What You Need To Know Before The EU’s MiCA and Travel Rule Regulations Comes Into Effect
Public Key
What's Going on With the Travel Rule?
The EU is quite a bit ahead of other jurisdictions on this, which is exciting. It will become the de facto standard that ultimately probably gets adopted in other major jurisdictions. Even though we don't yet have the final text, so we'll caveat the whole conversation by saying there may be minor changes over the next four to six months as this gets finalized.
What You Need To Know Before The EU's MiCA and Travel Rule Regulations Comes Into Effect
In this episode of Public Key, our host, Ian Andrews (CMO at Chainalysis) is joined by podcast, Caroline Malcolm (Head, International Public Policy & Research, Chainalysis), whose been filling the Chainalysis blogs with insights and clarification on the EU’s emerging Markets in Crypto-Assets (MiCA) and Travel Rule regulations and what it means for the crypto industry.
Caroline and Ian discuss the impact of these regulations on personal wallets, stablecoins and licensing requirements, while identifying where NFTs and DeFi land in this new regulatory framework. This is a must listen for those trying to understand the most comprehensive cryptocurrency regulations of any jurisdiction globally to date.
Minute-by-minute episode breakdown- (1:55) – Describing EU’s regulatory mandate regarding crypto assets as it relates to MICA and the Transfer Fund Regulation
- (5:15) – Insights into the Travel Rule and How the EU’s TFR implementation goes beyond FATF recommendations
- (9:30) – The EU’s stance regarding unhosted / personal wallets
- (13:50) – Balancing collection of identification information by Crypto Asset Service Providers (CASPs) and privacy mandates
- (16:05) –Can crypto users exploit and circumvent the EU policy objectives around proof of wallet ownership
- (19:08) - What topics MiCA does cover and what is excluded (NFTs and DeFi) from the pending regulations
- (24:05) - What is a CASP and how does discrepancies in definitions create challenges for cryptocurrency firm
- (26:15) - How former Facebook’s Diem project influenced MiCAs stance on stablecoins and asset referenced tokens
- (29:30) - Does MiCA have the opportunity to set the standard when it comes to market manipulation regulations
- (32:00) How does environmental concerns over proof of work protocols impact MiCA regulations
Check out more resources provided by Chainalysis that perfectly complement this episode of the Public Key.
- Blog: EU Agrees on Comprehensive Cryptocurrency Regulations: Part 1 of Our Breakdown
- Blog: Breaking Down the EU’s New Cryptocurrency Regulations, Part 2: The MiCA Licensing Regime
- Podcast / Blog: Everything You Need To Know About The Cryptocurrency Travel Rule
- Report:The Chainalysis State of Web3 Report
- Webinar: The State of Web: Watch On Demand (with Ethan McMahon and Kim Grauer)
- Video: Chainalysis Links New York 2022 (Video Replays)
Speakers on today’s episode
- Ian Andrews * Host * (Chief Marketing Officer, Chainalysis) https://www.linkedin.com/in/ianhandrews
- Caroline Malcolm (Head, International Public Policy & Research, Chainalysis)
https://www.linkedin.com/in/malcolmcaroline
This website may contain links to third-party sites that are not under the control of Chainalysis, Inc. or its affiliates (collectively “Chainalysis”). Access to such information does not imply association with, endorsement of, approval of, or recommendation by Chainalysis of the site or its operators, and Chainalysis is not responsible for the products, services, or other content hosted therein.
Our podcasts are for informational purposes only, and are not intended to provide legal, tax, financial, or investment advice. Listeners should consult their own advisors before making these types of decisions. Chainalysis has no responsibility or liability for any decision made or any other acts or omissions in connection with your use of this material.
Chainalysis does not guarantee or warrant the accuracy, completeness, timeliness, suitability or validity of the information in any particular podcast and will not be responsible for any claim attributable to errors, omissions, or other inaccuracies of any part of such material.
Unless stated otherwise, reference to any specific product or entity does not constitute an endorsement or recommendation by Chainalysis. The views expressed by guests are their own and their appearance on the program does not imply an endorsement of them or any entity they represent. Views and opinions expressed by Chainalysis employees are those of the employees and do not necessarily reflect the views of the company.
The AI-powered Podcast Player
