The collapse of FTX and Binance’s recent $4.3 billion settlement with U.S. authorities have highlighted the need for robust regulation in the cryptocurrency market, according to Ivan Keller, a policy officer for the European Commission. Speaking at the MoneyLIVE conference in Amsterdam, Keller emphasized the importance of the European Union’s markets in crypto-assets (MiCA) legislation in mitigating risks and providing regulators with clearer oversight. MiCA, which came into force in June 2023, aims to promote innovation while addressing consumer protection, market integrity, financial stability, and monetary sovereignty. The regulations will apply to all EU member states and will be implemented in stages, with rules for stablecoins taking effect in June 2024 and rules for crypto-asset service providers in December 2024. The European Securities and Markets Authority (ESMA) and European Banking Authority (EBA) are currently drafting technical standards to support the implementation of MiCA. Overall, MiCA seeks to strike a balance between fostering innovation and ensuring a safe and transparent crypto market.
This News Article was automatically generated by Bob the Bot (AI)
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Europe |
| Countries | 🇳🇱 🇺🇸 |
| Sentiment | neutral |
| Relevance Score | 1 |
| People | Ivan Keller |
| Companies | FTX, MiCA, European Council, European Securities and Markets Authority (ESMA), MoneyLIVE conference, European Banking Authority (EBA), European Union, Binance, European Commission, U.S. Department of Justice |
| Currencies | BUSD, FintruX |
| Securities | None |
