📖Legal Terms

VNST commits to the European cryptocurrency regulatory framework known as Markets in Crypto-Assets (MiCA).

MiCA enhances transparency and provides a comprehensive framework for issuers and service providers, including compliance with anti-money laundering rules. This regulatory framework aims to protect investors, maintain financial stability, while enabling innovation and promoting the attractiveness of the crypto-asset sector.

The MiCA applies to any person or entity that is “engaged in the issuance, public offering and enabling of the trading of crypto assets or the provision of crypto-asset related services within the European Union.”

The key points of MiCA:

ICO is only allowed when the issuer meets two criteria:

• The issuer has legal status in one of the European member countries. For VNST, which will be registered in Lithuania

• The whitepaper must be sent to the competent state agency, so that this agency can understand the basic information of the ICO.

The main cryptocurrencies covered by MiCA include:

• ART (asset-referenced token) – an asset-referenced token that guarantees value by binding value to an asset, basket of currency or commodity.

• EMT (electronic money token – e-money token) – token that anchors value to fiat currency, including most fiat-backed stablecoins.

The buyer has the right to withdraw the purchase decision within 14 days from the date of purchase, and the issuer must refund the money without collecting any other fees.

MICA limits the issuance of cryptocurrencies to ensure the stability of European financial markets. EMT buyers are entitled to request a refund of EMT purchases from the issuer at any time. Therefore, it is imperative that EMT issuers have a corresponding amount of security money, otherwise fines of up to 15% of total annual revenue will be imposed.

The issuance of ART pegged to the euro must be approved by the European Central Bank. The issuer must have legal status in one of the EU countries and must obtain permission from the authorities after the process of reviewing the White Paper on the company model, management department as well as the identity of the members. member of the company's management board. Buyers of the ART currency also enjoy the ability to request a refund, according to a specific procedure.

Service providers must obtain prior authorization from national authorities to enter the European market. Large-scale service providers (about 15 million users or more) are supervised by the European Securities and Markets Authority (ESMA).

Service providers are required to comply with the EU's Transfer of Assets Law (TRF) in keeping data related to recipients of cryptographic assets in transit, in order to help authorities combat such activities. money laundering and terrorist financing.