{"id":817,"date":"2021-07-11T08:54:37","date_gmt":"2021-07-11T08:54:37","guid":{"rendered":"https:\/\/www.finahukuk.com\/en\/?p=817"},"modified":"2021-07-11T08:58:25","modified_gmt":"2021-07-11T08:58:25","slug":"european-commission-publishes-draft-with-new-rules-for-issuing-and-trading-tokens","status":"publish","type":"post","link":"https:\/\/www.finahukuk.com\/en\/2021\/07\/11\/european-commission-publishes-draft-with-new-rules-for-issuing-and-trading-tokens\/","title":{"rendered":"European Commission publishes draft with new rules for issuing and trading tokens."},"content":{"rendered":"<p><span style=\"font-family: helvetica;\"><\/span><\/p>\r\n<h3 class=\"wp-block-heading\"><span style=\"font-family: helvetica; color: #000000;\">1. EU-wide rules for crypto markets<\/span><\/h3>\r\n<p><span style=\"font-family: helvetica; color: #000000;\">\r\n\r\n<\/span><\/p>\r\n<p><span style=\"font-family: helvetica; color: #000000;\">For a long time there was only talk about EU-wide regulation of the crypto markets, now the time has finally come: In the middle of the COVID crisis, the European Commission recently published the first draft of a regulation to regulate the &#8221;\u00a0<em>Markets in Crypto Assets<\/em>\u00a0&#8221; (&#8221;\u00a0<a style=\"color: #000000;\" href=\"https:\/\/eur-lex.europa.eu\/legal-content\/EN\/TXT\/HTML\/?uri=CELEX:52020PC0593&amp;from=EN\"><strong>MiCA- VO<\/strong><\/a>\u00a0&#8220;) (COM (2020) 593 final).<\/span><\/p>\r\n<p><span style=\"font-family: helvetica; color: #000000;\">\r\n\r\n<\/span><\/p>\r\n<h3 class=\"wp-block-heading\"><span style=\"font-family: helvetica; color: #000000;\">2. Legal framework depends on the type of token<\/span><\/h3>\r\n<p><span style=\"font-family: helvetica; color: #000000;\">\r\n\r\n<\/span><\/p>\r\n<p><span style=\"font-family: helvetica; color: #000000;\">The regulation is intended to regulate the distribution, trading and issuance of digital currencies and crypto assets uniformly in the EU in the future.\u00a0The 160-page draft divides\u00a0<strong>crypto assets<\/strong>\u00a0into\u00a0<strong>different categories<\/strong>\u00a0and provides for\u00a0<strong>specific reporting and supervisory<\/strong>\u00a0powers:<\/span><\/p>\r\n<p><span style=\"font-family: helvetica; color: #000000;\">\r\n\r\n<\/span><\/p>\r\n<ul>\r\n<li><span style=\"font-family: helvetica; color: #000000;\"><strong>Asset-referenced tokens<\/strong>\u00a0: These are tokens of stable value that refer to several assets (e.g. fiat currencies such as EUR or USD, raw materials or other crypto assets) and are used as a medium of exchange.\u00a0Classic examples are all types of stablecoins such as Libra.<\/span><\/li>\r\n<li><span style=\"font-family: helvetica; color: #000000;\"><strong>E-money tokens<\/strong>\u00a0: These are tokens that represent exactly one fiat currency and are used as a medium of exchange.\u00a0One example is the USD coin, which depicts the USD.<\/span><\/li>\r\n<li><span style=\"font-family: helvetica; color: #000000;\"><strong>Utility tokens<\/strong>\u00a0: These are tokens that enable digital access to applications, services or resources and can only be accepted by the issuer (also called &#8220;crypto vouchers&#8221;. One example is filecoin, which is &#8220;exchanged&#8221; for data storage in the cloud) can.<\/span><\/li>\r\n<\/ul>\r\n<p><span style=\"font-family: helvetica; color: #000000;\">\r\n\r\n<\/span><\/p>\r\n<h3 class=\"wp-block-heading\"><span style=\"font-family: helvetica; color: #000000;\">3. Rules for issuing tokens<\/span><\/h3>\r\n<p><span style=\"font-family: helvetica; color: #000000;\">\r\n\r\n<\/span><\/p>\r\n<p><span style=\"font-family: helvetica; color: #000000;\">The MiCA-VO regulates, among other things, the issue of certain tokens.<\/span><\/p>\r\n<p><span style=\"font-family: helvetica; color: #000000;\">\r\n\r\n<\/span><\/p>\r\n<p><span style=\"font-family: helvetica; color: #000000;\">The\u00a0<strong>issue of asset-referenced tokens<\/strong>\u00a0, for example, requires the approval of a white paper by the local supervisory authority.\u00a0In addition, issuers may only be legal entities domiciled in the EU with equity capital of at least EUR 350,000 available at all times.