BlockNubie welcomes EU’s Economic and Monetary Affairs Markets in Crypto Assets (MiCA) bill

BlockNubie welcomes EU’s Economic and Monetary Affairs Markets in Crypto Assets (MiCA) bill


Dublin, Ireland, 7th July 2022. BlockNubie, the global Health Platform, today, welcomed the new legal framework Markets in Crypto Assets (MiCA) bill which sets out a new ambitious approach to encourage responsible innovation to benefit consumers and businesses.

BlockNubie Executive Chairman Mr. Fran Rooney said that “The crypto bill consensus follows two years of debates among the EU’s 27 member states. This new regulation strengthens the European framework to help fight money-laundering, reducing the risks of fraud and makes crypto-asset transactions more secure. Transparency, disclosure, authorization and supervision of transactions by service providers are some of the measures covered in the new bill, with additional attention paid to protecting consumers. The rules around stablecoins were a key aspect of the negotiations. Large stablecoins will be subject to strict operational and prudential rules, with restrictions if they are used widely as a means of payment, and a cap of €200 million in transactions per day.”

Among those rules is one that requires issuers “to maintain reserves to cover all claims and provide redemption rights of the holders,” Mr Urtasun, Member of the European Parliament and Member of the Committee on Economic and Monetary Affairs , wrote, adding, “the reserves will have to be legally and operationally segregated and insulated in the interest of the holder, and will be fully protected in case of insolvency.”

Before making the crypto-assets available to beneficiaries, providers will have to verify that the source of the asset is not subject to restrictive measures or sanctions, and there are no risks of money laundering or terrorism financing.

Negotiators agreed that the set-up of a public register for non-compliant and non-supervised CASPs ( Crypto Asset Service Providers ), with which EU CASPs would not be allowed to trade, will be covered in the Markets in Crypto-assets rules (MiCA), currently being negotiated.

The rules would also cover transactions from so-called un-hosted wallets (a crypto-asset wallet address that is in the custody of a private user) when they interact with hosted wallets managed by CASPs. In case a customer sends or receives more than 1000 euros to or from their own un-hosted wallet, the CASP will need to verify whether the un-hosted wallet is effectively owned or controlled by this customer.

Measures against market manipulation and the prevention of money laundering, terrorism financing and other criminal activities will also be front and center in the EU’s new law.

About BlockNubie

BlockNubie (https://www.blocknubie.ie)  provides Secure Control, Access and Monetization of Healthcare Records.

Powered by blockchain technology and Artificial Intelligence (AI), Blocknubie creates a cost-efficient, accessible, preventative healthcare platform, protected by leading-edge Self-sovereign Identity (SSI) solutions for self-owned medical data evolving globally.

Blocknubie enables patients to have secure access and control of their healthcare records from multiple healthcare organizations and provides healthcare professionals with medical data  enabling more rapid and accurate prescribing of actions to be taken and enabling patients to monetize their data for research purposes.

BlockNubie provides leading-edge technology solutions to enable organizations to stay at the forefront of the technological revolution and to ensure that they maximize competitive advantage. Blockchain and Artificial Intelligence (AI) offers a real opportunity in healthcare, not only to automate some of the problem-solving carried out by medical professionals, but also to make quicker and more informed decisions with custodial access and security of healthcare data. This will improve the cost of healthcare and improve outcomes simply because decision making will happen earlier, faster, better and in a more secure manner. Blockchain and AI are technologies of strategic importance and key drivers of economic development. Blockchain solutions and AI can solve many societal and corporate challenges. BlockNubie accelerates organization’s success by unlocking the hidden value in data. By scaling powerful product solutions to meet demand, BlockNubie will keep costs low and performance high.  BlockNubie makes healthcare more affordable for everyone, everywhere.

For further information contact,

Email            info@blocknubie.ie
Web             https://www.blocknubie.ie
Linkedin       https://www.linkedin.com/company/blocknubiehealth
Telegram     https://t.me/blocknubie
Twitter         https://twitter.com/blocknubie

Notes:

Fran Rooney is co-founder and Executive Chair of the Company and an extremely successful businessman and entrepreneur. He is a Barrister-at-Law and a qualified Chartered Accountant. He built Baltimore Technologies to become a global enterprise listed on NASDAQ and London Stock Exchange with a market capitalization of $13.6 billion in the data security and cryptography industry. He wrote software code in his early career and is a qualified Systems Analyst.   Mr Rooney has led a number of organisations to successful capital market listings. He has considerable experience at Chairman and CEO level on the NASDAQ, the London Stock Exchange and London AIM Market. Mr Rooney also has substantial experience with other capital fundings such as STO, IPO & ICOs.

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