The European Union is close to reaching an agreement among its 27 member nations on how to govern cryptocurrencies in the region.
According to Bloomberg, both France (the EU’s chair) and the European Parliament are optimistic that the lingering problems of the proposed Markets in Crypto-Assets (MiCA) regulatory package will be resolved by the end of this month. Representatives assigned with the topic will also meet on June 14th and June 30th.
MiCA was first used in 2020, and a unified settlement will usher in a new age of European Union legislation. However, the recent events surrounding the UST collapse have heightened the need to protect investors and analyze the influence of crypto on the region’s financial stability. As a result, the European Parliament’s member states are attempting to reach an agreement on the following controversial matters moving forward.
- Stablecoins should be properly regulated, including the possibility of limiting its use as a payment method by imposing a cap on transactions not denominated in Euros.
- Whether nonfungible tokens (NFTs) should be included in the new set of rules.
- The regulation of significant crypto-asset service providers, such as cryptocurrency exchanges.
- The MiCA package includes anti-money laundering provisions.
Furthermore, according to people acquainted with the topic, EU parliamentarians are looking to push for a new set of rules that take into account the environmental impact of crypto mining activities based on digital assets that use Proof-of-work algorithms.
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