Report: VeChain Meets MiCA Requirements with Superior Tech, Ready to Enter EU Billion-Dollar Market

• EU Parliament approves MiCA regulation with an overwhelming majority, making the EU the first major jurisdiction to introduce a comprehensive crypto law.
• VeChain has compliance built into its core operations and network architecture, ensuring it is compliant with all laws worldwide.

EU Parliament Approves MiCA Regulation and Funds Transfer Regulation

The European Parliament has approved the Markets in Crypto-Assets (MiCA) regulation and the Transfer of Funds regulation with an overwhelming majority. The MiCA regulation requires crypto wallet providers and exchanges to seek a license to operate across the EU bloc, and issuers of stablecoins tied to the value of other assets to maintain sufficient reserves.

See the carbon impact of every single transaction and smart contract interaction at https://t.co/grYAM7Ec5A, thanks to the recently launched carbon calculator, created in consultation with certification experts, DNV. #vechain #crypto #sustainability $VET https://t.co/i5Ag7Vso8y

— vechain (@vechainofficial) April 24, 2023

The regulation aims to protect consumers, safeguard financial stability, and market integrity. The Transfer of Funds regulation requires crypto operators to identify their customers to prevent money laundering. These regulations provide clarity and regulatory certainty for the crypto-asset industry in the EU, making it the first major jurisdiction to introduce a comprehensive crypto law.

VeChain’s Compliance with Crypto Laws

VeChain, a blockchain company, has compliance built into its core operations and network architecture, ensuring it is compliant with all laws worldwide. The company continues to work with governmental agencies in Europe and global certification experts to define the standards for the crypto industry.

With the EU’s MiCA regulation taking effect in 2024, VeChain is well-positioned to embrace the next phase of adoption and help drive blockchain’s mass adoption, sustainability, and digital transformation.

MiCA and Transfer of Funds Regulations: The Details

The MiCA regulation requires all crypto-asset service providers, such as exchanges and wallet providers, to be authorized and regulated by the relevant national authorities. The regulation also introduces requirements for stablecoin issuers, such as maintaining adequate reserve mechanisms and providing a white paper disclosing information about the issuer and the coin.

The Transfer of Funds regulation requires crypto-asset service providers to identify their customers and report suspicious activity to the relevant authorities.

The Future of Blockchain Adoption

The approval of MiCA and Transfer of Funds regulation is an essential step towards blockchain adoption in the EU. VeChain’s compliance with all worldwide laws and standards, combined with its commitment to governmental agencies, puts the company at the forefront of driving the crypto industry’s sustainability, digital transformation, and mass adoption.

The European Securities and Markets Authority welcomed the vote, and it plans to announce its timetable for drafting secondary legislation under MiCA in due time. However, the agency warns consumers that investing in crypto-assets is still a risky endeavor with limited safeguards at this stage.

Overall, the MiCA and Transfer of Funds regulations provide clarity and regulatory certainty for the crypto-asset industry in the EU. VeChain’s compliance with all worldwide laws and standards, combined with its commitment to governmental agencies, puts the company at the forefront of driving the crypto industry’s sustainability, digital transformation, and mass adoption. The approval of these regulations is a significant step towards blockchain adoption in the EU.

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