European Union’s Markets in Crypto-Assets (MiCA) framework has been grabbing headlines for quite some time now. As per a recent development, the officials have recently agreed on the law that provides guidance to crypto asset service providers (CASPs) for carrying out their operations within Europe.
The Crypto community has shown various colors with the news, with several experts commenting on the matter with their support or criticism.
Many praised the developments in MiCA regulation
The CEO of trading technology company Modulus, Richard Gardner, said that the new development in MiCA offers a clear set of regulations for CASPs as to what authorities are expecting from them. He explained:
“Not everything contained in it [MiCA] is going to appeal to all the players, but, at this point, the industry just needs to understand what’s expected of it. It is well past time for a guidebook so that operators can act with intention.”
Moreover, the CEO of payment infrastructure company Mercuryo, Petr Kozyakov, also praised MiCA crypto regulation by calling it “a welcome step in the right direction.” He added that it might wipe out the bad actors in the region by stating the urgent desire of rules to protect individuals and businesses who have adopted cryptocurrencies already. According to him, the move will accelerate crypto adoption in the region.
Moreover, with the new rules, DeFi will be kept out of MiCA scope after lengthy negotiations. European authorities are working really hard to bring the crypto community to a better place in the region by bringing a comprehensive crypto regulatory framework. In March, when MiCA was grabbing headlines for its proposal to ban PoW consensus currencies, European Parliament’s Committee on Economic and Monetary Affairs members agreed to vote against the amendment proposal, as TheCoinRise reported.
Notably, the Council of the European Union has recently reached a preliminary agreement to establish a new regulatory body to oversee Anti-money laundering activities.
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