European Commissioner for Financial Services Mairead McGuinness encouraged the European Union's lawmakers to find a political compromise and speed up passage of its crypto-asset regulatory framework, currently in the last leg of the bloc's legislative process.
"Of course, sanctions implementation could be facilitated if our framework on crypto was in place, and if all crypto-asset service providers were regulated entities and subject to effective supervision in the European Union," McGuinness said.
“What I want and what I can tell you that MiCA rules will be the right tool to address the concerns on consumer protection, market integrity and financial stability. This is something that is so urgent given recent developments,” McGuinness said.
The MiCA framework seeks to regulate the digital asset space at the EU level, setting up licensing requirements for crypto-asset service providers and cryptocurrency issuers that would apply for all 27 member nations. Introduced in 2020, the framework has been moving through the EU's complex legislative process, and not without some contention over the environmental impact of cryptocurrencies and privacy.
On Tuesday, EU lawmakers are meeting in Brussels to discuss the framework in one of the last trilogue sessions before the rules are finalized. Lawmakers could reach an agreement on the file by the end of the month.
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