Finance Monthly - May 2023

Finance Monthly. 6 THE MONTHLY ROUND-UP News You Can’t Afford to Miss The Monthly Round-Up APPROVAL OF MICA REGULATION European lawmakers have given final approval of the EU’s Markets in Cryptoassets, or MiCA, regulation this morning, which will make it the first major jurisdiction in the world to introduce a comprehensive crypto law. Andrew Whitworth, Policy Director, EMEA at Ripple commented: “The European Parliament’s passing of MiCA is an important milestone for the crypto industry around the world.. Now that the EU has provided comprehensive clarity about the regulatory treatment of the crypto industry, it is up to the European Supervisory Authorities and National Competent Authorities to develop the specific rules and requirements for firms. Consistency in implementation around the EU will be key in providing crypto companies with the operational clarity to fuel innovation across Europe and guard against unwitting fragmentation of the Single Market. As part of this, there is a need to ensure that the legislation is applied proportionally with regards to how different companies’ crypto offerings are treated, based on the risk profiles of their activities. “Fundamentally, this is an exciting development for the industry and we look forward to supporting the EU and national authorities as they apply the regulation to ensure the European crypto industry thrives and grows.”

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