EU Negotiators Want To Hammer Out Crypto Bill This Month

MiCA will set common rules for cryptocurrency regulation in all 27 EU member states, putting European regulators at the helm of digital assets supervision across the union with the help of national authorities.

MiCA has been an ongoing discussion since the European Commission first presented a proposal to the European Parliament in 2020.

June 14, 2021 European Union policymakers held another meeting yesterday in an attempt to reach an agreement on the Markets in Crypto-Assets (MiCA) bill that will shape crypto development in the European common market.

However, some issues in the legislative package have yet to be settled. According to Bloomberg, EU countries and the EU Parliament still disagree on whether to include non-fungible tokens (NFTs) in MiCA, how to regulate big stablecoins, the division of supervisory responsibilities, and the introduction of a ceiling to limit stablecoins usage as a payment method to prevent currency substitution.

Another “trilogue” — EU’s last mile with members of the Parliament (MEPs), EU’s presidency and European Commission officials — will happen on June 30.

The euro’s stability and investor protection were the main priorities for EU policymakers in the aftermath of problems such as the TerraUSD stablecoin collapse, which, McGuinness said, “has certainly raised a lot of questions and concerns at many levels.” She also mentioned Celsius’ pausing all transfers and withdrawals earlier this week.

Currently, identification requirements for non-hosted cryptocurrency wallets are being discussed, but it is unlikely that the rule will make it into final law. MiCA will also not regulate DeFi.

Read more at the link: https://blockworks.co/eu-negotiators-want-to-hammer-out-crypto-bill-this-month/