From soup to nuts of ‘agreement reached on European crypto-assets regulation’

As the rest of the cryptocurrency market gradually moves on from the aftermath of the collapse of, regulators across the globe have become increasingly skeptical of digital assets and the risks they pose to investors.

On 30 June, the European Commission, lawmakers within the European Union , and member states reached an agreement on the body of laws to regulate player activities in the cryptocurrency market.“aimed at issuers of unbacked crypto-assets, and so-called ‘stablecoins,’ as well as the trading venues and the wallets where crypto-assets are held.

According to the Council of the EU, the proposed MiCA will also correct the environmental issues related to crypto mining activities. The legislation will require players within the crypto ecosystem to “In addition, the European Securities and Markets Authority will “develop draft regulatory technical standards on the content, methodologies, and presentation of information related to principal adverse environmental and climate-related impact.

Further, within the next two years, the European Commission will publish a report on the environmental impact of crypto-assets. With this report, the Commission will introduce “mandatory minimum sustainability standards for consensus mechanisms, including the proof-of-work.”While noting the recent events that have plagued the stablecoins market, the Council stated that the risks posed to holders of these categories of assets are heightened without a regulatory framework.

With the proposed MiCA, issuers of stablecoins will be required to build a sufficient liquid reserve with a 1/1 ratio and partly in deposit. Holders of stablecoins will be offered a claim at any time and free of charge by the issuer. For increased regulatory oversight, the proposed MiCA will ensure stablecoins are brought under the purview of the European Banking Authority . Before an issuer can operate, it must be present within the EU.Subscribe to get it daily in your inbox.

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