New EU rules for crypto-assets, crypto-asset wallets and other services in relation to Bitcoin et al. have applied since the turn of the year. MiCAR, the European Union’s Markets in Crypto Assets Regulation has been a hot topic in the crypto sector for months. But what do these new rules mean for consumers wanting to invest, trade in and safely hold crypto-assets?
The Austrian Financial Market Authority (FMA) explains this in the new edition of “Let’s talk about money” (Reden wir über Geld), its publication series for consumers. For example, under MiCAR that crypto-asset service providers are required to hold licences, observe high security standards, as well as a complaints-handling procedure. If new crypto-assets are intended to be offered, they need to publish documentation (white papers) about them. Any provider that is active without a licence can expect hefty sanctions, and clear rules exist regarding market manipulation for example regarding “pump and dump”.
“Austria’s crypto market is more secure and transparent as a result of the strict requirements under the MiCAR regime,” remarked the FMA’s Executive Directors Helmut Ettl and Eduard Müller. “It is also a genuine game-changer that investors will be able to tell from quickly looking at the Company Database on the FMA website whether a crypto service provider holds a licence – either in Austria or in another EU/EEA member state.”
The new edition of “Let’s talk about money” (Reden wir über Geld) entitled “Crypto, why s(ec)urely!” can be found here. All other editions of “Let’s talk about money” can be found here. Detailed legal information about MiCAR can be found on the FMA website.
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Journalists may address further enquiries to:
Boris Gröndahl (FMA Media Spokesperson)
Telephone: +43 (1) 249 59-6010
Mobile: +43 676 8824 9995
E-Mail: [email protected]