NewsWorldOne bitcoin will cost hundreds of thousands of dollars....

One bitcoin will cost hundreds of thousands of dollars. Selected cryptocurrencies will go with it, claims the head of the crypto firm – HNonline.sk

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For the first time, the European Union has included cryptoassets, issuers and service providers of cryptoassets in a regulatory framework. Its aim is to protect consumers. According to the new service providers, for example, will be held responsible in the event that investors’ cryptoassets are lost. How do you perceive it? The MiCA regulation is coming, which sets the framework for the providers of these services. But it is not true that this only establishes some legal responsibility of the providers. Of course, as long as someone still provides safekeeping services for clients, it is completely logical that they still have legal responsibility for assets today. In other words, if he loses them, clients can claim compensation. There are not many security tools around it, and that is what MiCA brings new. The principles of prudent business will be enforced from the beginning, so it will not be possible for someone to just run a business pretending to provide escrow services for clients, while doing it “on their knees”. This is the main advantage that companies that will have a license for this activity will have to demonstrate that they have capital, technical and personnel equipment and that they proceed according to standard procedures. How will this change the cryptocurrency market in Europe? A lot of small businesses, which range from, let’s say, negligent business to really unserious and even fraudulent practices, should disappear. Just as today it is not possible to pretend to have a bank, because it is not easy to start a bank, it will be quite difficult to pretend that someone provides custody services if they do not have the equipment to do so. What exactly should we imagine under custody services in the case of cryptocurrencies? Holding someone’s key to their crypto assets as part of your business. This means that if someone wants to buy crypto-assets and does not want to deal with safe custody, which he could do to some extent himself. If you would like to provide these services, nowadays all you have to do is set up a business and… This article is for subscribers only.
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