Maruf Yusuf 🍉’s Post

The UK government are making another push to become a hub for crypto - issuing new 'comprehensive' legislation in stablecoins and crypto staking in June/ July. Interesting article attached about the future of compliance in crypto, and the varying approaches in regulating the space in different jurisdictions. #compliance #mica #crypto #web3

JPMorgan Research Warns of Europe's Crypto Regulation Impact on Tether (USDT): MiCA covers a wide range of aspects, including investor protection, market integrity, and stablecoin regulation. It introduces requirements for crypto ...

What MiCA's July Implementation Means for Crypto - PYMNTS.com: The EU's Markets in Crypto-Assets Act (MiCA) stablecoin rules will come into effect June 30. Here's how they could impact crypto adoption.

A key MiCA deadline in the EU is approaching on June 30, impacting the regulation of the crypto and digital asset market across member states. MiCA also impacts stablecoins, affecting their issuance, operation and oversight within the EU. The Block https://lnkd.in/erP5Bccf

After the political excitement of the European Parliament elections and the upcoming elections in France, UK (and later in the year in USA) this article is a timely reminder of the important work of regulators at European Banking Authority (EBA) European Securities and Markets Authority (ESMA) as well as the European Commission to deliver clarity so responsible market actors can comply with the framework to deliver safe, innovative products. This is essential is the EU is to benefit from its first mover position in developing a comprehensive regime. #cryptoregulation #digitalassets Crypto Council for Innovation

Major news with Circle announcing that it became the first global stablecoin issuer to gain regulatory approval under the European Union's Markets in Crypto-Assets (MiCA) regulatory framework. This marks a significant milestone for Circle, as their stablecoins, USDC and EURC, are now regulatory compliant under the new rules. "Circle is proud to be the first global stablecoin issuer to achieve regulatory approval under MiCA," Allaire stated. This approval alleviates concerns that investors would need to redeem their stablecoins or transfer their funds to other digital assets to stay compliant. Circle has also chosen France as its European headquarters. Allaire praised France’s stance on digital asset regulation and highlighted Circle’s collaboration with the French Prudential Supervision and Resolution Authority (ACPR). "France's forward-looking stance on digital asset regulation and our strong working relationship with the ACPR made it the ideal choice for our European headquarters," he said. Reflecting on the significance of the EU's regulatory overhaul, Allaire noted, “The entire concept of fiat digital currency did not really even exist outside of very early crypto circles. The concept of seeing major global laws that enshrined stablecoins into the financial system was inconceivable.” This regulatory shift marks a new era for digital assets in Europe with Circle leading the way in compliance and strategic positioning within the new framework. The road is open for the United States to build more regulatory clarity too. #crypto #blockchain #stablecoins #circle https://lnkd.in/eHTGps73

EU's Approach: The EU is developing an inclusive strategy for crypto regulation. MiCA is set to create a unique framework for all EU member states. Stay ahead of the curve!📈

The Markets in Crypto-Assets regulation — a comprehensive regulatory framework established by the European Union to regulate the cryptocurrency and digital asset market across member states — is approaching a key deadline on June 30. While existing stablecoin issuers must begin aligning their operations with certain MiCA requirements from the June 30 deadline, the most stringent requirements, such as capital and reserve obligations, come into full effect later, ensuring a transitional period for existing businesses to adapt. Stablecoin issuers operating outside the EU but providing services to EU residents will also need to comply with MiCA regulations, potentially leading to significant changes in their operational and compliance strategies globally. “As the critical 30 June deadline for the Markets in Crypto-Assets (#MiCA) regulation approaches, companies are struggling to navigate the ambiguities embedded in these new rules. MiCA was intended to provide clarity and certainty in the European crypto market. Yet, as the date nears, significant uncertainties persist, raising concerns across the industry.” Expect clarifying addendums being issued from Brussels thick and fast. https://lnkd.in/eP9GmcJn

For all crypto enthusiasts, particularly those working in the field, it’s important to refresh the upcoming changes. In the next few days, significant developments will affect some of the most widely used stablecoins in Europe. MICA Challenges with Stablecoins The MICA legislation introduces new rules that affect the use of certain stablecoins within the European Economic Area (EEA). These regulations are designed to enhance market stability and security but also impose restrictions on stablecoins that are currently unauthorised under MICA. Key Regulatory Details 1. Authorisation Requirements:  Stablecoins must meet specific criteria to be authorised for use within the EEA. 2. Compliance Deadlines:  The deadline for compliance is set for 30th June 2024.  Post this date, unauthorised stablecoins will face increased scrutiny and restrictions. 3. Affected Stablecoins:  You can read the list of affected stablecoins and learn about the actions that crypto businesses like CoinsPaid are taking to stay comply with the new regulations in this article by following coinspaidmedia.com

This week's regulatory radar covers all the developments starting with the recent Wells Notice issued to Uniswap. Continue following Hashed Open Dialogue for Law [HODL] as we follow the Uniswap case and other important legal and regulatory developments in this space in more detail! #cryptolaw ##cryptoregulations