What You Need To Know Before The EU’s MiCA and Travel Rule Regulations Comes Into Effect
Public Key
Market Manipulation in Cryptocurrency
Dollar-in-euro denominates stablecoins are likely to emerge as the payment-rail equivalent in the crypto ecosystem. Market manipulation was also some of the draft text, started to touch on this idea of market manipulation not being allowed in crypto. These are obviously concepts that we're very familiar with in the institutional financial services, but are relatively new.
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
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