I am writing less lately, as i started my full time job, once again, and i am only free in weekends at the moment. Some days I am working from 8 to 20, so i cannot wait to come home and sleep one extra hour if possible, instead of staying online.
Stablecoin issuers and exchanges operating on the European Union territory are promised legal clarity and one ''ambitious project'' related to the cryptocurrency regulation, so that any fintech company obtaining the rights to operate in one country that is member of E.U. will automatically given the rights to operate in the other 26 country members of European Union. This is very good for the expansion of the crypto-market, but then another thing catched my attention, and i quote:
“At the same time, the proposal imposes more stringent requirements on ‘stablecoins’, which are more likely to grow quickly in scale and possibly result in higher levels of risk to investors, counterparties and the financial system.”
Funny enough, this started with them researching for the Facebook's Libra project, and needs to be enforced for any stablecoin with a total market capitalization of over $5.8 millions, as projects passing the threshold will need to be authorized by a “national competent authority” before they can operate in that specific country. This is good for any stablecoin at the moment except Tether.
While Europe is aware of the emerging cryptocurrency market, it will probably take years until this project is finished. Until then, there are few precautions and measures issued in order to facilitate the way of mass adoption. Any companies issuing crypto assets worth more than $1.7 million in a 12-month period will be obliged to publish a white paper with mandatory disclosure requirements. Again, this is good and will protect the ones doing their own research to avoid all kind of future DEFI Ponzi schemes.
European Comission main goal is to protect consumers and investors, they stated, and it will be interesting to see what will happen next.
Yours trully,
G.
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