Speaking at the Korea Blockchain Week (KBW) in Seoul, European Commission official Peter Kerstens announced that MiCA (Crypto Asset Markets Act) will introduce a system that will fully secure stablecoins.
Seoulheld in At Korea Blockchain Week EU official speaking Peter Kerstensnew future MiCA law He stated that events similar to the Terra (LUNA) collapse will be prevented with Stablecoins of the bill’s proposed compliance requirements, Kerstens told conference attendees to work in a more transparent system will compel and user oriented announced that it would be:
For example, as we saw at Terra-LUNA recently, we don’t want people to shatter the system overnight or go bankrupt without any recourse. MiCA prevents such organizations from entering the market.
The said law, which has been researched and discussed by EU policy makers for about 2 years, was adopted in July as a result of consensus. has become tangible. If the law is approved, cryptocurrency projects and issuers wishing to do business in Europe will be required to publish a White Paper (Prospectus). will be made mandatory and to the necessary authorities making legal records will be requested. Likewise, the assets of these projects that are determined to belong to users. secured reserves It is also emphasized that they need to be supported with
The recent crashes and frauds in the crypto money markets, officials around the world seems to have forced them to speed up the regulatory processes on cryptoassets. On the one hand, possible crypto money laws, which are researched in detail by US-based politicians and constantly presented with new suggestions, are also in the focus of intense work on the European and Asian sides.