The EU Proposes Regulations Tightening Controls on External Crypto Firms

February 02, 2024 at 09:35 AM EST

Recently, the European Securities and Markets Authority (ESMA) put forth strict guidelines for cryptocurrency businesses located outside of the European Union (EU) that wish to provide direct customer service to EU clients. The action is in line with the EU’s MiCA regulatory framework for cryptocurrency markets, which was adopted last year and attempts to stop unfair competition. MiCA marks a major advancement in a sector where effective regulation has previously been hampered by national borders.

The most recent recommendations center on guiding regulators and cryptocurrency companies regarding the actual application of MiCA regulations to non-EU organizations that want to offer services to EU clients without having a physical presence within the EU. According to ESMA, MiCA restricts a…

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