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New report finds MiCA could foster competition, transparency in EU's crypto industry

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The Chainalysis office | chainalysis.com

Chainalysis, a leading blockchain analytics firm, released a report on October 17 indicating that the European Union (EU) is emerging as a significant player in shaping global cryptocurrency regulations. This development is attributed largely to the Markets in Crypto-Assets (MiCA) regulations.

According to the report, MiCA came into effect for stablecoins in June 2024 and will be fully applicable to all crypto-asset service providers operating within the EU by December 2024. MiCA aims to provide regulatory clarity and consumer protection within the EU's crypto market. The legislation is expected to significantly impact how crypto businesses operate across the EU, requiring compliance with standards for licensing, consumer protection, and anti-money laundering measures. Chainalysis suggests that MiCA could level the playing field for crypto-asset service providers across the EU, fostering a more competitive and transparent market among member states. By providing a standardized framework for operation, MiCA has the potential to foster growth and innovation in the region.

As Europe implements its regulatory framework for digital assets, CoinDesk reported that a French regulator has invited American crypto industry participants to come to France if they seek legal certainty. Benoît de Juvigny, Secretary General of the Autorité des marchés financiers (AMF), said that French people are "proud to be pioneers" in the crypto industry. He added that "if American players want to benefit, in the very short term, from the French regime, and from the start of 2025 from European arrangements, clearly they are welcome." Some crypto companies like Bittrex have shut down their U.S. operations due to a regulatory environment characterized by active enforcement but lacking comprehensive regulations.

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President Emmanuel Macron expressed his support for the MiCA framework for digital asset regulation, according to CoinTelegraph. Macron said: "I don't believe in a self-regulated financial sector," adding that such an approach would be neither sustainable nor democratic. He emphasized that it is up to public authorities to define conditions conducive to sector development while encouraging innovation.

Michael Gronager founded Chainalysis with the goal of supporting the integration of the crypto ecosystem into the financial system. According to its website, Chainalysis provides data and tools essential for investigations and compliance within the crypto industry.

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On November 14, the European Banking Authority (EBA) released comprehensive guidelines for Payment Service Providers (PSPs) and Crypto-Asset Service Providers (CASPs) to ensure alignment with European Union (EU) and national restrictive measures. These guidelines aim to reduce risks and strengthen compliance when transferring funds or crypto assets.

Nov 22, 2024

The UK government is set to introduce new cryptocurrency regulations aimed at countering the growing appeal of the United States as a destination for crypto businesses. In response to concerns of regulatory delays following Brexit, the legislation focuses on establishing a clearer framework for stablecoins and staking activities, with the goal of strengthening the UK’s position as a global hub for digital assets.

Nov 22, 2024

OpenAI, the world’s largest artificial intelligence company, has announced it will establish a new base in Paris.

Nov 20, 2024

On October 30, UK Chancellor Rachel Reeves announced a capital gains tax (CGT) rate increase for high-income individuals, raising it to 24%. This change has raised concerns in the cryptocurrency community, where some investors fear that increased tax and regulatory pressures will diminish the UK's appeal for digital asset investment.

Nov 20, 2024

On November 6, the UK government issued an updated version of the Property (Digital Assets Etc.) Bill, clarifying its approach to defining digital assets, including crypto tokens, as recognized property under English law. The update aims to provide greater security and clarity for individuals and businesses engaging with digital assets.

Nov 20, 2024

Matt Law, Chief Commercial Officer at Outlier Ventures, said that it would not "surprise" him if many people embrace "more efficient," cost-effective systems like tokenization to gain the "same user benefit."

Nov 16, 2024