• BTC Dominance: %
XBT.Market
Advertisement
  • Home
  • Coins MarketCap
  • Crypto Exchanges
  • Crypto Calculator
  • Top Gainers and Loser
  • News
  • Contact Us
No Result
View All Result
XBT.Market
No Result
View All Result
Home Bitcoin

EU’s Makes History with Regulatory Step

Jon Hartney by Jon Hartney
July 2, 2022
in Bitcoin, Blockchain, Business, Market
0
189
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter

Related articles

Bitcoin derivatives data shows room for BTC price to move higher this week

January 23, 2023

Bitcoin price consolidation opens the door for APE, MANA, AAVE and FIL to move higher

January 22, 2023


The first significant regulatory system for the cryptocurrency business was agreed upon by EU authorities on Thursday.

After hours of discussions, the European Commission, EU parliamentarians, and member states reached an agreement in Brussels. Last night, three major financial institutions finalized measures to combat cryptocurrency-based money laundering.

Buy Crypto Now

Your capital is at risk.

Details in Brief About EU’s MiCA Regulations

At a time when Bitcoin is having perhaps the worst period in more than a decade, the new restrictions are particularly harsh for digital assets.

An important piece of legislation known as MiCA (Markets for Crypto-Assets) has been agreed upon to make life more difficult for many participants in the crypto market, including exchange operators and the issuer of these stablecoins, tokens that are intended to be pegged to existing assets such as the dollar.

Requirements on Part of Stablecoins

Stablecoins like Tether and Circle’s USDC will be obliged to keep sufficient reserves to satisfy redemption requests in the case of large withdrawals under the new rules. Stablecoins that get too large may potentially face a daily transaction cap of 200 million euros.

ESMA, the European Securities and Markets Authority, will have the authority to prohibit or limit crypto platforms if they fail to adequately safeguard investors or pose a threat to the integrity of the market or financial stability.

EU politician Stefan Berger also said this historical day when crypto-asset issuers will have legal clarity, service providers will be guaranteed equal rights and consumers and investors would have high standards in a unified marketplace because of a harmonized market.

Energy Intensive Units To Be Made More Accountable

As part of MiCA, companies will be required to declare their energy use and the environmental effect of digital assets.

Coin mining, the energy-intensive process of minting new currency units, was previously proposed to be eliminated. Lawmakers rejected it in March, though.

However, trading platforms will be required to inform users of the risks connected with trading digital tokens, such as Bitcoin, in accordance with the new regulations.

Non-fungible tokens (NFTs), which indicate ownership in digital properties like art, were not included in the proposed solutions. Within the next 18 months, the EU Commission must determine if NFTs require their own system.

As a measure to decrease the anonymity of some crypto transactions, regulators came to an agreement on Wednesday. In the wake of Russia’s escalating invasion of Ukraine, authorities are concerned about the use of crypto-assets to launder ill-gotten wealth and avoid sanctions.

The 1,000-euro barrier for reporting transactions between exchanges and so-called un-hosted wallets owned by individuals is a sensitive problem for crypto aficionados who frequently trade digital currencies for privacy concerns.

Buy Bitcoin Now

Your capital is at risk.

How LUNA Crash Forced Government to Bring Regulations

The regulations are based on the demise of TerraUSD, a so-called algorithmic stablecoin that utilized a complicated algorithm to maintain a $1 value. Hundreds of billions of dollars were wiped off the crypto market as a result of the fiasco.

EU officials aren’t enthusiastic about stablecoins in general according to Blockchain for Europe’s secretary-general, Robert Kopitsch.

Since Facebook’s disastrous effort at issuing its own token in 2019, policymakers have been cautious of such tokens, which aim to be tied to current assets, such as the dollar. Officials were concerned that private digital tokens may pose a danger to national currencies, such as the European Union’s single currency.

To that end, Tether’s Chief Technology Officer (CTO) Paolo Ardoino said that the world’s largest stablecoin issuer, Tether, appreciated the regulatory clarification provided by MiCA, which he described as “one of the more advanced efforts to date.”

Circle’s chief strategy officer, Dante Disparte, added that the EU framework was a key milestone.

