Debate on Cryptocurrency Regulation in the EU Scheduled for April

The European Parliament is scheduled to debate the MiCA cryptocurrency regulation law on April 18. The market regulations to be agreed upon during the debate will propose a new licensing regime for cryptocurrency exchanges. This is stated on the official website of the European Parliament.

Industry experts note that calls for strict regulation of the cryptocurrency sector in Europe have been going on for a long time. The so-called «political outline» of the law was formed last year in June. However, due to the fact that the MiCA document had to be translated into 24 languages of the EU member states, the adoption of the law was constantly delayed.

Representatives of the European Parliament assured that the MiCA debate will be followed by a discussion of another bill on the regulation of financial transactions. It will require crypto providers to verify the identity of all customers.

The new legislation will require crypto companies, including crypto wallet manufacturers, to obtain a license to operate in the European Union. Also, exchanges will be required to comply with all governance and consumer protection regulations in force in the EU. In addition, regulators will introduce requirements for physical reserves for stablecoins. If the MiCA is approved, the law will come into force in 1−3 years.

The issue of regulating the cryptocurrency industry is acute not only in the eurozone but also around the world. This is due to the collapse of Terra (LUNA) and the bankruptcy of the FTX exchange, which in 2022 caused the rates of all leading cryptocurrencies to fall.

Nevertheless, it has become known that the US is considering restarting the FTX cryptocurrency exchange. In the future, more than 40 companies will take part in an auction to buy the company. There is a possibility that Сем Бенкман-Фрід" href="https://noworries.media/biography/sem-benkman-frid/" data-bio-id="3697">Sam Bankman-Fried 's brainchild will be able to resume its activities and regain its leadership position in the crypto industry.