European Council approves two frameworks for regulating cryptocurrencies

Europe's largest asset is importing Crypto CurbsEurope's largest asset is importing Crypto Curbs

The European Union has been planning for a long time to regulate cryptocurrencies. The agreement has announced that it is one step closer to implementing a comprehensive crypto currency management system.

The agency has now announced its views on Markets in Crypto Assets (MiCA) and the Digital Operational Resilience Act (DORA).

European Council to discuss a new approach

The European Council and Parliament have stated he said to initiate a discussion on the matter before final approval. The MiCA policy was designed to protect investors and consumers from fraudulent activities.

One of the concepts of this framework is to ensure that commercial funds are protected even if they are stolen. If regulators are convinced that digital platforms pose a challenge to investors and users and that both parties have strict rules.

Another purpose of this framework is to streamline the supply of stablecoins. This comes after Facebook announced the release of stablecoin called Libra, with the help of fiat currencies.

The European Central Bank (ECB) has also stated that the new rules have introduced a number of mechanisms that would regulate payment providers to ensure the safety of users. A recent ECB proclamation also said that the plan will come back with a solution that will eliminate corporate governance and risk management.

The European Council is looking at token issuers

MiCA negotiations have been documented in more than 400 books. It stated that the EU will not rest its stance on signal providers and that stablecoin providers will be subject to more stringent rules than others. crypto suppliers.

However, the exclusion has also been set aside, with the council saying that tokens that are permitted under the requirements of EU headquarters “will not need another permit under the MiCA to be issued.”

The agency also addressed non-fungible brands such as digital technology and collections, the value of which comes from the unique features of each property. It stated that the goods will not be subject to MiCA regulations. The MiCA plan was released in September 2020 by the European Commission in line with the digital finance policy.

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