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HomeUncategorizedKRYZA Ecosystem Negotiations with the MNB Regarding MICA Compliance Obligations
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KRYZA Ecosystem Negotiations with the MNB Regarding MICA Compliance Obligations

The KRYZA Ecosystem is currently in negotiations with the Magyar Nemzeti Bank (MNB, Hungarian National Bank) to clarify its compliance obligations under the European Union’s new Markets in Crypto-Assets (MICA) regulation. The MICA regulation imposes stringent requirements on the crypto-assets market, including regulations for exchanges and token issuance.

Impacts of the MICA Regulation

The MICA regulation aims to provide a comprehensive framework for regulating the crypto-assets market within the European Union. This includes:

  1. Exchange Regulation (DEX and CEX): The regulation sets strict requirements for the listing and trading of crypto-assets on both decentralized (DEX) and centralized exchanges (CEX). All exchanges must ensure adequate transparency and security for users.
  2. Token Issuance: The regulation governs the issuance of new tokens, including the mandatory publication of a whitepaper that provides detailed information about the tokens’ operation and the project.
  3. Transparency and Reliability: The KRYZA Ecosystem is committed to complying with all legal requirements and ensuring full transparency for its users.

KRYZA Ecosystem’s Obligations

For the KRYZA Ecosystem, it is crucial to meet all the requirements imposed by the MICA regulation, including:

  • Listing of Tokens and Coins: Adhering to MICA rules when listing tokens on both decentralized and centralized exchanges.
  • Third-Party Listings: Ensuring compliance with MICA requirements when other exchanges list KRYZA tokens.
  • Personalized Consultation: Requesting personalized consultations with the MNB to precisely define their compliance obligations.

Expectations and Next Steps

Currently, the KRYZA Ecosystem is awaiting the next response from the MNB, which will provide further details and guidelines on the compliance process. This response is crucial for KRYZA to fully understand and meet the requirements set by the MICA regulation.

The KRYZA Ecosystem is committed to the safety and transparency of the crypto-assets market and is taking all necessary steps to comply with the European Union’s new regulations. Their collaboration with the MNB ensures that KRYZA will fully integrate into the regulated financial environment while continuing to offer innovative solutions in the crypto-assets market.

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