European policy expert and advisor to those who want to enter the crypto space Patrick Hansen two important EU crypto lawHe shared his timeline estimates for the He estimates that two major regulations, such as the Markets and Funds Transfer Regulation (TFR) in Crypto Assets (MiCA), will come into effect between December 2022 and January 2023.
of the EU front cryptocurrency The rapid regulation of its industry worries US regulators. Hansen stated that the scope and speed of these regulations are of interest to the United States and may force them to act more quickly.
MiCA aims to protect clients and investors of blockchain companies. It is also an important law that will set liabilities for issuers if their users lose their crypto assets.
Koinfinans.com As we reported, MiCA will also regulate stablecoins and require its issuers to maintain appropriate reserves and meet liquidity requirements at the time of withdrawal. The TFR, on the other hand, includes the general regulation that creates money laundering regulations and crypto money laundering issues.
Hansen reveals that the European Union is currently working on other initiatives with high impact. These include more money laundering regulations, DeFi report, NFT report, DeFi audit pilot and Digital Euro Legislation.
United States of Americacontinues to be concerned about the scope and pace with which the EU is discussing crypto regulations. Hansen explained that the deadline is still undecided, with regulations being voted on by January of next year. He also adds that voting is just a formality at this point, as all arrangements have been agreed upon.
A smaller regulation, the TFR, could come into effect much sooner.
US lawmakers also continue to push crypto regulation. Support for a regulatory crypto framework is seeing bipartisan and bicameral support in the US. However, a deadline for any major moves is still unclear. Caroline D Pham, the Commodity Futures Trading Commission (CFTC) commissioner, confirmed that the United States should try to be a rule-maker, not a rule-maker.
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.