Crypto-assets
There is a very rapid growth and development of crypto-asset industry worldwide today. Crypto-assets have great potential to boost innovation in the financial market.
What are crypto-assets?
Crypto-asset is a digital representation of value or rights which may be transferred, stored and traded electronically and may serve as a means of exchange for the settlement of goods or services. Crypto-assets may be used for investing or starting public funds raising through the initial crypto-asset offer.
Requirements for crypto-assets issuers
In Latvia, there is no specific national framework for obtaining authorisation for crypto-assets transactions. The legislation that should be met by the issuer of crypto-assets is dependent on the use of the business model and crypto-assets.
MiCA Regulation
The European Commission published a proposal on the regulation on crypto-assets or MiCA (Regulation on Markets in Crypto Assets). The aim of the MiCA framework is to create a completely new and unitary crypto-asset regulatory regime in all European Union member states.
Technology and regulation of the DLT
Crypto-assets are one of the main applications of blockchain technology and distributed ledger technology (DLT) in the financial field. The European Commission proposed a pilot regime of DLT for market infrastructures.
Consultations with experts of Latvijas Banka
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