.063693
quant-network
Quant (QNT) $ 130.30
crypto-com-chain
Cronos (CRO) $ 0.071623
near
NEAR Protocol (NEAR) $ 2.03
vechain
VeChain (VET) $ 0.023422
algorand
Algorand (ALGO) $ 0.23466
internet-computer
Internet Computer (ICP) $ 5.19
blockstack
Stacks (STX) $ 1.12
apecoin
ApeCoin (APE) $ 4.08
the-graph
The Graph (GRT) $ 0.151047
fantom
Fantom (FTM) $ 0.481966
eos
EOS (EOS) $ 1.17
the-sandbox
The Sandbox (SAND) $ 0.661189
aave
Aave (AAVE) $ 78.24
decentraland
Decentraland (MANA) $ 0.612987
elrond-erd-2
MultiversX (EGLD) $ 43.61
tezos
Tezos (XTZ) $ 1.17
Hodl Ninjas
  • News
  • Markets
  • Guides
  • NFTs
  • Defi
  • Exchanges
  • Subscribe
Search
Hodl Ninjas
Home Blockchain

Europe Paves Way for Global Crypto Framework

Is An Ultimate Legislation in the Works?

Kevin O'Brien by Kevin O'Brien
January 27, 2023
in Blockchain, News
0
Europe Paves Way for Global Crypto Framework

Frederic Montagnon spoke out about the MiCA licensing and other rules.

Share on FacebookShare on Twitter

After gathering on the slopes of Davos in Switzerland, Europe is moving ahead with one of the most abundant and wide-spreading crypto legislations in the world. Paving the way for other developed nations to create their own frameworks for the ultimate legislation of cryptocurrencies and exchanges. 

The new rules will be stricter than the existing ones in some countries in Europe. MiCA demands “an unprecedented level of transparency from crypto exchanges,” an EU spokesperson said. 

Details of the New Legislation in Europe

Under the new legislation, crypto companies must keep the public informed about their pricing process and trading volumes in real-time. They must also settle trades on the same day. 

The exchanges must also maintain their own funds, including cryptos, besides funds from customers. The regulation also explicitly prohibits insider trading.

MiCA will also introduce a “universal licensing approach for all EU member states,” making it the world’s most comprehensive legislation, the EU report said. 

The MiCA licensing and other rules are “more complex, more sophisticated” than those currently established by the French regulator, Frédéric Montagnon, founder of French blockchain company Arianee. 

Some 60 companies are already registered with the French Financial Markets Authority (AMF). However, “if the MiCA makes it mandatory for crypto service providers to get their businesses insured, it will be a headache for the startups in France,” Montagnon added. 

Regulation won’t halt in France, however. And It is not surprising that one of the main objectives pursued by the Commission with MiCA is to avoid national regulations that will create a fragmented regulatory framework across the EU. The purpose of MiCA and DORA is to create a harmonized market for crypto assets for 450 million consumers and investors and to boost the development and evolution of crypto assets in the EU, granting the EU the leading role in the regulation of crypto assets. 

Key Objectives of the New Legislation in Europe

Another key objective driving the legislation is the protection of investors and consumers. The Council stated that “MiCA will protect consumers against some of the dangers of investing in crypto assets and help them avoid fraudulent schemes. Crypto asset service providers will now become liable in case they lose investors’ crypto assets”.

The initiative is ambitious, but there are concerns that legislation, which is drafted to address challenges now, will become quickly outdated given the pace of evolution of this market. Rather than boosting the EU market for crypto assets, the EU regulations could actually become an obstacle to its development. 

Who and what exactly will fall under the purview of the MiCA?  Will others be forced into centralization when the primary goal of crypto is decentralization? 

MiCA Separates 3 Types of Crypto Assets

MiCA defines crypto assets as the digital representation of a value or right. These assets may be transferred and stored electronically by using, for instance, digital ledger technology (DLT). 

  • Utility tokens: These assets provide digital access to a good or service. They’re available on DLT and are only accepted by the issuer of these tokens (e.g., a share of a company); 
  • Asset-referenced tokens: These are crypto assets aimed at maintaining a stable value. They reference one or more currencies that are legal tender, commodities, other crypto assets, or a combination of those assets.
  • E-money tokens: You can use these crypto assets used as payment for a good or service. 
ShareTweetPin
Previous Post

Sam-Bankman Fried Saga Continues…

Next Post

Secret Papers of BlockFi

Kevin O'Brien

Kevin O'Brien

Kevin O'Brien is an experienced crypto journalist with a focus on blockchain and decentralized finance. His past work has been featured on Bitcoinist, CCN, and CryptoGlobe. His primary areas of focus with HODL Ninjas are DeFi and NFTs.

Related Articles

Coinbase's USDC Depegs for First Time
Defi

Coinbase’s USDC Depegs for First Time

March 21, 2023
What Happened with Silicon Valley Bank
Markets

What Happened with Silicon Valley Bank?

March 20, 2023
FTX Finally Reveals How Much They Lost
Exchanges

FTX Finally Reveals How Much They Lost

March 13, 2023
Silvergate Edges Collapse
News

Silvergate Edges Collapse

March 10, 2023
Next Post
Secret Papers of BlockFi

Secret Papers of BlockFi

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Trending Articles

  • Sam Bankman-Fried Charged

    Sam Bankman-Fried Charged

    0 shares
    Share 0 Tweet 0
  • Enter Worldcoin: An Eccentric Project Archiving the World’s Eyes

    0 shares
    Share 0 Tweet 0
  • Top 10 NFT Marketplaces for 2022

    0 shares
    Share 0 Tweet 0
  • Beginning of the Stablecoin End?

    0 shares
    Share 0 Tweet 0
  • Silvergate: Fall of a Premiere Crypto Bank

    0 shares
    Share 0 Tweet 0
bitcoinBitcoin
$ 28,323.59
$ 28,323.59
0.45%
ethereumEthereum
$ 1,801.10
$ 1,801.10
1.9%
tetherTether
$ 1.01
$ 1.01
0.21%
solanaSolana
$ 22.64
$ 22.64
1.1%
cardanoCardano
$ 0.37616
$ 0.37616
9.97%
polkadotPolkadot
$ 6.32
$ 6.32
2.13%

Become a Hodl Ninja.

Stay on top of market trends, find exciting new projects, hold on for dear life.

johnsmith@example.com
© 2021 Hodl Ninjas – A BettorView Brand.
No Result
View All Result
  • News
  • Markets
  • Guides
  • NFTs
  • Defi
  • Exchanges
  • Subscribe

© 2021 Hodl Ninjas - A BettorView Brand.

Subscribe to Hodl Ninjas

Get the latest news in crypto and be the first to hear about exciting new projects.

Enter your email address

No thanks, I’m not interested.

Search
$ USD
  • $ USD
  • € EUR
  • ₹ INR
0
Previous 25
Next 25
#CoinPriceMarketcapVolume (24h)SupplyChange (24H)Price Graph (7D)
Previous 25
Next 25