ECB Officials Prepare for 'Harmonization' of Crypto Regulations: Report
Regulators from 19 EU member states will attend a supervisory board meeting in July to discuss MiCA and its potential implementation.
New
The European Central Bank, or ECB, is reportedly preparing to implement a new law as it warns European Union member states of the need to harmonize crypto regulations.
According to a report published by the Financial Times on Sunday, the ECB was concerned about potential regulatory overlap between the respective EU central banks and crypto companies as officials prepare to implement the framework crypto-asset markets, or MiCA. The European Parliament, the European Commission and the European Council reached an agreement on June 30 to bring crypto issuers and service providers under their jurisdictional control under a single regulatory framework.
Regulators from 19 EU member states will attend a Supervisory Board meeting in July to discuss MiCA and its possible implementation. Once implemented, the law will require asset servicing providers to meet certain requirements aimed at protecting investors and warning clients of the potential risk of investing in a volatile crypto market. EU officials will also have an 18-month review period to assess the proposed regulatory framework and determine whether it includes other crypto-related products, such as non-fungible tokens or NFTs. /p>
"It's very difficult," an unnamed national regulator reportedly said. "With MiCA 18 months away, is it better to say 'until it's in place, do what you want, there are no regulations' or is it better to try to get it under control? "
ECB to warn eurozone countries on crypto regulation https://t.co/e6rzizb4Lp
— Financial Times (@FT) July 4, 2022Related:
Regulators from 19 EU member states will attend a supervisory board meeting in July to discuss MiCA and its potential implementation.
New
The European Central Bank, or ECB, is reportedly preparing to implement a new law as it warns European Union member states of the need to harmonize crypto regulations.
According to a report published by the Financial Times on Sunday, the ECB was concerned about potential regulatory overlap between the respective EU central banks and crypto companies as officials prepare to implement the framework crypto-asset markets, or MiCA. The European Parliament, the European Commission and the European Council reached an agreement on June 30 to bring crypto issuers and service providers under their jurisdictional control under a single regulatory framework.
Regulators from 19 EU member states will attend a Supervisory Board meeting in July to discuss MiCA and its possible implementation. Once implemented, the law will require asset servicing providers to meet certain requirements aimed at protecting investors and warning clients of the potential risk of investing in a volatile crypto market. EU officials will also have an 18-month review period to assess the proposed regulatory framework and determine whether it includes other crypto-related products, such as non-fungible tokens or NFTs. /p>
"It's very difficult," an unnamed national regulator reportedly said. "With MiCA 18 months away, is it better to say 'until it's in place, do what you want, there are no regulations' or is it better to try to get it under control? "
ECB to warn eurozone countries on crypto regulation https://t.co/e6rzizb4Lp
— Financial Times (@FT) July 4, 2022Related:
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