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European Securities Authority Chairman: MiCA does not provide the same protection as traditional financial products

Verena Ross, the Chair of the European Securities and Markets Authority, stated that MiCA has introduced a unified regulatory framework across EU markets, covering crypto assets that are currently not regulated under existing financial services legislation. This will significantly change the current situation, which is a patchwork of national regimes ranging from only applying anti-money laundering provisions to more mature standards similar to MiCA. It introduces key provisions for entities issuing crypto assets, providing crypto asset trading and investment advice, custody, and other services. Among them, it is worth emphasizing the authorization and governance requirements for crypto asset service providers, disclosures related to crypto products, and requirements aimed at ensuring the integrity of the crypto market. The new framework aims to provide consumer protection, enhance market integrity, and promote financial stability. In the past, these markets have been highly volatile and prone to fraud in some cases. MiCA should ensure that all companies providing crypto asset-related services in the EU are subject to unified supervision and oversight by their NCA. Consumers will receive more information about the product and associated risks. It is important to remember that even with the implementation of MiCA (which is clearly a step forward), there is no such thing as a safe crypto asset. Consumers need to be aware that MiCA does not offer the same protections as traditional financial products.

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