Markets in Crypto-Assets Regulation (MiCA), framework designed to govern crypto-assets, issuers, and service provider, exempts fully decentralized platforms from its regulations

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Markets in Crypto-Assets Regulation (MiCA), framework designed to govern crypto-assets, issuers, and service provider, exempts fully decentralized platforms from its regulations

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While fully decentralized platforms are exempt from MiCA rules that took full effect at the end of 2024, regulators from countries including Austria and Croatia said at the meeting that OKX’s Web3 service should be encompassed by the bloc’s rules, according to the people. License “Passporting” A presentation given at the gathering by one national regulator said the user interface for swapping tokens and connecting a Web3 wallet is directly integrated into OKX’s website, and highlighted that the platform’s terms of use clearly identifies an OKX Singapore entity as its main operator, one of the people said. The Web3 wallet service isn’t related to OKX SG Pte, the entity that’s regulated by Singapore’s central bank, the company said. The presentation concluded that the Web3 platform clearly falls within the scope of MiCA, the person added. It also called for regulators to discuss whether the incident represents a violation of sanctions on North Korea, according to the person.

MiCA is a regulatory framework that clarifies and uniformly regulates the cryptocurrency market. It defines digital asset classification and specifies laws and areas of responsibility for their implementation

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