With more than a decade of existence, it seems that the end of “uncontrolled” freedom is drawing near. Lawmakers in the United States and Europe are looking at ways to regulate cryptocurrencies and clamp down.
After more than 10 years of free will, it seems that the disadvantages, especially those related to uncontrolled scams, have outweighed the benefits of cryptocurrencies and the EU and the US have put their cards on the table.
Its exponential growth, which already reaches a total value of 2.9 trillion dollars, the current collapse we are experiencing and entire countries handing over their economies to them, has only reinforced the determination of legislators.
this past thursday, the EU institutions announced an agreement on two landmark regulations: The Crypto Assets Market Law (also known as MiCA), which regulates most cryptocurrency service providers, and an anti-money laundering package that imposes strong controls on cryptocurrency transfers.
The United States, for its part, has also presented several bills in recent months.
It is true that this is something that there will come some other year of regulations, votes and finally entry into force, if he succeeds. However, it is possible to speak of the end of total freedom in this sector.
And it is that, despite the fact that we have only been seven months into this 2022, the world of crypto is moving like never before. The war in Ukraine, the rise in fuel prices… all this climate of instability has caused cryptocurrencies to plummet like never before and thousands of new and old scams. We leave you some in this article.
In addition, many legislators consider that this is only the beginning and, logically, we find many sectors for and against.
A great example of how this vast world continues to evolve are the new tokens that emerge, which instead of being born with the idea of being a digital asset, as bitcoin was originally, come in the form of shares that give voting rights in companies. cryptocurrency-based emerging markets, or as purely speculative assets.
On the other hand, we have the well-known stablecoins, sadly due to the fall suffered by Terra (LUNA). They are no longer trusted to be able to maintain parity.
The EU MiCA Law requires that stablecoin issuers maintain a one-to-one ratio between currencies and underlying assetsand that guarantee sufficient liquidity by not placing their assets in risky or illiquid investments…. and other regulations.
The EU and the US are also expected to integrate regulatory rules on cryptocurrency exchanges, given their lack of security, financial opacity and lack of clarity in their corporate structure. They will seek to be more transparent.
George is Digismak’s reported cum editor with 13 years of experience in Journalism