EU Countries Close to Reaching Deal on Crypto Regulation

Alex Dovbnya

European Union is close to reaching agreement on cryptocurrency regulations

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Fri, 10/06/2022 - 16:17

EU Countries Close to Reaching Deal on Crypto Regulation

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European Union countries are close to reaching a deal in the Markets in Crypto-Assets (MiCA) regulatory framework, Bloomberg reports.

Negotiators still have to iron out certain issues before reaching a consensus.

The regulation of non-fungible tokens (NFTs) and stablecoins is a hot-button issue at the center of ongoing debates.

Regulators are mulling over limiting the size of transactions made with dollar-backed cryptocurrencies.

Member states are also considering creating a slew of anti-money laundering rules that have to be included in the regulatory framework.

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The EU also wants to introduce climate-related disclosures in order to keep track of Bitcoin's environmental impact. Negotiators are discussing specific requirements for cryptocurrency service providers. As reported by U.Today, several amendments were introduced in order to restrict the use of proof-of-work. However, the European Parliament voted against including a de facto ban on Bitcoin mining in the MiCA framework after facing backlash from members of the cryptocurrency industry.

In March, EU lawmakers also approved a crackdown on anonymous cryptocurrency transfers. The draft bill is still undergoing trialogue negotiations.

France, which is currently at the helm of the council of the European Union, is presiding over the ongoing discussions.

About the author

Alex Dovbnya

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.