{"id":1572,"date":"2022-08-15T00:40:35","date_gmt":"2022-08-15T00:40:35","guid":{"rendered":"https:\/\/nftmetta.com\/?p=1572"},"modified":"2022-08-15T00:40:36","modified_gmt":"2022-08-15T00:40:36","slug":"nft-collections-will-be-regulated-like-cryptocurrencies-under-eus-mica-law","status":"publish","type":"post","link":"https:\/\/nftmetta.com\/nft-collections-will-be-regulated-like-cryptocurrencies-under-eus-mica-law\/","title":{"rendered":"NFT Collections Will Be Regulated Like Cryptocurrencies Under EU\u2019s MiCA Law"},"content":{"rendered":"\n

August 15, 2022<\/p>\n\n\n\n

By Sharan Kaur Phillora<\/p>\n\n\n\n

Non-fungible tokens (NFTs) that are part of a collection will have to apply new European Union crypto rules intended to warn investors of risks; an official told attendees at Korea Blockchain Week on Tuesday.<\/p>\n\n\n\n

Here’s what we know:<\/p>\n\n\n\n

The remarks come despite previous claims that the innovative ownership tokens would be excluded from the bloc\u2019s newly agreed Markets in Crypto Assets (MiCA) law. The EU struck a political deal on MiCA at the end of June \u2013 and how to treat NFTs, which offer a tradable, digital way to prove ownership of assets such as artworks, was a central sticking point in talks until the last moment.<\/p>\n\n\n\n

EU hopes to \u201cprotect investors and preserve financial stability while allowing innovation and fostering the attractiveness of the crypto-asset sector,\u201d according to a press release<\/u><\/a>.<\/p>\n\n\n\n

With this new classification, EU citizens hoping to put an NFT collection up for sale will fall under the umbrella of crypto-asset service providers (CASPs). They will need to receive express authorization from the EU before offering their services (or wares) to the public.<\/p>\n\n\n\n

EU legislators \u201ctake a very narrow view of what is an NFT,\u201d said Kerstens \u2013 an adviser for technological innovation at the commission\u2019s financial-services arm \u2013 implying few assets will benefit from the exemption.<\/p>\n\n\n\n

The European Commission, broadly the EU\u2019s executive arm, proposed the first draft of MiCA in 2020. Since then, it has brokered talks in the EU\u2019s Council and Parliament as they amended the law.<\/p>\n\n\n\n

Korean regulators are still hesitating over how to regulate the crypto-asset industry. The approach taken by the EU \u2013 and by the U.S., whose Congress currently has a number of crypto bills pending \u2013 may prove crucial in setting their direction.<\/p>\n\n\n\n

About the author<\/strong><\/strong><\/p>\n\n\n\n

Sharan Kaur Phillora\u2019s thirst for knowledge has led her to study many different subjects, including NFTs and Blockchain technology \u2013 two emerging technologies that will change how we interact with each other in the future. When she isn\u2019t exploring a new idea or concept, she enjoys reading literary masterpieces.<\/p>\n","protected":false},"excerpt":{"rendered":"

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