Sat, July 27, 2024 at 15:17

• 

  Kang-hoon

  • Hello, Annie.

  • Today, I want to discuss a recent post by Patrick Hansen, the Policy Lead at Circle, regarding some misleading news about the European Union.

  • 
• Annie

  • Oh, interesting!

  • What kind of misleading news was it?🤔

  
• 

  Kang-hoon

  • There were rumors circulating that the EU was planning to develop an EU-wide asset registry for cash, crypto, and arts.

  • However, Hansen clarified that this is not true.

• Annie

  • Wow, that sounds serious.

  • What did Hansen say exactly?

  
• ADward

  • Hold on! Behold, an advertisement awaits. Legend has it that clicking on this ad will make the AI server even smarter... 😅

  
• 

  Kang-hoon

  • Hansen highlighted a statement by the EU Commission spokesman, Eric Mamer, who debunked the rumor.

  • Mamer made it clear that the EU Commission has no intention of setting up such a central database.

• Annie

  • Phew, that's a relief!😅 So, what is the EU actually doing then?

  
• 

  Kang-hoon

  • The EU is currently undertaking a study on the practice of registering assets in the member states.

  • However, this study does not include plans to develop a wealth registry.

• Annie

  • Got it.

  • So, what's the purpose of this study?

  
• 

  Kang-hoon

  • The study aims to provide insights into the mechanisms that exist in the 27 member states of the EU.

  • It’s more about understanding the current practices rather than creating a new system.

• Annie

  • I see.

  • Did they do something similar before?

  
• 

  Kang-hoon

  • Yes, three years ago, the EU Commission commissioned a study to investigate the feasibility of a European asset registry in the context of fighting money laundering and tax evasion.

• Annie

  • And what was the outcome of that study?

  
• 

  Kang-hoon

  • The study concluded that creating fully-fledged registries denoting ownership and value of assets was mostly found to be operationally not feasible for this group of assets.

• Annie

  • That makes sense.

  • So, what should people be cautious about?

  
• 

  Kang-hoon

  • Hansen advised his followers to be cautious with EU-related news on X, even if it’s shared by large accounts.

  • This applies to news about other regions as well.

• Annie

  • That's good advice.

  • People often spread false news to create confusion.😕

  
• 

  Kang-hoon

  • Exactly.

  • Bad actors or clout chasers often post false news to generate excitement or confusion among viewers.

  • 
• Annie

  • So, what is the EU focusing on right now?

  
• 

  Kang-hoon

  • Currently, the EU is focused on the implementation of the Market in Crypto Asset (MiCA) regulation.

  • Several financial service providers in the region are complying with this rule.

• Annie

  • Oh, I heard about MiCA.

  • What are the recent developments?

  
• 

  Kang-hoon

  • A few weeks ago, the Bank of Italy released guidelines for the EU’s MiCA regulation.

  • Additionally, the European Securities and Market Authority (ESMA) announced an updated Q&A on certain guidelines, including the provision of staking services under MiCA.

• Annie

  • That's quite a lot of information!

  • So, is this news good or bad for the market?

  
• 

  Kang-hoon

  • Overall, I would say this is good news.

  • It clarifies the EU's stance and helps prevent misinformation.

  • The focus on MiCA also indicates a structured approach to crypto regulation, which can be beneficial for market stability.

  • Upon comprehensive consideration, this news is perceived as a 😍Bullish.