In a recently published interview with Verena Ross, Chair of the European Securities and Markets Authority (ESMA), Ross spoke about the Markets in Crypto-Assets Regulation (MiCA) that was passed in June.
“It is important to remember that even with the implementation of MiCA, which is clearly a step forward, there will be no such thing as a safe crypto-asset,” said Ross. “Consumers need to be aware that MiCA does not provide the same protection as for traditional financial products.”
A key aspect of MiCA is it enables a crypto asset service provider (CASPs) to register in one country and be able to operate throughout the European Union. Currently many countries only have requirements for service providers to comply with anti money laundering legislation. In contrast, MiCA is far broader covering the authorization of CASPs, crypto product disclosures and aiming to improve market integrity.
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