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Markets in Crypto Assets Regulation (MiCA)

Markets in Crypto Assets (MiCA) regulation is an agency brought into existence by European Union. The crypto assets which are currently not under the provision by MiFID are going to be brought under regulatory framework in MiCA. The framework at its basic scope doesnt apply to NFTs and other qualifying financial assets under MiFID.

Credits: The Parliament Magzine

The regulation will be implemented across the European Union and it is believed that the permission of national laws is not mandatory for the implementation. This strategy ensures efficient and standardized access to the cutting-edge crypto-asset markets across the single market while also maintaining consumer safety.

The Objectives of MiCA!

Essentially four objectives have been set up by the EU for MiCA to achieve.

European Unions Fears!

As MiCA came into existence, the scope of work for the regulatory body increased rapidly as it has to act as a regulatory body for all the 27 countries which have agreed to be part of European Unions agency.

The major fear that is persistent with the European Union is that, if they will be able to recruit enough employees and work force to efficiently regulate the market and help the crypto industry grow.

The European Banking authority Jose Manuel Campa went on to make the official statement that, the agency is lacking behind in the capacity to regulate the digital assets market, and if the agency fails to recruit the appropriate number of employees with accurate knowledge, then the entire agency will be labelled as a failure.

As 2025 approaches, Campa told the FT, the EBA is concerned about figuring out the mechanics of executing its new powers because it wont know which cryptocurrencies it would regulate.

Campa also acknowledged that there is high demand for crypto talent, but there is a scarcity in supply to satisfy that demand. Logistically speaking, the agency will soon exhaust most of its funds finding the right recruit to regulate the digital asset market.

Writers Analysis:

From a personal point of view, the MiCA is a great step by European Union towards regulating the digital asset industry. But the question to consider now is whether the agency will be able to recruit the right people at the right time or not. If the agency is successful, then the EUs decision will reap huge benefits in the long run. If the agency fails, then all the efforts towards making the agency will go down the drain.

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European Union fears that it wont be able to recruit staff to regulate the market - Techstory

Lithuania will continue to provide expert support to Ukraine on its road to membership of the European Union and will advocate the earliest possible beginning of accession negotiations.

Lithuanian President Gitanas Nauseda said this in a speech in the Verkhovna Rada on Thursday, according to an Ukrinform correspondent.

"We will help Ukraine overcome this difficult path. We will continue to provide expert support and, together with you, we will strive for the earliest possible start of negotiations on membership in the European Union," he said.

According to Nauseda, the experience of his country shows that a fundamental condition for successful European integration is broad political consensus, and it is very important that such a provision is enshrined in the Constitution of Ukraine.

Nauseda visited Kyiv on the Day of Ukrainian Statehood.

On June 23, the heads of state and government of the European Union adopted a decision to grant Ukraine the status of a candidate country for EU membership.

Ukrainian President Volodymyr Zelensky said that despite the war unleashed by Russia, Ukraine will continue to implement the legislation, norms and rules of the European Union, and the Cabinet of Ministers will develop a respective road map to fulfill the requirements for joining the EU.

Photo: Ukrainian President's Office

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Lithuania to support speedy beginning of talks on Ukraine's EU membership - Nauseda - Ukrinform

An abandoned Ankara amusement parkgiven a big openingby President Recep Tayyip Erdogan three years ago has been transferred by a court to the city council after a two-year legal fight.

"Ankapark Wonderland Eurasia", opened just prior to Turkeys 2019 local elections, is now under the control of the Ankara municipality run by the main opposition party to Erdogans AKP, the Republican Peoples Party (CHP). City mayor Mansur Yavas is highlighting what he says was an abominable misuse of public funds by the AKPthe project cost $801mn, according to Yavaswith the prospect of the parliamentary and presidential elections, which must take place by June 2023, expected to heighten the war of words over the fiasco.

"Fifteen thousand social housing units or 300 student dormitories could have been built to meet the needs of the Ankara people," Yavas was reported as saying by Reuters after the city council took control of the park.

The news agency also reported how the dinosaur models, for which Ankapark was famous, were now falling apart, lying strewn around a defunct weed-covered area the size of around 120 football pitches.

Ankaparks operator shut down the attraction after eight months of operations in November 2019, citing losses.

AKP deputy provincial head in Ankara, Mehmet Yilmazer, attempted to shift the blame for the amusement park debacle on to Yavas, writing on Twitter: "Mansur Yavas has not provided any service to Ankara. He made Ankapark go bankrupt and then left it to rot."

The Ankara municipality is seeking development proposals for the site via a website.

In the year prior to the opening of Ankapark, there were portents of doom as its developers struggled to hit completion deadlines and safety demandsMelih Gokcek, the former AKP mayor of Ankara, was pictured stuck at the top of a rollercoaster shortly after the park was finished.