He said that MiCA would be to crypto what GDPR was to privacy, citing the breakthrough EU data protection standards that set the pattern for comparable laws elsewhere in the world, including California and Brazil.

Step In the Right Direction

Digital assets have never been regulated as comprehensively as MiCA has. Even though some of its tougher laws have scared a few crypto businesses, many industry insiders believe Europe might lead the way on crypto regulation.

It is believed that the rules would come into effect by as early as 2024, making the EU ahead of both the United States and Britain in implementing legislation specific to the crypto market.

Adviser at Presight Capital, Patrick Hansen, remarked that the European crypto industry has to be harmonized in order to become larger and build a healthy yet controlled environment. Fragmentation is the primary cause of the absence of major crypto firms in Europe at this time.

Visit eToro Platform Now

Your capital is at risk.

According to Katherine Minarik, vice president of legal at Coinbase, the company is pursuing licenses in numerous European nations, including France. According to her, under MiCA, the exchange would be allowed to export its services to all 27 EU nations.

Read More:

  • These are the Best Bitcoin Alternatives
  • Complete Guide to Earning Passive Income with Crypto Staking

Lucky Block – Our Recommended Crypto of 2022

Our Rating

Lucky Block
  • New Crypto Games Platform
  • Featured in Forbes, Nasdaq.com, Yahoo Finance
  • LBLOCK Token Up 1000%+ From Presale
  • Listed on Pancakeswap, LBank
  • Free Tickets to Jackpot Prize Draws for Holders
  • Passive Income Rewards – Play to Earn Utility
  • 10,000 NFTs Minted in 2022 – Now on NFTLaunchpad.com
  • $1 Million NFT Jackpot in May 2022
  • Worldwide Decentralized Competitions

Lucky Block

Visit Site
Cryptoassets are a highly volatile unregulated investment product. No UK or EU investor protection.

Read Entire Article
Tags: CryptocurrencyinsidebitcoinsInvestmentMining Bitcoin
Share76Tweet47

Related Posts

Bitcoin derivatives data shows room for BTC price to move higher this week

by Jon Hartney
January 23, 2023
0

BTC options data suggest that the Bitcoin price rally still has legs, even with wider economic concerns growing and the

Bitcoin price consolidation opens the door for APE, MANA, AAVE and FIL to move higher

by Jon Hartney
January 22, 2023
0

BTC could take a break from its sharp rally and if BTC price bounces off underlying support, APE, MANA, AAVE...

Genesis bankruptcy case scheduled for first hearing

by Jon Hartney
January 22, 2023
0

The first hearing in Genesis Capital's bankruptcy case will be held on January 23, according to court filings

Terra lending protocol Mars to launch mainnet

by Jon Hartney
January 22, 2023
0

The Mars Hub will launch an independent Cosmos application chain and issue MARS to users who hold the token during...

Central African Republic eyes legal framework for crypto adoption

by Jon Hartney
January 22, 2023
0

A 15-member committee is tasked with working on a legal framework that will allow cryptocurrencies to operate in

Load More
  • Trending
  • Comments
  • Latest

Ethereum Classic gets ‘endorsement’ from Vitalik Buterin, but ETC price still risks 50% crash

July 27, 2022

Critique on Helium’s $6.5K monthly revenue causes a stir

July 28, 2022

All aboard! Elon Musk’s Vegas Loop now taking Dogecoin payments

July 7, 2022

Cardano Vasil hard fork hit with another delay for several weeks

July 29, 2022

All aboard! Elon Musk’s Vegas Loop now taking Dogecoin payments

0

Crypto owners banned from working on US Government crypto policies

0

Korean startup Uprise lost $20M shorting LUNC

0

Ethereum testnet Merge mostly successful — ‘Hiccups will not delay the Merge.’

