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Cryptocurrency regulation vote deadline urged by the European Commission

The European Finance Commissioner is urging members to agree on crypto regulations 'this autumn' (image: ECB)
The European Finance Commissioner is urging members to agree on crypto regulations 'this autumn' (image: ECB)
The European Commissioner for Financial Services urged EU members and the European Parliament to agree on a crypto regulation proposal by November's end. Some EP members expressed skepticism about the deadline, indicating that it'd be better if the crypto legislation is synchronized with the White House to make sure it enhances rather than stifles innovation.

The European Union institutions are at the forefront of tech industry regulation proposals, and the cryptocurrency revolution won't escape their scrutiny, it seems. Speaking before the ECB Forum on Banking Supervision, the European Finance Commissioner Mairead McGuinness said they "urge" the member states and the European Parliament to agree on the so-called Markets in Crypto Assets (MiCA) legislation "this autumn."

As you can see at the 44:45 mark in the ECB forum video below, Mrs. McGuiness is adamant that it's their "duty as policymakers to put sound rules as quickly as possible" because "crypto assets are evolving fast." Depending on the finalized draft agreement, the MiCA legislation could be a boon for cryptocurrency players since it would grant them a license to operate and innovate within the framework of the whole European Union, rather than deal with a patchwork of country rules and regulations. Moreover, the European Central Bank hopes that this new crypto finance legislation can walk the tightrope between innovation and regulation, all the while it protects both institutional and retail investors from fraud.

That's precisely why Eva Maydell of the Parliament's Committee on Industry, Research and Energy says members will need more time to agree on common goals for MiCA. According to her, a desirable outcome would be to synchronize them with the White House's ideas on crypto regulation, too. The result would ideally be a framework that "rewards those in the market who are trustworthy and who are also innovative," she adds, inferring that an "autumn" crypto legislation agreement schedule for a European Parliament vote may be overly optimistic.

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Daniel Zlatev
Daniel Zlatev - Tech Writer - 259 articles published on Notebookcheck since 2021
Wooed by tech since the industrial espionage of Apple computers and the times of pixelized Nintendos, Daniel went and opened a gaming club when personal computers and consoles were still an expensive rarity. Nowadays, fascination is not with specs and speed but rather the lifestyle that computers in our pocket, house, and car have shoehorned us in, from the infinite scroll and the privacy hazards to authenticating every bit and move of our existence.
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> Notebook / Laptop Reviews and News > News > News Archive > Newsarchive 2021 11 > Cryptocurrency regulation vote deadline urged by the European Commission
Daniel Zlatev, 2021-11-12 (Update: 2021-11-12)