By placing rules in place, European Union intends to limit the risk for customers who are obtaining crypto assets. It introduces “key provisions” for crypto exchanges and covers “transparency, disclosure, authorization, and supervision of transactions.” Issuers and traders of crypto assets will also be required to give their customers better information “about the risks, costs and charges linked to their operations.”

The Markets in Crypto Act is expected to be officially put in place at some point in 2024.

“This puts the EU at the forefront of the token economy with 10 000 different crypto assets,” said Stefan Berger, lead MEP for the MiCA regulation. “Consumers will be protected against deception and fraud, and the sector that was damaged by the FTX collapse can regain trust.”

After the news came out, Binance CEO Changpeng Zhao said on social media that the world’s largest crypto exchange is ready to make adjustments that will ensure they are in compliance with EU rules when they roll out.

The post EU Parliament Vote in Favor of Uniform Legal Framework for Crypto appeared first on theprimarymarket.com.

Armstrong shared his opinion on the matter while discussing the failure of Bahamas-based crypto exchange and crypto fund FTX during a recent appearance at an Innovate Finance-organized conference in London.

“This is the reason why we need clarity about legislation and regulation onshore because if the UK doesn’t have this, if the US doesn’t have this, these firms are going to be built in offshore havens,” Armstrong said.

Armstrong also raised the idea of relocating Coinbase headquarters or “whatever is necessary” in case US regulators continue to ignore the crypto market.

Cryptocurrencies remain mostly unregulated in the US, although the country’s agencies have been pursuing enforcement actions against a number of crypto firms in recent years due to illegal offerings or failure to prevent illicit activity. The holdback is believed to be caused by the lack of consensus between the Commodity Futures Trading Commission and the US Securities and Exchange Commission about who would have the authority to oversee the crypto sector.

At the same time, the UK and European Union have been working on drafts for crypto-focused laws, but those rules are still waiting to be put into action.  

The post Coinbase CEO Says Crypto Firm Will Develop in “Offshore Havens” Without Clear Regulations appeared first on theprimarymarket.com.

By placing rules in place, European Union intends to limit the risk for customers who are obtaining crypto assets. It introduces “key provisions” for crypto exchanges and covers “transparency, disclosure, authorization, and supervision of transactions.” Issuers and traders of crypto assets will also be required to give their customers better information “about the risks, costs and charges linked to their operations.”

The Markets in Crypto Act is expected to be officially put in place at some point in 2024.

“This puts the EU at the forefront of the token economy with 10 000 different crypto assets,” said Stefan Berger, lead MEP for the MiCA regulation. “Consumers will be protected against deception and fraud, and the sector that was damaged by the FTX collapse can regain trust.”

After the news came out, Binance CEO Changpeng Zhao said on social media that the world’s largest crypto exchange is ready to make adjustments that will ensure they are in compliance with EU rules when they roll out.

The post EU Parliament Vote in Favor of Uniform Legal Framework for Crypto appeared first on theprimarymarket.com.

Armstrong shared his opinion on the matter while discussing the failure of Bahamas-based crypto exchange and crypto fund FTX during a recent appearance at an Innovate Finance-organized conference in London.

“This is the reason why we need clarity about legislation and regulation onshore because if the UK doesn’t have this, if the US doesn’t have this, these firms are going to be built in offshore havens,” Armstrong said.

Armstrong also raised the idea of relocating Coinbase headquarters or “whatever is necessary” in case US regulators continue to ignore the crypto market.

Cryptocurrencies remain mostly unregulated in the US, although the country’s agencies have been pursuing enforcement actions against a number of crypto firms in recent years due to illegal offerings or failure to prevent illicit activity. The holdback is believed to be caused by the lack of consensus between the Commodity Futures Trading Commission and the US Securities and Exchange Commission about who would have the authority to oversee the crypto sector.

At the same time, the UK and European Union have been working on drafts for crypto-focused laws, but those rules are still waiting to be put into action.  

The post Coinbase CEO Says Crypto Firm Will Develop in “Offshore Havens” Without Clear Regulations appeared first on theprimarymarket.com.