Some days ago, the European Council approved the definitive text of the community regulation for the cryptoactive markets; or what is the same: MiCA, Markets in Crypto Assets, for its acronym in English. That is why Onyze issued a statement in which, in addition to celebrating the approval of the new regulatory framework, they expressed their opinion of what In his opinion, it can ensure the future of the financial system on the European continent.
According to Onyze, the MiCA regulation involves the establishment of homogeneous rules for providers and issuers of digital asset services in all countries of the European Union. In other words, it will make it easier for digital asset service providers, such as Onyze, to operate throughout the European territory, subject to prior authorization in one of the member states.
Enrique Palacios, Director of Regulatory Compliance at Onyzemaintains that with the definitive text and also the approval of the Travel Rule, the emergence of a sector that until now remained very limited will be witnessed.
On the other hand, as pointed out by Onyze in its statement, this regulation classifies and normatively orders the types of crypto assets with which it can be operated throughout Europe, including stablecoins and e-money. However, they clarify that MiCA will not regulate those known as securities or digital representation of securities, which leaves the national regulations of the member states at risk.
In this sense, they also mention that this framework also joins that of the Pilot Regime by which the negotiation, clearing and settlement of financial instruments on DLT technology will be regulated; this is to allow us to take advantage of the advantages of tokenization and blockchain that we have already verified. Everything, with the reform of the Securities Markets Law that already includes the application of the Pilot Regime, a movement that advances the first measures so that the national market is fully prepared for the implementation of MiCA.
“This regulatory wave both in Europe and in Spain will lead to a paradigm shift and will ensure the evolution of the financial system throughout the continent. At Onyze we are ready to take advantage of it”Palacios pointed out.
Finally, they explain that the text would have returned to the European Parliament for its final approval and, from now on, the 18 months of adaptation of the states will have to be counted for the regulation to come into force definitively. “Everything suggests that it will be in mid-2024 when the sector will finally have a stable and secure legal framework. In any case, the contribution of MiCA will be decisive to achieve the democratization of the use of crypto assets throughout the continent and with the maximum guarantees.”, they expressed from Onyze.
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