03/08/2022 - S & T

KEY POINTS

·        European Parliament and Council, the legislative arms of the European Union, came to a provisional agreement on long-awaited regulations on crypto, namely, the Regulation of Markets in Crypto-Assets, or MiCA.

·        The European market is second to the United States economically and behind Asia in terms of the number of Internet users.

·        The GDPR introduced a framework for seeking user consent and introduced several progressive rules such as the right to forget.

·        The Supreme Court of India has also held that the right to privacy is a fundamental right and an integral part of the right to life and liberty.

·        Now, Europe is showing us the path to regulate crypto assets, it proposes to regulate crypto asset services and crypto asset issuers.

·        By regulating these entities, Europe intends to provide consumer protection, transparency, and governance standards, regardless of the decentralised nature of the technology.

·        For instance, under MiCA, crypto asset service providers will be liable in case they lose investors’ assets, and will be subject to European market-abuse regulations, including those on market manipulation and insider trading.

·        Then, MiCA goes further to put forth specific regulations for stablecoins, rightly demarcating them from other crypto assets.

·        But like the GDPR did for data protection, Europe has shown the way forward to regulate crypto in a good manner.

Good morning sir 

Kindly review

Kindly review sir 

Kindly review