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03/08/2022 - S & T

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August 03, 2022

If Global Data Protection Regulation marked a decisive moment in consumer data protection, MiCA could point to responsible crypto management. Explain (200 Words)

Refer - The Hindu

Enrich the answer from other sources, if the question demands.

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IAS Parliament 12 days

KEY POINTS

·        European Parliament and Council, the legislative arms of the European Union, came to a provisional agreement on long-awaited regulations on crypto, namely, the Regulation of Markets in Crypto-Assets, or MiCA.

·        The European market is second to the United States economically and behind Asia in terms of the number of Internet users.

·        The GDPR introduced a framework for seeking user consent and introduced several progressive rules such as the right to forget.

·        The Supreme Court of India has also held that the right to privacy is a fundamental right and an integral part of the right to life and liberty.

·        Now, Europe is showing us the path to regulate crypto assets, it proposes to regulate crypto asset services and crypto asset issuers.

·        By regulating these entities, Europe intends to provide consumer protection, transparency, and governance standards, regardless of the decentralised nature of the technology.

·        For instance, under MiCA, crypto asset service providers will be liable in case they lose investors’ assets, and will be subject to European market-abuse regulations, including those on market manipulation and insider trading.

·        Then, MiCA goes further to put forth specific regulations for stablecoins, rightly demarcating them from other crypto assets.

·        But like the GDPR did for data protection, Europe has shown the way forward to regulate crypto in a good manner.

 

 

 

Ananta Kumar Muduli 14 days

Good morning sir 

IAS Parliament 14 days

Good attempt. Try to stick to word limit. Keep Writing.

Ananta Kumar Muduli 14 days

Respected sir, My apologies... for disturbing you.sir..would you pls tell me wheather i should right more to reach the word limit or to reduce my words to fulfill the limitation.

IAS Parliament 14 days

Try to address the demand of the question within the prescribed word limit. Keep Writing.

Tapasvi 14 days

Kindly review

IAS Parliament 14 days

Try to include about details regarding data protection in India and include data to support your argumets. Keep Writing.

TK Padhan 14 days

Kindly review sir 

IAS Parliament 14 days

Good attempt. Try to include data to support your arguments. Keep Writing.

LITTLE FINGERS 14 days

Kindly review 

IAS Parliament 14 days

Try to include about details regarding data protection in India. Keep Writing.

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