Authorities in the EU are moving closer to a deal on a legislative package tailored to comprehensively regulate the crypto market and related activities in Europe. According a media report, an agreement on the key legislation is likely to be reached as early as this month.
Deal on EU Crypto Law Expected by End of June, Sources Say
Representatives of relevant institutions in the European Union are approaching consensus on the Markets in Crypto Assets (MiCA) proposal aiming to introduce union-wide rules for the crypto industry, Bloomberg reported, quoting knowledgeable sources.
Choosing to remain anonymous, they revealed that the French presidency of the EU Council and the European Parliament (EP) are now optimistic about resolving the issues that are holding up the draft’s advance. Negotiators should do that at two upcoming meetings, on June 14 and June 30.
Member states of the 27-strong bloc and the Parliament still disagree on several aspects of MiCA, according to the sources familiar with the matter. These include the supervision of the crypto asset service providers (CASPs), the potential inclusion of non-fungible tokens (NFTs) in the framework and the regulation of stablecoins.
Officials are still discussing how to limit the use of stablecoins in payments. For example, there is an idea to introduce a ceiling for transactions that are not denominated in euros. It comes after last month’s collapse of the terrausd (UST) algorithmic stablecoin which affected crypto markets. Ensuring investor protection and gauging the impact of cryptocurrencies on financial stability are two other major considerations.
Discussions on Key Crypto Regulatory Aspects Continue
MiCA, which was first presented in 2020, was approved by the EP’s Committee on Economic and Monetary Affairs (ECON) in mid-March this year. The package entered
