The European Commission, the governing arm of the European Union, is preparing two new legislative proposals to protect Bitcoin and altcoin investors and prevent cyber attacks. The proposals envision a ban on anonymous wallets and require parties involved in Bitcoin and altcoin transfers to notify authorities. For details of the news cryptocoin.com keep reading.
Regulations concerning Bitcoin and altcoin investors are on the agenda in the EU
Two new legislative proposals have been prepared by the European Commission in order to eliminate the deficiencies in the regulation for cryptocurrencies, which are becoming increasingly widespread and adoption is increasing day by day. Two legislative proposals called MICA (Regulation of Cryptocurrency Markets) and DORA (Digital Operational Resilience Act) aim to provide stronger protection for investors and reduce cyber threats.
MICA sets a framework for the issuance of transferable digital assets and the services these assets provide, and demands that companies’ operations be more transparent. In order to ensure this transparency, the contents will be included in the white papers and additional information forms. In addition, companies are required to define their marketing strategies fairly and clearly.
DORA, on the other hand, organizes the establishment of a risk management mechanism on information and communication technologies (ICT). According to the new proposal, ICT systems will have to pass tests in order to provide strong protection against cybercrime. The proposal doesn’t just stop there, it also allows EU regulators to audit companies’ third-party ICT service providers.
Currently, there are many different laws between EU countries regarding Bitcoin and altcoin projects and transactions. These regulations are intended to uniformize all cryptocurrency-related regulations within the EU, thereby accelerating the innovation transition of member states, and significantly guaranteeing investor protection. The draft laws will be implemented if an agreement is reached after the negotiations between the EU Parliament and the EU Commission.
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