\u00a0Anyone who issues tokens worth more than five million euros within twelve months also needs a license from the local supervisory authority.\u00a0The advantage: As is usual with regulatory licenses, this is then valid throughout the Union (passporting).\u00a0There are exceptions in particular for the exclusive offer to professional investors.<\/span><\/p>\r\n<p><span style=\"font-family: helvetica; color: #000000;\">\r\n\r\n<\/span><\/p>\r\n<p><span style=\"font-family: helvetica; color: #000000;\">According to Part IV of the draft regulation, e-money\u00a0<strong>tokens<\/strong>\u00a0should only be allowed to be issued by credit institutions and e-money institutions.\u00a0The issuer must also prepare a whitepaper and report it to the competent national authority.<\/span><\/p>\r\n<p><span style=\"font-family: helvetica; color: #000000;\">\r\n\r\n<\/span><\/p>\r\n<p><span style=\"font-family: helvetica; color: #000000;\">If an\u00a0<strong>asset-referenced token<\/strong>\u00a0or\u00a0<strong>e-money token is<\/strong>\u00a0classified as &#8220;significant&#8221;, approval is no longer subject to the local authority, but to the\u00a0<strong>European banking supervisory authority<\/strong>\u00a0.\u00a0A token is &#8220;significant&#8221; if three of the following requirements are met: (i) The token is used by more than two million users, (ii) the market capitalization is higher than EUR 1 billion, (iii) more than half a billion is used Million transactions per day, (iv) more than 100 million EUR are transferred per day, (v) the reserve is more than one billion EUR or (vi) the token is used in at least seven EU member states.<\/span><\/p>\r\n<p><span style=\"font-family: helvetica; color: #000000;\">\r\n\r\n<\/span><\/p>\r\n<p><span style=\"font-family: helvetica; color: #000000;\">Issuers of\u00a0<strong>other crypto assets<\/strong>\u00a0(that are not asset-referenced or e-money tokens) will in future have to notify the local supervisory authority, of the issue of the assets in accordance with Part II of the draft, with a white paper twenty days before publication .\u00a0The whitepaper must contain the essential characteristics of the crypto assets (such as a description of the underlying technology, the rights and obligations as well as the associated risk information) and the specific provider.\u00a0The national supervisory authorities can instruct issuers to improve or supplement the white papers or prohibit the issuance of crypto assets.<\/span><\/p>\r\n<p><span style=\"font-family: helvetica; color: #000000;\">\r\n\r\n<\/span><\/p>\r\n<p><span style=\"font-family: helvetica; color: #000000;\">Classic\u00a0<strong>Security Token<\/strong>\u00a0and Security Token Offerings (STO) are expressly excluded from the MiCA Regulation.\u00a0<\/span><\/p>\r\n<p><span style=\"font-family: helvetica; color: #000000;\">\r\n\r\n<\/span><\/p>\r\n<p><span style=\"font-family: helvetica; color: #000000;\">There are also\u00a0<strong>exceptions<\/strong>\u00a0if the offer is made exclusively to professional investors or if the turnover or total value of the tokens does not exceed certain thresholds.\u00a0In detail, the exceptions are quite technical and must be considered individually.<\/span><\/p>\r\n<p><span style=\"font-family: helvetica; color: #000000;\">\r\n\r\n<\/span><\/p>\r\n<h3 class=\"wp-block-heading\"><span style=\"font-family: helvetica; color: #000000;\">4. New requirements for Crypto Asset Service Providers (CASP)<\/span><\/h3>\r\n<p><span style=\"font-family: helvetica; color: #000000;\">\r\n\r\n<\/span><\/p>\r\n<p><span style=\"font-family: helvetica; color: #000000;\">For the\u00a0first time there are binding requirements\u00a0not only for issuers of tokens, but also for\u00a0<strong>service providers in the crypto industry<\/strong>\u00a0, such as wallet operators, exchanges and trading\u00a0<strong>services<\/strong>\u00a0.\u00a0These so-called Crypto Asset Service Providers (&#8221;\u00a0<strong>CASP<\/strong>\u00a0&#8220;) must be legal entities with their registered office in the EU and have a corresponding\u00a0<strong>license from the local supervisory authority<\/strong>\u00a0in their home\u00a0<strong>member state<\/strong>.