European Union: Council issues general approach on crypto-assets market regulation including competition measures
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Council issues general approach on crypto-assets market regulation including competition measures
The Council adopted a common position on the Regulation on Markets in Crypto Assets. 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.
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