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Authorities Prepare for New Crypto Regulations in Europe

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The cryptocurrency business is facing a crucial period, needing to prepare for several new rules, with the Markets in Crypto-Assets (MiCA) regulation being a key focus. As of June 30, 2024, the initial regulations regarding stablecoins have taken effect, and by December, broader regulations for crypto service providers will be operational.

Authorities, including the European Banking Authority (EBA), are bolstering their ranks to manage these new regulations. The EBA is hiring specialists to oversee various aspects of the crypto market, including DeFi markets, crypto asset classification, and the application of cybersecurity and crypto regulations. These positions reflect the significant impact MiCA will have, particularly in enforcing standards regarding governance, custody, and reserve requirements for stablecoins.

All entities in the crypto market must ensure compliance with these new regulations. Any stablecoins that do not meet MiCA’s standards will be removed from EU markets. The EBA and other regulatory bodies are committed to providing clarity and support to help businesses navigate these changes. Having spent years developing MiCA, the EBA is now responsible for ensuring that national authorities adhere to these final guidelines and for influencing any future laws related to DeFi. Although MiCA does not currently cover decentralized protocols, the European Commission will examine DeFi to determine if regulation is necessary, with the EBA monitoring the market and potentially providing findings to the Commission.

Crypto firms are bracing for challenges as they prepare for these new rules. The urgency of this preparation cannot be overstated. One of the EBA’s roles includes overseeing the Digital Operational Resilience Act, which mandates stricter tech security tests for financial institutions, including crypto service providers, thereby increasing regulatory expenses for businesses. Companies must comply with the Digital Operational Resilience Act by January, emphasizing the need for immediate action.

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In response to these regulations, Bitstamp announced it will remove from its platform any stablecoins priced in euros that do not adhere to MiCA, such as the EUR-denominated stablecoin EURT. The exchange will not list new EMTs that fail to meet MiCA requirements nor engage in any marketing of them. Binance also warned its users of disruptions in stablecoins, stating it will implement certain restrictions for EEA users and offer alternatives with regulated stablecoins or other crypto assets.

This period of regulatory transformation is critical for the cryptocurrency business, with MiCA being a central focus. Compliance with these regulations is essential, highlighting the importance of preparation and adaptation to the evolving regulatory landscape.

Source: blockhead.co

The post Authorities Prepare for New Crypto Regulations in Europe appeared first on HIPTHER Alerts.

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UNICC and ShelterZoom Developed a Secure Document Tracking and E-Signature Solution for the UN System

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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.

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“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.”

The post UNICC and ShelterZoom Developed a Secure Document Tracking and E-Signature Solution for the UN System appeared first on News, Events, Advertising Options.

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Bybit Supports Wildlife Conservation Through Sea Turtle Adoption Initiative with Subsum

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Libfx.com Announces Vision to Build a World-Class Financial Platform

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