A financial expert who monitors the development of the digital euro, a development specialist at Unstoppable Finance, believes that all the main provisions of the MiCA bill have already been agreed.
Patrick Hansen tweeted that on June 30, the European Parliament, the European Commission and the Council of the EU will conclude discussions on the draft law on the supervision of digital currencies (MiCA). The expert assures that the key points have already passed all the stages of coordination, there are only minor nuances related to topical issues in the development of the crypto industry.
According to him, the European Commission is ready to introduce rules governing collectible tokens (NFTs) into MiCA. The department believes that this is necessary to protect investors and collectors. The head of Unstoppable Finance recalled that earlier EU officials and the European Parliament did not see the need to regulate NFTs through MiCA.
“The likely result will be a compromise: token issuers will be exempt from MiCA, but marketplaces providing NFT-related services will be required to comply with the law. They will need a cryptocurrency service provider license. Small players, perhaps not, ”the expert says.
Hansen stated that the authorities do not want to introduce special rules for algorithmic stablecoins. Fiat and gold-pegged issuers EMT and Art will face high regulatory requirements, and crypto service providers will be banned from accruing interest on stablecoin deposits.
The cryptocurrency adviser believes that legislators will still need to define key stablecoins and approve the rules for their regulation. Hansen also stated that decentralized financial systems were not included in the scope of MiCA. In 2023, the European Commission will publish a separate report on this issue and launch a pilot project for a new form of “built-in DeFi oversight.”
Hansen believes that all providers of crypto-currency services will be subject to a disclosure rule for each cryptocurrency with which providers interact. According to the expert, the data list will be approved by the European Securities Market Supervision Authority (ESMA).
In addition, legislators should define a provision for the prevention of money laundering (AML). Only after the European Parliament will vote for MiCA, and the document will take the most important step towards entry into force.
Recently, the head of the European Central Bank (ECB) addressed the European Parliament, where she expressed her belief in the need for more careful control over crypto lending against the backdrop of impending inflation.
Source: Bits
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