The EU coordinates the Mica regulations to combat cryptocurrencies and stabelcoirs

"The upcoming European framework for politicians regarding crypto acts will be for cryptocurrencies the same thing that GDPR has been for privacy," says the main strategist of Circle Dante Disparte. ## "The upcoming European framework of politics With regard to crypto acts, they will become for cryptocurrencies as GDPR was for privacy, ”says Circle's main strategist Dante Disparte.

Officials of the European Union agreed on a sign law that will tighten the lives of issuers of cryptocurrencies and service providers within the framework of a new single regulatory framework. Stefan Berger, a member of the European Parliament and a Mica regulator, a person appointed for reporting on the procedure related to the bill - said news on Twitter, saying that a “balanced” transaction was achieved, thanks to which the EU became the first continent with the regulation of cryptoactives. Mica Trilog: Durchbruch! Europa Ist Der Erste Kontinent Mit Einer Krypto-Sesset Regulierung. Parlament, Kommission & Rat Haben Sich Auf ausgewogene #mica Geeinigt. For me, like Berichterstatter, it was important that there was no technology verbannus, such as #Pow /1 - Stefan Berger (@drstefanberger) June 30, 2022 The preliminary agreement, known as "Crypto -Activa Markets" (Mica), includes rules that will apply to emitters of crypto assets without provision, stablecoins, trading platforms and wallets, which store crypto assets, according to the European Council. Bruno Le mayor, Minister of Economics, Finance, Industry and Digital Sovereignty of France, said that this symbolic decree "would put an end to the cryptocurrency wild West." Stable coins in a difficult position Following the dramatic collapse of Terra, the MICA resolution is aimed at protecting consumers by "requirements" for issuers of stable coins to create a fairly liquid reserve. On his Twitter, a member of the European Parliament Ernest Urtasun explained that the reserves should be "legally and operationally divided and isolated", and must also be "fully protected in case of insolvency." The limit for operations with stable coins will be 200 million euros per day. 3/13 Large stable coins will obey strict operational and prudent rules, with restrictions, if they are widely used as a payment fund, and a limit of 200 million euros in transactions per day. - Ernest Urtasun (@ernesturtasun) June 30, 2022 Cryptocurrency Twitter users have already called this resolution unemployed: at the time of writing of the 24 -hour daily volume, Tether (USDT) amounted to $ 50.40 billion (48.13 billion euros), and USD Coin (USDC) - $ 5.66 billion (5.40 billion euros). In addition, it will be difficult to ensure compliance with these rules for decentralized stable coins, such as DAI (DAI). The agreement was signed on the same day when Circle launched its wealthy euro stablecoin - Euro Coin (Euro). Since @circlepay launches #euroc, secured by the euro digital currency, we strive to make it reliable, well -regulated and complies with the Mica requirements. - Dante Disparte (@ddisparte) June 30, 2022 Consumer protection Suppliers of crypto acting services (CASP) will have to adhere to strict requirements aimed at protecting consumers, and can also be held liable in case of loss of investors cryptoactives. Urtasun explained that trading platforms will be required to provide a “white book” for any tokens who do not have a clear issuer, such as bitcoin (BTC), and they will be responsible for any misleading information. Consumer risks associated with crypto actures and the rules of honest marketing communications will also be developed for consumers. Market manipulation and insider trade are also in the spotlight, the European Council statement said: "Mica will also cover any type of abuse of a market associated with any type of transaction or service, in particular, market manipulation and insider transactions." New Sheriff: Esma In accordance with the preliminary agreement, permission will have to be obtained for working in the EU CASP, and the largest CASP will be controlled by the European Securities and Markets (ESMA) department. ESMA is an independent regulator of securities markets in the EU, which was founded in 2011. The new law does not contain a prohibition on Proof-OF-Work (POW) technology and does not include non-functioning tokens (NFT) in the sphere of its action. However, in relation to NFT, the European Commission stated that it would study this issue within the next 18 months and can create a “proportional and horizontal legislative proposal” to eliminate emerging market risks if it considers it necessary. Similar: Coinbase strives for aggressive European expansion against the background of crypto-winter "The upcoming European frames in the field of crypto assets will be for cryptocurrencies the same as GDPR was for privacy," the Disparte from Circle added. The preliminary agreement should still be approved by the Council and the European Parliament before it is aimed at official adoption.