The European Council has approved the Markets in Crypto Assets (MiCA) law.
The European Parliament support the legislation which will require inflexible rules for crypto firms.
A previous action scheme for the Parliament to vote in December has been drop because of the length and complexity of the text.
MiCA split crypto-assets into e-money (stablecoins), asset referenced tokens which include stable coins backed by other assets, everything else.
Martin Bruncko, Binance’executive vice president of Europe, told that the European crypto scenery is fragmented. All 27 European countries have different rules from restrictive to non-existent.
Everyone have to be happy about MiCA’s approval, because it’s creating a unique market and the same application rules.
SOURCE: CoinTelegraph
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Chiara Chiommino is a graduating student in science of communication with work’s experience in social media marketing and web marketing as Brand Manager for Italian Cigar Group SRL. She took part in an internship experience entitled "Il Metaverso" in Italy.
Interaction between frameworks: thanks to the new EU law, messaging and apps buy could interoperate with messaging and apps to other companies.
Under the Digital Market Act (DMA), the most important entities - like Google or Apple - could be set to unlock their services and programs to other developers. Maybe it will be an update that will introduce what we call “shared-software”.
Is certain that Apple will be selected as “gatekeeper” due to its annual turnover. So it will be subject to the new DMA’s rules. The DMA could force Apple to revolutionize App Store, iMessage, FaceTime and Siri - in Europe.
This law can’t apply to UK because of Brexit.
The share-rules mean that the Meta apps like Whatsapp or Messenger could interoperate with Apple’s exclusive frameworks. Apple can’t refuse to applicate these rules and it would be forced by EU.
Companies that don’t follow these new rules, could be punished and could be subtracted their annual turnover of up to 10%. And up to 20% of their turnover for repeated rule breaking.
SOURCE: BBC
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Chiara Chiommino is a graduating student in science of communication with work’s experience in social media marketing and web marketing as Brand Manager for Italian Cigar Group SRL. She took part in an internship experience entitled "Il Metaverso" in Italy.
