• About
  • Advertisement
  • Disclaimer
  • Term Of Use
  • DMCA
  • Privacy Policy
  • Cookies Policy
  • Submit Guest Post
  • Contact Us
Best Crypto Blog Website
  • HOME
  • COINS
    • ICO
    • AIRDROPS
  • MINING
  • TRADE
    • COINS
  • PR
    Winkles Flam Season 1 Promo Image 1 1679339960h0xiZRNWFL

    Sphynx Ink and OpenSea Partner for “Winkles & Flam” Digital Collectibles

    Banner 1679678689zG2cpI2oNC

    Construction Giant XCMG Chooses Conflux for NFTs and Future Global Blockchain Applications

    Narwhal TwitterFeed 01 1679648429qaPRy3QEbo

    Narwhal Finance Secures $1M in Seed Funding Led by Animoca Ventures

    photo 2023 03 21 214513 167943514053ze1jKnu5

    Arcade fighting game Battle of Olympus to launch presale for GODLY token on Arbitrum on March 27

    babka 1679436351vZ4KusXtXp

    Virtual Duo Babka and Nushi Honor Game Developers Worldwide at GDC

    KyberSwap Launches ARB yield farms PR 1679396727cp30kkdDSM

    KyberSwap announces first ever $ARB token liquidity pools, liquidity mining and trading campaigns on Arbitrum

    Abstract Stock 11 1679332296JIpNOHrPSP

    Metacade Presale Hits Final Stage Before Listings, Raising Over $500k in under 24 hours

    Abstract Stock 15 1678719454M1vrYxtidF

    Metacade’s Community-Driven GameFi Platform Raises Over $10M in Presale

    Project Matthew PR 1678700539zbX7lss3lQ

    BinaryX Releases Trailer and Opens Beta Test For Futuristic Space Game Project Matthew

  • NEWS
    • Bitcoin News
    • Blockchain News
    • Cardano News
    • Crypto News
    • DEFI NEWS
    • Ethereum News
    • Government News
    • NFT NEWS
    • Ripple News
  • CASINO
  • MORE
    • WALLET
    • INVESTMENT
    • Affiliate Program
    • Buy Crypto
    • CLOUD MINING
    • DEFI
    • Exchange
    • Fintech
    • Forex
    • Lending
    • NFT
    • Web Hosting
Advertisement
No Result
View All Result
Wootfi Media
  • HOME
  • COINS
    • ICO
    • AIRDROPS
  • MINING
  • TRADE
    • COINS
  • PR
    Winkles Flam Season 1 Promo Image 1 1679339960h0xiZRNWFL

    Sphynx Ink and OpenSea Partner for “Winkles & Flam” Digital Collectibles

    Banner 1679678689zG2cpI2oNC

    Construction Giant XCMG Chooses Conflux for NFTs and Future Global Blockchain Applications

    Narwhal TwitterFeed 01 1679648429qaPRy3QEbo

    Narwhal Finance Secures $1M in Seed Funding Led by Animoca Ventures

    photo 2023 03 21 214513 167943514053ze1jKnu5

    Arcade fighting game Battle of Olympus to launch presale for GODLY token on Arbitrum on March 27

    babka 1679436351vZ4KusXtXp

    Virtual Duo Babka and Nushi Honor Game Developers Worldwide at GDC

    KyberSwap Launches ARB yield farms PR 1679396727cp30kkdDSM

    KyberSwap announces first ever $ARB token liquidity pools, liquidity mining and trading campaigns on Arbitrum

    Abstract Stock 11 1679332296JIpNOHrPSP

    Metacade Presale Hits Final Stage Before Listings, Raising Over $500k in under 24 hours

    Abstract Stock 15 1678719454M1vrYxtidF

    Metacade’s Community-Driven GameFi Platform Raises Over $10M in Presale

    Project Matthew PR 1678700539zbX7lss3lQ

    BinaryX Releases Trailer and Opens Beta Test For Futuristic Space Game Project Matthew