0

Bitcoin derivatives data shows room for BTC price to move higher this week

January 23, 2023

Bitcoin price consolidation opens the door for APE, MANA, AAVE and FIL to move higher

January 22, 2023

Genesis bankruptcy case scheduled for first hearing

January 22, 2023

Terra lending protocol Mars to launch mainnet

January 22, 2023

XBT.Market

This website is an automated news feed powered by the Nebulome cloud system. The site is made possible by YYC TECH Consulting and Alberta Digital Mining Company. As a team with major crypto and bitcoin enthusiasm, we have curated major sources of news, trading and financial data to bring you, our viewer, an unbiased source of truth.

Recent Posts

  • Bitcoin derivatives data shows room for BTC price to move higher this week January 23, 2023
  • Bitcoin price consolidation opens the door for APE, MANA, AAVE and FIL to move higher January 22, 2023
  • Genesis bankruptcy case scheduled for first hearing January 22, 2023
  • Terra lending protocol Mars to launch mainnet January 22, 2023
  • Central African Republic eyes legal framework for crypto adoption January 22, 2023

News Categories

  • Bitcoin
  • Blockchain
  • Business
  • Market

Tags

bitcoinMagzine Cointelegraph Cryptocurrency insidebitcoins Investment Mining Bitcoin NewsBTC

Quicklinks

  • Home
  • Coins MarketCap
  • Crypto Exchanges
  • Crypto Calculator
  • Top Gainers and Loser
  • News
  • Contact Us

© 2022 Xbt.Market - Powered by YYC Tech Consulting & ADMCO.

No Result
View All Result
  • Home
  • Coins MarketCap
  • Crypto Exchanges
  • Crypto Calculator
  • Top Gainers and Loser
  • News
  • Contact Us

© 2022 Xbt.Market by Nebulome.

