Global regulatory organizations have adopted a gradual approach to develop rules and standards for the cryptocurrency industry. It seems that full transparency and clear discipline are the common orientation of governments including EU countries.

During the Korean blockchain technology cycle in 2022, Peter kerstens, a consultant of the European Commission, outlined the market in the crypto property (MICA) act and the value of irreplaceable tokens (NFT).

Fully mortgaged stablecoin

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• oneFully mortgaged stablecoin
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Kerstens said at the panel meeting on Tuesday that the mica bill would avoid a collapse like Terra. Under the supervision of mica, the new project of stablecoin will need to provide more clarity and property foreclosure level as required.

Terra Luna has left a relatively serious loss to the sales market, because related physical lines come one after another. Senior officials of EU countries explained that mica is committed to protecting European investors from the impact of the new Terra project,"Such plans are not easy to sell."

Tether and other stable coins and other foreign investors without applicable crypto assets must comply with milestone laws and regulations before they can develop the market in the United States.

The structure includes publishing the industry report, organizing the application for registration, and completely pledging the risk reserve for stable currency to meet the redemption requirements after large-scale withdrawal.

The interim agreement on mica is the result of discussions in recent years. It was reached in June by two legislative bodies of EU countries - the European Council announced the executive president of the Federation and the European Parliament.

The crypto asset market has always been riddled with holes and unstable, while the law enforcement is still uncertain. Although authoritative departments around the world need a long time to study before they can formulate an appropriate legal framework, the current situation urgently needs to solve the control.

Terra's breakup prompted senior Han officials to establish a set of encryption methods. According to the regulatory authorities in South Korea, the digital currency basic act will adopt the ideas of the United States and Europe, especially mica, to "enhance the worldwide consistency of encryption regulation".

NFT in mica

Peter kerstens stressed that irreplaceable tokens (NFT) will be subject to control like crypto loans. Under the control of mica, NFT is not only "issuing tokens as a combination or series of products", although this series or series has a unique side.

Mica of EU countries stipulates that NFT collection must be clear, which means that the industry report contains the details of the prerequisite agreement for applying NFT. All false information and false promises about future value are strictly prohibited.

However, the introduction of NFT into mica is controversial. The government departments of EU countries and countries around the world feel that this will be an unreasonable expansion of the bill committed to maintaining stable currency lending and initial currency issuance in the European region.

On the other hand, leaders of the European Parliament have shown that price controls such as big change trading have made the non bank trading market more sensitive.

According to kirstens' previous statement, it is a "foolish" idea to write an industry report for every non formal cultural education. This insight will cause people to worry about its adverse reaction on NFT platforms such as opensea & looksrare, which is the destroyer of industry innovation.

The original version number of mica was drawn up by the European Commission in 2020. The Federation is an important supervisory body of EU countries.

Since then, he has also played an instrumental role in the discussions between the European Council and the parliament on how to amend the law. Mica act has not become a law and regulation and is expected to take effect from 2023 to 2024.

World fitness

The South Korean parliament has not determined how to manage the cryptocurrency and blockchain asset sales market. How the EU and the United States view this situation may have a profound impact on the rapid development of the situation.

Encryption and blockchain applications have added a series of tests to policy formulation, including financial system regulation, consumer protection and tax management, while encouraging and promoting independent innovation.

The purpose is to adopt the most effective countermeasures in crypto operation and management to comply with the service commitment of compliance management plan, consumer protection law and financial system supervision.