The European Central Bank (ECB) demanded that the EU countries comply with uniform standards in the preparation of national laws on the regulation of the cryptocurrency industry.
Last week, the European Commission adopted a bill on the supervision of digital currencies (MiCA), which establishes uniform standards for the regulation of cryptocurrencies in the EU countries. The new standards will come into force 18 months after the signing of the resolution.
The European Commission believes that the new regulatory framework will serve to protect investors and consumers. Under the regulation, all digital asset service providers will need a permit to operate in the EU. They are responsible for the safety of funds in the digital wallets of investors.
The European Banking Authority (EBA) will form a public registry of crypto asset providers and evaluate them for compliance with the new requirements. However, the ECB is concerned that the adoption of national laws on the regulation of the industry is carried out without taking into account the common standards proposed by the European Commission. This turns MiCA into a patchwork quilt.
In June, the government of the Republic of Lithuania announced that it plans to develop national legislation without waiting for the adoption of a single law on the regulation of crypto assets for the EU countries.
Source: Bits
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