EU officials on Thursday secured an agreement on what is likely to be the first major regulatory framework for the cryptocurrency industry.
The European Commission, EU lawmakers and member states hammered out a deal in Brussels after hours of negotiations.
The move came a day after the three main institutions finalized measures aimed at stamping out money laundering in crypto.
The new rules come at a brutal time for digital assets, with bitcoin facing its worst quarter in more than a decade.
The landmark law, known as Markets in Crypto-Assets, or MiCA, is designed to make life tougher for numerous players in the crypto market, including exchanges and issuers of so-called stablecoins, tokens that are meant to be pegged to existing assets like the U.S. dollar.
Under the new rules, stablecoins like tether and Circle’s USDC will be required to maintain ample reserves to meet redemption requests in the event of mass withdrawals. Stablecoins that become too large also face being limited to 200 million euros in transactions per day.
The European Securities and Markets Authority, or ESMA, will be given powers to step in to ban or restrict crypto platforms if they are seen to not properly protect investors, or threaten market integrity or financial stability.
“Today, we put order in the Wild West of crypto assets and set clear rules for a harmonized market that will provide legal certainty for crypto asset issuers, guarantee equal rights for service providers and ensure high standards for consumers and investors,” said Stefan Berger, the lawmaker who led negotiations on behalf of the European Parliament.
MiCA will also address environmental concerns surrounding crypto, with firms forced to disclose their energy consumption as well as the impact of digital assets on the environment.
A previous proposal would have scrapped crypto mining, the energy-intensive process of minting new units of bitcoin and other tokens. However, it was voted down by lawmakers in March.
The rules won’t affect tokens without issuers, like bitcoin, however trading platforms will need to warn consumers about the risk of losses associated with trading digital tokens.
Non-fungible tokens (NFTs), which represent ownership in digital properties like art, were excluded from the proposals. The EU Commission has been tasked with determining whether NFTs require their own regime within 18 months.
Separately, regulators also agreed on measures Wednesday that would reduce anonymity when it comes to certain crypto transactions. Authorities are deeply concerned about exploitation of crypto-assets for laundering ill-gotten gains and evasion of sanctions — particularly after Russia’s ongoing invasion of Ukraine.
Transfers between exchanges and so-called “un-hosted wallets” owned by individuals will need to be reported if the amount tops the 1,000-euro threshold, a contentious issue for crypto enthusiasts who often trade digital currencies for privacy reasons.
Why is this important for NIM?
BOTH CREATIVES and NIMPI are so-called stablecoins in nature.
However, there is a huge difference.
- NIMs tokens are all based upon intrinsic values, the content that makes the Internet what it is today.
- And more importantly, the royalties that this content creates.
- CREATIVES and NIMPI are both a result of NIMs Proof of Content where content is used as stakes securing that very value.
This quote mentions all the USPs that makes NIM the primary value added services for content
- Stablecoins (with intrinsic value) maintaining a more than ample reserve (Internet content)
- Energy consumption is superior to Bitcoin and Ethereum
- Registration and trade of content are based upon NFT token technology
To be clear:
One of the early services of NIM is the packaging and inclusion of royalties as an added benefit.
Not as an outright buy of copyrights and the included royalties stream, but as a “leased/escrow” service that secures the royalties income for a certain period.
How To Recession-Proof your investments!
By offering NIM Passive Income to investors in Copyrights, we anticipate raising a minimum of 750 million USD over time.
The offer is through a launch pool that is constructed as a staking pool (to receive content to our Proof of Content services).
In addition to receiving the NIMPI dividend, the investor will receive royalties directly related to the investment in the timeline chosen.
The creators and copyright holders get free capital for further projectss…
NIM Passive Income
Through the duration of this investment, an investor does not have to be proactive in the market.
They only need to buy the digital asset and store it in a secure wallet.
Most countries’ tax definition says passive income can come from rental property or a business in which one does not actively participate, such as being paid royalties or stock dividends.
NIM Tokens combine those two incomes through NIM Foundation DAO in Wyoming.
We are offering NIMs DAO tokens in an arms-length relationship to NIM Holding.
The instant liquidity of this offering lets token holders decide when to capture their return on investment.
NIM Holding will never issue an IPO or offer shares in the company outside the direct relationship with copyright owners and creative communities.
One clear condition of getting exclusive administration of copyright is not to give access to VC or sell to big tech with interest opposite to the management of copyrights.
However, due to the unique organization of the commercial finTech business, a profit margin above 60% (presently at 93%) will guarantee a nice and steady passive income.