<\/p>\n
Europe\u2019s Markets in Crypto Assets (MiCA) legislation, designed to oversee digital assets, doesn\u2019t guarantee a risk-free crypto environment.<\/p>\n
That\u2019s according to the head of the European Union\u2019s top securities regulator, Verena Ross.<\/p>\n
Ross, chair of the European Securities and Markets Authority (ESMA), said that MiCA will set up a standard set of rules for crypto across the EU, covering areas that current financial rules miss.<\/p>\n
Still, she pointed out in an interview<\/a> published Wednesday that even with MiCA\u2019s introduction, crypto remains inherently risky.<\/p>\n \u201cConsumers need to be aware that MiCA does not provide the same protection as for traditional financial products,\u201d she said.<\/p>\n However, Ross acknowledged the significance of the new regulation.<\/p>\n She contends that the legislation will markedly transform the present landscape, which varies from anti-money laundering protocols to more evolved standards akin to MiCA.<\/p>\n Approved<\/a> in April, MiCA will bring forth rules concerning oversight, consumer protection, and environmental measures for cryptoassets. This regulation is set to be a standard for the global crypto industry, with other regions likely to observe and follow suit.<\/p>\n Ross also noted that the law would introduce new crypto guidelines \u2014 transparent product details, equitable market operations and enhanced stability \u2014 all aiming to safeguard consumers and ensure legitimacy.<\/p>\n Consumers will be better informed about products and their associated risks, she said.<\/p>\n Though MiCA offers a detailed structure for digital asset issuance and trading, it was crafted before the happenings of 2022, which brought up new risks and factors to consider.<\/p>\n Some also believe that MiCA is overly strict in areas like the prohibition<\/a> on algorithmic stablecoins and mandates for companies providing cryptoasset custody.<\/p>\n All parts of the MiCA rules are expected to be in place for crypto businesses in the EU by the end of 2024.<\/p>\n Get the day\u2019s top crypto news and insights delivered to your email every evening.\u00a0Subscribe to Blockworks\u2019 free newsletter<\/a>\u00a0now.<\/strong><\/p>\n Want alpha sent directly to your inbox? Get degen trade ideas, governance updates, token performance, can\u2019t-miss tweets and more from\u00a0Blockworks Research\u2019s Daily Debrief<\/a>.<\/strong><\/p>\n Can\u2019t wait? Get our news the fastest way possible.\u00a0Join us on Telegram<\/a>\u00a0and follow us on\u00a0Google News<\/a>.<\/strong><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":" Europe\u2019s Markets in Crypto Assets (MiCA) legislation, designed to oversee digital assets, doesn\u2019t guarantee a risk-free crypto environment. That\u2019s according to the head of the European Union\u2019s top securities regulator, Verena Ross. Ross, chair of the European Securities and Markets Authority (ESMA), said that MiCA will set up a standard set of rules for crypto […]<\/p>\n","protected":false},"author":2,"featured_media":139863,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[230,225,221,227,226,228,229,60,223,224,222],"class_list":["post-139862","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-brave","tag-coinbase","tag-crypto","tag-decentralised","tag-decentralized","tag-decentralized-exchange","tag-erc-20","tag-featured","tag-meme-coin","tag-robinhood","tag-solana"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/139862","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=139862"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/139862\/revisions"}],"predecessor-version":[{"id":147544,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/139862\/revisions\/147544"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/139863"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=139862"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=139862"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=139862"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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