The Government highlights that all crypto will be linked to the stock market law
The Secretary of State for the Economy and Business Support, Gonzalo García Andrés, highlighted this Tuesday in Congress that any instrument crypto asset will be subject to the new Securities Market Law processed by the Lower House.
This bill, he explained, contemplates a system of infractions and sanctions that will allow the National Stock Market Commission act on the future European regulation of crypto assets, even if they are not financial instruments. Thus, the supervisor may sanction for non-compliance with obligations and requirements that are not financial instruments and are presented as investment objects.
During his appearance before the Committee on Economic Affairs and Digital Transformation of Congress to explain this initiative, García Andrés has highlighted the “substantial improvement” that, in his opinion, the regulation in terms of crypto assets and digitization represents, as well as the margin left for adaptation, both to European regulations and to future instruments. “Today we talk about a token, tomorrow about another denomination… It is important to have tools and that the system adapts”has wielded.
He has highlighted the “substantial improvement” that the regulation in terms of crypto assets and digitization entails
Vice President Nadia Calviño’s ‘number two’ explained that the standard allows for the unification of the different regulatory changes made in recent years on financial regulation, allowing greater legal certainty and clarity for all parties involved in this sector.
The norm, he continued, will modify the regulations of theto CNMV to fix in six non-renewable years the mandate of its presidency, vice-presidency and members, it will be prohibited to receive or request instructions from a third party and the possibility of filing an appeal for raised against the decisions of the supervisor.
On the other hand, García Andrés has highlighted other changes in the regulation to improve market competitiveness, such as the simplification of the admission process in the trading of fixed-income securities, the simplification of the issuance process, with fewer fees and the elimination of information obligations; o opening up market advantages to SMEs, allowing them to have a control premium in the face of operations or threats of takeover bids
Also the regulation of “an adequate framework” for investor protection for companies with a special purpose of purchase (known as SPACs, for its acronym in English). These companies, he has underlined, could already be set up under the current regulation and are not promoted under the new standard, but rather
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