EU lawmakers have approved the world’s first comprehensive framework for crypto regulation. In a session held on Thursday, April 20th, members of the European Parliament approved rules aimed at tracing crypto transfers and preventing money laundering, among other things.
As the cryptocurrency space prepares for the implementation of the regulation, experts believe that the Web3 project, HedgeUp (HDUP), is best placed to test these rules.
The world’s first comprehensive regulatory framework
Members of the European Parliament (MEPs) have approved what many consider to be the world’s first comprehensive regulatory framework. The new body of law is called the Markets in Crypto Act, or MiCA.
It was provisionally agreed upon by Parliament and Council negotiators in June 2022. On Thursday, MEPs passed the proposed regulation into law with a vote that saw 529 members vote in favor while only 29 voted against it.
The European Parliament says that MiCA will cover the aspects of crypto assets that are not regulated by existing financial services legislation.
MiCA will establish uniform EU market rules for cryptocurrencies and crypto assets. It addresses stablecoins and the transfer of assets. It also imposes a number of rules on crypto platforms and traders. These center around transparency, disclosure, authorization, and supervision of transactions.
According to the European Parliament, this “aims to ensure that crypto transfers, as is the case with any other financial operation, can always be traced and suspicious transactions blocked.”
MiCA will also regulate public offers of crypto assets. This is done with the goal of allowing for greater levels of market integrity and financial stability.
In the press release following the session, the parliament said that thanks to MiCA, “Consumers would be better informed about the risks, costs, and charges linked to their operations.”
MiCA’s approval comes at a period when there have been calls for clearer crypto regulation. Overall, it is a comprehensive regulatory framework that covers many aspects of cryptocurrencies and digital assets.
It is planned to be implemented in phases, starting next year all the way to 2025.
HedgeUp is readily available for pilot testing
Older, more established projects will have a hard time adjusting to the new rules and regulations set by MiCA. But on the bright side, this provides the perfect opportunity for up-and-coming crypto projects to test the effectiveness of the new regulations.
One of the best-placed projects is HedgeUp (HDUP). This is a Web3 investment platform that targets people from all over the world by providing them with opportunities to invest in alternative assets through NFTs.
Investors in HedgeUp (HDUP) will be able to buy into assets like valuable watches, gold, wine, whiskey, and more with as little as $1.
People from the EU will, of course, want to invest in HedgeUp (HDUP). The platform will be maturing around the time MiCA comes into effect. So, it should be interesting to see how it responds to the rules as it looks to establish a foothold in Europe.
HedgeUp’s token (HDUP) is currently in presale. The token is in its second presale phase and is available to buy at only $0.013.
Find out more about the HedgeUp presale here:
- Website: https://hedgeup.io/
- Telegram: https://t.me/HedgeUpChat
- Twitter: https://twitter.com/HedgeUpOfficial