On opening day, in his speech in front of a model dinosaur and a fountain decorated with cat statues, Erdogan said the park would provide the Ankara municipality with 50mn Turkish lira a year. Ankapark ... isnt just a symbol of pride for Ankara, but for all of Turkey, Erdogan told a gathered crowd of thousands.

The park was meant to boast some 2,117 attractions including 14 rollercoasters. It was targeting 5mn visitors in its first operational year.

Populist Erdogan is known for pushing mega-infrastructure projects, including Istanbuls three-year-old mega airport and mega hospitals across the country.

The Turkish leaders crazyas in crazywow project, the multi-billion-dollar Canal Istanbul, which is to slice through Turkeys cultural and commercial capital in parallel to the Bosporus strait to link the Black Sea and the Sea of Marmara with an alternative route for shipping, is moving forward. But it is under a lot of fire.

CHP leader Kemal Kilicdaroglu last November appealed to foreign investors not to back it, saying experts have concluded the canal is entirely unnecessary and would hurt the environment. "In a period where the entire world is struggling with the devastating effects of the climate crisis, supporting a project like Canal Istanbul, which will disrupt the integrity of the ecosystem and cause irreversible damage to nature, stands in stark contrast to protecting nature and combatting the climate crisis," Kilicdaroglu wrote in a letter sent to diplomatic missions.

Credit: Turkish Presidency.

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Court transfers abandoned Ankara 'wonderland' given big opening by Erdogan to opposition council - bne IntelliNews

The government will continue to support households and businesses for as long as necessary in terms of electricity bills, Greek Prime Minister Kyriakos Mitsotakis told CNN in an interview on Thursday, as the Greek economy is doing well.

He added however that the European Union must act on the energy crisis before the coming winter, to show solidarity and to be effective.

I really hope that as Europeans, we get out act together before winter comes, the Greek leader said.

The Greek PM also spoke of great challenges from Turkeys leadership, which would be better off focusing on its countrys economy.

He emphasised that Greece has always behaved responsibly and that it is better for Erdogan to deal with the Turkish economy, rather than reviving neo-Ottoman fantasies.

Mitsotakis also stressed that Greece will do everything to protect its sovereignty.

He also referred to upcoming national elections next year, expressing the hope that Greek citizens would give his government an opportunity to rule for another four years.

The markets are also rewarding Greece is because we are institutionally responsible, Mitsotakis said, adding that the crisis in Italy is a signal that his government should complete its term in office and not hold a snap election.

Contributing to Greeces economic recovery, he told the American outlet that one million visitors are expected to arrive in Greece in first week of August.

READ MORE: Turkish media: Mitsotakis and the Greek lobby harassed Turkeys efforts for the F-16 and F-35.

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Mitsotakis On CNN: Erdogan Should Deal With The Turkish Economy Rather Than Reviving Neo-Ottoman Fantasies - GreekCityTimes.com

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JERUSALEM, Israel Turkeys strongman President Recep Tayyip Erdogans plan to purge the U.S.-allied Kurdish force from northern Syria could create an Act 2 for the Islamic State terrorist movement to build a new caliphate, noted experts on the jihadi organization and Turkish power politics.

Erdogan had some harsh words on Wednesday against the U.S.He told the Turkish government-controlled news outlet Anadolu Agency: "Trkiye expects [a withdrawal of U.S. troops from northern Syria] this as well because it is America that feeds the terrorist groups there," in a reference to the U.S.-allied Syrian Kurdish military organizationThe Peoples Defense Units (YPG).

A Turkey-backed fighter looks out from a military position in the Syrian area of Jibrin in Aleppo's eastern countryside, towards the Kurdish-controlled area of Tal Rifaat, on July 19, 2022. (Photo by BAKR ALKASEM/AFP via Getty Images)

Military cooperation between U.S. armed forces and the YPG was the driving force to eradicate the Islamic State (ISIS) in sections of northern Syria in 2019. The stakes are high for the Biden administration because Kurdish forces control roughly two dozen prisons in northeastern Syria that hold approximately 10,000 male Islamic State members.

Erdogan views the YPG as being aligned with the Kurdistan Workers Party (PKK)an independence movement in southeastern Turkey that has been designated a terrorist entity by Turkey.

US DRONE STRIKE KILLS TOP SYRIAN ISIS LEADER MAHER AL-AGAL

"America has to leave east of the Euphrates now. This is an outcome that came out of the Astana process," stressed Erdogan.

The Astana negotiations continued this week at a summit in Tehran between the leaders of Iran, Russia and Turkey to carve out their plan to ostensibly end Syria's civil war.

In late May, Erdogan announced that "well come down on them [YPG in Syria] suddenly one night. And we must." The Turkish leaders saber-rattling has a precedent.

