The EU Will Finalize Bill on Crypto Regulation This Month

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The European Parliament, the European Commission and the Council of the EU will hold a final meeting on the cryptocurrency regulation bill MiCA on June 30, Patrick Hansen, development manager at Unstoppable Finance, has said.

He has stressed that all “important” issues have already been agreed, but there are several open topics.

The European Commission wants to include NFT in the scope of MiCA, arguing that it is necessary to protect consumers. The Council of the EU and the European Parliament initially opposed, but, according to Hansen, have now made concessions.

He has written:

“The likely result will be a compromise – token issuers will be released from MiCA, but companies (marketplaces and so on) providing NFT-related services will be required to comply with the law. They will need a CASP license (small players may not).”

Hansen has noted lawmakers are not going to make exceptions for algorithmic stablecoins. EMT and ART issuers will be subject to high regulatory requirements, and CASPs will be banned from charging interest on stablecoin deposits.