The European Union organizers examined OKX’s web3 platform, which was used to launder crypto assets stolen as a result of the Bybit attack. In the event, Ethereum $1,920.32 It is noteworthy that the network weighted assets is transferred through decentralized platforms and bridges between nets.
Web3 service is examined
EU officials argue whether OKX’s web3 service is included in the mica regulations. Some regulators argue that the integration of the platform with the main stock market should be subject to rules, while the completely decentralized structure may be exemption. This leads to the emergence of different opinions in determining the application area. For Mica, another process of legal expansion can prepare this ground because new complex events are the opportunity to develop rules.
Malta and Undergraduate Review
OKX received Mica Pre -Authorization in January through the European operation in Malta. However, the Malta Financial Regulatory Authority evaluates the likelihood of cancellation of the license due to the incident linked to the Bybit attack. In this process, if the violation is detected, the possibility of implementing sanctions is on the agenda. However, the fact that the independent Web3 side is open to intervention is also interesting because it is contrary to the principle of decentralization.
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In March, regulators from EU member states discussed the issue under the umbrella of the European Securities and Markets Authority (ESMA). Representatives of Austria and Croatia, the platform’s connection with the main site should be covered by the mica, he said. Discussions focused on central building and regulation practices.
There are various opinions about the effects and applicability of the regulations in the crypto sector. It is predicted that the investigations on the subject may be decisive on future practices in the sector.
Mark Uyeda, Temporary SEC Chairman “We will make assessments in order not to implement the proposed rule. Expanded regulation can create unnecessary burden on the sector ”.
Authorities, if the violation of the rules of the mica can be implemented in criminal procedures, he says. The regulatory examination process is reported to be detailed and taken in the future and may have an impact on other applications in the sector.
Responsibility Rejection: The information contained in this article does not contain investment advice. Investors should be aware that crypto currencies carry high volatility and thus risk and carry out their operations in line with their own research.
