MP Sets Date for Europe’s Cryptocurrency Law!

European Parliament MP Stefan Berger today to cryptocurrencies made an important statement.

As you know, the European Union regulates crypto assets. MiCA He is working feverishly to enact the law. The deputy said that the text of the said law would be ready within 6 weeks.

At the session attended by the member states on 30 June, an agreement was reached on the general framework of the text.

Here, crypto-asset providers were required to register with regulatory bodies to continue offering their services.

The absence of a text regarding the legal framework in question raises ambiguities in some fine points. There is a lot of uncertainty as to whether NFTs will be considered under this law.

After 6 weeks, it will become clearer what the member states of the European Union will take into account in their crypto money regulations with the legal text.

Many issues are expected to be clarified, such as establishing a common licensing system between European Union countries, facilitating the business of a crypto asset company operating in one country in another country, and issuing stablecoins.

The text will enter into force 18 months after it is approved in Parliament. Berger explains:

“I would say in four to six weeks the text will be ready. We work on it 8 hours a day.

According to the agreement, any crypto service provider with more than 15 million active users will be subject to European level supervision.

We have decided to exclude NFTs from the law unless they are similar to the traditional financial system.”