Syed Rahman of financial
crime specialists Rahman Ravelli has spotted an
omission.
A leak has revealed the European Commission's plans for a
comprehensive set of regula;ons to cover trading or issuing of
digital assets.
The draft legisla;on on Markets in Crypto-Assets (MiCA) offers
cryptoassets the same sort of security and legal framework that
Europe's Markets in Financial Instruments Direc;ve (MiFID)
provided for securities markets, investment intermediaries and
trading venues. If it comes into effect, it will mean
cryptocurrencies, security tokens and stablecoins being treated as
any other regulated financial instrument.
The MiCA proposals define cryptoassets and the rules that apply
to the issuers of them and service providers. The proposals'
definition of a virtual asset service provider (VASP) is similar to
that produced by the Financial Action Task Force (FATF). There is
also a focus on stablecoins.
