The end of the tunnel still far? – The draft regulations for “Markets in Crypto-Assets”better known as Micawould be about to be finalized in order to be put to the vote, even if some shadow areas subsist.
The European Union close to an agreement on the MiCA regulation
According to an announcement made by the media Bloomberg last Friday, the EU would be on track to submit the MiCA regulations to the votes. The adoption of this regulation would regulate the crypto sector by establishing common rules for the 27 member states.
According to Bloomberg, the negotiators of this settlement should meet June 14 and 30 next. In addition, France, which currently holds the EU Presidency, and the European Parliament are optimists regarding the conclusion of the MiCA settlement.
However, there are still disagreements between some EU Member States and the European Parliament. Several key points of the MiCA regulation are subject to debate:
- The inclusion or exclusion of non-fungible tokens (NFT) the scope of the regulation;
- The regulation of the most important stablecoins ;
- Supervision of crypto service providers.
In addition, questions relating to the investor protection and some financial stability have become priorities, following the collapse of the Terra stablecoin (UST), last month. Thus, the discussions would also revolve around how to limit the use of stablecoins as a means of payment.
Furthermore, the European Parliament would like to include clauses anti money laundering in the MiCA regulations. However, the governments of EU member countries believe that there is already a whole set of rules for these offences. Finally, according to the European Parliament, it is necessary to regulate the issue ofenvironmental impact cryptos.
Therefore, it is clear that nothing is done yet. Although the vote on the MiCA regulations is expected for the end of June, it is quite possible that it will be again postponed, as in last march.
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