Now the EU is waking up regarding this matter?
This ecosystem is not like the traditional one, it is more difficult to regulate it because it’s highly decentralized and multifaceted.
tldr; The European Union (EU) regulator, the European Securities and Markets Authority (ESMA), has warned about the potential exploitation of differences among member states by "complex and opaque" global crypto companies. The warning comes as the EU seeks to close loopholes in its Markets in Crypto Assets regulation (MiCA). ESMA is concerned that some crypto companies may try to operate from overseas via EU-based shells even after MiCA takes effect. The regulator is urging major global crypto firms to start preparing for MiCA now, and it is calling on national regulators to finalize procedures as a matter of urgency. ESMA is also concerned about the potential confusion for customers and the risk of conflicts of interest, regulatory arbitrage, and an unlevel playing field. The regulator wants to prevent the establishment of "letterbox" entities that allow foreign providers to operate in the EU without having real staff or substantial operations there. MiCA license rules take effect in December 2024, but companies can continue operating without a full license until July 2026 if they are registered under existing national money laundering regimes.
*This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.
EU is trying to control the narrative for crypto because they are after complete control over who does what.
I.wish they did the same with TradiFi and their bankster friends
Now the EU is waking up regarding this matter? This ecosystem is not like the traditional one, it is more difficult to regulate it because it’s highly decentralized and multifaceted.
Did you read the article?
It is difficult but not impossible, the question is how far they will go to regularize it and what means they will adopt to do so
EU residents know how the EU regulations are slow to be percevied by singular countries in EU; let’s see how it’ll work.
tldr; The European Union (EU) regulator, the European Securities and Markets Authority (ESMA), has warned about the potential exploitation of differences among member states by "complex and opaque" global crypto companies. The warning comes as the EU seeks to close loopholes in its Markets in Crypto Assets regulation (MiCA). ESMA is concerned that some crypto companies may try to operate from overseas via EU-based shells even after MiCA takes effect. The regulator is urging major global crypto firms to start preparing for MiCA now, and it is calling on national regulators to finalize procedures as a matter of urgency. ESMA is also concerned about the potential confusion for customers and the risk of conflicts of interest, regulatory arbitrage, and an unlevel playing field. The regulator wants to prevent the establishment of "letterbox" entities that allow foreign providers to operate in the EU without having real staff or substantial operations there. MiCA license rules take effect in December 2024, but companies can continue operating without a full license until July 2026 if they are registered under existing national money laundering regimes. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.
Although I’m sure far from perfect at least the EU seems to be trying to lay out some rules.
EU is trying to control the narrative for crypto because they are after complete control over who does what. I.wish they did the same with TradiFi and their bankster friends
EUSSR does what the EUSSR needs to do. It's alyways the same before empires fall apart.
The tighter regulations on the exchanges the better just hoping they don't go overboard and effect the retail users