Cyprus Freezes Crypto Applications Ahead of EU MiCA Rules

Quick Summary:

Cyprus Freezes Crypto Applications Ahead of EU MiCA Rules As the European Union prepares to implement the Markets in Crypto-Assets (MiCA) regulations on December 30, 2024, the Cyprus Securities and Exchange Commission (CySEC) has announced a freeze on new crypto asset service provider (CASP) applications.

This move signals a significant shift as the crypto industry prepares to comply with new EU standards, with guidance provided by the European Securities and Markets Authority (ESMA) during the transition period.

While the transition may pose challenges for some businesses, MiCA offers significant opportunities for those that can meet its requirements, particularly through passporting rights and expanded market access.

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Article Details

Author / Journalist: Sonam Aggarwal

Category: Crypto

Markets: IndiaCyprus

Topics: Crypto News

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-10-18 @ 03:04:17 (17 hours ago)

News Timezone: GMT +8:00

News Source URL: bitcoinworld.co.in

Language: English

Article Length: 908 words

Reading Time: 6 minutes read

Sentences: 40 lines

Sentence Length: 23 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © BitcoinWorld

News ID: 23113870

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Official Website: bitcoinworld.co.in

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