\u00a0This checks the prerequisites, e.g. whether the minimum capital requirements are met and whether appropriate internal control mechanisms and effective risk management processes have been implemented.\u00a0<\/span><\/p>\r\n<p><span style=\"font-family: helvetica; color: #000000;\">In addition, the management must prove their reliability and their professional suitability.\u00a0As with the issuers of asset-referenced tokens, the following applies: If the CASP has received the license in one member state, it can\u00a0also operate in all other member states\u00a0via &#8221;\u00a0<strong>passporting<\/strong>\u00a0&#8220;.<\/span><\/p>\r\n<p><span style=\"font-family: helvetica; color: #000000;\">\r\n\r\n<\/span><\/p>\r\n<p><span style=\"font-family: helvetica; color: #000000;\">In any case, CASP\u00a0<strong>must always act in the best interests of their customers<\/strong>\u00a0.\u00a0In addition, CASP have specific obligations depending on the activity, such as the strict segregation of assets, the prohibition of acting in one&#8217;s own name, transparency requirements, liquidation obligations and the prevention of conflicts of interest.\u00a0The requirements are closely based on the\u00a0<strong>comparable regulations in the securities supervision area<\/strong>\u00a0.<\/span><\/p>\r\n<p><span style=\"font-family: helvetica; color: #000000;\">\r\n\r\n<\/span><\/p>\r\n<h3 class=\"wp-block-heading\"><span style=\"font-family: helvetica; color: #000000;\">5. Prevention of market abuse<\/span><\/h3>\r\n<p><span style=\"font-family: helvetica; color: #000000;\">\r\n\r\n<\/span><\/p>\r\n<p><span style=\"font-family: helvetica; color: #000000;\">In particular,\u00a0<strong>insider trading, disclosure of inside information and other market manipulation are prohibited<\/strong>\u00a0in connection with permitted crypto assets\u00a0.\u00a0Anyone who violates this must expect heavy penalties: The draft regulation requires the member states to implement very high penalties.\u00a0They shall by the Member States for some\u00a0<s>n<\/s>\u00a0are provided to 15% of the Group&#8217;s annual turnover of at least EUR five million and legal persons of at least EUR 15 million or violations of natural persons maximum sentences.<\/span><\/p>\r\n<p><span style=\"font-family: helvetica; color: #000000;\">\r\n\r\n<\/span><\/p>\r\n<h3 class=\"has-black-color has-text-color wp-block-heading\"><span style=\"font-family: helvetica; color: #000000;\">6. Other developments in the crypto market<\/span><\/h3>\r\n<p><span style=\"font-family: helvetica; color: #000000;\">\r\n\r\n<\/span><\/p>\r\n<p><span style=\"font-family: helvetica; color: #000000;\">The ECB recently published a longer report on the possible implementation of a &#8221;\u00a0<em>digital euro<\/em>\u00a0&#8220;.\u00a0The\u00a0<strong>e-euro<\/strong>\u00a0designed by the ECB\u00a0should not become a crypto asset or stablecoin, but a (real) virtual currency.<\/span><\/p>\r\n<p><span style=\"font-family: helvetica; color: #000000;\">\r\n\r\n<\/span><\/p>\r\n<p><span style=\"font-family: helvetica; color: #000000;\">The ECB proposes two variants of implementation: In the first &#8220;central&#8221; variant, the ECB records and controls all transactions.\u00a0The second &#8220;decentralized&#8221; variant is intended to work with several regulated providers based on predefined rules.\u00a0By setting up the digital euro on the blockchain, it should be easily accessible and can be transferred in a legally compliant and (internationally) time-efficient manner.<\/span><\/p>\r\n<p><span style=\"font-family: helvetica; color: #000000;\">\r\n\r\n<\/span><\/p>\r\n<p><span style=\"font-family: helvetica; color: #000000;\">The Governing Council has not yet taken a decision on the introduction of the digital euro.\u00a0However, he is in lively exchange with stakeholders and international partners.\u00a0In addition, possible design forms are already being tested.\u00a0The Governing Council is expected to decide in mid-2021 whether and how (that is, with which of the two variants) the\u00a0<a style=\"color: #000000;\" href=\"https:\/\/www.ecb.europa.eu\/euro\/html\/digitaleuro.en.html\"><strong>&#8220;digital euro&#8221; project will be<\/strong><\/a>\u00a0implemented.