The Government highlights that all crypto will be linked to the stock market law

0

The Secretary of State for the Economy and Business Support, Gonzalo García Andrés, highlighted this Tuesday in Congress that any instrument crypto asset will be subject to the new Securities Market Law processed by the Lower House.

This bill, he explained, contemplates a system of infractions and sanctions that will allow the National Stock Market Commission act on the future European regulation of crypto assets, even if they are not financial instruments. Thus, the supervisor may sanction for non-compliance with obligations and requirements that are not financial instruments and are presented as investment objects.

During his appearance before the Committee on Economic Affairs and Digital Transformation of Congress to explain this initiative, García Andrés has highlighted the “substantial improvement” that, in his opinion, the regulation in terms of crypto assets and digitization represents, as well as the margin left for adaptation, both to European regulations and to future instruments. “Today we talk about a token, tomorrow about another denomination… It is important to have tools and that the system adapts”has wielded.

He has highlighted the “substantial improvement” that the regulation in terms of crypto assets and digitization entails

Vice President Nadia Calviño’s ‘number two’ explained that the standard allows for the unification of the different regulatory changes made in recent years on financial regulation, allowing greater legal certainty and clarity for all parties involved in this sector.

The norm, he continued, will modify the regulations of theto CNMV to fix in six non-renewable years the mandate of its presidency, vice-presidency and members, it will be prohibited to receive or request instructions from a third party and the possibility of filing an appeal for raised against the decisions of the supervisor.

On the other hand, García Andrés has highlighted other changes in the regulation to improve market competitiveness, such as the simplification of the admission process in the trading of fixed-income securities, the simplification of the issuance process, with fewer fees and the elimination of information obligations; o opening up market advantages to SMEs, allowing them to have a control premium in the face of operations or threats of takeover bids

Also the regulation of “an adequate framework” for investor protection for companies with a special purpose of purchase (known as SPACs, for its acronym in English). These companies, he has underlined, could already be set up under the current regulation and are not promoted under the new standard, but rather

Source: lainformacion.com

*The article has been translated based on the content of lainformacion.com. If there is any problem regarding the content, copyright, please leave a report below the article. We will try to process as quickly as possible to protect the rights of the author. Thank you very much!

*We just want readers to access information more quickly and easily with other multilingual content, instead of information only available in a certain language.

*We always respect the copyright of the content of the author and always include the original link of the source article.If the author disagrees, just leave the report below the article, the article will be edited or deleted at the request of the author. Thanks very much! Best regards!

For all the latest news click here

Denial of responsibility! termbeamer.com is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – at amritpaljha@gmail.com The content will be deleted within 24 hours.

Leave A Reply

Your email address will not be published.