EU Parliament to ‘Vote on Adopting the Regulation on MiCA’ — Expert Says Industry Needs Legal Clarity

In a recent statement, the European Parliament announced that the We will vote on the adoption of the Market Regulation for Crypto-Assets (MiCA).” The envisioned regulation is expected to provide “legal certainty to crypto assets not covered by existing EU law,” according to a parliamentary agency think tank. Cryptocurrency counselor Paulius Beitkevicius said any regulation on cryptocurrencies is likely to result in more capital and talent entering the field.

EU-level “uniform rules” for crypto-assets

Months of After discussions and negotiations, the European Parliament (EP) is now set to “vote on the adoption of regulations on the market for crypto-assets (MiCA)”. The vote will take place during the legislative session. European leaders claim the adoption of MiCA will lead to the creation of “harmonized rules for crypto assets in the EU”. level. “

According to his November 29 briefing by a parliamentary think tank, the harmonized crypto regulation will “enable legalization of crypto assets not covered by existing EU law.” It is expected to provide certainty. In the briefing, the EP also claimed that the rule would not only enhance consumer and investor protection, but would also “encourage innovation and use of crypto assets.”

Through MICA, the European authorities also hope to “regulate the issuance and trading of crypto-assets and the management of the underlying assets.”

European Central Bank President Christine Largade While European leaders such as are pushing for stricter regulation — MiCA II — some critics of the proposed legislation believe that its current form is innovation can suppress the

Paulus Weitkevicius, Founder and Crypto Counselor of Law Firm VILP SolutionsCommenting on the Coalition’s move toward cryptocurrency regulation, a leading proponent said: The “old west environment” is not for everyone involved. He also told Bitcoin.com News that in the absence of guidelines and a regulatory framework, “many situations where industry players collapse could lead to a situation where only a handful of investors remain in the industry.”

Therefore, the crypto industry needs to be legally clear to prevent this from happening. investor side. Weitkebicius explains his reasons for favoring regulation of the industry: Regulation will see these sure steps, resulting in additional capital and talent to the industry.

Meanwhile, some crypto opponents say Sam Bankman-Fried’s pranks would have been exposed much earlier if a proper regulatory framework had already been put in place. There are also However, when asked about the validity of this argument, Vaitkevicius said that in theory FTX itself is “one of the most regulated players in the industry,” which undermines this theory. said. He added:

“Regulation is a good step forward, but [this] needs to be followed by other elements to work in the real world and achieve the goals pursued.”

Image Credits: Shutterstock, Pixabay, Wiki Commons

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