The post XRP to be Covered Under MiCA, But There’s a Catch appeared on BitcoinEthereumNews.com.

SMQKE, crypto researcher and XRP community figure, shares what he believes is evidence that XRP will come under the purview of the upcoming MiCA regulation. The pundit first presented his argument last month, citing information from two different research papers. One of the papers was a report from the Banque de France (Bank of France), the French central bank, in April. The report focused on CBDCs and crypto assets, specifically discussing the tokenization of finance and digitization of the economy. MiCA Covers Utility Tokens Notably, the research paper spotlighted the Markets in Crypto-Assets (MiCA) regulation as an integral part of the broader European Union’s push toward enacting a robust framework for digital assets. This framework would be beneficial to the French central bank’s ambition to digitize the economy and tokenize finance. The report called attention to the fact that MiCA would cover stablecoins, utility tokens, and other crypto assets such as Bitcoin. Interestingly, SMQKE further shared a report from Delphi Digital and commentary from Enoch Chng suggesting that XRP is actually a utility token. His argument was that since the report considered XRP a typical utility token, it fell under the purview of MiCA. However, this deduction was not completely flawless, as the documents declaring XRP a utility token are not in any way related to European financial authorities. As a result, it is impossible to ascertain if EU authorities also see XRP as a utility token. Does the EU Consider XRP a Utility Token? Weeks after his initial disclosure, SMQKE aimed to provide further evidence that XRP was indeed regarded as a utility token by the EU. He presented a research paper from the Center of Applied Macroeconomic Analysis at Crawford University, citing a report from the U.K. Financial Conduct Authority (FCA), which called XRP a utility token. Further…

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Filed under: News - @ June 10, 2024 11:16 am