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Usha Yadav
Jun 11, 2022
by Usha Yadav

European Union Aims to Clinch Deal on Landmark Crypto Law This Month

European Union

Table of contents

  1. NFTs, Stablecoins, and Large Crypto-Asset Service Providers
The European Union (EU) establishes uniform rules for all 27 member states. The cryptocurrency is close to reaching an agreement on key legislation to govern the sector. According to sources, France now presides over the European Union. The European Parliament is optimistic about keeping the market in the crypto-assets (MiCA) package and addressing the remaining difficulties to reach an agreement this month. On June 14 and June 30, negotiators are expected to meet.

NFTs, Stablecoins, and Large Crypto-Asset Service Providers

MiCA was first used in 2020, and a unified accord will usher in a new age of European Union legislation. The recent events surrounding the collapse of UST, on the other hand, have heightened the need to protect investors and examine the influence of cryptocurrency on the region's financial stability. As a result, the European Parliament's member states hope to reach an agreement on the following controversial matters shortly.

Stablecoins should be appropriately regulated, including the possibility of limiting their use as a payment method by imposing a cap on transactions not denominated in Euros. Whether or not nonfungible tokens (NFTs) should be included in the new set of rules. Large crypto-asset service providers, such as crypto exchanges, are regulated. The MiCA package's inclusion of anti-money laundering clauses.

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European Union Aims to Clinch Deal on Landmark Crypto Law This Month
Usha Yadav
Usha is a diehard crypto enthusiast and has been actively writing on different facets of the blockchain and crypto world. She has authored many research articles on cryptocurrency and aims to provide informational and quality content to readers. She firmly believes that crypto has a great potential to redefine the world of finance and blockchain.

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