The new draft law that divides crypto coins into 3 different groups gives licensing and authorization according to these groups. In addition, strict rules apply to stock exchange and project managers.
The fact that the daily volume of the cryptocurrency world exceeds $ 130 billion indicates that a huge mass of investors flocked here. Some people come to get rich in a short time and some people come for long-term investment only as much as the level of security offered by the stock exchanges. States have gradually started to believe that cryptocurrencies are under regulation.
Next is the European Union
Countries have their own regulations or taxation for cryptocurrencies, but the European Union is determined to set a standard in this business. The draft text prepared sets different rules according to different categories.
The draft text, called Crypto Asset Markets or MiCA, will lead to the emergence of Union-wide standard practices. These include transparency, authorization, surveillance, manageability. The law will go into effect directly and countries will not need to integrate it into their own laws.
MiCA makes the definition of crypto asset quite broad. It is defined as the digital representation of the value or rights stored or transferred using distributed ledger technologies. Thus, a gap is not created.
MiCA crypto assets are divided into 3 parts. The first part is fixed cryptocurrencies based on commodities. The second part is a group of investment instruments representing multiple assets. The last part, on the other hand, consists of the variable value cryptocurrencies we know.
According to the draft, those operating crypto money exchanges must operate within the EU borders. Again, according to the service it will offer, it must obtain a license in these categories. In addition, those who develop asset projects have to prepare the definition file to the finest detail. Broader surveillance mechanisms come into play depending on the seriousness of the projects.
The MiCA draft, which wants to protect its citizens by preventing pyramid schemes or fraudulent projects and by ensuring that crypto money exchanges take responsibility, will be finalized by the Commission in the near future.