Monday, July 22, 2024
HomeTechnologyEU Bank is all set to provide Digital Asset Service to its...

EU Bank is all set to provide Digital Asset Service to its customer

Taurus, a Swiss crypto business, is providing infrastructure and custodial services to Banque Delubac & Cie, a French bank. The bank recently received status as a Digital Asset Service Provider (DASP). It may now provide customers with digital asset services. “Demand is now becoming mainstream,” said Lamine Brahimi, CEO of Taurus.

The move starts from the greater advice in the regulatory environment for crypto is coming as the Markets in Crypto Assets Act (MICA), which is presently being approved in the European Parliament.

 MEP Ondrej Kovarik, a MICA supporting rapporteur, stated that:

“MICA is intended to ensure a common approach across the single market, addressing the new risks that crypto-assets pose, ensuring predictability and harmonization… and at the same time, lay down an innovation-friendly framework that is not an obstacle to potential changes in the marketplace, allowing for innovation in the sector, making the EU an attractive jurisdiction.”

MICA codifies a number of criteria and protocols for the treatment of digital assets that are currently unregulated. A controversial  amendment to banning proof of work mining was thrown out of  MICA act at the eleventh hour.

The legislation result has received laud, and European businesses are already taking steps to take advantage of the clarity. Macron, France’s newly re-elected President, recently remarked on the legislation, saying:

“I am in favor of making rapid progress on the MiCA regulation, based on the balanced approach promoted by the Council […]. France will pay close attention that the text does not prevent innovation.”

MICA represents confidence in the future regulatory landscape, despite the fact that it has not yet been completely ratified into law. However, several features of EU regulation continue to cast doubt on the cryptocurrency’s future in Europe.

Read more:

Europeans prefers DEXs and crypto assets over centralised exchanges: Bank of Spain

RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

5 − three =

- Advertisment -

Most Popular