Kinesis Stablecoins

[paid2]

FIRST POST IN THIS THREAD FROM A NON-OP USER!
 

 

That said, will Kinesis be impacted by the MICA regulations?
I don't know.
Do MICA regulations concern precious metals?
As Kinesis currencies are gold and silver, maybe not. Maybe they are considered just as commodities.
But gold and silver are also currencies, so maybe yes.

To be honest I asked it on X, replying to a post of BIS (Bank for International Settlement) that was mentioning MICA, but of course I got no response 

Thanks for your research.
Indeed, with MiCA we are all in a blur at different scales. 
We'll have to wait and see, as MiCA's Tier application for stablecoins will come into effect between June and December 2024. Perhaps the Kinesis project is still in a grey area regarding all this, but I hope they won't go as far as banning it in EU (although I wouldn't be surprised if they did...).

[Peter90]

Thanks for your research.
Indeed, with MiCA we are all in a blur at different scales. 
We'll have to wait and see, as MiCA's Tier application for stablecoins will come into effect between June and December 2024. Perhaps the Kinesis project is still in a grey area regarding all this, but I hope they won't go as far as banning it in EU (although I wouldn't be surprised if they did...).

AFAIK, within the partnership with Indonesia's government, Kinesis should take the role of facilitating foreign remittances i.e. money sent to Indonesia from Indonesian workers abroad. In this role, Kinesis avoided the whole regulation concerning banks precisely because their currencies KAU and KAG were considered commodities.
(Gold and silver are singular in that they have this double aspect, they are both commodities and currencies.)
Maybe the same will happen in Europe.

But most probably, Kinesis will simply work within the Mica regulation.