Onyze, the Spanish cryptocustody company, celebrated the agreement reached between the three legislative bodies of the European Union and the future approval of the MiCA (Markets in Crypto Assets), a regulation that at the end of June has officially agreed to its publication.
In this sense, they welcomed the new European regulation of which they believe that it will be a definitive step to position the European market as the world spearhead in the sector.
Enrique Palacios, COO of Onyzehighlighted the importance of a clear regulatory framework, pointing it out as essential for crypto-asset service providers to be able to develop their activities to the maximum potential that investors find themselves in. “fully protected” by regulations.
The decisive movement for the approval of the MICA, Onyze points out, It comes after the Government of Spain itself will approve the reform of the market law in the Council of Ministers. A movement that, in his opinion, advances the first measures so that the Spanish market is fully prepared for the implementation of MiCA. “We must remember that now each of the European bodies will have to go through the process of approving the final text and that an adaptation period for the sector of about 18 months is being contemplated according to some sources.”, They highlighted from Onyze.
Fight against money laundering
Likewise, in reference to money laundering and money launderingOnyze explains that the regulation avoids duplication by accepting the well-known ‘Travel rule’that is, an update of the rules on the information that accompanies transfers of funds, expanding the scope of application of these rules to transfers of crypto assets to prevent money laundering.
For his part, Palacios has commented that the company is attentive in this regard since they consider that there are points that must be clarified: “We believe that it is a regulation that will still have to be more detailed and developed to avoid possible violations of the right to privacy and the proportionality that Europe has always shown, and in this sense, the market players still have a lot to contribute”he explained.
That said, despite this, The company is based on the idea that in an eminently technological ecosystem such as that of cryptocurrencies, it is precisely the technology that will help if the objective is really to prevent the malicious use of the advantages of DLT technology. “There are technological alternatives to be able to detect patterns of fraud or illicit activities for those wallets to which the funds are sent and it is an alternative that is not being explored”Palaces commented.
In any case, the Onyze team believes that MiCA’s contribution will be decisive in reaching the “democratization of the use of crypto assets” throughout the continent and with the maximum guarantees.
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