It is known that in most countries of the world, issues of legal regulation of cryptocurrencies are still not being resolved effectively enough. But in the European Union, the situation may soon change radically. Not so long ago, the draft law MiCA - "On the markets of cryptocurrency assets" was introduced for consideration. Anyone can get acquainted with the text of the future law, and its authenticity was confirmed by the deputy from the European Parliament Sven Gigold.
168 pages of text can be explained with simple sentence - treat cryptocurrency assets just like any other financial instrument. In the opinion of the parliamentarians, only this will make it possible to bring final clarity to the topic.
Also, clear definitions of cryptocurrencies are finally given and a set of FATF (Financial Action Task Force on Money Laundering) requirements that they must comply with. In addition, it is proposed to establish supervision over token issuers, and oblige all service providers to register in the format of legal entities.
The main emphasis among the many coins and tokens is made on stablecoins. More precisely - two of their varieties - tied to real assets or currencies, and based on the operation of the protocol. Moreover, the restrictions regarding the first option are much stronger - so that there won't be any attempts to manipulate traditional financial systems with their help.
Yes, the main goal of this law is to preserve government sovereignty (read - domination) in financial and credit policy.
To achieve this, it is also planned to conduct an analysis of the "white sheet" of each existing stablecoin, and on the basis of this check - to issue or not to issue the right to the issuer to distribute tokens. Plus, they are also going to charge it with compensation for the costs of regulators and impose restrictions on the amount of interest paid.
What are the consequences of this?
Various. On the one hand, strict government regulation will facilitate capital inflows from institutional investors. On the other hand, external regulation is a violation of the basic principle of cryptocurrencies - decentralization. In addition, everyone knows how much the European Union loves the classical bureaucracy...
Anyway, the European experience can become a determining factor for the policy of many countries in relation to cryptocurrencies. So we will observe - both the adoption of the law and the reaction to it from the market.
Published on the EXBASE based on materials from forklog.com