Update: As Stefan Berger’s MP office informed BTC-ECHO, today’s trialogue negotiations were canceled for “health reasons”. According to insider sources, one of the participants tested positive for Corona.
the Markets in Crypto Assets (MiCA) is one of the most discussed topics in the European crypto industry. The regulation is intended to create a clear legal framework for Bitcoin, stablecoins and Co. within the EU. The Commission, Parliament and the Member States (Council) each submitted their own drafts for this. In the trilogue, the institutions now want to find a common line. The next talks should take place tonight.
Although there is agreement on some positions, there is still a need for discussion. A working group of the EU Commission criticized individual measures taken by Parliament to combat money laundering and terrorist financing in an unofficial letter. For example, Parliament called for admission bant in the EU for crypto providers based in “high risk areas”. The initiative of the legislative body contradicts, among other things, guidelines of the World Trade Organization (WTO), wrote the commission. In addition, one doubts the “proportionality and enforceability” of a population register for crypto transactions.
The EU Council is in favor of national supervision
The member states have already put their own items on the agenda and informed the co-legislators. Among other things, the Council calls for the exclusion of Non-fungible tokens from MiCA. Rather, they want to include NFTs in their own regulation.
In addition, according to the member states, the European Financial Market Authority ESMA should not supervise large crypto providers. These tasks are seen more in the hands of the national supervisory authorities. In order to strengthen this, the EU Council proposes a maximum processing period of three months for the approval of crypto service providers. The body rejects Parliament’s proposal for automatic approval after the processing period has expired.
Actually, the parties involved at MiCA wanted to reach an agreement by the end of June. Still a long way from a general consensus, say observers.
The short-term outage further delays the EU’s schedule. As the Berger MP’s office writes, efforts are currently being made to find an alternative date.
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