European Union: European Parliament adopts draft regulation on crypto markets including transparency requirements
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European Parliament adopts draft regulation on crypto markets including transparency requirements
On 17 March 2022, the European Parliament adopted the draft report on the EU Regulation Markets in Crypto-Assets (MiCa). The proposed regulation aims at providing a legal framework for cryptomarkets. It furthermore includes transparency criteria for issuers who wish to sell crypto-assets to the general public in the EU or ask for a license to trade crypto-assets. The proposal outlines transparency rules, requiring crypto-assets issuers and providers to publish a white paper presenting the crypto-asset characteristics, technology, data regarding their asset reserves, consumers' rights and obligations. The white paper will have to be submitted to the regulator minimum of 20 days before its released to the public. Furthermore, the issuers will have to ensure that they meet cybersecurity requirements to safeguard the investments in the crypto-assets, otherwise their activities could be suspended.
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