While the USA is taking its time, the European Union approves MiCa, Markets in Crypto Assets.
MiCA is the European regulation of crypto-assets, and is the acronym for Markets in Crypto-Assets.
The MiCA Regulation is applicable to any entity working in the field of crypto-assets (issuing, offering to the public, trading, providing services connected to them). The intention is that ill-intentioned people damage investors, therefore also illicit trafficking, scams, etc. Let's see the good and the bad.
Certainly more stringent rules and more severe penalties for Crypto Asset Service Providers (CASP) who lose customer funds, therefore also Exchanges and Wallets which for example are hacked and which over the years have caused millions of dollars to "disappear".
Unfortunately, most of these "scams" take place outside Europe, via offshore entities. So these adjustments seem rather ineffective and not very useful. At least it gives a jolt to the USA, indicating the right direction to take.
The Travel Rule has instead tightened surveillance, forcing service providers to KYC and declare investor data, the reporting is now above the €1000 threshold while in the USA for traditional banks it is $10,000. Finally, the launch of new tokens will have to be approved by legislators assuming that the waits become interminable and therefore there will be fewer token launches.
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