Discover and read the best of Twitter Threads about #MiCA

Most recents (24)

IOSCO recently published its long-awaited consultation report on regulating #CryptoAssets, consisting of 18 high-level recommendations for global regulators to take into consideration when crafting and enforcing rules in this area. Image
⏰ The deadline to provide feedback has been set for 31 July, with a view to finalising them by September/October this year
👇 Key points of IOSCO's recommendations EU's #MiCA framework:

Main focus: Market integrity & investor protection;
Require #CASPs to implement fair, orderly, and timely transactions;
Read 15 tweets
The European Systemic Risk Board (ESRB) has published a report addressing the systemic implications and policy options for crypto-assets and #DeFi within the #EU, warning that the current regulatory landscape has gaps that must be addressed.

#CryptoRegulation Image
The ESRB identifies 3 key priorities for mitigating risks:

1️⃣ Enhancing EU's capacity to monitor potential contagion risks between #crypto and traditional finance: this involves standardising reporting and disclosure requirements for institutions with exposure to crypto-assets.
2️⃣ Assessing the risks posed by crypto-conglomerates and leveraging crypto-assets: the ESRB highlights risk transmission channels and the potential negative outcomes related to the combined crypto-asset services within a single legal entity.
Read 11 tweets
Alright, here's my tl;dr thread on the extremely bullish latest Partnerships meeting with the $CHEQ team.

If you don't know them yet, well done on finding this thread. They are a #cosmos project focused on #DigitalID, like #PolygonID or #worldcoin (but way less dystopian. Image
The recent meeting was held with Head of Partnerships Tobias Halloran and @OfMiklos - a $QNT legend who truly gets the $CHEQ value proposition.
@cheqd_io are a #DiD project focused on creating #TrustedDataMarkets - that is, creating a way to monetize the enforced changes being brought in by the EU's #eIDAS legislation.
The new model of #DigitalID mandates the use of data wallets in which users maintain their control. Image
Read 19 tweets
1/ 🔹Europe is setting up a bright future of crypto and Web3! Last week the European Parliament approved #MiCA (517-38 in favor) - legislation on cryptocurrency that will bring in new rules for the industry across the 27-country bloc.

👉This is a significant step forward that……
2/ 📍MICA provides clarity on the regulatory framework - something that all Web3 businesses are searching for.

Clear guidelines can assist crypto companies in comprehending their responsibilities and making progress toward complying with regulations.

The worse thing for……
3/ 📍Protection for consumers - MiCA’s goal is to protect consumers from fraud & scams.

This will improve the trust in digital assets reducing the risk of investors losing money.
Read 7 tweets
#MiCA at a glance Image
What does MiCA have to say specifically about stablecoins? MiCA is a meaty framework and bundles its stablecoin language into two subcategories: E-Money Tokens (EMTs) and Asset-Referenced Tokens (ARTs).

Under MiCA, an EMT is any token which aims to stabilize its value by……

This needs more work.
EU you did was enable Circle and make their lobbyists happy.
Read 4 tweets
Die #MiCA ist durch. Das @Europarl_DE verabschiedete die #Krypto-Verordnung heute. Damit ist die #EU die erste große Wirtschaftszone, die #Bitcoin und Co. reguliert. #krypto #crypto #btcecho #news #breakingnews #regulierung Image
Lange hat es gedauert, nun ist das Mammutprojekt endlich durch: die Markets in Crypto Assets Regulation – MiCA – ist verabschiedet. Das Europäische Parlament gab am heutigen Donnerstag, den 20. April, einem entsprechenden Entwurf grünes Licht. Damit ist der Weg frei für die …
Krypto-Regulierung in Europa. Die Verordnung gilt für alle Mitgliedsstaaten der EU und gibt der Industrie einen einheitlichen rechtlichen Rahmen vor.
Das neue Regelwerk adressiert verschiedene Teilbereiche des Krypto-Marktes. Von Utility-Token, über Stablecoins, bis zur …
Read 12 tweets
The final #MiCA text is here!

