ChainCatcher news, according to Cointelegraph, as part of the EU's extensive cryptocurrency regulations, the European Securities and Markets Authority (ESMA) published a consultation document on February 17, seeking input from stakeholders, "with the aim of developing guidelines to assess the knowledge and competence of individuals providing advice on crypto assets or information regarding crypto assets or crypto asset services on behalf of crypto asset service providers."The guidelines will align with the EU's Regulation on Markets in Crypto-Assets (MiCA), published in June 2023, aiming to establish consistent standards for employees providing crypto advice and information to clients, enhance investor protection, and promote trust in the crypto market.

ChainCatcher news, according to Cointelegraph, the EU will transition from national laws regarding Crypto Asset Service Providers (CASP) to the Markets in Crypto-Assets Regulation (MiCA) by December 30. The Cyprus Securities and Exchange Commission (CySEC) is providing a model for this transition by freezing CASP applications and warning market participants of the upcoming changes.Starting from October 17 (the date of the announcement), CySEC will no longer accept CASP applications submitted under Cyprus national law. CASPs that successfully registered under national law before the December 30 deadline will be able to operate in that jurisdiction until July 1, 2026, unless authorized or denied authorization under Article 63 of MiCA before then. Once the MiCA regulations come into effect, CASPs will be subject to the Regulatory Technical Standards (RTS) and Implementing Technical Standards (ITS) of the European Commission.These standards have not yet been published, but CySEC advises relevant parties to refer to the draft Technical Standards published by the European Securities and Markets Authority (ESMA) during this period. On October 30, CySEC will stop accepting notifications of intent from EEA entities to provide services in Cyprus under Cyprus national rules; entities that submit notifications before this date will be able to operate under the same conditions as local entities until July 1, 2026.

ChainCatcher news, the European Securities and Markets Authority (ESMA) stated on Wednesday that cryptocurrency companies should be required to undergo external audits of their network defenses, and urged lawmakers in Brussels to amend the region's flagship regulatory framework for the crypto industry to better protect consumers.The agency believes that stricter cybersecurity rules are an important component of the EU's regulation of the crypto asset market (MiCA), which will come into full effect in December.ESMA has been advocating for the inclusion of a requirement for cryptocurrency companies to have their ability to withstand cyberattacks audited by a third party, as the agency works to finalize the implementation of these rules. These rules were passed by EU lawmakers last year.However, the European Commission opposed this move, stating that ESMA is overstepping its authority and going beyond the legislative mandate. Both sides declined to comment.

ChainCatcher news, according to Cointelegraph, Coinbase is preparing to delist non-compliant stablecoins in Europe by the end of 2024, but the status of the world's largest stablecoin Tether's USDt remains unclear. While Coinbase has not officially announced whether the upcoming restrictions will affect USDT, some reports and community discussions suggest that Tether may face challenges under the new regulations.As of early October, the regulatory status of USDT in Europe remains uncertain. The European Securities and Markets Authority (ESMA) is the EU financial market regulator and one of the main overseers of MiCA compliance, and so far, the agency has chosen to remain silent on Tether's regulatory status.

ChainCatcher news, according to the official website of the Central Bank of Ireland, Ireland is promoting financial democratization through the European Markets in Crypto-Assets Regulation (MiCA). Derville Rowland, Deputy Governor of the Central Bank of Ireland, stated at the European Compliance and Legal Conference that Ireland is committed to promoting the application of cryptocurrencies under the premise of secure innovation, particularly the positive impact of blockchain technology in the fields of investment and infrastructure.The MiCA regulation introduces a unified regulatory framework for the cryptocurrency sector, regulating electronic money token issuers and crypto asset service providers. Rowland emphasized that Ireland will work closely with European regulators to ensure consistent implementation of the regulations and avoid regulatory discrepancies. At the same time, Ireland will promote financial inclusion and innovation by improving the business authorization process, consolidating its position in the rapidly growing crypto industry.

ChainCatcher news, according to Cointelegraph, Tether CEO Paolo Ardoino stated that the recently approved Markets in Crypto-Assets Regulation (MiCA) by the EU poses not only a threat to stablecoins but also a systemic risk to the entire banking system.In an interview, Ardoino pointed out that MiCA requires at least 60% of stablecoin reserves to be held in EU bank accounts, a regulation that could increase systemic risk. He emphasized that banks operate under a fractional reserve system, making them vulnerable to runs, and mentioned the 2023 Silicon Valley Bank collapse as a warning, believing that this regulation could adversely affect large-scale stablecoin issuers.

ChainCatcher news, the European Securities and Markets Authority (ESMA), the regulatory body overseeing the EU financial markets, has issued a new opinion highlighting the significant risks posed by global cryptocurrency companies seeking partial authorization under the Markets in Crypto-Assets (MiCA) regulation while conducting substantial business overseas.ESMA's warning focuses on the complex organizational structures of many global cryptocurrency companies, which allegedly use EU-authorized brokers to send orders to execution venues outside the EU, often in offshore jurisdictions.

ChainCatcher message, according to CCData's latest stablecoin report, the market capitalization of European stablecoins declined in June due to the implementation of regulations in the crypto asset market (MiCA).The market capitalization of euro-based stablecoins decreased by 2.51%, reaching a new low of $307 million in 7 months. During this period, the market capitalization of Tether's EURT stablecoin fell by 26%, primarily due to its delisting from major exchanges like Bitstamp.

