VNST complies with the MiCA legal framework

VNST

2024-02-05

Our legal entity has been officially established in Latvia. VNST is committed to complying with the legal framework for crypto-assets of the European Union - MiCA, to safeguard the rights of users.

What is MiCA?

Markets in Crypto-Assets (MiCA) is a significant legal framework of the European Union, focused on shaping and regulating the cryptocurrency market. MiCA is designed to address challenges related to sustainability and transparency in the use of digital assets.

According to MiCA, ICOs are only allowed if the issuer meets two main criteria: they must be a legal entity in one of the EU member states and must register in a country within the Union. MiCA protects two important types of cryptocurrencies, ART (Asset-Referenced Token) and EMT (Electronic Money Token). Buyers are ensured the right to withdraw their purchase decision within 14 days without incurring fees.

MiCA limits the issuance of cryptocurrencies to ensure stability in the European financial market. For EMT buyers, they have the right to request a refund at any time. This imposes a requirement on EMT issuers to maintain an equivalent amount of guarantee, avoiding penalties of up to 15% of the total annual revenue.

How does VNST comply with MiCA?

VNST has legally registered its crypto asset framework under MiCA in Latvia. VNST secures its assets with USDT and consistently publishes daily asset reports, ensuring the utmost transparency for VNST users. We are committed to maximizing transparency to ensure safety for users, providing them with maximum peace of mind when using VNST.

In the future, we will closely collaborate with leading audit firms to ensure maximum security and safety. We embrace the challenge of working with audit partners to find detailed and effective solutions. Each audit firm will be carefully selected, ensuring full compliance with the legal framework for crypto-assets of the European Union - MiCA.

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