Crypto: ECB President Wants Fast Approval of New Broad Crypto Regulation

#ECB #crypto #MiCA #regulation

"The vote on proposed crypto regulation for the EU is being delayed just days after the head of the ECB urged the legislation’s passage"--Paul Ebeling

At an informal meeting last wk, ECB President Christine Lagarde said it is “critically important” that European Parliament passes its Markets in Crypto-Assets regulation “as quickly as possible.”

MiCA aims to regulate crypto throughout the EU by establishing financial stability safeguards and investor protections.

However, a German member of the European Parliament, says that a MiCA vote scheduled for Monday was canceled.

Explains the lawmaker in a translated tweet: “As a rapporteur, it is crucial for me that the MiCA report is not misinterpreted as a de facto Bitcoin ban. The discussion about MiCA indicates that individual passages of the draft report can be misinterpreted & understood as a PoW [Proof-of-work] ban. It would be fatal if the EU Parliament sent the wrong signal with a vote under these circumstances.

In this context, I see the urgent need to resume talks and negotiations with the parliamentary groups on this subject and to create clear facts on the question of PoW.

I will make another attempt with all stakeholders to reach a compromise that provides crypto assets with a proper legal framework but does not challenge PoW.”

Have a happy, prosperous day, Keep the Faith!