David Silva Ramalho, in a commentary for Jornal I, highlights the impact that the Markets in Crypto-Assets (MiCA) regulation will have on companies and investors in the crypto-assets sector, which will have to fulfil strict licensing and compliance requirements to ensure greater security and transparency. For companies, MiCA imposes stricter requirements, such as the obligation to obtain prior licensing and adopt demanding compliance policies, guaranteeing greater security and transparency in operations.
As for investors, the impact will be more indirect, since the aim of the regulation is to provide greater security in the market and promote a more reliable environment for investments. Ramalho emphasised that despite these changes, challenges remain, such as fiscal uncertainty and widespread ignorance about the risks associated with crypto-assets.
With regard to digital currencies issued by central banks (CBDCs), the lawyer does not rule out the possibility of governments, including Portugal's, prioritising the development of these currencies over decentralised cryptocurrencies, due to the greater control and security that CBDCs offer. However, he believes it is unlikely that cryptocurrencies will replace the euro on a large scale.
Finally, the lawyer praises the Portuguese authorities' efforts to prevent financial crimes linked to cryptocurrencies, but emphasises the need for more resources and speed in investigations to prevent illicit funds from becoming irrecoverable. David Silva Ramalho emphasises the importance of a rapid response from the authorities in cases of suspected illicit transactions, under penalty of losing the assets in question.
Read the full article in the attachment below.
(The article is in portuguese only)
