European Union officials have agreed to regulate crypto assets and service providers in 27 member states.
EU officials have been negotiating within the framework of the Crypto Asset Market (MiCA) for nearly two years.
The legislative package establishes requirements for crypto issuers to publish a kind of technical manifesto called “white paper”, register with authorities and hold appropriate reserves for stablecoins.
Member of Parliament Stefen Berger posted a tweet confirming that the politicians had reached an agreement.
MiCA Trilog: Durchbruch! Europa ist der erste Kontinent mit einer Krypto-Asset Regulierung. Parlament, Kommission & Rat haben sich auf ausgewogene #MiCA geeinigt. Für mich als Berichterstatter war wichtig, dass es hier keine Verbannung von Technologien wie #PoW gibt /1
— Stefan Berger (@DrStefanBerger) June 30, 2022
“I think everyone is aware that we can no longer have a unregulated industry,” European Commissioner Mairead McGuines told CoinDesk.
“We are happy to be the leader in this matter. We think that there should be international cooperation. Because it is important that we do not make these arrangements on our own.”
McGuinness has previously urged the US to cooperate on crypto regulations.
According to an official in the talks, NFTs will be completely excluded from the law unless they are in a structure where more than one person can be a part.