After a false alarm on Thursday, when pre-trilogue amendments were mistaken for a new version, we can now take a look at the text that will be voted on by the @Europarl_EN on 20/4

TL;DR - No changes for DeFi, NFTs & stablecoins' caps

A quick 🧵 Image
MiCA will NOT apply to "crypto-asset services provided in a fully decentralised manner without any intermediary"

The @EU_Commission will produce a report in 18 months assessing the "necessity and feasibility of regulating #DeFi" ImageImage
It will also NOT apply to unique and non-fungible tokens, but it WILL apply to fractional #NFTs

Authorities to adopt a "substance over form approach" when classifying NFTs, as their "de facto features" or their "issuance in a large series" could mean they are fungible = captured ImageImage
Read 8 tweets
Let's briefly talk about #MiCA and the transfer of funds rule (TFR) in the #EU.

Short 🧵
They may be formally ratified by April 19th, and about 4-8 weeks thereafter they will be published in the "Official Journal of the EU" (which I'm sure you subscriber to) and thus go into effect.

That starts an 18 month clock.
The European Banking Authority (EBA) is tasked in that 18 month period to draft a number of guidelines on a number of clarifying topics, including the enhanced due diligence measures CASPs would need to implement when transacting with self-hosted wallets.
Read 8 tweets
Aujourd’hui a eu lieu un vote important au @Europarl_EN dans le domaine de la lutte contre le blanchiment d’argent et le financement du terrorisme.

Cela concerne notamment les #NFT et les plateformes de cryptos. Thread 👇
1. Les #NTFs vont être soumis aux règles AML, alors qu’ils étaient exclus de #MiCA
L'une des avancées majeures de ce vote: les plateformes d’échanges de NFT doivent maintenant suivre les obligations légales en matière de lutte contre le blanchiment et le financement du terrorisme
2. Liste noire des plateformes douteuses :
L’Autorité européenne de lutte contre le blanchiment d’argent (#AMLA) va pouvoir établir une liste des plateformes, basées dans un pays hors-UE, susceptibles de poser des risques de blanchiment d’argent ou de financement du terrorisme
Read 6 tweets
1/ MiCA final voting will happen this April. But what the hell is MiCA? Markets in Crypto-Assets (MiCA) is the main regulation in the EU (European Union). 👨🏻‍⚖️ Let's discuss how it can affect the industry and what is it all about. #MiCA #EU #regulation
2/ The proposed MiCA regulation in the EU is kind of a significant development for the crypto industry. While the regulation aims to provide clarity and regulatory certainty, it presents both benefits and drawbacks that must be carefully considered.
3/ The aim of MiCA is to establish a comprehensive set of rules and standards for digital assets, covering everything from initial coin offerings (ICOs) and security tokens to stablecoins and non-fungible tokens (NFTs).
Read 8 tweets
1/ One year ago, the UK announced its ambition to become a leading crypto hub, a policy driven from the highest levels of government. Since then, the UK has been one of our fastest growing markets.…
2/ In a few weeks, our leadership team will visit the UK to meet with policymakers, regulators, media and to engage with the wider crypto community.
3/ While there, the final vote on #MiCA, the EU’s comprehensive crypto regulatory framework, will be taking place across the Channel, at the @Europarl_EN in Strasbourg.
Read 5 tweets
To the @SECGov staff who know that crypto assets and services, by their very nature, can’t comply w/ existing securities regs, but feel they have no choice but to bring enforcement actions under existing law: there is a better way.
In the ‘90s, Congress gave the SEC broad authority to exempt entire classes of securities from the federal securities laws. And the SEC has used it. In 2004, asset-backed securities – securities backed by things like mortgages – were new, but had quickly grown to a $416B market.
After years of ABS no-action letters and feedback to ABS issuers on their registration applications, the SEC finally recognized that a new set of rules was needed - the existing ones simply didn't work given ABS' unique features.
Read 9 tweets
Stablecoins are not securities in the EU 🇪🇺 🇺🇸. The EU has established clear regulations in its law on Markets in Crypto Assets (MiCA) which classify payment stablecoins as electronic money on open, public blockchains. #PaymentStablecoins #MiCA
The EU's regulations on payment stablecoins simply stop the discussion of stablecoins being securities before it gets started. Payment stablecoins are explicitly defined as electronic money, providing clarity and certainty for both issuers and users. #NotASecurity
The EU's regulations on E-Money Tokens ensure that payment stablecoins are subject to similar rules as traditional electronic money, such as consumer protection and anti-money laundering measures. #ConsumerProtection #AML
Read 7 tweets
I had the occasion to speak about #nexera and #nexeraID in previous posts. In this post I will explain #NexeraID without using #NFT, #MetaNFT #ZKP or any #web3 word. Fasten your belt and be ready for an awesome journey:
1 - NexeraID: The digital passport and wallet that unlock seamless embedded compliance
2 - NexeraID is a #selfsovereignidentity issuance and verification platform that allows any institution to easily integrate complex compliance workflows, all while preserving the self-custody and security of consumers’ identity and assets.
Read 20 tweets
1/Στην αναγκη ευρεσης κονδυλιων για το προγραμμα κορβετων καλο ειναι να αντιληφθουμε την δεσμευση που έχουν αλλα προγραμμα της #ΠΑ #HAF. Την δεδομενη στιγμη υλοποιουνται ο ΕΜΖ των #F16 Block 52+/Adv σε Viper και η προσκτηση 24 #Rafale F3R.Το πρωτο προγραμμα κοστιστε 1.5 δις $
2/ ή 1.2 δις Ευρω σε παρελθουσα ισοτιμια (που πλεον εχει αλλαξει) ενω η αποκτηση των #Rafale στοιχισε αλλα 2.6 δις Ευρω. Τα προγραμμα της #ΠΑ που εκρεμμουν ειναι ο ΕΜΖ των 38 #F16 Block 50 σε επιπεδο Advanced+ με εκτιμωμενο κοστος 700 εκ Ευρω καθως και η προμηθεια 20-30 #F35 που
3/θα στοιχισει αλλα 3.5 με 4 δις Ευρω.Για ελαχιστοποιηση του κοστους προτεινεται απο την Αμερικανικη πλευρα η εμπροσθοβαρης πληρωμη αλλα ακομη και αν ηταν ισοποση μονο για την προμηθεια των F35 που αναμενεται LoA τον Μαρτιο 23,θα δεσμευσει γυρω τουλαχιστον 300 εκ Ευρω ετησιως
Read 14 tweets
Today, we attended the #FTX hearing by the @EP_Economics in the @Europarl_EN.

