YourCryptoNews
  • Live Prices
  • Crypto News
    • Altcoins
    • Bitcoin
  • Defi News
  • NFT News
  • Blockchain
  • Regulations
  • Trading
  • Scams
No Result
View All Result
YourCryptoNews
  • Live Prices
  • Crypto News
    • Altcoins
    • Bitcoin
  • Defi News
  • NFT News
  • Blockchain
  • Regulations
  • Trading
  • Scams
No Result
View All Result
YourCryptoNews
No Result
View All Result

European lawmakers overwhelmingly approve crypto regulation bill

October 10, 2022
in Regulations
Reading Time: 2 mins read
A A
ShareShareShareShareShare

You might also like

Republican lawmakers distinguish crypto commodities and securities in draft bill

Republican lawmakers distinguish crypto commodities and securities in draft bill

June 2, 2023
Tornado Cash developer remanded in custody another 3 months without charge

Blockchain Association files new amicus brief to support Tornado Cash’s defense

June 2, 2023

The European Parliament Committee on Economic and Monetary Affairs voted Monday to advance a version of the much-debated Markets in Crypto Assets bill, or MiCA. The bill is now headed into final negotiations with the European Commission, the Council of the European Union and the European Parliament.

ECON passed the crypto framework policy in a vote of 28 in favor and one against. National representatives in the European Council voted through the proposal last week. Then, after translating the text into the EU’s more than 20 official languages, the next step towards formal adoption of the legislation comes with a final vote in a full European Parliament.

MiCA includes a 12-18 month adaptation period to prepare for the new laws set in place, which means that the laws could take effect in full at the start of 2024 at the earliest.

“It is important to ensure that the [European] Union’s financial services legislation is fit for the digital age, and contributes to a future-ready economy that works for the people, including by enabling the use of innovative technologies,” said the MiCA text as of Oct. 5.

The MiCA legislation, first introduced in 2020, aims to provide a regulatory framework for digital assets for member states in the EU by 2025. The EU-wide regulatory framework that will grant passporting rights for crypto firm working across the continent.

The proposal also offers a bespoke legislative regime for crypto assets and relevant service providers not covered elsewhere in the EU financial services regime. While the initial draft had included explicit language that would have banned proof-of-work-based cryptos like Bitcoin, due to energy consumption concerns, the provision was struck after an outcry from the crypto industry.

The development comes nearly two years after the European Commission published the first EU legislative framework for crypto assets, which was as part of the broader policy initiative on digital finance. In addition, the MiCA will offer a pilot regime for crypto-related market infrastructures, which represents a so-called ‘Sandbox’ approach. The term has particular relevance for the crypto industry, and the EU scheme was described as a controlled environment under which new firms or new ventures from established brands would be able to live test their ideas.

Nevertheless, European regulators have yet to stake out the DeFi territory and its various applications. Recent news coverage has also highlighted the emergence of Non-fungible Tokens (NFTs). That said, the regulation of these transformative technologies is blurry. There is no such federal agency that has clear authority over a particular DApp, NFT, or even the entire industry.

Credit: Source link

Related Stories

Republican lawmakers distinguish crypto commodities and securities in draft bill
Regulations

Republican lawmakers distinguish crypto commodities and securities in draft bill

June 2, 2023
Tornado Cash developer remanded in custody another 3 months without charge
Regulations

Blockchain Association files new amicus brief to support Tornado Cash’s defense

June 2, 2023
China publishes national blockchain standard
Regulations

China publishes national blockchain standard

June 2, 2023
Silvergate denies nepotism before U.S. senators
Regulations

Silvergate to submit shutdown plan in coming days after Federal Reserve order

June 1, 2023
Next Post
Don’t fall for these scams plaguing Tucsonans

Don’t fall for these scams plaguing Tucsonans

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

Wakweli teams up with BLG to solidify web3 legal expertise

Crypto bear market not hurting Grayscale Investments

May 30, 2023
Lincoin Technologies Launches Rails Programming Tool For Bitcoin Miners

Looking Into The Role Credit Unions Can Play In Bitcoin Adoption

June 2, 2023

Popular Story

    • Contact Us
    • Privacy Policy
    • Terms of Use
    • DMCA

    © 2021 - YourCryptoNews.net - All rights reserved!

