EU agrees on MiCA regulation to crack down on crypto and stablecoins
“Europe’s upcoming crypto-assets policy framework will be to crypto what GDPR was to privacy,” says Circle chief strategy officer Dante Disparte. Officials from the European Union (EU) have agreed on a landmark law that will make life tougher for crypto issuers and service providers under a new single regulatory framework. Stefan Berger, European Parliament member and rapporteur for the MiCA regulation — the person appointed to report on proceedings related to the bill — broke the news on Twitter saying that a “balanced” deal had been struck, which has made the EU the first continent with....
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The EU also plans to discuss crypto regulation with the U.S. in a IMF-World Bank meeting, following diplomats’ agreement on the bill’s text.
Apart from the stringent requirements for stablecoin issuers, there are other areas of concern in the upcoming EU regulation. The year 2022 saw not only drastic dips in leading cryptocurrencies and financial markets in general but also major legislative frameworks for crypto in prominent jurisdictions. And while the “crypto bill,” co-sponsored by United States senators Cynthia Lummis and Kirsten Gillibrand, still has a long way to go, its European counterpart, the Markets in Crypto-Assets (MiCA), had finally made it through Tripartite negotiations. On June 30, Stefan Berger, European....
In an interview with Cointelegraph, the German politician explains why some forces in the European Parliament have suddenly come out in favor of a Bitcoin ban. The European Parliament’s Committee on Economic and Monetary Affairs recently approved a draft of its comprehensive Markets in Crypto Assets, or MiCA, crypto regulation package. The new framework covers a wide range of crypto-related subjects, such as the status of all major currencies and stablecoins and the regulation of crypto mining and exchange platforms.Stefan Berger, a member of the Christian Democratic Union (CDU), is the....
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....
European Parliament’s economic committee has backed the adoption of the comprehensive Markets in Crypto Assets (MiCA) regulation. It has also supported the introduction of rules for tracing cryptocurrency transfers, part of the latest EU anti-money laundering push. European Union’s MiCA Crypto Law Passes Another Hurdle Before Final Adoption The European Parliament Committee on Economic and Monetary Affairs (ECON) has approved the provisional deal on a landmark legislation tailored to regulate the European Union’s crypto space. The vote, in which 28 members were in favor and only one....