The Turkish military has launched numerous invasions into Syria since 2016, including its 2019 "Operation Peace Spring," to dissolve the Kurdish presence.

Nathan Sales, a former Ambassador-at-Large and Coordinator for Counterterrorism as well as former Special Presidential Envoy to the Coalition to Defeat ISIS, told Fox News Digital "A Turkish invasion would be a disaster for the fight against ISIS. The SDF has 10,000 battle hardened ISIS fighters in custody. If these terrorists escape in the ensuing chaos, they will either try to rebuild the so-called caliphate in Syria or return to their home countries to continue their jihad there."

People take part in a funeral in the Kurdish-majority city of Qamishli in Syria's northeastern Hasakeh province on February, 2, 2022, for Syrian Democratic Forces (SDF) fighters killed in clashes during a jailbreak attempt by the Islamic State (IS) group at the Ghwayran prison in the province. ((Photo by AFP) (Photo by -/AFP via Getty Images))

US FORCES CAPTURE SENIOR ISIS LEADER HANI AHMED AL-KURDI IN SYRIA RAID

Turkey has faced accusations of aiding Islamic State combatants to oust the Syrian dictator Bashar al-Assad who, since 2011, haswaged a scorched-earth policy against a civilian revolt against his regime.

Sales said "Erdogan is a bully. If he senses weakness, he will exploit it; if NATO stands up to him, he will back down. Erdogan needs economic assistance after running Turkeys economy into a ditch, and hes eager to buy U.S.-built F-16s [fighter planes], which gives us plenty of leverage to shape his behavior."

Sales took the Biden administration to task for its lack of leadership in the Islamic Mideast heartland. Biden did not openly mention Syria once during his four-day visit last week to Israel and Saudi Arabia.

"The Biden administration is turning a blind eye to Syria, ceding the country to Iran and Russia. There is no substitute for American leadership, and we cannot afford to let our adversaries exploit a vacuum of our own making," said Sales, who is an advisory member at the Vandenberg Coalition.

BIDEN, ERDOGAN TO SQUARE OFF IN NATO SUMMIT

According to a Wednesday statement from The Syrian Democratic Forces (SDF) Commander-in-Chief Mazloum Abdi, he "expressed concerns over Turkish threats to attack northern Syria during a meeting with the Commander of the U.S. Central Command (CENTCOM), General Michael Kurilla, this week."

The Kurdish YPG military force is part of the SDF.

Mazloum Abdi noted that deterring ISIS is on shaky ground due to the Turkish threats and cited the "negative impact it will cause on the efforts of fighting ISIS."

Turkey's President Recep Tayyip Erdogan speaks during a news conference, in Ankara, Turkey, on May 14. (AP Photo/Burhan Ozbilici)

Erdogan is said to be determined to eliminate the SDF from the Syrian cities Manbij and Tal Rifaat near the border of Turkey. The news outlet Kurdistan 24 reported that a Turkish drone hit a Syrian government military installation in Tal Rifaat on Monday. This follows another report Friday that a Turkish drone killed up to 12 members of local Syrian forces, including some members of the SDF near Aleppo.

TURKEYS ISLAMIST LEADER USING NATO TO GET FREE HAND AND PUNISH US ALLIES

Uzay Bulut, a Turkish political analyst formerly based in Ankara, told Fox News Digital "In Syria, the Turkish government engages in similar aggression. Starting in 2018, the Turkish army with the help of jihadists - invaded parts of northern Syria previously ruled de facto by Kurds. They committed crimes against Kurds, Christians, and Yazidis such as murders, kidnappings, and rapes."

She added "Turkey has also engaged in forced demographic engineering or ethnic cleansing in those regions driving out Kurds and replacing them with Arabs and other Muslims. Turkey's allies (involved) in those atrocities are Islamists that want to establish an Islamic state in the region. Sadly, Turkey's policies only lead to the empowerment of jihadists, further instability in the region, and even the destruction of innocent natives."

The International Crisis Group (ICG) wrote in a new study"The SDFs willingness and ability to counter ISIS is contingent on continued U.S. military support, and perhaps also lowered Turkish and regime threats to its rule."

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According to the ICG, "Fighting between Turkey and the SDF along the Syrian-Turkish border almost certainly would relieve pressure on ISIS."

The SDF declared the defeat of the ISIS caliphate in March 2019 after seizing the Syrian town of Baghuz from the Islamic terrorist. Then-President Trump celebrated the "liberation" of Syria but warned "We will remain vigilant against" the jihadi movement.

Fox News Digital sent press queries to the SDF and CENTCOM for comment.

Benjamin Weinthalreports on Middle East affairs. You can follow Benjamin Weinthal on Twitter @BenWeinthal.

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Erdogans threats of invading Syria could lead to Islamic State resurgence - Fox News