EU-MiCA-kader om crashes zoals op aarde te voorkomen

Datum: 15.03.2024

The European Union, through its cybersecurity policy adviser, Peter Kerstens, has disclosed that the highly anticipated Market In Crypto Asset (MiCA) legislation aims to prevent crypto crashes like the one involving Terra. As per Kerstens, the MiCA bill mandates stablecoin issuers to adhere to specific regulations that would have averted a collapse similar to the one seen with Terra. Kerstens explained: “We don’t want people to cause havoc within the system or face bankruptcy without recourse, as we witnessed recently with Terra (LUNA), which collapsed suddenly. (…) MiCA ensures that such situations don’t arise.” MiCA is a regulation proposed by the European Union to address the evolving cryptocurrency sector, and it is well described by Merkle Science. This bill seeks to regulate the region’s cryptocurrency landscape, including stablecoins and NFTs, among other areas. However, it won’t be enforced until 2024. CryptoChipy published an article about MiCA earlier this year.

MiCA also covers NFTs

Inhoud verstoppen

1 MiCA also covers NFTs

2 Growing Emphasis on Crypto Regulation

3 U.S. Investigates Celsius Operations

The EU representative further stated that the MiCA legislation recognizes NFTs as regular crypto assets, which contrasts with how the United States approaches this issue.

The bill will require NFT creators to disclose a whitepaper that details all aspects of their projects. It also advises against creators making false or misleading statements regarding their NFTs.

“If a token is issued as a series or collection – even if the issuer calls it an NFT and each individual token in the collection is unique – it won’t be treated as an NFT, and the regulation will apply,” Kerstens added.

Growing Emphasis on Crypto Regulation

The recent downturn in the crypto market has intensified global calls for h3er crypto regulations.

In the United States, fresh initiatives are underway to regulate this emerging industry. Reports indicate that authorities are drafting a stablecoin bill that would regulate stablecoin issuers in the same way banks are regulated.

Additionally, financial watchdogs such as the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) have increased their oversight of the industry. The SEC is investigating Coinbase over its listing practices.

U.S. Investigates Celsius Operations

Meanwhile, multiple U.S. states have initiated investigations into the activities of bankrupt crypto lending platforms Celsius and Voyager.

In Asia, South Korea is moving forward with plans to implement new crypto regulations aimed at protecting retail investors. Kim Joo-Hyun, the chairman of the country’s Financial Services Commission (FSC), has stated that the regulator will expedite the review of crypto bills currently being debated in the National Assembly.

Kim mentioned that a task force comprising private sector experts and various government ministries will collaborate on this project.

Kim explained:
“Considering the characteristics of virtual assets, such as decentralization, anonymity, and transnationality, [the FSC] will engage in international communication to ensure consistency with global regulations.”

To stay informed on the latest developments in crypto regulations across Europe, Dubai, Asia, Australia, and the U.S., be sure to visit CryptoChipy regularly.

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