  • bitcoinBitcoin(BTC)$22,898.00-1.08%
  • ethereumEthereum(ETH)$1,634.38-0.72%
  • USDEXUSDEX(USDEX)$1.07-0.53%
  • tetherTether(USDT)$1.00-0.06%
  • binancecoinBNB(BNB)$327.810.21%
  • usd-coinUSD Coin(USDC)$1.000.03%
  • rippleXRP(XRP)$0.398360-1.12%
  • Binance USDBinance USD(BUSD)$1.000.48%
  • cardanoCardano(ADA)$0.3921100.15%
  • dogecoinDogecoin(DOGE)$0.092218-0.23%
  • OKBOKB(OKB)$44.354.28%
  • matic-networkPolygon(MATIC)$1.210.47%
  • SolanaSolana(SOL)$23.30-1.39%
  • Shiba InuShiba Inu(SHIB)$0.0000150.54%
  • Lido Staked EtherLido Staked Ether(STETH)$1,630.75-0.80%
  • polkadotPolkadot(DOT)$6.710.62%
  • litecoinLitecoin(LTC)$96.57-0.24%
  • AvalancheAvalanche(AVAX)$20.08-0.71%
  • tronTRON(TRX)$0.063525-1.14%
  • UniswapUniswap(UNI)$6.81-2.75%
  • daiDai(DAI)$1.000.74%
  • cosmosCosmos Hub(ATOM)$14.381.35%
  • wrapped-bitcoinWrapped Bitcoin(WBTC)$22,844.00-1.21%
  • chainlinkChainlink(LINK)$6.98-0.14%
  • ToncoinToncoin(TON)$2.27-2.47%
  • leo-tokenLEO Token(LEO)$3.531.36%
  • ethereum-classicEthereum Classic(ETC)$22.72-0.63%
  • moneroMonero(XMR)$166.58-1.53%
  • bitcoin-cashBitcoin Cash(BCH)$133.60-1.02%
  • Aerarium FiAerarium Fi(AERA)$7.14-13.09%
  • AptosAptos(APT)$15.03-3.03%
  • stellarStellar(XLM)$0.090960-0.52%
  • ApeCoinApeCoin(APE)$5.731.03%
  • CronosCronos(CRO)$0.081026-0.99%
  • QuantQuant(QNT)$139.840.40%
  • NEAR ProtocolNEAR Protocol(NEAR)$2.37-1.39%
  • filecoinFilecoin(FIL)$5.27-0.30%
  • algorandAlgorand(ALGO)$0.257924-0.37%
  • Lido DAOLido DAO(LDO)$2.155.66%
  • HederaHedera(HBAR)$0.069474-0.98%
  • vechainVeChain(VET)$0.0240000.03%
  • Internet ComputerInternet Computer(ICP)$5.56-1.72%
  • FantomFantom(FTM)$0.55-3.42%
  • decentralandDecentraland(MANA)$0.73-2.21%
  • The SandboxThe Sandbox(SAND)$0.72-1.45%
  • Axie InfinityAxie Infinity(AXS)$10.91-0.62%
  • AaveAave(AAVE)$86.211.10%
  • The GraphThe Graph(GRT)$0.13350117.12%
  • eosEOS(EOS)$1.08-0.66%
  • FlowFlow(FLOW)$1.110.44%
  • Terra Luna ClassicTerra Luna Classic(LUNC)$0.0001894.71%
  • MultiversXMultiversX(EGLD)$44.79-0.47%
  • theta-tokenTheta Network(THETA)$1.09-1.86%
  • tezosTezos(XTZ)$1.17-0.77%
  • FraxFrax(FRAX)$1.000.20%
  • true-usdTrueUSD(TUSD)$1.000.02%
  • huobi-tokenHuobi(HT)$5.570.09%
  • paxos-standardPax Dollar(USDP)$1.00-0.28%
  • bitcoin-cash-svBitcoin SV(BSV)$43.901.85%
  • kucoin-sharesKuCoin(KCS)$8.63-1.20%
  • Frax ShareFrax Share(FXS)$10.808.56%
  • havvenSynthetix Network(SNX)$2.55-2.95%
  • Curve DAOCurve DAO(CRV)$1.062.25%
  • Rocket PoolRocket Pool(RPL)$39.47-0.13%
  • ChilizChiliz(CHZ)$0.1402150.39%
  • PancakeSwapPancakeSwap(CAKE)$4.490.89%
  • USDDUSDD(USDD)$0.990.03%
  • ImmutableXImmutableX(IMX)$0.915.93%
  • eCasheCash(XEC)$0.0000370.71%
  • BitTorrentBitTorrent(BTT)$0.000001-2.24%
  • dashDash(DASH)$62.345.22%
  • iotaIOTA(MIOTA)$0.2454401.46%
  • Trust WalletTrust Wallet(TWT)$1.60-1.45%
  • BitDAOBitDAO(BIT)$0.57-0.30%
  • Mina ProtocolMina Protocol(MINA)$0.78-1.79%
  • KlaytnKlaytn(KLAY)$0.205782-1.38%
  • OptimismOptimism(OP)$2.954.02%
  • GateGate(GT)$4.30-4.23%
  • makerMaker(MKR)$691.400.63%
  • neoNEO(NEO)$8.710.80%
  • cUSDCcUSDC(CUSDC)$0.022716-0.07%
  • gemini-dollarGemini Dollar(GUSD)$1.00-0.30%
  • ArweaveArweave(AR)$11.430.72%
  • GMXGMX(GMX)$67.504.05%
  • OKCOKC(OKT)$31.670.53%
  • zcashZcash(ZEC)$43.98-1.10%
  • cDAIcDAI(CDAI)$0.0222001.44%
  • RenderRender(RNDR)$1.857.71%
  • RadixRadix(XRD)$0.053756-8.75%
  • THORChainTHORChain(RUNE)$1.811.07%
  • Tokenize XchangeTokenize Xchange(TKX)$6.68-1.40%
  • OsmosisOsmosis(OSMO)$1.01-0.80%
  • WhiteBIT TokenWhiteBIT Token(WBT)$4.10-0.39%
  • singularitynetSingularityNET(AGIX)$0.4315982.38%
  • PAX GoldPAX Gold(PAXG)$1,871.290.71%
  • enjincoinEnjin Coin(ENJ)$0.4701571.41%
  • loopringLoopring(LRC)$0.373102-0.97%
  • Convex FinanceConvex Finance(CVX)$6.220.23%
  • Baby Doge CoinBaby Doge Coin(BABYDOGE)$0.0000009.89%
  • cETHcETH(CETH)$32.810.17%