{"id":69155,"date":"2022-12-03T09:01:05","date_gmt":"2022-12-03T09:01:05","guid":{"rendered":"https:\/\/www.cryptocabaret.com\/?p=69155"},"modified":"2022-12-03T09:01:05","modified_gmt":"2022-12-03T09:01:05","slug":"eu-parliament-to-vote-on-adopting-the-regulation-on-mica-expert-says-industry-needs-legal-clarity","status":"publish","type":"post","link":"https:\/\/www.cryptocabaret.com\/?p=69155","title":{"rendered":"EU Parliament to \u2018Vote on Adopting the Regulation on MiCA\u2019 \u2014 Expert Says Industry Needs Legal Clarity"},"content":{"rendered":"

\"\"<\/p>\n

In a recent statement, the European Parliament said its members would shortly \u201cvote on adopting the regulation on markets in crypto-assets (MiCA).\u201d According to the parliamentary body\u2019s think tank, the envisaged regulations are expected to provide \u201clegal certainty for crypto-assets not covered by existing EU legislation.\u201d A crypto counselor, Paulius Vaitkevicius, said any regulation of crypto is likely to result in more capital and talent coming into the space.<\/strong><\/p>\n

\u2018Harmonized Rules\u2019 for Crypto-Assets at EU Level<\/h2>\n

After months of discussions and negotiations which culminated in the June 30 preliminary agreement<\/a>, the European Parliament (EP) is now set to \u201cvote on adopting the regulation on markets in crypto-assets (MiCA).\u201d The vote is set to take place during the legislative body\u2019s plenary session. European leaders assert that the adoption of MiCA will lead to the creation of \u201charmonized rules for crypto-assets at [the] E.U. level.\u201d<\/p>\n

According to a Nov. 29 briefing<\/a> by the parliament\u2019s think tank, the harmonized crypto rules are expected to provide \u201clegal certainty for crypto-assets not covered by existing EU legislation.\u201d In the briefing, the EP also argues that the rules will not only enhance the protection of consumers and investors but will also \u201cpromote innovation and use of crypto-assets.\u201d<\/p>\n

Through MICA, European authorities also hope \u201cto regulate [the] issuance and trading of crypto-assets as well as the management of the underlying assets.\u201d<\/p>\n

While European leaders like European Central Bank president Christine Largade are pushing for tougher regulation<\/a> \u2014 MiCA II \u2014 some critics of the proposed legislation<\/a> argue that the envisaged regulations in their current form may stifle innovation.<\/p>\n<\/p>\n

Legal Clarity Attracts Mature Players<\/h2>\n

Commenting on the European Union\u2019s drive to regulate cryptocurrencies, Paulius Vaitkevicius, founder and crypto counselor at the law firm VILP Solutions<\/a>, said the prevailing \u201cWild West environment\u201d is not helpful to all parties. He also told Bitcoin.com News that without guidelines or regulatory frameworks \u201cand with a number of situations where industry players collapse, we might end up in a situation where we will have only a handful of investors left in the industry.\u201d<\/p>\n

\"EU<\/p>\n

Therefore, to stop this from happening the crypto industry needs legal clarity, which according to Vaitkevicius, \u201cbring[s] in more mature players to the industry from both project and investor sides.\u201d Explaining why he is in favor of regulating the industry, Vaitkevicius said:<\/p>\n

\n

From my personal experience, such players have been seeking regulations and clarity already for some time and waiting for the right moment to step in properly. With regulations, we will see these firm steps and as a result additional capital and talent coming to the industry space.<\/p>\n<\/blockquote>\n

Meanwhile, some crypto opponents have said if appropriate regulatory frameworks were already in place, Sam Bankman-Fried\u2019s shenanigans would have been exposed much earlier. However, when asked about the validity of this argument, Vaitkevicius said the opinion that on paper FTX itself was \u201cone of the most regulated players in the industry\u201d undermines this theory. He added:<\/p>\n

\u201cRegulation is a good step forward, but [this] needs to be followed by other elements to be functional in real-life situations and achieve the pursued goals.\u201d<\/p>\n

What are your thoughts on this story? Let us know what you think in the comments section below.<\/strong><\/em><\/p>\n

Powered by WPeMatico<\/a><\/small><\/p>\n","protected":false},"excerpt":{"rendered":"

In a recent statement, the European Parliament said its members would shortly \u201cvote on adopting the regulation on markets in crypto-assets (MiCA).\u201d According to the parliamentary body\u2019s think tank, the envisaged regulations are expected to provide \u201clegal certainty for crypto-assets not covered by existing EU legislation.\u201d A crypto counselor, Paulius Vaitkevicius, said any regulation of […]<\/p>\n","protected":false},"author":2,"featured_media":69156,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[309],"tags":[],"class_list":["post-69155","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency"],"_links":{"self":[{"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=\/wp\/v2\/posts\/69155","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=69155"}],"version-history":[{"count":0,"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=\/wp\/v2\/posts\/69155\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=\/wp\/v2\/media\/69156"}],"wp:attachment":[{"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=69155"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=69155"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=69155"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}