A harmonized regulatory framework means having consistent rules and laws for an industry across multiple regions or countries. This refers to the creation of uniform legal and operational standards for digital assets and blockchain activities across different jurisdictions. The aim is to reduce regulatory arbitrage, foster market stability, and facilitate cross-border innovation. Such a framework provides clarity for businesses and protection for consumers by eliminating conflicting requirements.
Context
The pursuit of a harmonized regulatory framework for digital assets is a primary objective for international bodies and national governments. The European Union’s MiCA regulation represents a significant step toward regional harmonization. Ongoing efforts focus on achieving global consensus to prevent market fragmentation and address systemic risks associated with decentralized finance.
CASPs must now secure national authorization to operate, integrating market abuse and operational resilience controls by the December 30, 2024, full application date.
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