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Markets in Crypto-Assets (MiCA)

2022 JUL 1

Preliminary   > 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.

PRACTICE QUESTION:

Markets in Crypto-Assets (MiCA), recently seen in news, is associated with

(a) European Union

(b) ASEAN

(c) SCO

(d) Asia-Pacific Economic Cooperation

                        A

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