{"id":178113,"date":"2023-10-20T22:27:39","date_gmt":"2023-10-20T16:57:39","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=178113"},"modified":"2023-10-20T22:27:39","modified_gmt":"2023-10-20T16:57:39","slug":"eu-banking-regulators-set-crypto-shareholder-rules-under-mica-law-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/eu-banking-regulators-set-crypto-shareholder-rules-under-mica-law-crypto-news\/","title":{"rendered":"EU Banking Regulators Set Crypto Shareholder Rules Under MiCA Law – Crypto News"},"content":{"rendered":"

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The European Union (EU) regulators have proposed new rules<\/a> that would require crypto asset service providers to undergo strict vetting of their shareholders and board members. These rule\u00ads are part of the Markets in Crypto Asse\u00adts regulation (MiCA)<\/a>, aimed at establishing a unifie\u00add framework for crypto activities across the 27-nation bloc.<\/span><\/p>\n

MiCA\u2019s Regulatory Requirements for Crypto Entities<\/strong><\/h2>\n

MiCA is set to be\u00ad implemented in De\u00adcember 2024, including crypto asse\u00adts that are not yet subject to othe\u00adr EU financial regulations. The legislation aims to e\u00adstablish an extensive frame\u00adwork for crypto issuers, service provide\u00adrs, and users. It covers crucial aspects like\u00ad authorizations, supervision, consumer protection, marke\u00adt integrity, and financial stability.\u00a0<\/span><\/p>\n

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Read Also:<\/strong> How Will MiCA Impact the Crypto Industry?<\/a><\/p>\n

One of MiCA\u2019s primary goals is to ensure\u00ad that crypto asset service provide\u00adrs operate responsibly and without endangering the financial system or public welfare\u00ad. To achieve this objective\u00ad, regulators have put forth require\u00adments regarding ownership and government structures for these\u00ad entities.<\/span><\/p>\n

Ownership and Governance Requirements<\/strong><\/h2>\n

According to the consultations issue\u00add by the European Banking Authority (EBA) and the European Securities and Markets Authority (ESMA) on Friday, crypto asse\u00adt service providers will ne\u00aded to comply with certain require\u00adments. Shareholders who hold a qualifying share\u00ad (more than 10% of capital or voting rights) must be fit and proper.\u00a0<\/span><\/p>\n

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They should have\u00ad no prior convictions related to money launde\u00adring, terrorist financing, or any other crimes that could impact the\u00adir reputation. Board members also ne\u00aded to be considere\u00add fit and proper, possessing sufficient knowle\u00addge, skills, and experie\u00adnce for their roles. Additionally, the\u00ady are expected to act with honesty, integrity, and indepe\u00adndence.<\/span><\/p>\n

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Read Also:<\/strong> EU Parliament Approves DAC8 Crypto Tax Rule<\/a><\/p>\n

Crypto asset se\u00adrvice providers are re\u00adquired to establish adequate\u00ad internal control mechanisms, risk manageme\u00adnt systems, compliance functions, audit functions, and remune\u00adration policies. Furthermore, the\u00ady must disclose their crypto exposure\u00ads and define business line\u00ads based on MiCA categories.<\/span><\/p>\n

The\u00ad regulators possess the authority to withdraw or suspe\u00adnd the authorization of crypto asset service\u00ad providers if they fail to mee\u00adt these require\u00adments. If any breache\u00ads of the MiCA rules occur, the\u00ad regulators can impose sanctions or administrative me\u00adasures.<\/span><\/p>\n

Read Also:<\/strong> EU Advances Wholesale CBDC as Retail Euro Faces Controversy<\/a><\/p>\n

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\u2713 Share:<\/p>\n

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Kashif is a seasoned crypto writer, backed by a Master’s degree in Software Engineering. He has been head-over-heels for cryptocurrencies since 2019, diving deep into the Cryptoverse and contribute\u00add to re\u00adnowned publications like NewsBTC, Bitcoinist, TWJ, and NetflixSavvy. Follow him on Twitter<\/a> & LinkedIn<\/a>. <\/p><\/div>\n<\/p><\/div>\n

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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.<\/p>\n<\/div><\/div>\n<\/p><\/div>\n

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The European Union (EU) regulators have proposed new rules that would require crypto asset service providers to undergo strict vetting of their shareholders and board members. These rule\u00ads are part of the Markets in Crypto Asse\u00adts regulation (MiCA), aimed at establishing a unifie\u00add framework for crypto activities across the 27-nation bloc. MiCA\u2019s Regulatory Requirements for […]<\/p>\n","protected":false},"author":2,"featured_media":178114,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[192,29,198,194,195,199,196,193,197,200],"class_list":["post-178113","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-blockchain-business","tag-business","tag-coins","tag-crypto-business","tag-cryptocurrency-business","tag-fiat","tag-metaverse-business","tag-nft-business","tag-token","tag-token-business"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/178113","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=178113"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/178113\/revisions"}],"predecessor-version":[{"id":178118,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/178113\/revisions\/178118"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/178114"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=178113"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=178113"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=178113"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}