Members of the European Parliament soon MiCA It is preparing to adopt the ‘regulation on crypto-assets’, also known as According to the Parliament’s think tank, the enacted regulations are expected to provide “legal certainty for cryptoassets not covered by current EU legislation.”
Paulius Vaitkevisius, a crypto advisor, believes these regulations could greatly benefit the industry.
EU Prepares to Introduce Regulation for Crypto Assets
European Parliamenthad finalized the MiCA arrangement with a preliminary agreement on 30 June. These regulations will be adopted and come into force very soon. Voting will take place at the plenary session of the legislature. According to officials, there will be a ‘compatible’ crypto rules with MiCA throughout the European Union.
According to a statement published on November 29, harmonized crypto rules will be able to provide “legal certainty for cryptoassets not covered by current EU legislation.” In the statement, the AP also emphasized that the rules will not only increase the protection of investors and consumers. With the said law, there will be details that will encourage the innovation and use of crypto assets.
Through MICA, European authorities also hope to “regulate the issuance and trade of crypto assets, as well as the management of underlying assets.”
European Central Bank Names like its president, Christine Lagarde, continue to push for tough regulation. MiCA II – some critics of the proposed legislation argue that the proposed regulations in its current form may hinder innovation.
MiCA, a Positive Development for the Ecosystem
The legislative efforts of the European Union were welcomed by experts. Paulius Vaitkevicius, consultant to VILP Solutions, believes the regulations will improve the industry. These regulations may accelerate the flow of investors.
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Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.