Markets in Crypto-Assets (MiCA)
2022 JUL 1
Economic Development > Miscellaneous > Miscellaneous
Why in news?
- Recently, EU Parliament agreed upon a new law Markets in Crypto-Assets (MiCA) to regulate cryptocurrencies.
About Markets in Crypto-Assets (MiCA):
- The Markets in Crypto-Assets (MiCA) law of European Parliament is the first comprehensive regulation for cryptos, and some expect it to become a trendsetter for crypto regulation globally.
- The MiCA law seeks to address concerns like money-laundering, protection of consumers and investors, accountability of crypto firms, stablecoins and the environmental footprint of crypto mining.
- It would regulate the “wild west” of crypto assets and provide legal certainty for those issuing crypto assets, while ensuring high standards for investors and consumers.
- It also excludes non-fungible tokens, but the EU may make a horizontal legislation for NFTs in 18 months, after a separate assessment.
Markets in Crypto-Assets (MiCA), recently seen in news, is associated with
(a) European Union
(d) Asia-Pacific Economic Cooperation