On 24 September 2020, the European Commission published the proposal on markets in crypto-assets to harmonise the legislative framework for the issuance and trading of crypto tokens to protect consumers and investors from market instability, fraud and money laundering. The proposal outlines additional obligations to crypto-assets issues classified as “significant”, to be classified as such an entity has to meet three or more criteria. The first criterion is having more than two million customers, the value of the assets exceeding the value of EUR 1 million, executing more than 500’000 daily transactions, the value of daily transactions exceeding EUR 100 million or presence in more than seven Member States. The issues of crypto assets classified as “significant” will have to provide fair remuneration to ensure effective risk management, implement li liquidity management strategies and have a minimum of 3% of own capital as reserve assets.
Original source