<\/span><\/p>\r\n<p><span style=\"font-family: helvetica; color: #000000;\">\r\n\r\n<\/span><\/p>\r\n<p><span style=\"font-family: helvetica; color: #000000;\">In any case, all the developments that can be observed reflect the advancing digitization and use of distributed ledger technology (DLT) in the financial markets.\u00a0This also includes the fact that the payment service provider PayPal recently integrated Bitcoin into its services.\u00a0As a result, Bitcoin can now be used for all transactions that can be paid for with PayPal &#8211; a further step by crypto currencies in the direction of the &#8220;real economy&#8221;.<\/span><\/p>\r\n<p><span style=\"font-family: helvetica; color: #000000;\">\r\n\r\n<\/span><\/p>\r\n<h3 class=\"wp-block-heading\"><span style=\"font-family: helvetica; color: #000000;\">7. Conclusion and outlook<\/span><\/h3>\r\n<p><span style=\"font-family: helvetica; color: #000000;\">\r\n\r\n<\/span><\/p>\r\n<p><span style=\"font-family: helvetica; color: #000000;\">The draft of the MiCA-VO and the initiatives to create a real E-Euro show: The EU is (finally) reacting with appropriate foresight to the rapid developments in the crypto market.\u00a0The EU is obviously not only interested in blockchain technology for its own projects, but also does not want to lose\u00a0<em>touch<\/em>\u00a0with other nations (especially China and the USA): &#8221;\u00a0<em>This proposal supports a holistic approach to blockchain and DLT, which aims at positioning Europe at the forefront of blockchain innovation and uptake.<\/em>\u00a0&#8220;<\/span><\/p>\r\n<p><span style=\"font-family: helvetica; color: #000000;\">\r\n\r\n<\/span><\/p>\r\n<p><span style=\"font-family: helvetica; color: #000000;\">It\u00a0remains to be seen\u00a0whether the EU will really get to the\u00a0<em>forefront of<\/em>\u00a0the crypto world.\u00a0With the MiCA Regulation, it creates regulatory harmonization for the entire Union area and thus a good\u00a0<strong>starting point for the further development of the crypto sector within the EU<\/strong>\u00a0.\u00a0The resulting legal security across national borders not only makes it easier for entrepreneurs to gain a foothold in this area, but also creates a basis of trust for consumers to use crypto assets.\u00a0In the past, market abuse scandals have repeatedly caused a stir &#8211; the new rules, including prohibitive penalties, will hopefully contribute to something like this occurring less often in the future.<\/span><\/p>\r\n<p><span style=\"font-family: helvetica; color: #000000;\">\r\n\r\n<\/span><\/p>\r\n<p><span style=\"font-family: helvetica; color: #000000;\">The draft regulation is currently in the consultation stage.\u00a0The MiCA Regulation is expected to come\u00a0into force\u00a0<strong>at the beginning of 2022<\/strong>\u00a0.\u00a0Until then, issuers of tokens and other crypto service providers will still have time to prepare for the new legal framework.\u00a0One thing is already clear: The MiCA-VO will become a game changer for the crypto world.\u00a0Those who deal with it in good time can use the new rules for themselves.<\/span><\/p>\r\n<p><span style=\"font-family: helvetica;\"><\/span><\/p>","protected":false},"excerpt":{"rendered":"<p>1. EU-wide rules for crypto markets For a long time there was only talk about EU-wide regulation of the crypto&#8230;<\/p>\n","protected":false},"author":1,"featured_media":818,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7,17,30],"tags":[13,27],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.13 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>European Commission publishes draft with new rules for issuing and trading tokens. - Finahukuk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.finahukuk.com\/en\/2021\/07\/11\/european-commission-publishes-draft-with-new-rules-for-issuing-and-trading-tokens\/\" \/>\n<meta property=\"og:locale\" content=\"tr_TR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"European Commission publishes draft with new rules for issuing and trading tokens. - Finahukuk\" \/>\n<meta property=\"og:description\" content=\"1. 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