Ethereum

Bank

Impact

April

Bold

<span style="font-size: 11pt; font-family: Calibri,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline;">MiCa laws in Europe are expected to take effect soon. The implementation of MiCA laws in Europe is going to be gradual. It should come into full effect on June 30, stated the crypto update, while the regulations concerning crypto asset providers will be introduced in December, according to cryptocurrency updates.&nbsp; 
<span style="font-size: 11pt; font-family: Calibri,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline;">Following these updates, this will be the first legislation of its kind on the continent to establish uniform market regulations for crypto assets with the EU. The BIT Journal notes that this update has been on the table since December 2020. On April 23, the EU parliament approved MiCA laws in Europe, setting a path for reformed laws and regulations. The main question that is being asked on cryptocurrency update forums is, what does this mean for crypto companies in the EU?&nbsp; 
<h2 dir="ltr" style="line-height: 1.3800000000000001; text-align: justify; margin-top: 18pt; margin-bottom: 0pt;" id="span-style-font-size-20pt-font-family-calibri-sans-serif-color-000000-background-color-transparent-font-weight-bold-font-style-normal-font-variant-normal-text-decoration-none-vertical-align-baseline-views-from-the-crypto-community-about-mica-laws-in-europe-span"><span style="font-size: 20pt; font-family: Calibri,sans-serif; color: #000000; background-color: transparent; font-weight: bold; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline;">Views From The Crypto Community About MiCA Laws in Europe</h2> 
<span style="font-size: 11pt; font-family: Calibri,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline;">The executive director of the Latvian Blockchain Association, <a style="text-decoration: none;" href="https://www.tradingview.com/news/cointelegraph:b392b8f57094b:0-mica-laws-come-into-effect-in-europe-here-s-what-you-need-to-know/" rel="nofollow noopener" target="_blank"><span style="font-size: 11pt; font-family: Calibri,sans-serif; color: #1155cc; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: underline; vertical-align: baseline;">Reinis Znotins</a><span style="font-size: 11pt; font-family: Calibri,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline;">, <span style="font-size: 11pt; font-family: Calibri,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline;">remarked that the introduction of MiCa laws in Europe will be “Psychological.” 
<span style="font-size: 11pt; font-family: Calibri,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline;">He further claimed that “There are no longer speculations about the legitimacy of crypto business in the EU. Before, one always heard doubts from various stakeholders – is the crypto business legitimate, is there a future for crypto in highly regulated environments, such as the EU.” 
<span style="font-size: 11pt; font-family: Calibri,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline;">He said these doubts were dispelled since the EU parliament endorsed crypto-related businesses. This endorsement has led to Bitcoin and Ethereum BTC ETH activities in the EU. Now, most people have an Ethereum or Bitcoin wallet, BTC ETH, or any means to transact crypto. The introduction of MiCa laws can either make more people acquire a Bitcoin (BTC) wallet or the opposite.&nbsp; 
<span style="font-size: 11pt; font-family: Calibri,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline;">Former Chairman of the Icelandic Central Bank supervisory board and co-founder at Monerium John Egilsson, mentioned that even though bringing MiCA laws in Europe will bring clarity, it will also cause a “market disruption.” 
<figure id="attachment_6647" aria-describedby="caption-attachment-6647" style="width: 100%" class="wp-caption alignnone">
 <img loading="lazy" loading="lazy" decoding="async" class="wp-image-6647 size-large" src="https://thebitjournal.b-cdn.net/wp-content/uploads/2024/06/deutsche-telekom-ventures-into-bitcoin-mining-europes-largest-telecom-provider-takes-a-bold-step-1024x682.jpg" alt="Deutsche Telekom Ventures into Bitcoin Mining: Europe's Largest Telecom Provider Takes a Bold Step" width="1024" height="682" title="MiCA Laws in Europe and Impact on Crypto Businesses — Here’s What You Need to Know 27">
 <figcaption id="caption-attachment-6647" class="wp-caption-text">
 Deutsche Telekom Ventures into Bitcoin Mining: Europe’s Largest Telecom Provider Takes a Bold Step
 </figcaption>
</figure> 
<h3 dir="ltr" style="line-height: 1.3800000000000001; text-align: justify; margin-top: 16pt; margin-bottom: 0pt;" id="span-style-font-size-13-999999999999998pt-font-family-calibri-sans-serif-color-434343-background-color-transparent-font-weight-bold-font-style-normal-font-variant-normal-text-decoration-none-vertical-align-baseline-bye-bye-stablecoins-span"><span style="font-size: 13.999999999999998pt; font-family: Calibri,sans-serif; color: #434343; background-color: transparent; font-weight: bold; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline;">Bye-Bye Stablecoins</h3> 
<span style="font-size: 11pt; font-family: Calibri,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline;">Egilsson sees a possibility of non-compliant stablecoin issuers exiting the EU market, leaving primary options like Bitcoin (bitcoin wallet) and Ethereum. He believes the market’s attention will be on euro-backed stablecoins.&nbsp; 
<span style="font-size: 11pt; font-family: Calibri,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline;">The head of regulatory compliance at Keyrock, Laura Chaput, parroted that:&nbsp; 
<span style="font-size: 11pt; font-family: Calibri,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline;">“Despite these restrictions, there’s a possibility that the stablecoin market could actually grow as retail investors gain confidence from the increased regulatory protections.” 