It was an interesting discussion, with the underlying question being

"Would #MiCA have prevented the FTX collapse? Will the new rules be enough to address those issues?"

A🧵with key quotes:

Speakers underlined this is not a #crypto issue, but a human one

"The lack of segregation of user data in the #FTXscandal demonstrates the legislative need for the #EU to apply existing data protection rules to the #crypto market"

MEP @itinagli, Chair of @EP_Economics

"The #FTXscandal is caused by human behaviour!

It is to the #crypto market what Lehman Brothers represented for the traditional finance industry. Had #MiCA been already in place, the #FTX case should have never been possible"

MEP @DrStefanBerger, MiCA Rapporteur

Read 9 tweets
L’heure du @RevoTips ➡️ Le guide @RevoAvocats du contrôle fiscal en matière de #cryptos 📓 (Part 1)

Quels sont les éléments déclencheurs d’un contrôle #fiscal spécifiques au secteur crypto ?

(1 / )
A partir de cette semaine nous allons publier une série de threads sur le sujet du contrôle fiscal en matière de cryptos.

Cette semaine, on vous parle des éléments qui peuvent inciter l’administration fiscale à déclencher un contrôle fiscal. 🤔
Chiffres clés du contrôle fiscal pour 2021 :

➡️10,7 milliards d’€ encaissés, pour 13,4 milliards d’€ de droits mis en recouvrement

➡️Renforcement du ciblage via #datamining 👨🏻‍💻 👉 à l’origine de 45 % de contrôles contre 32,49 % en 2020
Read 17 tweets
#RevoTips ➡️ Le Cadre déclaratif des crypto-actifs « #CARF », un nouveau dispositif OCDE de lutte contre la fraude fiscale internationale en matière des cryptos.

Son adoption aura évidemment un impact sur les contrôle, mais en quoi consiste-t-il ?

Après les règlements 🇪🇺 #MICA et #TFR qui visent essentiellement à réguler les cryptos et à les soumettre aux exigences de lutte contre le blanchiment « LCB-FT », l’OCDE 🌍 présente un dispositif international avec un objectif principalement fiscal ➡️ le #CARF.
Le #CARF c’est quoi ?

Un règlement permettant la collecte des informations de nature fiscale sur l’utilisation des cryptos pour l’achat des biens ou services.
Read 14 tweets
#MiCA was not the only proposal completed last week, as 🇪🇺 institutions also finalised the Transfers-of-Funds Regulation (TFR).

The #TFR is meant to implement the @FATFWatch's #travelrule for transfers of #cryptoassets in the EU.

