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29 September 2020

Leaked EU Draft Proposes All-Encompassing Laws for Crypto Assets - CoinDesk

Leaked EU Draft Proposes All-Encompassing Laws for Crypto Assets - CoinDesk


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The MiCA proposals begin with a broad definition of crypto assets and a base set of rules that apply to the issuers of those assets and service providers, more or less in line with the Financial Action Task Force (FATF) definition of a virtual asset service provider (VASP).

“Those stablecoins that rely on a basket of currencies or are based by reference to other assets, whether that’s another crypto or other kinds of assets, they will be classed as asset-reference tokens,” Jones said in an interview.

“Essentially, the subgroup that behaves like e-money will be sucked into the existing e-money framework, while those that are asset-referenced have a load of extra rules on top of the base rules.

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