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The Coin Rise 2024-12-10 15:27:06

EU Countries Faces Hurdle in Implementing MiCA Ahead of Deadline

EU Countries Faces Hurdle in Implementing MiCA Ahead of Deadline

As the year-end deadline for the Markets in Crypto-Assets (MiCA) framework approaches, several European Union (EU) countries need help updating their local laws to meet the new rules. According to a shared document, Belgium, Italy, Portugal, Poland, Romania, and Luxembourg still need to pass the required legislation. This raises concerns about their ability to comply with the EU’s first complete set of crypto regulations. Some EU Countries Ask for a Six Month No-action Period MiCA aims to create a single set of rules for crypto assets across the EU. Member states must adopt these rules into their laws. Notably, this regulation seeks to clarify things for businesses and protect consumers. It also encourages innovation while reducing risks in the growing crypto industry. However, some countries need help adjusting to the new rules. According to Industry trade groups, one main problem is the tight timeline. The final rules were published in October, and the deadline is approaching quickly. These rules explain how to apply the guidelines from MiCA, but their late release has given national regulators little time to prepare. Meanwhile, the trade groups have asked for a six-month no-action period. This means that there will be a pause on enforcement activities. Firms that have yet to receive authorization will not be punished if they continue to operate during this time. Unfortunately, the European Securities and Markets Authority (ESMA) denied the request. ESMA and its Crypto Regulations Target The MiCA’s first final report addresses several critical areas related to crypto asset service providers (CASPs), focusing on enhancing transparency, facilitating fair competition, and safeguarding investor interests. On authorization requirements, the ESMA listed the information required for CASP authorization , establishing stringent criteria to ensure the credibility and reliability of the service providers in the crypto space. ESMA maintains that all measures aim to create a safer environment for investors while fostering innovation within the crypto industry. In stepping up its regulatory processes, the EU recently rendered cryptocurrency payment through unidentified self-custody wallets illegal across the continent. MiCA’s Stablecoin Regulation MiCA , passed into law in May 2023, represents a comprehensive regulatory framework for digital assets within the European Economic Area (EEA). The regulation, which partially took effect in June 2023, will be fully implemented at the end of this year. Recall that MiCA stablecoin regulation came into force in June 2024. This regulation imposed stringent requirements on fiat-backed stablecoins, with reserves held in custody by a third party, segregated by other assets. The European Banking Authorities (EBA) now oversees token regulations, taking over from national authorities. Stablecoin issuers within the EU must now hold licenses as credit institutions or Electronic Money Institutions under the MiCA framework. As the full implementation of MiCA approaches, exchanges, and stablecoin issuers need to navigate the fresh regulatory landscape to ensure continued operation within the European market The post EU Countries Faces Hurdle in Implementing MiCA Ahead of Deadline appeared first on TheCoinrise.com .

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