EU Approaches Consensus on Union-Wide Crypto Regulation

EU member states are reportedly close to agreement on the Markets in Crypto Assets (MiCA) legislative package which would introduce comprehensive union-wide regulation of the crypto industry. Agreement on the key legislation is expected to be reached by the end of June. However, there is still disagreement among EU member states and the Parliament on several aspects of MiCA, according to sources familiar with the matter. These include the supervision of crypto asset service providers (CASPs), the potential inclusion of non-fungible tokens (NFTs) in the framework and stablecoin regulation. Officials are also still discussing how to limit the use of stablecoins for payments. One possibility being considered is imposing a cap on transactions not denominated in euros. Other major considerations in the wake of the collapse of terrausd (UST) algorithmic stablecoin are ensuring investor protection and assessing the impact of cryptocurrencies on financial stability.


CH-019587 (Webpage Portal) 2022-06-13 (Published) 2022-06-23 (Updated)