Reading time: ~2 m
EU Member States will be able to block ads and websites of unauthorized organizations associated with digital assets. The relevant rules will be written in MiCAwrites The Block.
Regulation will develop ESMA.
The reason for considering such an option was the collapse of the FTX exchange registered in the Bahamas. Members of the European Parliament discussed it.
According to the head of the European Commission’s digital finance department, Jan Zeissens, after the entry into force of MiCA, authorities will monitor active crypto companies that do not have permission to work with EU citizens.
«We will have general ESMA guidelines that will state what is reverse attraction“, he explained.
Steffen Kern, head of risk analysis and economics at ESMA, noted that this practice is “a particularly pronounced problem” and is of concern to the regulator.
“This market is largely offshore. In many cases, we don’t even know what jurisdiction the assets are in, which doesn’t make things any easier.”he explained.
The official predicted that companies outside the EU would retain their dominant position.
Recall that in October, members of the EU Council signed a bill on the regulation of cryptocurrencies MiCA. The document includes rules that apply to issuers of unsecured crypto assets, stablecoins, trading and custodial platforms.
The text of the bill must be officially approved by the European Parliament. It is expected to be published in the Official Journal of the EU in early 2023, before it comes into force from 2024.
#blocking #crypto #services #offshore #firms