As always, check our 🧵for details:

First, a bit of #context:

The original Transfers-of-Funds Regulation was established in 2015 and introduced the requirement for financial institutions to accompany each #transfer of funds with verified information about the originator and beneficiary of the transfer.

As part of its 2020 Action Plan on preventing #moneylaundering and #terrorism financing, the @EU_Commission put forward a legislative proposal for a recast of the original #TFR text with the main objective of expanding traceability requirements to crypto-assets.

Read 18 tweets
15/ Ce 10 Octobre sera voté au conseil 🇪🇺 le règlement #TFR Transfer of Funds Regulation forçant l’identification régalienne des personnes transférant des cryptos jetons sur les places d’échanges.
Exception : les portefeuilles auto hébergés //metamask 😳…
15bis/ Le règlement #TFR a pour but de tracer et fiscaliser TOUS les actifs cryptos
= #surveillance numérique totale sous couvert du LCB-FT (Lutte Contre le Blanchiment et le Financement du Terrorisme).
Cf ce site pour en savoir +
15Ter/ Le règlement #MICA 2 encadre lui les #crypto-actifs (dont les #NFT, #Bitcoin et autres jetons inscrits sur des blockchains).
Toujours le même but : contrôler, fiscaliser interdire sous couvert de lutte contre les escrocs...…
Read 6 tweets
⚠️AllianceBlock⚠️is a Layer 2 solution that will disrupt the $100 trillion securities market!

This thread is developed in 3 main parts:

1. What are the real use cases?
2. Is the financial system ready for DeFi?
3. Is $ALBT a good investment?
We need a short introduction to explain the "Landscape".

They describe $ALBT as “a decentralized, blockchain-agnostic layer 2 that bridges traditional and DeFi and automates the process of converting any digital or crypto asset into a bankable product.”
I know... What fu*k this means? Let’s break it down!

✅ L2 is a layer built on top of L1 (BTC, ETH, SOL and AVAX) that reduces bottlenecks with scaling and data.

Easy no?! $ALBT is a layer 2 that aims to bridge the gap between traditional finance and DeFi.
Read 17 tweets
📢#MiCA is complete!

The landmark #crypto regulation sets out uniform 🇪🇺 requirements for offerors of #cryptoassets and service providers (#CASPs) to apply for authorisation in the Single Market.

👀🧵for a full dive on #MiCA and what it means for the #cryptoindustry.

Even though a better agreement was close last week, 🇫🇷 vetoed it during the 🇪🇺 MS intervention period & raised concerns on USD-denominated #stablecoins used as a "means of #exchange", suggesting a return to their restriction when used for #settlement purposes ❗️

The compromise was to at least clarify that USD-#stablecoins used for spot #trading would NOT be captured.

The final text was approval by #COREPER yesterday and @EP_Economics will do it on 10/10. Final adoption by Ministers and the Parliament’s Plenary will be end of Oct.

Read 22 tweets
EU Commission organized SSB, @ETSI_STANDARDS had recently published a group report on interoperability between permissioned DLTs

This organization has over 900 members from 65+ countries. Let's see what they had to say

🌐While not as big as ISO or ITU, the ETSI has previously collaborated w these other SSB's on multiple occasions

With an agreement signed between them & ITU in 2000

Along with collaborating in multiple ISO working groups for IoT semantic interoperability🤔
1⃣Right away we already see an ISO Standard reference in their references.

TS 23635, this standard is on "guidelines for governance for blockchain & DLT". But who do we see as the technical committee for this standard?

Thats right, the standard founded by $QNT CEO #TC307
Read 9 tweets
🇫🇷 « L'outil de #défense que nous avons entre les mains est l'héritage de 30 ans de consensus sur l'armée et sa taille. Tous ceux qui ont participé à ce consensus peuvent se regarder face à ce qui est en train de se passer. » #munitions…
« Un missile #MICA ou un missile de croisière #SCALP sont des #munitions qui valent plusieurs millions d'euros dans un budget où tout est compté. 100 SCALP, cela vaut peut-être 150 millions d'euros mais avec ces 150 millions, vous pouvez faire autre chose. »
« Les armées ont passé beaucoup d'années à essayer de trouver le meilleur équilibre dans ses moyens capacitaires pour correspondre à l'ambition politique et à la nature des coalitions dans lesquelles elles étaient. » #munitions
Read 4 tweets

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