Key takeaways:
The European Union is close to coming up with a united agreement between its 27 member states on how to regulate cryptocurrencies within the region.
According to a report by Bloomberg, both France (who chairs the EU) and the European parliament are optimistic that the remaining issues of the Markets in Crypto-Assets (MiCA) proposed regulatory package will be resolved by the end of this month. Furthermore, representatives tasked with the matter will be meeting on June 14th and June 30th.
MiCA was first introduced in 2020, and a unified agreement will usher in a new era of regulation in the European Union. However, the recent events surrounding the collapse of UST
have accelerated the need to protect investors and assess crypto’s impact on the region’s financial stability. Consequently, the member states of the European Parliament are looking to agree on the following contentious issues moving forward.In addition, according to sources familiar with the matter, EU legislators are looking to push for the new set of rules to factor in the environmental impact of crypto mining activities focused on digital assets that run on Proof-of-work algorithms.