BACS presents its new report open to the public: MiCA, Introduction to the Markets in Crypto-Assets Regulation developed by members of the board of the Blockchain Arbitration & Commerce Society and with the collaboration of our partners BITLAB.
Here you will find the introduction of the document. To read the document, just download the report below.
BACS, as an organization where we are driven to ensure that cryptoasset businesses and projects move in an environment of legality and trust, we believe that this article is key for those who must understand and assume the regulatory changes around this sector.
If the article is of interest to you and you wish to share it, disseminate it or mention it, all you have to do is cite us as the authors of the report and include our website: https://bacsociety.com
MICA REPORT: INTRODUCTION
The European Union wants to regulate the crypto-asset market to protect consumers. Its basis lies in the Treaty on the Functioning of the European Union, and in particular Article 114.
The Union has a policy interest in developing and promoting the uptake of transformative technologies in the financial sector, including the uptake of distributed ledger technology (DLT). New types of business activity and business models that, together with the crypto-asset sector itself, will lead to economic growth and new employment opportunities for Union citizens.
When used as a means of payment, crypto-assets can present opportunities in terms of cheaper, faster and more efficient payments, in particular on a cross-border basis, by limiting the number of intermediaries.
At present, there are no rules, other than those in respect of anti-money laundering, for the provision of services related to such unregulated crypto-assets.
A dedicated and harmonised framework for markets in crypto-assets is therefore necessary at Union level.
Read the full text!