ChainCatcher news, Circle co-founder and CEO Jeremy Allaire posted on the X platform that Circle has announced its US dollar stablecoin USDC and euro stablecoin EURC have complied with the newly enacted EU stablecoin regulation MiCA, and will officially issue to European customers starting July 1. This marks Circle as the first global stablecoin issuer to comply with MiCA regulations.Circle stated that this move will promote the mainstream application of blockchain technology in payments, finance, and commerce, and bring safe and reliable electronic currency to the European market. Circle has chosen France as its European headquarters and is closely collaborating with regulators in France, the EU, and the US to ensure the interoperability and compliance of its stablecoins globally.Previous news, Circle CEO revealed a major announcement is coming soon.

ChainCatcher news, according to Cointelegraph, the stablecoin rules in the EU's crypto assets market legislation (MiCA regulation) came into effect today. According to Article 23 of the law, companies must stop issuing asset-backed stablecoins that are used as a means of exchange, have a daily trading volume exceeding 1 million times, or have a value of over 200 million euros (approximately 215 million dollars).A spokesperson for the European Banking Authority (EBA) stated that the cap is set to "protect the monetary system," and the regulation does not prevent companies from issuing stablecoins denominated in assets other than euros. The key factor is whether they are used as a means of payment for goods or services; if so, specific caps apply.

ChainCatcher news, according to documents disclosed by Bitcoin News on X, the Danish Financial Supervisory Authority will abolish non-custodial Bitcoin wallets due to concerns about unregulated activities on crypto platforms. They emphasize the need to regulate "interface providers" and mobile application developers to comply with the MiCA regulations.

ChainCatcher news, according to Beincrypto, as the implementation of the EU Crypto Assets Market (MiCA) regulation approaches (by the end of June), the cryptocurrency exchange Binance has disabled its copy trading service for European users.European users will close their positions in copy trading activities and transfer funds back to their respective spot wallets before the June 28 deadline. After this date, any remaining open positions will be automatically closed at market price, and assets will be transferred to the spot wallet.

ChainCatcher news, Bitfinex's derivatives head Jag Kooner stated that investors should pay attention to the upcoming EU elections next week for regulatory clues, which could have a significant impact on the overall cryptocurrency market in June and the following months. The upcoming EU elections are crucial for shaping EU legislation, particularly the implementation of the Markets in Crypto-Assets (MiCA) framework. Any outcome that may strengthen populist parties could, in turn, affect regulatory stances, potentially leading to stricter controls or more supportive policies, depending on the composition of the new parliament.Kooner stated: "A rightward shift could lead to stricter cryptocurrency controls, while a result that supports cryptocurrencies could accelerate the introduction of supportive regulations like MiCA."

ChainCatcher news, according to CoinDesk, the EU financial market regulators released the first final report on the rules under the landmark Markets in Crypto-Assets Regulation (MiCA) on Monday, along with a third consultation document package.The report from the European Securities and Markets Authority (ESMA) continues last year's round of consultations, which included proposals for the information that regulators will require companies to provide for authorization. The report also includes the requirements for companies to establish the provision of crypto services and the intention to acquire crypto assets, as well as how service providers should handle complaints.

ChainCatcher news, EU Commission policy official Ivan Keller stated at the MoneyLIVE conference in Amsterdam that the collapse of FTX in 2022 and Binance's recent $4.3 billion settlement with U.S. authorities provide a strong argument for the EU's crypto assets market (MiCA) regulation.Keller stated, "I think we have had a few unfortunate confirmations to push the industry towards a strong regulatory path. FTX is definitely one of the big companies, and recently there is Binance as well. Our position is that the MiCA regulation will mitigate some risks, and importantly, it will give regulators clearer powers to oversee these entities so that they can also mitigate these risks."

ChainCatcher news, according to The Block, a spokesperson for the European Parliament stated in an interview that the EU's Markets in Crypto-Assets (MiCA) will not have its final vote in the European Parliament until April, delaying the implementation of the new rules. The delay is "technical" and is likely due to issues arising from translating nearly 400 pages of documents into the EU's 24 official languages.With the final vote postponed, European financial regulators will have to wait longer to begin drafting the implementing rules. Once MiCA is formally approved, institutions such as the European Securities and Markets Authority and the European Banking Authority will have 12 to 18 months to draft the technical standards for MiCA. (The Block)

Chain Catcher News, Moody's Global Head of DeFi and Digital Assets Fabian Astic stated in an exclusive interview with The Block that the restrictions of the new EU regulations could drive innovation in European stablecoins. European representatives recently voted to formally establish the regulatory framework for the Markets in Crypto-Assets (MiCA). The regulation sets a daily trading volume cap of €200 million (slightly below $194 million) for non-euro-backed stablecoins. A final vote on the new legislation is expected on October 10.Astic noted that MiCA is anticipated to be implemented as early as 2024, which could position euro-backed stablecoins as key players in the global cryptocurrency and DeFi space. However, he explained that progress may slow down without sufficient euro-backed stablecoins, as the vast majority of stablecoins today are dollar-backed. (Source link)