BlockNews.com
  • Crypto
  • NFT
  • Metaverse
  • DeFi
  • Business
  • Technology
  • Opinion
  • Guides
No Result
View All Result
FOLLOW
BlockNews.com
  • Crypto
  • NFT
  • Metaverse
  • DeFi
  • Business
  • Technology
  • Opinion
  • Guides
No Result
View All Result
BlockNews.com
No Result
View All Result

EU Agrees On Text Of Landmark Crypto Regulatory Framework

BlockNews Team by BlockNews Team
October 6, 2022
in Media, Politics, Social
EU-Crypto
Share on TwitterShare on Reddit

The European Union (EU) has agreed on the full text of its Markets in Crypto Assets Regulation (MiCA). This framework outlines how the region is going to monitor the cryptocurrency sector. The EU has reportedly also agreed to further laws targeted at identifying those making crypto payments. 

According to a statement released by the Council Of European Union on Wednesday, officials from the bloc’s member countries signed off the text of the proposed framework without further deliberations.Β 

MiCA was the subject of political outlines set out in June to develop a comprehensive crypto legislative text for the EU jurisdiction. It is worth noting that the EU’s crypto regulatory framework is expected to be applied with a β€œlegitimate interest of protecting holders of crypto assets” and fighting crypto-related crimes such as β€œpump and dump” schemes, β€œrug pulls,” money laundering, and terrorism funding. 

Specific Provisions Of The Proposed MiCA Laws

Once passed into law, MiCA will introduce the first-ever licensing regime for crypto exchanges and digital wallets to be applied across the EU and impose strict rules on stablecoins that are intended to avoid problems like those witnessed after the collapse of Terra’s algorithmic stablecoin, UST, in May. As indicated earlier, the provisions also want crypto firms to put in place measures to help combat crimes such as money laundering and terror funding.

Concerning this, the draft laws include a specific clause that requires crypto wallet providers to carry out comprehensive know-your-customer (KYC) processes to reveal the identity of consumers making payments using cryptocurrencies such as Bitcoin (BTC). The draft reads: 

β€œOfferers or persons seeking admission to trading algorithmic crypto assets that do not aim at stabilizing the value of the crypto assets by referencing one or several assets should, in any event, comply with Title II of this Regulation.”

The draft laws were passed without further discussions because there were concerns that MiCA regulations may limit the use of U.S. dollar-pegged stablecoins within the European Union. Since June, officials and lawmakers have attempted to turn the two political outlines agreed upon in June into a definitive legislative text.

As such, industry lobbyists were hopeful, they could still clarify measures in MiCA. Still, a softer legal language in the proposed laws leaked two weeks ago appears to have been turned down by countries such as France that are keen not to attack the sovereignty of the Euro. 

Noteworthy, the recently leaked draft laws revealed that the diplomatic representatives of the EU countries had proposed companies or organizations behind cryptocurrencies to publish white papers showing all the details of technical roadmaps when seeking registration from relevant authorities. 

Generally, the agreed-upon text urges countries within the bloc to β€œadopt a substance over form approach under which the features of the asset in question should determine the qualification, not its designation by the users.”

After this, the text is set to be presented before the European Parliament to be passed into law before being published in the EU’s official gazette. The rules are likely to take effect in 2024. 

Tags: cryptoEUPolitics
TweetShareShare
BlockNews Team

BlockNews Team

DON'T MISS THESE! HOT OFF THE PRESS

US Space Force Major Jason Lowery Highlights Bitcoin as Potential Cybersecurity Asset
Crypto

US Space Force Major Jason Lowery Highlights Bitcoin as Potential Cybersecurity Asset

December 4, 2023
Judge Warns of Sanctions Against SEC for Misleading Crypto Asset Claims
Breaking News

Judge Warns of Sanctions Against SEC for Misleading Crypto Asset Claims

December 2, 2023
Elon Musk Predicts 'Digital God' AI to Transform Copyright Disputes
Breaking News

Elon Musk Predicts ‘Digital God’ AI to Transform Copyright Disputes

December 1, 2023
Artists Amend Copyright Lawsuit Against AI Art Firms for Style Mimicry
Breaking News

Artists Amend Copyright Lawsuit Against AI Art Firms for Style Mimicry

December 1, 2023
Meta Exposes Chinese Network Disrupting US Political Scene
Breaking News

Meta Exposes Chinese Network Disrupting US Political Scene

November 30, 2023
X's Leadership Reacts to Musk's Direct Message to Advertisers
Breaking News

X’s Leadership Reacts to Musk’s Direct Message to Advertisers

November 30, 2023
Load More
Next Post
Starkware-Logo

Starkware Scaling Unlocks Ethereum’s Capacity to Surpass Visa's Transaction Speeds

401k

Congress Banks On Bitcoin Inclusion To 401(K)s

Bitcoin-Gold

Bitcoin and Gold Positive Correlation Reaches Yearly High - What It Means For BTC

Related News

Crypto Bill

Senator Elizabeth Warren’s Crusade Against Cryptocurrency’s Role in the Fentanyl Crisis

June 2, 2023
SBF

Double Tragedy As SBF Is Set To Face Two Criminal Trials

June 19, 2023
Canada-Bitcoin

30% Of Canadians Plan To Buy Crypto In 2024 – OSC Chief

October 11, 2022

Browse by Category

  • Breaking News
  • Business
  • Crypto
  • DeFi
  • Featured
  • Finance
  • Gaming
  • Guides
  • Investing
  • Media
  • Metaverse
  • NFT
  • Opinion
  • Politics
  • Social
  • Technology
  • Uncategorized
Discord Twitter
BlockNews.com

BlockNews.com brings you the most important Crypto and NFT news in the space.

CATEGORIES

  • Breaking News
  • Business
  • Crypto
  • DeFi
  • Featured
  • Finance
  • Gaming
  • Guides
  • Investing
  • Media
  • Metaverse
  • NFT
  • Opinion
  • Politics
  • Social
  • Technology
  • Uncategorized

RECENT POSTS

  • US Space Force Major Jason Lowery Highlights Bitcoin as Potential Cybersecurity Asset December 4, 2023
  • Bitcoin Hits $40,000, Marking a 19-Month High Amid Optimistic Forecasts December 4, 2023
  • Coinbase Gains Market Share as Binance Faces US Legal Hurdles December 3, 2023

Β© 2022-2023 BlockNews.com - Crypto and NFT news website by JRNY Club.

No Result
View All Result
  • Home
  • Crypto
  • NFT
  • Metaverse
  • DeFi
  • Business
  • Technology
  • Opinion
  • Guides

Β© 2022-2023 BlockNews.com - Crypto and NFT news website by JRNY Club.