An official from the EU's enforcement department said on Wednesday that the new pilot project allowing securities trading based on distributed ledger technology (DLT) will continue to be retained by the EU. According to a recent study, blockchain technology can save the financial market $100 billion annually by releasing collateral and automating backend processes. Since April, the EU has relaxed financial service rules, allowing securities traders to interact with markets and allowing exchanges to directly register tokens, rather than using regulated intermediaries such as brokers and custodians.
London-based liquidity provider B2C2 has acquired French market making firm Woorton, giving B2C2 access to Woorton's regulatory licenses and allowing it to operate in the EU. B2C2 can now offer its services to the EU's institutional sector through Woorton's PSAN license, which is regulated by the AMF. The financial details of the deal have not been disclosed. The acquisition will combine Woorton's client base and over-the-counter services with B2C2 to increase overall crypto market liquidity.
Hong Kong-based digital asset custodian, Hex Trust, has obtained registration from France's financial regulatory bodies, allowing it to offer digital asset custody, buying, selling, and trading in France and Italy. This registration is a significant milestone for Hex Trust's expansion plans in Europe, as it should make it easier to obtain necessary registrations and permissions across the EU.
Upbit Publishes Translated Text of EU's MiCA Crypto Regulation Laws, Hinting at Possible Impact on South Korea's Regulations
South Korea's largest crypto exchange, Upbit, has published a translated version of the EU's MiCA crypto regulation laws, indicating that the regulations could be influencing other countries. The regulations, also known as Markets in Crypto-Assets (MiCA), have already been used as a basis for similar policies in Ukraine.
The European Securities and Markets Authority (ESMA) has released a comprehensive set of proposals outlining how crypto companies operating within the European Union should be authorized, marking the first use of new powers granted under the Markets in Crypto Assets (MiCA) law. As part of the consultation, which runs until September 20th, ESMA is requesting confidential information from crypto companies regarding their expected revenue, number of white papers, and use of on- and off-chain trading.
July 4 (Cointime) - Chains.com, a multi-chain cryptocurrency platform with over 500,000 users worldwide, has announced that it has obtained a license to operate in Poland. This license will allow Chains.com to process, store, and convert cryptocurrency within the country and in other jurisdictions in the EU.
June 22 (Cointime) - The EU's regulatory framework for digital assets, particularly the MiCA regulations, has made it an attractive destination for US crypto firms seeking stability and innovation.
EU’s Markets in Crypto Assets (MiCA) Regulation To Become Law Soon, Crypto Companies Urged To Start Preparing
June 16 (Cointime) - The EU has published the forthcoming Markets in Crypto Assets (MiCA) regulation, which will come into effect at the end of next year. Janet Ho, Chainalysis' head of policy for Europe, has urged cryptocurrency companies to start preparing for compliance as soon as possible, as it may take several months to secure a license from the relevant authorities.
Officials in the European Union believe that the US Securities and Exchange Commission's (SEC) recent crackdown on major crypto exchanges Binance and Coinbase could boost Europe's chances of becoming a global leader in the crypto industry.
The European Union has signed its Markets in Crypto Assets (MiCA) policy package into law, but a study commissioned by the European Parliament has highlighted gaps in the regulation. The study, written by four law and finance professors, notes that MiCA does not adequately consider the nuances between different types of decentralised finance protocols and their levels of decentralisation. It also suggests that the EU should consider the US's Howey Test when classifying tokens, particularly in relation to lending and staking protocols. Despite these concerns, some industry members and lawmakers have praised MiCA as a step forward for Europe.