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EU implements new rules for foreign crypto companies

Regulation: EU implements new rules for foreign crypto companies

The European Securities and Markets Authority (ESMA) has recently released preliminary regulatory guidelines in accordance with the Markets in Cryptoassets Act (MiCA).

ESMA has presented two documents: the first one focuses on defining the financial category for cryptoassets, while the second one outlines the regulations governing the operations of foreign companies within the European Union (EU).

ESMA emphasizes that foreign cryptocurrency companies operating in the #EU will face limitations and will be subject to MiCA exclusively. Although there may be some exceptions for customer-initiated transactions, these will be infrequent and cannot be exploited to bypass the law.

Regarding the classification of cryptoassets, they will be categorized into three groups: utilitarian tokens, currency/payment tokens, and financial/investment tokens/securities. The classification of a cryptoasset will be determined based on its unique characteristics, design, and the associated rights.

#ESMA encourages all interested market participants to provide their feedback and comments by April 29.

As a reminder, the #MiCA legislation was enacted in June of the previous year. However, the full implementation of the rules is scheduled to commence in December 2024.

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