Markets in Crypto Assets (MiCA), the regulatory package of the European Union’s cryptocurrency market, is expected to become fully effective in January 2025. The European Parliament approved the draft legislation by an overwhelming majority.
The European Parliament passed the MiCA. There were 517 MEPs in favor and only 38 against. MEPs also voted in favor of a separate law requiring digital asset market operators to identify their clients for almost every transfer of their funds. This is to prevent money laundering. This will apply to transfers over €1,000 (approximately $1,100). It does not cover transactions between natural persons.
Mairead McGuinness, European Commissioner for Financial Stability, Financial Services and Capital Markets, praised the MiCA regulations and described them as “the world’s first comprehensive cryptocurrency regulation”. She said such standards are necessary due to the numerous issues that affected the industry last year:
“We are putting in place safeguards that prevent companies operating in the EU market from engaging in certain practices that have previously led to the collapse of some cryptocurrency operators. As we have seen in recent months, strict rules and supervision are much needed as we have seen the collapse of projects such as FTX, Terra Luna, Celsius and Voyager.
Once MiCA is implemented, the EU will require any company offering cryptocurrency-related services to register in one of the community’s member states. This will give such an entity access to all EU markets. The European Banking Authority and the European Securities and Markets Authority will be responsible for controlling cryptocurrency platforms, including requiring them to have appropriate risk management procedures in place.
A unified regulatory framework across the EU is likely to make the community more attractive to digital asset firms and put pressure on other jurisdictions to follow suit.
Technical Market Outlook:
The BTC/USD pair has made a new yearly high at the level of $30,909, but then the corrective cycle started and bears had broken below the key short-term technical support located at the level of $28,800 and below the 61% Fibonacci retracement of the last wave up seen at $28,253. The intraday technical resistance is seen at $30,503 and the intraday technical support at $28,573. When the pull-back is completed, then the up trend should resume as there is still some room to the upside for bulls with next target seen at the level of $32,370.
Weekly Pivot Points:
WR3 – $31,204
WR2 – $30,606
WR1 – $30,290
Weekly Pivot – $30,007
WS1 – $29,682
WS2 – $29,409
WS3 – $28,811
Trading Outlook:
The bulls broken above the gamechanging level located at $25,442, so now the mid-term outlook for BTC is bullish. The next target for bulls is seen at the level of $32,350. As long as the level of 19,572 is not clearly violated, there is a chance for a long-term up trend to continue.
The material has been provided by InstaForex Company – www.instaforex.com
Crypto Industry News:
Markets in Crypto Assets (MiCA), the regulatory package of the European Union’s cryptocurrency market, is expected to become fully effective in January 2025. The European Parliament approved the draft legislation by an overwhelming majority.
The European Parliament passed the MiCA. There were 517 MEPs in favor and only 38 against. MEPs also voted in favor of a separate law requiring digital asset market operators to identify their clients for almost every transfer of their funds. This is to prevent money laundering. This will apply to transfers over €1,000 (approximately $1,100). It does not cover transactions between natural persons.
Mairead McGuinness, European Commissioner for Financial Stability, Financial Services and Capital Markets, praised the MiCA regulations and described them as “the world’s first comprehensive cryptocurrency regulation”. She said such standards are necessary due to the numerous issues that affected the industry last year:
“We are putting in place safeguards that prevent companies operating in the EU market from engaging in certain practices that have previously led to the collapse of some cryptocurrency operators. As we have seen in recent months, strict rules and supervision are much needed as we have seen the collapse of projects such as FTX, Terra Luna, Celsius and Voyager.
Once MiCA is implemented, the EU will require any company offering cryptocurrency-related services to register in one of the community’s member states. This will give such an entity access to all EU markets. The European Banking Authority and the European Securities and Markets Authority will be responsible for controlling cryptocurrency platforms, including requiring them to have appropriate risk management procedures in place.
A unified regulatory framework across the EU is likely to make the community more attractive to digital asset firms and put pressure on other jurisdictions to follow suit.
Technical Market Outlook:
The BTC/USD pair has made a new yearly high at the level of $30,909, but then the corrective cycle started and bears had broken below the key short-term technical support located at the level of $28,800 and below the 61% Fibonacci retracement of the last wave up seen at $28,253. The intraday technical resistance is seen at $30,503 and the intraday technical support at $28,573. When the pull-back is completed, then the up trend should resume as there is still some room to the upside for bulls with next target seen at the level of $32,370.
Weekly Pivot Points:
WR3 – $31,204
WR2 – $30,606
WR1 – $30,290
Weekly Pivot – $30,007
WS1 – $29,682
WS2 – $29,409
WS3 – $28,811
Trading Outlook:
The bulls broken above the gamechanging level located at $25,442, so now the mid-term outlook for BTC is bullish. The next target for bulls is seen at the level of $32,350. As long as the level of 19,572 is not clearly violated, there is a chance for a long-term up trend to continue.
The material has been provided by InstaForex Company – www.instaforex.com
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