Sleek v2.0 public release is here
Lorem ipsum dolor sit amet, consectetur adipiscing elit lobortis arcu enim urna adipiscing praesent velit viverra sit semper lorem eu cursus vel hendrerit elementum morbi curabitur etiam nibh justo, lorem aliquet donec sed sit mi at ante massa mattis.
- Neque sodales ut etiam sit amet nisl purus non tellus orci ac auctor
- Adipiscing elit ut aliquam purus sit amet viverra suspendisse potent i
- Mauris commodo quis imperdiet massa tincidunt nunc pulvinar
- Adipiscing elit ut aliquam purus sit amet viverra suspendisse potenti
What has changed in our latest release?
Lorem ipsum dolor sit amet, consectetur adipiscing elit ut aliquam, purus sit amet luctus venenatis, lectus magna fringilla urna, porttitor rhoncus dolor purus non enim praesent elementum facilisis leo, vel fringilla est ullamcorper eget nulla facilisi etiam dignissim diam quis enim lobortis scelerisque fermentum dui faucibus in ornare quam viverra orci sagittis eu volutpat odio facilisis mauris sit amet massa vitae tortor condimentum lacinia quis vel eros donec ac odio tempor orci dapibus ultrices in iaculis nunc sed augue lacus
All new features available for all public channel users
At risus viverra adipiscing at in tellus integer feugiat nisl pretium fusce id velit ut tortor sagittis orci a scelerisque purus semper eget at lectus urna duis convallis. porta nibh venenatis cras sed felis eget neque laoreet libero id faucibus nisl donec pretium vulputate sapien nec sagittis aliquam nunc lobortis mattis aliquam faucibus purus in.
- Neque sodales ut etiam sit amet nisl purus non tellus orci ac auctor
- Adipiscing elit ut aliquam purus sit amet viverra suspendisse potenti
- Mauris commodo quis imperdiet massa tincidunt nunc pulvinar
- Adipiscing elit ut aliquam purus sit amet viverra suspendisse potenti
Coding collaboration with over 200 users at once
Nisi quis eleifend quam adipiscing vitae aliquet bibendum enim facilisis gravida neque. Velit euismod in pellentesque massa placerat volutpat lacus laoreet non curabitur gravida odio aenean sed adipiscing diam donec adipiscing tristique risus. amet est placerat in egestas erat imperdiet sed euismod nisi.
“Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum”
Real-time code save every 0.1 seconds
Eget lorem dolor sed viverra ipsum nunc aliquet bibendum felis donec et odio pellentesque diam volutpat commodo sed egestas aliquam sem fringilla ut morbi tincidunt augue interdum velit euismod eu tincidunt tortor aliquam nulla facilisi aenean sed adipiscing diam donec adipiscing ut lectus arcu bibendum at varius vel pharetra nibh venenatis cras sed felis eget dolor cosnectur drolo.
Earlier this year, the European Parliament endorsed the Markets in Crypto Assets regulation (MiCA), and it is anticipated to come into effect in the summer of 2024. We decided to ask Olivia Andersson, consultant at ZEB Nordics, to gain more insights on this.
In short, what is the MiCA regulation about?
The MiCA regulation (Markets in Crypto AssetsRegulation) is about creating a harmonized regulatory framework for the crypto-asset market. The regulation is comprehensive and includes rules for certain issuers of crypto-assets, the definition of various types of crypto-assets, and rules for crypto-asset service providers.
In short, the MiCA regulation is all about ensuring a transparent, stable, and protected environment for investors in the crypto-asset market.
Why is the MiCA regulation important?
The MiCA regulation is important from different perspectives. Crypto companies that are covered by the regulation and that have previously been largely unregulated have now clarified their responsibilities through a structured regulatory framework, which means predictability and legal certainty for these companies.
This, in addition to the fact that the regulation provides for uniform rules across the EU.
The regulation is also important for investor protection and to maintain confidence in the crypto-asset market. It includes rules on transparency and the provision of comprehensive information on conflicts of interest, risks, costs, etc.related to crypto-asset services and products.
Crypto companies shall comply with the obligation to act honestly, fairly, professionally, and transparently to avoid conflicts of interest.
Then there is the aspect of combating criminal activities such as market abuse and money laundering. The regulation introduces measures to combat market abuse and prevent money laundering, and terrorist financing, which of course is an important part of the new rules.
Lastly, the regulation is important for market integrity and financial stability. The framework is aimed to support market integrity and reduce risks of financial instability through, among other things, rules on public offers of crypto-assets and disclosure requirements on risks.
How will this affect crypto companies?
Crypto companies covered by MiCA, which are not currently regulated or under limited regulations, will need to apply for authorization from the national competent authorities and thus be subject tomore extensive supervision. In other words, this includes supervisory authorities monitoring their operations and ensuring compliance with the regulation.
The companies will need to adhere to the rules and standards set by MiCA, such as organization, capital requirements, and operational conditions. This, in turn, places great demands on the companies’ internal governance and control and to implement robust compliance frameworks to meet these obligations.
What changes might people notice in their use of cryptocurrencies?
People will notice the change in transparency in connection with their interaction with crypto-assets. Both issuers of crypto-assets under MiCA and crypto-asset service providers will have to provide clearer information about the products/services they offer.
People might notice that the information provided to customers and investors is standardized and includes clear disclosures about the nature and risks of crypto-assets, including conflicts of interest and costs/fees. The information provided is aimed at making it easier for users to understand what they’re investing in.
In addition, users may notice that they need to provide more information about themselves as a customer before using cryptocurrencies, e.g. for KYC or suitability assessment purposes.
What is a “CASP” and how is MiCA approaching these types of companies?
CASP stands for Crypto Asset Service Provider. These are companies involved in providing crypto-asset-related services, such as crypto wallet providers, trading platforms and advisory services.
MiCA introduces rules that require CASPs to comply with licensing, organizational, operational, and conduct requirements. Many of the licenses that CASPs can apply for, such as custody, advisory, and order execution, correspond with the license types found in MiFID II for financial institutions. By imposing regulations on CASPs, MiCA aims to bring these entities under regulatory oversight similar to traditional financial service providers.
Subscribe to our newsletter
Sign up for the latest news in the world of GRC and North House updates!