  • NEWS
    • Bitcoin News
    • Blockchain News
    • Cardano News
    • Crypto News
    • DEFI NEWS
    • Ethereum News
    • Government News
    • NFT NEWS
    • Ripple News
  • CASINO
  • MORE
    • WALLET
    • INVESTMENT
    • Affiliate Program
    • Buy Crypto
    • CLOUD MINING
    • DEFI
    • Exchange
    • Fintech
    • Forex
    • Lending
    • NFT
    • Web Hosting
Advertisement
No Result
View All Result
Wootfi Media
No Result
View All Result
Home News Crypto News

After two years of debate! EU finalizes text of ‘MiCA’ cryptocurrency regulation

Wootfi News by Wootfi News
06/10/2022
After two years of debate! EU finalizes text of 'MiCA' cryptocurrency regulation
Share on FacebookShare on Twitter

European Union officials have hammered out the final words for their landmark cryptocurrency legislation, paving the way for a Europe-wide approach to cryptocurrency regulation. The Czech ambassador to the EU, Edita Hrda, said that the EU ambassadors meeting approved the full legal text of the Markets in Crypto Assets Regulation (MiCA) on the 5th.

In a letter to Irene Tingali, head of the European Union’s economic and monetary affairs committee, Hulda said the European Parliament and the European Council should be able to get the first reading of the regulatory law through parliament.

European Union officials have hammered out the final words for their landmark cryptocurrency legislation, paving the way for a Europe-wide approach to cryptocurrency regulation. The Czech ambassador to the EU, Edita Hrda, said that the EU ambassadors meeting approved the full legal text of the Markets in Crypto Assets Regulation (MiCA) on the 5th.

In a letter to Irene Tingali, head of the European Union’s economic and monetary affairs committee, Hulda said the European Parliament and the European Council should be able to get the first reading of the regulatory law through parliament.

EU policymakers agreed on the legislative package in June after two years of back-and-forth discussions .

Effective as soon as 2024

In its current form, the regulatory framework would require any entity seeking to issue a cryptocurrency to publish a ” crypto asset white paper” containing information about the project. Another law on money transfers requires wallet providers to check the identities of their customers to reduce money laundering.

At the same time, issuers of stablecoins must also comply with specific capital requirements. This means that token issuance projects must hold reserves proportional to their token issuance to support the value of their tokens, although local governments can increase the amount of capital required depending on the level of risk they judge.

The text of the law will now be sent to the European Parliament, pending a vote, which could be published in the EU’s Official Gazette early next year and come into force in 2024.

NFTs, DeFi are excluded

Crypto advocates welcome the development, but say the legislation has yet to address several key issues, including the future of NFTs and decentralized finance (DeFi).

” This represents the conclusion of the necessary discussions among EU common lawmakers, which have lasted for more than two years,” the European Cryptocurrency Initiative (EUCI) said in a statement .

The group said the legislation was highly focused on stablecoins because it was originally intended to respond to Facebook’s stablecoin project Diem, formerly known as Libra, and because lawmakers took a “very defensive” approach.

The EUCI also stated that since NFTs are now excluded from the scope of the MiCA, uncertainty will arise if regulators in EU member states use different definitions to interpret NFTs . In addition, DeFi projects are also exempt from regulatory legislation, but the EUCI said these were not properly defined in the final text.

Despite the above criticism, EUCI co-founder Marina Markezic said she is optimistic about the impact of MiCA on the entire crypto industry:

It creates a new set of regulations for cryptocurrency projects that will change the current weak position of cryptocurrencies and become established players in the financial services space. At the same time, we also believe that the industry should innovate without excessive burden.

On the occasion, EU Commissioner for Financial Services Mairead McGuinness said that cryptocurrency regulation will be at the top of the agenda for discussions with U.S. officials at the annual meetings of the International Monetary Fund and World Bank next week . Writing earlier this year on The Hill, an American political website, she called for a global approach to cryptocurrencies.

