Blockchain
Crypto’s prep work for a new Europe-wide playbook has kicked off
MiCA Regulation Deadline Approaches for Crypto Industry
The end of this month marks the first significant compliance deadline under the EU’s new Markets in Crypto Assets (MiCA) regulation. Signed off last year, MiCA introduces extensive rules for crypto exchanges and operators to protect investors, enhance consumer protections, and tighten anti-money laundering controls.
From June 30, stablecoin issuers must have an e-money license to operate in the EU and demonstrate adequate reserves. Companies like Binance and Coinbase are preparing to delist non-compliant stablecoins. Coinbase’s Chief Legal Officer, Paul Grewal, emphasized the new stringent standards, which he believes will improve industry transparency and align it with traditional finance regulations.
Nasdaq-listed Coinbase, which has a significant presence in Ireland, has chosen the country as its main regulatory hub for MiCA compliance in the EU. The Central Bank of Ireland will begin accepting applications in Q3 2024 and is prioritizing MiCA implementation and industry engagement.
The Netherlands has already started its application process, potentially attracting companies seeking MiCA approval. A spokesperson for the Central Bank of Ireland confirmed plans to open the “authorization gateway” in early Q3 and to host an industry event in July to clarify application expectations.
While Binance has established a presence in Ireland, it has not yet decided on its regulatory location for MiCA. Binance aims to comply with MiCA requirements and will disclose details in due time.
Consultant Cara Hennessy highlighted Ireland’s reputation for strong regulatory governance but noted concerns about the time required to process MiCA applications. She welcomed the Central Bank’s engagement with the industry, emphasizing the need for clarity on what constitutes a complete application.
MiCA introduces multiple deadlines over the next year, with rules for crypto asset service providers taking effect in December, followed by a 12-month grace period for compliance. Coinbase, Kraken, and Gemini had lobbied for an 18-month grace period but must now adhere to the 12-month timeframe in Ireland.
Achieving consistency across jurisdictions is a challenge, with different countries opening applications at varying times. Cathal Houlihan of Valentia Partners stressed the importance of uniformity in regulatory practices.
Anti-money laundering controls, formalized under MiCA, are less contentious for major crypto firms, which have already strengthened their AML and KYC measures. The regulation is seen as an opportunity for further industry cleanup.
Andrew Forson of The Hashgraph Association views MiCA as providing greater investor confidence, driving them to seek investment opportunities in early-stage crypto and Web3 startups in Ireland. While MiCA presents initial challenges, it will ultimately distinguish compliant companies in the industry.
Source: thecurrency.news
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Blockchain
Bybit Invites Traders to Embark on a Token Treasure Hunt
Bybit Invites Traders to Embark on a Token Treasure Hunt
Blockchain
India Electronic Contract Services Market to Worth Over US$ 624.33 Million By 2033 | eSignature Demand Among Financial Institutes to Remain High Says Astute Analytica
Blockchain
UNICC and ShelterZoom Developed a Secure Document Tracking and E-Signature Solution for the UN System
The United Nations International Computing Center (UNICC) and ShelterZoom are pleased to announce a new innovative blockchain-based solution for controlling and protecting the digital data of UN entities and other international organizations. As the largest strategic partner for digital solutions and cybersecurity within the UN system, UNICC has partnered with ShelterZoom, a leading data and content protection and ownership SaaS company behind innovations such as Document Token® technology and Document GPS®.
Building upon the 50 years of experienced innovation from the UNICC, the two organizations collaborated on a transformational undertaking offering robust protection and promising increased productivity for document tracking and management. ShelterZoom will contribute its proprietary document tokenization technology, along with its data protection, document tracking and e-signature solutions to deliver a white-labeled platform, giving member organizations a greater level of governance over their content. Using ShelterZoom’s flagship proprietary Single Source Of Truth® technology, the solution provides a means for each file to be protected individually without changing user normal habits instead of having to rely solely on protecting files at the database level. This ‘singularity and control’ is a new era in cybersecurity and document management, which has never been seen before at this level of seamless integration with existing tools.
“The synergy between what we deliver and the goals of the United Nations are a perfect match for Single Source Of Truth,” said Chao Cheng-Shorland, CEO and Cofounder of ShelterZoom. “We have said from the beginning that it is time to think about cybersecurity in a completely new way and in doing so we have created a solution to address other operational pain points while simultaneously solving one of the biggest challenges facing the global population today. The UN is at the frontlines of changing the world for the better and its forward-thinking approach to using technology to address fundamental issues is critical in improving livelihoods for all.”
ShelterZoom solutions have already been in use across dozens of industries and with this new commercial partnership, they can now extend their usefulness to the UN family and other international organizations. The revolutionary method for complete document tracking with built-in productivity tools, such as digital signatures and a market-first method for organizing files inside email, is an all-in-one solution built for a global workforce. The Single Source of Truth model has the added benefit of decreasing the carbon footprint created by excessive digital waste, further supporting the sustainability goals of the United Nations.
“The need for robust cybersecurity and data protection has never been greater,” said Sameer Chauhan, Director of UNICC. “By working together with ShelterZoom, we have developed a cutting-edge tool tailored to the needs of the UN family. Our unwavering commitment to providing best-in-class solutions ensures we continue to support the digital transformation and modernization of the UN system and other international organizations.”
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