<span style="font-size: 11pt; font-family: Calibri,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline;">The latest crypto news captured that on June 13, the EBA made public some reports on <a style="text-decoration: none;" href="https://en.cubemos.com/sustainabilityglossary/regulatory-technical-standards-rts#:~:text=Regulatory%20Technical%20Standards%20(RTS)%20are,Payment%20Services%20Directive%20(PSD2)" rel="nofollow noopener" target="_blank"><span style="font-size: 11pt; font-family: Calibri,sans-serif; color: #1155cc; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: underline; vertical-align: baseline;">Regulatory Technical Standards (RTS)</a><span style="font-size: 11pt; font-family: Calibri,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline;"> relating to e-money tokens (EMT) under MiCA. The enactments in these reports are meant to be effective from June 30.&nbsp; 
<h2 dir="ltr" style="line-height: 1.3800000000000001; text-align: justify; margin-top: 18pt; margin-bottom: 0pt;" id="span-style-font-size-20pt-font-family-calibri-sans-serif-color-000000-background-color-transparent-font-weight-bold-font-style-normal-font-variant-normal-text-decoration-none-vertical-align-baseline-implications-for-the-crypto-market-span"><span style="font-size: 20pt; font-family: Calibri,sans-serif; color: #000000; background-color: transparent; font-weight: bold; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline;">Implications for the Crypto Market</h2> 
<span style="font-size: 11pt; font-family: Calibri,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline;">The latest crypto news shows how crucial MiCA laws are for the cryptocurrency scene in Europe. A cryptocurrency update noted that it will provide a clear regulatory framework that ensures stability and transparency in the crypto market. Following the same crypto update, the laws are meant to cover stablecoins, crypto-asset service providers (CAPs), and AML requirements.&nbsp; 
<h3 dir="ltr" style="line-height: 1.3800000000000001; text-align: justify; margin-top: 14pt; margin-bottom: 0pt;" id="span-style-font-size-16pt-font-family-calibri-sans-serif-color-000000-background-color-transparent-font-weight-bold-font-style-normal-font-variant-normal-text-decoration-none-vertical-align-baseline-increased-investor-confidence-span"><span style="font-size: 16pt; font-family: Calibri,sans-serif; color: #000000; background-color: transparent; font-weight: bold; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline;">Increased Investor Confidence</h3> 
The BIT Journal, in a recent crypto update, mentioned that MiCA regulations will only boost confidence among investors and set a path for improved crypto-related activities. <a href="https://thebitjournal.com/">The BIT Journal</a> believes that the laws will provide more 
<h3 dir="ltr" style="line-height: 1.3800000000000001; margin-top: 16pt; margin-bottom: 0pt;" id="span-style-font-size-17pt-font-family-calibri-sans-serif-color-434343-background-color-transparent-font-weight-bold-font-style-normal-font-variant-normal-text-decoration-none-vertical-align-baseline-challenges-and-adaptation-span"><span style="font-size: 17pt; font-family: Calibri,sans-serif; color: #434343; background-color: transparent; font-weight: bold; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline;">Challenges and Adaptation</h3> 
<span style="font-size: 11pt; font-family: Calibri,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline;">According to cryptocurrency news, MiCA laws in Europe will bring about great transformation. Even though there has been a positive reaction, experts believe that adopting the laws may not be as easy as it seems. The laws will create a new regulatory environment; not every investor and stakeholder will be comfortable with that. Some companies may even struggle to meet the regulations.&nbsp; 
<h2 dir="ltr" style="line-height: 1.3800000000000001; margin-top: 18pt; margin-bottom: 0pt;" id="span-style-font-size-20pt-font-family-calibri-sans-serif-color-000000-background-color-transparent-font-weight-bold-font-style-normal-font-variant-normal-text-decoration-none-vertical-align-baseline-conclusion-span"><span style="font-size: 20pt; font-family: Calibri,sans-serif; color: #000000; background-color: transparent; font-weight: bold; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline;">Conclusion</h2> 
<span style="font-size: 11pt; font-family: Calibri,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline;">The introduction of <span style="font-size: 11pt; font-family: Calibri,sans-serif; color: #000000; background-color: transparent; font-weight: bold; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline;">MiCA<span style="font-size: 11pt; font-family: Calibri,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline;"> laws in Europe will be a momentous benchmark for the European cryptocurrency industry. While analysts believe that these may disrupt the status quo, others believe that it will bring about transformation in the regulatory scene. However, cryptocurrency news channels agree that the merits of these laws will outweigh the demerits, thus increasing investor activities as trust and transparency will be established.&nbsp;

MiCA Laws in Europe and Impact on Crypto Businesses — Here’s What You Need to Know

Table of Contents

The Bit Journal

Other articles published on Jun 29, 2024

MoonBag on its Way to Become the Top Meme Coin Presale in 2024, Leaving BlastUP and Pepe Coin in ...

Why is Bitcoin Price Continuing To Fall? Is Bear Taking Over The Market

SEC Charges ConsenSys with Securities Violations Over MetaMask Swaps

Leave HBAR & PEPE Behind: Why BlockDAG Dominates As a Premier Crypto Investment After X1 App Launch

JasmyCoin Shows Signs of Bullish Reversal with Potential for 42% Price Increase

Top 3 Crypto Predicted for a Big Run in 2024

Join our free newsletter for daily crypto updates!