Will new EU regulations put manners on the cryptocurrency market?

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The new MiCA regulation protects the customer by seeking to close down nearly all the scams carried out using crypto assets

Analysis: the new MiCA regulation protects the customer by seeking to close down nearly all the scams carried out using crypto assetsShares, stocks, bonds, derivatives and real estate property are some examples of conventional investment products available to the public to grow their money. According to an April 2023 survey from the Banking & Payments Federation Ireland , stocks or shares are held by 15% of adults, while cryptocurrencies are held by 8%.

From RTÉ Radio 1's The Business, financial advisor Paul Merriman on the new EU legislation around cryptocurrencies Enter the Markets in Crypto Assets regulation. This defines a crypto asset as"a digital representation of a value or of a right that is able to be transferred and stored electronically using distributed ledger technology or similar technology". Some examples of crypto assets include unbacked cryptocurrencies , backed cryptocurrencies or stablecoins , non-fungible tokens , DeFi tokens, coins, and various other utility tokens.

MiCA's scope is clear: it classifies crypto assets into asset references tokens , e-money tokens , and utility tokens. MiCA’s classification of crypto assets is based on how these crypto assets stabilize their value. For instance, EMTs aim to stabilize their value by referencing only one official currency of a country.

EU governments want to show they do not support trading and investment activities of unregulated and unbacked crypto assets We need your consent to load this rte-player contentWe use rte-player to manage extra content that can set cookies on your device and collect data about your activity. Please review their details and accept them to load the content.Manage Preferences

 

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