Austria is implementing an EU law to regulate the crypto market and will be more strict about the cryptocurrency market in the future. In the future, clear rules will apply to companies that want to issue and sell cryptocurrencies, which should increase protection for investors.
The Financial Markets Authority (FMA) is responsible for overseeing the regulations. In the future, it will be able to grant approval to crypto asset service providers in Austria.
Brunner: End of “Wild West Days”
“With this step, we are closing the door on the days of the Wild West of crypto assets by providing legal clarity and strengthening the integrity of the young crypto asset market. Our goal is to position Austria as a trusted location for digital financial innovations while ensuring investor protection,” Finance Minister Magnus Brunner (ÖVP) said on Tuesday, according to a broadcast.
The European Union (EU) was the first major economic region to reach an agreement on the regulation of cryptocurrencies. The set of rules called “Markets in Crypto Assets” (MiCA) entered into force in June 2023. The regulation sets out requirements for the public offering of crypto-assets, their admission to trading, equity for crypto-asset issuers, the maintenance of an asset reserve for crypto-assets, cancellation and redemption options for retail investors, the provision of cryptocurrency asset services, and measures to prevent and prohibit market abuse. It will be fully applicable from the end of 2024.
Providers of cryptocurrency services licensed in Austria will in future be able to offer their services throughout the EU. Previously, this required separate registration or approval in each individual EU member state.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
