MiCA coming in hot in October, NFTs not in focus: EU regulators
In an online panel from the German Bundesblock, local regulators discussed details of upcoming MiCA regulation, along with a brief update on NFTs and stablecoins. Members of the Germany-based Bundesblock, otherwise known as the German Blockchain Association, updated the community on the upcoming Markets in Crypto-Assets (MiCA) regulations in a virtual panel held on Thursday, Sep. 1.According to the panel, the final legal text for the long-awaited regulations is set to be released in the upcoming 4-6 weeks. However, nonfungible tokens (NFTs) and stablecoins are still not covered, while....
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Regulators from 19 EU member states will reportedly attend a supervisory board meeting in July to discuss MiCA and its possible implementation. The European Central Bank, or ECB, will reportedly be preparing to implement a new law by warning European Union member states about the necessity of harmonizing regulations for crypto.According to a Sunday report from the Financial Times, the ECB was concerned about possible regulatory overlap between respective central banks in the EU and crypto companies as officials prepare to implement the Markets in Crypto-Assets, or MiCA, framework. The....
Changes to the EU’s MiCA proposal to regulate crypto markets, suggested shortly before a vote on the package, indicate a bitcoin ban is still a possibility. Despite recently removing wording that would have prohibited coins with energy-intensive mining, some members of the European Parliament are now targeting “unsustainable” cryptocurrencies.
New MiCA Paragraphs Call for Subjecting Cryptocurrencies to ‘Sustainability Standards’
A text banning the offering of services for cryptocurrencies relying on the proof-of-work (PoW) mining method was....
The latest Mica (Europe’s Markets in Crypto-Assets Regulation) revision designates the CNMV and the Bank of Spain as the main cryptocurrency watchdogs in the country. The draft also stipulates that companies offering services in the EU will need to be based in a European country. The norm excludes NFTs, for now. Experts state the law might be in advanced stages by the end of this year. Bank of Spain and CNMV Designated as Default Crypto Watchdogs. Mica (Europe’s Markets in Crypto-Assets Regulation)’s latest draft had an update recently, bringing about many changes. For....
One of the reasons behind the delay is “the enormous amount of work for the lawyer linguists, given the length of the legal text.” As the Plenary vote for the landmark Pan-European crypto legislation, Markets in Crypto Assets (MiCA), has been rescheduled from the end of 2022 to February 2023, Stefan Berger believes that to be a matter of technical necessity. Responding to Cointelegraph's request for more info, Berger, a member of the European Parliament responsible for procedural handling of MiCa, explained that the delay has nothing to do with the legislation’s content:“I view this as a....
The Parliament of the EU has designated ESMA, the European Securities and Markets Authority, the top cryptocurrency regulator of the region in the latest draft of MiCA, the Markets in Crypto Assets regulation. The European organization would have the task of licensing crypto-related institutions and exchanges, putting national regulators under its authority.
ESMA Gets Crypto Regulatory Powers in Latest MiCA Draft
The latest draft of MiCA, the Markets in Crypto Assets regulation, has brought significant changes to the way in which cryptocurrency licenses for organizations are....