Crypto and Proposals for New European Regulation

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Following the EU's publication of its proposed Regulation on Markets in Crypto Assets (MiCA) on 24th September, we are delighted to have had the opportunity to write a guest blog for BCB Group on what these new regulations entail, and how Brexit will impact this.

The Build Up

It is now more than a decade since bitcoin was created and some are asking whether the cryptocurrency world will attract some form of specialised regulatory coverage. If so, will it be treated like FX, which in many countries is unregulated as regards trading on a spot basis, but often regulated in terms of derivatives and funds? Will it be bespoke or will some other regime apply?

Legal and regulatory development has lagged far behind technological development in this area. Development of appropriate law and regulation has been sporadic and uncoordinated internationally. Commercially, bitcoin is very much the market leader, but there are now hundreds of cryptocurrencies in issue. Commercial use has started developing and you can now pay school fees, or professional bills in cryptocurrency. There are now ATM machines. Central Banks are debating about introducing their own digital currencies and the Chinese have started their first trial use.

Regulation usually follows the emergence of a new asset class, and cryptocurrency looks like it will be no exception... Click here to read the full blog on BCB Group's website.

BCB Group is Europe's leading provider of business accounts and trading services for the digital asset economy. BCB Group provides accounts and payments processing for the world's largest crypto-engaged financial institutions including Bitstamp, Coinbase, Galaxy, Gemini and Kraken, in most major fiat and cryptocurrencies.

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