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ADAN: MiCA is a 'prerequisite for any company that is wishing to innovate in a secure environment'

Web3/Crypto
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ADAN | https://x.com/faufleuret/photo

ADAN, a European digital asset institution, has emphasized the significant commercial potential of Europe and highlighted that the Markets in Crypto-Assets (MiCA) regulation is now "a prerequisite for any company wishing to innovate in a secure environment." This statement was shared by ADAN in a post on September 25 on X.

"Adan and its partner @circle organised a dialogue between @jerallaire , @faufleuret and David Sabban on the subject of “MiCA and the crypto-asset market in the EU - opportunities, challenges and expectations as we approach 2025," said . "Circle's co-founder and CEO reaffirmed the importance of the European market for companies looking to build the future of finance using #Web3 technologies. Over and above the huge commercial potential that Europe represents, with the #MiCA regulation it has now set out the rules that are a pre-requisite for any company wishing to innovate in a secure environment. As Faustine (President of Adan) reminded us, it will now be necessary to support all companies in their journey towards compliance and to ensure that the regulatory efforts made remain sustainable so that they can continue developing."

According to Circle's Jeremy Allaire, the European market holds substantial importance for companies aiming to build the future of finance using Web3 technologies. He reaffirmed this perspective in a post on X. The MiCA regulations have further enhanced Europe's commercial potential by establishing rules that ADAN describes as essential for innovation within a secure framework.

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Elliptic, through a press release, announced that the European Union's new MiCA regulations took effect on June 30 for all stablecoin issuers. This development marks "a new era of regulatory oversight for innovators in the crypto space." The regulations require issuers to obtain approval from relevant state authorities before offering their tokens within the EU or when offering stablecoins pegged to the euro or other member state currencies.

According to LinkedIn, ADAN is a professional body representing digital assets industry players, founded in 2020 in France and Europe. Its mission is to foster a free and open digital economy by promoting digital assets. Leading ADAN is CEO and President Faustine Fleuret, who has been at the helm since 2021. The organization specializes in various areas including blockchain, Web3, digital assets, finance, security tokens, MiCA, digital technology, decentralized finance (DeFi), non-fungible tokens (NFTs), know your customer (KYC) anti-money laundering (AML), PSAN, jonum, and réglementation.

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The Financial Conduct Authority (FCA) has released new data indicating a significant decrease in cryptoasset registration applications.

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Global Digital Finance (GDF) and Adan have announced a strategic partnership aimed at promoting collaboration in the digital finance sector across Europe.

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The UK government announced a pilot program on November 14 to issue a Digital Gilt Instrument (DIGIT) using blockchain technology, aiming to modernize public finance. Chancellor of the Exchequer Rachel Reeves unveiled the initiative during her Mansion House speech, presenting it as part of efforts to enhance the UK’s status as a global financial hub.

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On November 20, Gherson LLP published an analysis on the evolving regulatory landscape for cryptoassets in the UK, highlighting recent legislative efforts aimed at addressing gaps in oversight. Key developments include the Financial Services and Markets Act 2023 and the proposed Property (Digital Assets) Bill.

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The UK cryptocurrency market continues to pose challenges for exchanges as they adapt to stricter regulatory requirements. Cryptocurrency exchange Bitget recently relaunched its UK platform after halting services in May 2024 to comply with the UK Financial Conduct Authority’s (FCA) Financial Promotions regime. This relaunch reflects Bitget’s efforts to align with the FCA’s evolving standards, aimed at enhancing consumer protection in the digital asset space.

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