According to unconfirmed information, the Danish Financial Supervisory Authority (Finanstilsynet) has recently announced that it plans to remove non-custodial Bitcoin (BTC) wallets where users use the self-storage method.
The move comes as part of an effort to address concerns about unregulated activities of cryptocurrency platforms.
The decision is in line with the European Union's Crypto-Asset Markets (MiCA) regulations, which aim to provide a comprehensive regulatory framework for crypto assets across the EU. Danish authorities have highlighted the need to regulate “interface providers” and mobile application developers to ensure compliance with these regulations.
This isn't the first time the Danish Financial Supervisory Authority has taken action in the crypto space. In July last year, it ordered a bank to liquidate its cryptocurrency holdings, further demonstrating its commitment to regulating the industry.
Stablecoin rules included in the European Union's Crypto Asset Markets (MiCA) legislation will come into force on June 30.
The rules prohibit stablecoins from handling more than 1 million daily transactions that pay for goods or services.
With the new rules coming into force on June 30, not only will they need appropriate authorization to operate in the 27-country trading bloc, they will also face tough limits on transaction numbers and values set out in CryptoAsset Markets (MiCA) legislation.
*This is not investment advice.
