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After months of drafting and translation, and several delays, the deadline for proposing further changes to the MiCA text has now expired, and documents now published by the parliament imply the agreed changes are the only ones that will be put up for discussion. Previously strong support for the law
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“A crypto asset service provider, a CASP, will be a brand in the European Union… a kind of stamp of approval of the sector,” Rok Žvelc, a European Commission staffer who formed part of MiCA’s drafting team, told a Brussels event on March 30. “Investors will know that if they
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A European Central Bank Supervisory Board member has warned that the crypto rules in the EU’s Markets in Crypto-Assets (MiCA) bill “will not be sufficient on their own.” While emphasizing that “MiCA will set out important safeguards to prevent incidents similar to the FTX case from occurring,” she cautioned: “Certain
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In the IT world, administrators commonly use the kill switch mechanism to shut off a device, network or software in the event of a security threat. In a smart contract setting, a kill switch can either destroy the contract or deploy a halt, patch and re-release of the contract in
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The legislation offers crypto companies such as wallets and exchanges a license for operating across the bloc in exchange for meeting governance and consumer protection norms, and also introduces reserve requirements for stablecoins. If approved, it will be published in the EU’s official journal and takes effect between one and
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The final vote on the European Union’s much-awaited set of crypto rules, known as the Markets in Crypto Assets (MiCA) regulation, was recently deferred to April 2023. It was not the first delay — previously the European lawmakers rescheduled the procedure from November 2022 to February 2023. The setback, however, was
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The language included in the European Union's comprehensive crypto regulation, known as MiCA, is highly restrictive and could limit the growth and innovation of the blockchain industry. In particular, Article 68 poses a threat to the privacy and security of individuals, businesses, communities and nations. Original Source
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Visco spoke of the importance of regulating crypto, and outlined global, European and Italian initiatives underway during a speech on the global economic situation in Milan. Although the economies of Italy and the euro area are decelerating, because the sector's ties to traditional finance are weak, last year's crypto market
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“There’s still, I think, an unfinished debate about what the problem is, or is there a problem with crypto inherently,” she said. “People with the best intentions can make business mistakes, and crypto people can make big business mistakes that then impact on individuals, or further down the financial system.” Original
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“Recent events have highlighted once again the importance of having adequate regulation of crypto markets” to protect client assets and the wider economy, McGuinness, commissioner for financial services, said in the letter to Irene Tinagli, chair of the European Parliament’s Economic and Monetary Affairs Committee, and Zbyněk Stanjura, the Czech
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