What is MiCA legislation?

Η νομοθεσία MiCA (Markets in Crypto Assets), είναι στην τελική διαδικασία έγκρισης από την Ευρωπαϊκή Ένωση.  Στις 20 Απριλίου του 2023, το Ευρωπαϊκό Κοινοβούλιο ενέκρινε τη νομοθεσία για τις αγορές κρυπτογραφικών στοιχείων (MiCA) που θεσπίζει ένα πλαίσιο για τη ρύθμιση των ψηφιακών περιουσιακών στοιχείων σε όλα τα κράτη μέλη του.eu crypto

The MiCA legislation is set to be important for the industry as it will provide a clear and consistent set of rules for businesses operating in the EU, reducing regulatory uncertainty. The EU's proactive approach to regulating cryptocurrencies through upcoming adapted legislation sets an example for other regions to follow suit.

In accordance with website of the European Union the MiCA regulation will protect consumers from some of the risks associated with investing in cryptocurrencies and help them avoid fraudulent activity. At present, consumers have very limited rights of protection or redress, especially if transactions take place outside the EU.

Based on the new rules, cryptocurrency service providers will be required to meet increased requirements to protect consumers' wallets and will be liable in the event of loss of investors' cryptocurrencies. The MiCA regulation will also cover any type of market abuse related to any type of transaction or service, in particular market manipulation and the misuse of privileged information.

Under the interim agreement in place to date, cryptocurrency service providers (CASPs) will need a license to operate within the EU. National authorities are required to issue licenses within three months. Regarding the largest crypto service providers, national authorities regularly transmit relevant information to the European Securities and Markets Authority (ESMA).

The provisional agreement must first be approved by the Council and the European Parliament so that the formal procedure for the adoption of the act can follow.

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