- EU parliament members voted to confirm a provisional deal on crypto-asset markets.
- The members of ECON and LIBE approved a deal on checking AML-based crypto funds.
- By this, EU lawmakers are in gear to regulate crypto companies in the country.
The European Parliament Committee on Economic and Monetary Affairs (ECON) announced that the members of the European Parliament (MEP) finally registered their votes to release the crypto regulatory framework. This action is ahead of the final plenary vote.
In detail, the members voted w/ 28/1 to assure in favor of the legislation and confirmed a provisional agreement on “the European regulation on Markets in Crypto Assets (MiCA).
Meanwhile, before the final plenary vote, MEPs from ECON and Civil Liberties, Justice and Home Affairs (LIBE) approved w/ 68/2/3 provisional deal on anti-money laundering (AML) information. This accompanies fund transfers and certain crypto assets.
In addition, the MiCA bill requests crypto issuers to publish a “crypto-asset whitepaper” that contains detailed information about their project. The bill also cherry-picks stablecoins, as well as the trading venues and the wallets where crypto-assets are held.
A blog post by the EU Council read: “Stablecoins will be supervised by the European Banking Authority (EBA), with a presence of the issuer in the EU being a precondition for any issuance.”
Earlier in June 2022, the ECON negotiators struck a provisional political agreement with the European Council (EC) on new rules on crypto assets. This includes disclosure, transparency, authorization, and supervision of transactions. Also, crypto consumers would be informed about risks, charges, and costs. Notably, the new legal framework will “support market integrity and financial stability by regulating public offers of crypto-assets.” The provisional agreement also covers actions against market manipulation and prevents terrorist financing, money laundering, and several other related criminal activities.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
.){kind=link}