Wootfi News

Wootfi News

Next Post
PREMA

PREMA (PRMX) Coin Guide & Detailed Review

LATEST .PRESS RELEASE

ABO DIGITAL Alpha Blue Ocean 1676987526gyB4gh3ZS8

Institutional Pipe Investor With $2bn In Executed Financing Commitments Launches Digital Asset Investment Firm

27/02/2023

MintMe.com Coin Secures 25 Million Dollars Investment Commitment From GEM Digital Limited

16/02/2023

LATEST NEWS

Which direction will BTC go

2 critical levels formed in Bitcoin price after the rise: Which direction will BTC go?

20/03/2023
Maggi to Launch Recipe NFTs in the Metaverse

Maggi to Launch Recipe NFTs in the Metaverse

15/03/2023
Egyptian police accused the creators of the Hoggpool project of $615,000 crypto fraud

Egyptian police accused the creators of the Hoggpool project of $615,000 crypto fraud

15/03/2023
US senators urge Meta to close children's access to the metaverse

US senators urge Meta to close children’s access to the metaverse

06/03/2023
Court rejects tax fraud charges against Michael Sailor's MicroStrategy

Court rejects tax fraud charges against Michael Sailor’s MicroStrategy

05/03/2023
Fighting Bears: Bitcoin Miner Riot's Bitcoin Blockchain Hashrate Reaches ATH in 2022

Fighting Bears: Bitcoin Miner Riot’s Bitcoin Blockchain Hashrate Reaches ATH in 2022

05/03/2023
Wootfi Media

Welcome to Wootfi, your number one source for all things [Cryptocurrency]. We’re dedicated to giving you the very best of [Crypto Review], with a focus on [Blockchain Technology ], [Crypto News], [Investment Website].

Follow Us

Categories

  • Affiliate Program
  • AIRDROPS
  • Best Crypto Wallet
  • Bitcoin News
  • Blockchain News
  • Buy Crypto
  • Cardano News
  • CASINO REVIEW
  • CLOUD MINING
  • COINS
  • Crypto News
  • Crypto Press Release
  • DEFI
  • Earning Survey Sites
  • Education Platform
  • Ethereum News
  • Exchange
  • Features
  • Fintech
  • Forex
  • Format Folder
  • Government News
  • ICO
  • Investment
  • News
  • NFT NEWS
  • Press Release
  • Ripple News
  • Uncategorized
  • WALLET
  • Web Hosting
ADVERTISEMENT
  • About
  • Advertisement
  • Disclaimer
  • Term Of Use
  • DMCA
  • Privacy Policy
  • Cookies Policy
  • Submit Guest Post
  • Contact Us

© 2023 WOOTFI - Develop by WOOTFI.
All content on Wootfi.com is provided solely for informational purposes, and is not an offer to buy or sell or a solicitation of an offer to buy or sell any security, product, service or investment. The opinions expressed in this Site do not constitute investment advice and independent financial advice should be sought where appropriate. For More Details Contact Us At - [email protected] .

No Result
View All Result
  • HOME
  • COINS
    • ICO
    • AIRDROPS
  • MINING
  • TRADE
    • COINS
  • PR
  • NEWS
    • Bitcoin News
    • Blockchain News
    • Cardano News
    • Crypto News
    • DEFI NEWS
    • Ethereum News
    • Government News
    • NFT NEWS
    • Ripple News
  • CASINO
  • MORE
    • WALLET
    • INVESTMENT
    • Affiliate Program
    • Buy Crypto
    • CLOUD MINING
    • DEFI
    • Exchange
    • Fintech
    • Forex
    • Lending
    • NFT
    • Web Hosting

© 2023 WOOTFI - Develop by WOOTFI.
All content on Wootfi.com is provided solely for informational purposes, and is not an offer to buy or sell or a solicitation of an offer to buy or sell any security, product, service or investment. The opinions expressed in this Site do not constitute investment advice and independent financial advice should be sought where appropriate. For More Details Contact Us At - [email protected] .