EU commissioner calls for lawmakers to hasten crypto regulations

The EU Commissioner has once again come under the spot light, with calls for a more consolidated global approach to crypto regulations.

This emerged during a visit to the United States, where she emphasized how vital global regulatory efforts have become. She urged local lawmakers to hastily come up with crypto-related regulations.

This comes on the back of the European Union making significant advances in making crypto regulation official after having passed the Markets in Crypto Assets Regulation (MiCA) bill, which has not been prepared for adaption by American law.

This MiCA bill aspires to control digital assets within the EU, with a majority vote already having been attained in Parliament favoring its adoption and resulting in firmer measures being in place to regulate crypto firms.

The MiCA bill requires crypto issuers to publish a crypto asset whitepaper entailing details about their project. The bill demands stable coin firms to adhere to set capital requirements.

In addition, there will be restrictions on the number of tokens issuable if their currency is not the Euro or other common denominations of EU member states.

The Mica bill seeks to stir the hornet’s nest by including personal data, that can be forwarded on request to local authorities to curb money laundering and other crimes.

As such, the EU, via Mairead McGuinness, implores its American counterparts to keep up so that the regulations will be global, not local. She also stated the need for other players to regularize as well.

Her statements were made during a visit to Democratic Senator Kirsten Gillibrand and Republican Representative Patrick McHenry, both of whom are co-sponsors of the U.S crypto bill.

After going through parliament, MiCA was adopted by the Economic and Monetary Affairs (ECON) Committee of the European Parliament on October 10. The crypto regulations might start to take effect in 2024 after passing legal and linguistic scrutiny.