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European Crypto Initiative: 'Digital systems require clear guidance, which can come through effective crypto regulation'

Policy

European Crypto Initiative | https://eu.ci/team/

By Crypto Republique

Sep 27, 2024

The European Crypto Initiative (EUCI), a blockchain advocacy group, said that blockchain serves as a platform for digital services but requires clear guidance through effective crypto regulation. EUCI shared their statement in a September 17 post on X.

"NFTs find their place within the #blockchain and can be regularly used in the real world or the metaverse," said Crypto Initiative. "The #Metaverse, web 4.0 or the virtual world is a digital space that uses virtual reality, augmented reality, and other technologies to allow people to have lifelike interactions online, as well as a decentralised digital identity and economy. Blockchain serves as a platform for these services, providing benefits of monetary exchange, remote accessibility, and electronic delivery tailored to specific user requests. But these digital systems require clear guidance, which can come through effective #CryptoRegulation."

According to the European Crypto Initiative, they released a comprehensive overview of Markets in Crypto-Assets' (MiCA) significance and objectives, outlining its legal certainty, innovation and competitiveness, consumer and investor protection, and financial stability and market integrity. The overview said that MiCA regulation will become fully applicable across the European Union by December 2024, marking the first comprehensive regulatory framework for crypto-assets within the EU, focusing on stablecoins, market transparency, and consumer protection.

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The framework and legal clarity of the Markets in Crypto-Assets (MiCA) regulations have attracted the European Union’s largest banks to enter into the crypto industry. According to a report by Cointelegraph, "European banks are moving into crypto as an asset class and tokenization technology because MiCA, the upcoming regulatory framework for Europe, is suddenly bringing full clarity for banks," said Bitpanda Deputy CEO Lukas Enzersdorfer-Konrad.

According to a release by Elliptic, the EU’s new Markets in Crypto-Assets regulations took effect on June 30 for all stablecoin issuers, ushering in "a new era of regulatory oversight for innovators in the Crypto space." This new rule states that "issuers must now obtain approval from relevant members of state authorities before offering their tokens within the EU or when offering stablecoins pegged to the euro or other member state currency."

"The European Crypto Initiative (EUCI) is a group that "aims to shape EU regulation to favor open, permissionless, decentralized applications leveraging blockchain technology while advocating for an innovative EU environment, supporting technological development for SMEs and innovative Crypto Assets Service Providers," according to their website. The EUCI team is composed of leaders from countries over Europe that make sure "that at the national level, the voices of the crypto companies are being heard. We bring years of experience in the blockchain space and are uniquely positioned to understand the complex technical component and the challenges it brings to the centrally designed regulation framework."

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