EU Countries Is Reaching An Agreement On Crypto Adoption; Here’s What We Know

2022-6-14 04:00

The European Union is reportedly nearing close to reaching an agreement in the Markets in Crypto-Assets (MiCA) regarding the regulatory framework. This framework concerns a legislative package which will be responsible in extensively regulating the crypto market and all the related activities in Europe.

EU is supposed to sign on the agreement by this month itself as the reports suggests. This move is intended to include 27 member states and set the same rules around the digital asset which would be governing these member states.

The negotiators are yet to address some other important issues before reaching a consensus. At the current moment, there’s a lot being discussed which includes decisions regarding the transaction size with dollar-backed cryptos.

Member states are also working on an anti-laundering rule which is to be added within the regulatory framework.

What Are The Major Points Of Contention In This Crypto Regulatory Framework?

Negotiators are scheduled to meet on the June 14 and June 30 to address a few concerns before arriving to a consensus.

It has also been reported that apparently the French presidency of the EU Council and European Parliament have a positive stance about issues which are holding up the draft’s advance.

Despite this, the 27 member states along with the Parliament are not in agreement regarding many such aspects of MiCA.

The issues which have caused disagreement include supervision of the crypto asset service providers (CASPs), the possible inclusion of non-fungible tokens (NFTs) and also regulation of stablecoins.

There is also ongoing discussion about how to put a ceiling or limit to use of stablecoins in payments. This move is being considered owing to the major slump of terrausd (UST) which is an algorithmic stablecoin that wreaked a havoc across the industry.

The most important concern still remains safeguarding investors and also paying attention to the impact of digital currencies on financial stability.

Suggested Reading | Cryptocurrency Is ‘Worthless,’ European Central Bank President Says

Climate Related Disclosures Shall Be Mentioned

The final draft is supposed to be coordinated between the European Parliament, the European Commission and also the Council of the European Union. The European Union also wants to keep the climate-related discussion on the table.

The climate-related disclosures will help keep track of Bitcoin’s environmental impact. A lot of negotiation which is underway concerns specific requirements for the cryptocurrency service providers.

This includes many amendments that were introduced which will help restrict the use of proof-of-work, which is a consensus mechanism.

European Parliament have voted against including a de facto ban on Bitcoin mining in the MiCA framework. This is because of there has been a lot of backlash from the members across the industry.

The European Union lawmakers had recently approved a crackdown on anonymous crypto transfers. This particular draft bill is currently under trialogue negotiations.

Related article | Goldman Sachs Begins Trading Ethereum-Linked Derivative Product

Bitcoin was priced at $23,000 on the one day chart | Source: BTCUSD on TradingView

Similar to Notcoin - Blum - Airdrops In 2024

origin »

RSK Infrastructure Framework (RIF) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Доступно / Всего 0 RIF

agreement crypto reaching framework package legislative concerns

agreement crypto → Результатов: 126


FTX contracts Eventus for global risk monitoring needs

Global crypto exchange FTX. COM (FTX/USD) and Eventus, a leading provider of market risk and multi-asset class trade surveillance solutions, have entered into a groundbreaking partnership. Under their agreement, Eventus’ Validus platform will be deployed for trade surveillance and risk monitoring on all FTX markets worldwide, Invezz learned from a press release.

2022-4-26 15:41


Фото:

UAE Financial Authorities Approve Cryptocurrency Trading

The Securities and Commodities Authority (SCA) and the Dubai World Trade Centre Authority (DWTCA) have signed an agreement supporting the regulation, issuance, listing, and trading of crypto assets and blockchain-related financial activities within the DWTCA free trade zone, according to a press release on December 22, 2021. The UAE Lures Crypto Startups In a bidRead More

2021-9-24 23:00


Crypto exchange Bitget partners with DigiMax offer direct access to CryptoHawk signals product

DigiMax, a provider of artificial intelligence (AI) and cryptocurrency technology, today announced that it has signed a Collaboration Agreement with Bitget, a crypto exchange based in Singapore. Following the launch of USDT futures, one-click copy trade, and quanto swap futures, this past April, Bitget further announced its full acquisition of decentralized crypto wallet Bitkeep.

2021-8-31 07:30


Фото:

Legendary footballer Lionel Messi embraces crypto after joining PSG

Lionel Messi, an Argentine football star, left FC Barcelona and signed a two-year deal with French soccer club Paris Saint Germain (PSG) earlier this week. While this deal has been monumental for the soccer world, the crypto space also gets to share in the action, seeing as PSG disclosed that this agreement will see the […] The post Legendary footballer Lionel Messi embraces crypto after joining PSG appeared first on Invezz.

2021-8-13 19:09