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Patchwork of regulation?
Key points
- Government intends to deal with crypto regulation in two phases.
- Consistent minimum standards of information must be accessible to consumers for all tokens operating within the regulatory perimeter.
- Too early to impose regulation of DeFi activities.
- Legal framework must cater for possible failure of digital settlement asset firms as these could have an impact on the financial system.
Cryptoassets and regulation to many would seem like water and oil. However many countries and in the case of the EU groups of countries are now racing to get their regulations in place. As such a patchwork quilt of regulation looks to be being developed.
With effect from June 2023 the EU’s Markets in Cryptoassets Regulation (MiCA) has been in play. MiCA sets out a number of requirements for issuers of cryptoassets service providers and trading venues operating...
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