EU agrees on MiCA regulation to crack down on crypto and stablecoins

Officials from the European Union (EU) have agreed on a landmark law that will make life tougher for crypto issuers and service providers under a new single regulatory framework.  Stefan Berger, European Parliament member and rapporteur for the MiCA regulation — the person appointed to report on proceedings related to the bill — broke the news on Twitter saying that a “balanced” deal had been struck, which has made the EU the first continent with crypto-asset regulation. MiCA Trilog: Durchbruch! Europa ist der erste Kontinent mit einer Krypto-Asset Regulierung. Parlament,…

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How blockchain can open up energy markets: EU DLT expert explains

Aside from the buzzing neologism of Web3, there is a bit less catchy but hardly less important concept of Industry 4.0, which includes the new and revolutionary drivers of the next generation’s industrial landscape. And, especially when it comes to the energy sector, blockchain lies at the heart of these technologies.  The authors of a recently published EUBlockchain Observatory report “Blockchain Applications in the Energy Sector” are convinced that distributed ledger technology (DLT) could become a key enabler technology and has a very high potential to influence or even disrupt…

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EU commissioner reiterates need for ‘regulating all crypto-assets’

Mairead McGuinness, the Commissioner for Financial Services, Financial Stability and Capital Markets Union at the European Commission, is moving forward with discussion on regulating cryptocurrencies amid three major events in the space. In written remarks for a speech in Brussels on Tuesday, McGuinness said the Celsius Network recently suspending withdrawals as well as the crash of Terra (LUNA) show the need for crypto-asset regulation in the European Union. She added that ongoing concerns about crypto potentially being used to circumvent sanctions on Russia were also a factor. “Regulating all crypto-assets…

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DeFi pulls the curtain on financial magic, says EU Blockchain Observatory expert

As decentralized finance continues its victorious march — although the road is sometimes bumpy — some significant questions on its nature remain. How can DeFi applications be protected from becoming nonoperational under extreme stress? Is it really decentralized if some individuals have way more governance tokens than others? Does the anonymous culture compromise its transparency? A recent report from the EU Blockchain Observatory and Forum elaborates on these questions and many others around DeFi. It contains eight sections and covers a range of topics, from the fundamental definition of DeFi…

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DeFi protocols lost $1.6B, EU to rethink DeFi approach, and more

The past week in the decentralized finance (DeFi) ecosystem saw many new developments from an adoption perspective and protocol developments. The European Commission added a new chapter on DeFi, showing the growing impact of the nascent ecosystem, while a county in the United States State of Virginia wants to put its pension fund in a DeFi yield. DeFi exploits became the center of attention again as recent research shows that in the first two quarters of 2022, DeFi protocols have lost $1.6 billion to various exploits. Rari Fuze hacker, who…

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EU Commission report suggests rethink of regulatory approach to DeFi

Analysts from the European Commission showed an unexpected understanding of how decentralized finance (DeFi) actually functions, having defined it as something different from the traditional financial system and acknowledging that it would require rethinking the approach to regulation.  On Monday, May 2, crypto venture advisor at Presight Capital and a long-term expert on European regulation Patrick Hansen shared some important details from the EU Commission’s “European Financial Stability and Integration Review 2022.” T report, dated April 7, contains a 12-page chapter on DeFi, in which the authors demonstrate a sensible…

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EU commissioner calls for global coordination on crypto regulation

Mairead McGuinness, the commissioner for financial services, financial stability and capital markets union at the European Commission, is calling for global regulators to work together to address potential risks in the crypto market. In a Sunday opinion piece in political media outlet The Hill, McGuinness said the European Union and the United States could help lead the world in a regulatory approach for cryptocurrencies that considers the benefits of the innovative technology while addressing “significant risks.” The EU commissioner pointed to the volatility of certain assets, the risk of insider…

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EU officials considered Bitcoin trading ban to enforce proposed mining ban

European Union (EU) officials discussed banning Bitcoin trading during a debate on a proposal to ban Proof of Work mining according to documents obtained through a freedom of information request.  According to a report, published by German digital culture organization Netzpolitik, officials from the EU went as far as suggesting that an all out ban on trading Bitcoin (BTC) should be enforced in order to curb its overall energy consumption. The most worrying comments from the crypto community’s perspective came from a document that detailed the minutes from an EU…

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A dozen Bitcoin ATMs planned at the largest EU electronics retailer

Austrians have “sufficient funds” for more Bitcoin ATMs — hat’s the verdict that MediaMarkt, a German electronics retailer, reached following a successful Bitcoin ATM pilot in Austria.  MediaMarkt will roll out Bitcoin (BTC) ATMs in 12 branches across the country, including Seiersberg and Klagenfurt. According to the Austrian newspaper Kleine Zeitung, the pilot project, which featured a lone Bitcoin ATM in a MediaMarkt shop, proved that “Bitcoin ATMs in shops offer an opportunity to attract new customers.” As Europe’s largest consumer electronics retailer, MediaMarkt operates in 13 countries, with over 850 stores…

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