MiCA: EU reins in Blockchain sector with new set of regulations
Officers and representatives from the European parliament and EU states worked out a settlement on the 30th of June that contained measures to regulate the market with regulations in place for market misuse and control, as well as requiring that crypto firms to provide data pertaining to the ecological effect of their resources.
Stefan Berger, the German MEP who chaired the negotiations for the parliament as a whole, elaborated on the current state of the market and the necessity to provide legal clarity on this maverick market.
“Today, we put order in the wild west of crypto assets and set clear rules for a harmonized market. The recent fall in the value of digital currencies shows us how highly risky and speculative they are and that it is fundamental to act.”
The latter comment was in reference to the recent crash in the Blockchain market with the total value of the market going from $3 trillion to a (comparatively) miserly $900 billion.
These regulations, referred to as the Markets in Crypto Assets (MiCA) law, are set to come into force around the end of 2023. While international regulation varies from a wholehearted drive for mass adoption as seen in Dubai to complete and utter embargo on anything Blockchain as seen in China, large swaths of the globe remain without clear regulations pertaining to the emerging technology.
The MiCA law is set to be the first in-depth regime of regulations pertaining to the Blockchain and is set to give issuers of crypto assets and providers of parallel services a “passport” allowing them to operate across the Union. The legislation also covered areas of energy consumption, counters to market manipulation and protections from abuse.
Berger himself elaborated that “[The representatives] have agreed that crypto asset providers should in future disclose the energy consumption and environmental impact of assets”
Join us in Belgrade, Serbia from the 22-25th August:
With the peninsula being known for its natural beauty, rich cultural landscape and fantastic delicacies, the Balkans are renowned for having some of the most quintessentially Mediterranean vistas and experiences. From the Adriatic coastline of Split to the fairytale-esque castle of Lake Bled, the region has a lot to offer the world. This being said, something that fewer may know is the fact that the nations of the Balkans are incubating a nascent but powerfully growing technical expertise when it comes to frontier technology such as Blockchain, AI and more. Therefore the region may not only be a rich adventure into the past but my also serve as a window into the very near future.
Join us in Belgrade for the best the industry has to offer and for a window into the future of Deep Tech. To learn more about sponsorship and speaking opportunities or to inquire about attending the event, please contact Sophie at [email protected]
