![]() ![]() The organization develops and publishes international standards in all technical and nontechnical fields other than electrical and electronic engineering, which are the responsibility of the International Electrotechnical Commission. As of 2022, there are 167 members representing ISO in their country, with each country having only one member. The International Organization for Standardization is an independent, non-governmental organization, whose membership consists of different national standards bodies. ![]() The three official languages of the ISO are English, French, and Russian. It is headquartered in Geneva, Switzerland, and works in 167 countries as of 2023. The organization develops and publishes standardization in all technical and nontechnical fields other than electrical and electronic engineering, which is handled by the IEC. It has 811 Technical committees and sub committees to take care of standards development. ISO was founded on 23 February 1947, and (as of November 2022) it has published over 24,500 international standards covering almost all aspects of technology and manufacturing. Membership requirements are given in Article 3 of the ISO Statutes. This should, he said, send “a powerful message to regulators in other places - as well as to investors who may have previously been hesitant to interact with this space.The International Organization for Standardization ( ISO / ˈ aɪ s oʊ/ ) is an international standard development organization composed of representatives from the national standards organizations of member countries. It should, he added, be “seen largely in a positive light” and as an “inflection point.”Īs the first “comprehensive attempt at regulating the crypto markets,” Paroian said MiCA “marks the moment when cryptocurrencies and other digital assets have received full legal recognition in one of the largest and most important jurisdictions of the world.” While there are a number of controversial sections broadly opposed by the crypto industry, such as limiting stablecoin transactions and applying the Travel Rule’s know your customer (KYC) requirements to any transaction between hosted wallets - such exchange wallets - or from a hosted wallet to an unhosted one, it remains “a momentous development for the cryptocurrency space,” Anto Paroian, CEO and executive director of crypto hedge fund ARK36, said in an email. Neither decentralized finance nor crypto lending and borrowing are covered in the MiCA law. The European Banking Authority (EBA) will oversee e-money stablecoins, while much of the rest will be overseen by the European Securities and Markets Authority (ESMA). It has been revived in this text, but the EP is not bound by this draft.īroadly, it divides cryptocurrencies into three categories: stablecoins, which are called e-money asset-referenced tokens, which are stablecoins backed by assets other than fiat, including algorithmic stablecoins like the TerraUSD that collapsed in a $48 billion run in May and everything else. ![]() 5), features a number of key provisions, notably capping the use of non-euro-denominated stablecoins - a provision that appeared to have been dropped in draft late last month. The final text of the Markets in Crypto Assets (MiCA) law creating a broad legal framework for digital assets including cryptocurrencies and stablecoins has been passed by the European Commission, and goes to the European Parliament next week. ![]()
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