CRYPTOCURRENCY UPDATES: CRYPTO REGULATION PROPOSED BY EUROPEAN UNION IS STRICT.

CRYPTO REGULATION PROPOSED BY EUROPEAN UNION IS STRICT
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BINANCE CEO REPORTED THAT CRYPTO REGULATION PROPOSED BY EUROPEAN UNION IS STRICT.

DESRCRIPTION ABOUT CRYPTO REGULATION PROPOSED BY EUROPEAN UNION IS STRICT:

THE FOUNDER AND CEO OF BINANCE, CHANGPENG “CZ” ZHAO, IS QUOTED AS SAYING THAT THE EUROPEAN UNION’S REGULATION OF CRYPTOCURRENCIES IS “FANTASTIC,” DESPITE HIS RESERVATIONS.

ACCORDING TO THE HEAD OF A CRYPTOCURRENCY EXCHANGE, STABLECOINS ARE “SOMEWHAT CONSTRAINED” BY THE PROPOSED EU STANDARD KNOWN AS MARKET IN CRYPTO ASSETS (MICA), ACCORDING TO A REPORT PUBLISHED ON WEDNESDAY, SEPTEMBER 14.

CRYPTO REGULATION PROPOSED BY EUROPEAN UNION IS STRICT
CRYPTO REGULATION PROPOSED BY EUROPEAN UNION IS STRICT

THE REPORT CLAIMS THAT THE DRAFTS DO NOT INCLUDE USD-BASED STABLECOINS, WHICH ACCOUNT FOR 75% OF THE MARKET’S LIQUIDITY.

ACCORDING TO THE REPORT, ZHAO PREDICTED THAT NATIONS OUTSIDE OF THE EU WOULD IMITATE MICA.

ACCORDING TO A LIST23 ARTICLE FROM AUGUST 23, THE MICA STABLECOIN RULES HAVE GENERATED A LOT OF CONTROVERSY, PARTICULARLY WITH REGARD TO A RESTRICTION ON THE USE AND ISSUANCE OF SIZABLE, NON-EURO-DENOMINATED BONDS.

DESPITE THESE RESTRICTIONS, THE US PROPOSALS HAVE ONE FUNDAMENTAL DIFFERENCE: STABLECOINS MUST BE FULLY BACKED BY FIAT MONEY OR OTHER HIGHLY LIQUID ASSETS.

HOLDERS OF STABLECOINS WILL HAVE THE RIGHT TO RECEIVE THEM AT ANY TIME, FREE OF CHARGE, FROM THE ISSUER, ACCORDING TO A STATEMENT FROM THE EUROPEAN COUNCIL.

THAT NEEDS TO BE CHECKED, SUPERVISED, AND REGULATED, ACCORDING TO CHRISTINE LAGARDE, PRESIDENT OF THE EUROPEAN CENTRAL BANK AND A STABLECOIN OPPONENT: “IN ORDER TO SAFEGUARD CONSUMERS AND USERS OF THOSE GADGETS FROM POTENTIAL DECEPTION.”

ACCORDING TO LIST23’S REPORT ON SEPTEMBER 1, THE MICA TEXT COULD BE COMPLETED IN A MATTER OF WEEKS.

CRYPTO ASSET PROVIDERS MUST REGISTER WITH EU REGULATORS IN ORDER TO CONDUCT BUSINESS WITHIN ONE OF ITS MEMBERS. THE MEASURE’S GOAL IS TO ESTABLISH STANDARDS FOR HOW EACH EU MEMBER STATE WILL REGULATE CRYPTOCURRENCIES, PERHAPS BY DEVELOPING A UNIFORM LICENSING SCHEME. 

ADDITIONALLY, IT MAKES IT SIMPLER FOR COMPANIES THAT ALREADY OPERATE IN ONE MEMBER COUNTRY TO EXPAND THERE.

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CRYPTOCURRENCY UPDATES: CRYPTO REGULATION PROPOSED BY EUROPEAN UNION IS STRICT.

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