What is MiCA?
The Markets in Crypto-Assets Regulation (MiCA) is a legal framework created by the European Union to regulate crypto assets. Its goal is to create uniform rules and support market integrity and financial stability by regulating public offerings of crypto assets and ensuring consumers are better informed about their risks.
MiCA came into force in June 2023 and is currently in the implementation phase, where various technical measures are being developed. Full implementation of the new regime is scheduled for 12 to 18 months thereafter.
Objectives and Scope of MiCA:
This regulation primarily covers crypto assets not yet regulated by existing financial services laws. Some of its key provisions include:
· Transparency and Disclosure: Requires crypto asset issuers to provide clear and honest information to the public through a "white paper" document.
· Authorization and Oversight: All entities issuing or trading crypto assets, including asset-referenced tokens and e-money tokens, must be licensed and supervised by a competent authority.
· Improving Consumer Protection: With strict regulations in place, it is hoped that consumers will be protected from the risks associated with investing in crypto assets.
章华 游
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Ahmed 16066
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