European Union: Council reaches agreement on Regulation on Markets in Crypto Assets including transparency requirements
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Council reaches agreement on Regulation on Markets in Crypto Assets including transparency requirements
On 19 November 2021, the Council adopted a common position on the Regulation on Markets in Crypto Assets 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 European Union or ask for a license to trade crypto-assets. The proposal outlines transparency rules, requiring crypto-asset 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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