    No Result
    View All Result
    • Live Prices
    • Crypto News
      • Altcoins
      • Bitcoin
    • Defi News
    • NFT News
    • Blockchain
    • Regulations
    • Trading
    • Scams

    © 2021 - YourCryptoNews.net - All rights reserved!

    • bitcoinBitcoin (BTC) $ 27,012.00 0.6%
    • ethereumEthereum (ETH) $ 1,889.03 0.78%
    • tetherTether (USDT) $ 1.00 0.01%
    • bnbBNB (BNB) $ 305.89 0.46%
    • usd-coinUSD Coin (USDC) $ 0.999350 0.04%
    • xrpXRP (XRP) $ 0.522466 0.24%
    • staked-etherLido Staked Ether (STETH) $ 1,887.12 0.8%
    • cardanoCardano (ADA) $ 0.375066 0.7%
    • dogecoinDogecoin (DOGE) $ 0.072524 0.04%
    • solanaSolana (SOL) $ 21.05 0.7%
    • matic-networkPolygon (MATIC) $ 0.897864 0.15%
    • tronTRON (TRX) $ 0.081546 6.09%
    • litecoinLitecoin (LTC) $ 96.09 0.91%
    • polkadotPolkadot (DOT) $ 5.28 0.21%
    • binance-usdBinance USD (BUSD) $ 0.999600 0.07%
    • shiba-inuShiba Inu (SHIB) $ 0.000009 0.24%
    • avalanche-2Avalanche (AVAX) $ 14.53 0.78%
    • daiDai (DAI) $ 0.998903 0.11%
    • wrapped-bitcoinWrapped Bitcoin (WBTC) $ 27,074.00 0.59%
    • uniswapUniswap (UNI) $ 5.07 0.2%
    • leo-tokenLEO Token (LEO) $ 3.58 0.35%
    • chainlinkChainlink (LINK) $ 6.39 0.52%
    • cosmosCosmos Hub (ATOM) $ 10.66 0.49%
    • okbOKB (OKB) $ 45.87 1.06%
    • moneroMonero (XMR) $ 148.29 1.89%
    • ethereum-classicEthereum Classic (ETC) $ 18.11 0.04%
    • the-open-networkToncoin (TON) $ 1.74 0.31%
    • stellarStellar (XLM) $ 0.092095 0.04%
    • bitcoin-cashBitcoin Cash (BCH) $ 114.49 0.1%
    • internet-computerInternet Computer (ICP) $ 4.77 0.47%
    • filecoinFilecoin (FIL) $ 4.83 2.65%
    • true-usdTrueUSD (TUSD) $ 0.999899 0.06%
    • lido-daoLido DAO (LDO) $ 2.28 0.9%
    • aptosAptos (APT) $ 9.01 0.46%
    • quant-networkQuant (QNT) $ 115.75 2.69%
    • hedera-hashgraphHedera (HBAR) $ 0.050523 0.23%
    • crypto-com-chainCronos (CRO) $ 0.059446 0.1%
    • arbitrumArbitrum (ARB) $ 1.21 2.65%
    • nearNEAR Protocol (NEAR) $ 1.62 0.01%
    • vechainVeChain (VET) $ 0.019819 0.06%
    • the-graphThe Graph (GRT) $ 0.128595 1.44%
    • apecoinApeCoin (APE) $ 3.13 0.42%
    • algorandAlgorand (ALGO) $ 0.152169 0.23%
    • the-sandboxThe Sandbox (SAND) $ 0.572438 0.4%
    • eosEOS (EOS) $ 0.912143 1.13%
    • paxos-standardPax Dollar (USDP) $ 0.999521 0.06%
    • fraxFrax (FRAX) $ 0.996672 0.38%
    • elrond-erd-2MultiversX (EGLD) $ 38.04 1.54%
    • rocket-poolRocket Pool (RPL) $ 49.00 0.26%
    • render-tokenRender (RNDR) $ 2.60 0.5%