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“Opaque group structures may also render it difficult for clients of service providers to know which entity they are dealing with and its regulatory status,” ESMA said in a statement today, adding that some existing crypto companies “may lack a strong compliance culture … and their large scale and geographic
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The development of a central bank digital currency (CBDC) by the European Central Bank (ECB) faces pushback from European lawmakers. According to an Oct. 5 report by DL News, member of European Parliament Stefan Berger confirmed there will be no imminent decision by the ECB on implementing a digital euro. Berger
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If “we can address all the conspiracy theories that abound about this – as if Big Brother was going to suddenly determine what you buy, when you buy it and how restricted it should be – then I think it would be characterized as a success,” Lagarde said, adding that
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“A lot of the stablecoin issuers will be, or will purport to be, completely decentralized, therefore without any point of decision or issuance” and hence unable to meet MiCA strictures, Thomas Vogel, a partner at law firm Latham & Watkins, said. “This has become a sort of threshold question for
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Malta’s Financial Services Authority has initiated the next step to revise its cryptocurrency regulations, aiming to align them with the forthcoming European Markets in Crypto-Assets (MiCA) regulations set to go into effect in December 2024. Malta’s announcement aims to bring about changes in its regulations governing exchanges, custodians, and portfolio managers,
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MiCA, which takes effect in 2024, represents the world’s first comprehensive crypto regulation in a major jurisdiction, allowing service providers to operate across the bloc with a single license. As an EU member, Malta wants to align its crypto rules with MiCA and "ensure a smooth transition for Virtual Financial
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Ultimately central bank officials are usually economists, not marketing experts, and technical answers may only go so far. As Erik Luts, chief innovation officer at Belgian bank KBC, said, for CBDCs to work, people need to trust them, and that requires its proponents not just to argue over details, but
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While United States regulators such as Securities and Exchange Commission Chair Gary Gensler make bad-faith claims that “there’s been clarity for years” when it comes to cryptocurrency, the European Union took real action in April when it passed the Markets in Crypto-Assets (MiCA) regulatory framework. While imperfect, it was a
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Modified provisions of the AMF General Regulation for digital asset service providers cover "security and internal control systems, systems for managing conflicts of interest, clear, accurate and non-misleading information, public pricing policies, specific custody provisions (segregation of client assets vs. own assets)," and bans firms from using client assets without
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Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied Patrick Hansen, a Circle executive, is concerned that entities involved in Maximal Extractable Value (MEV) activities on Ethereum and other smart contract platforms might be banned from operating in the European Union (EU) once the Markets
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