After huge uncertainty regarding the ban on some particular Cryptocurrencies, the EU is moving toward the adoption of the digital assets industry.
The EU is a high-tech adaptive region in the world. Right now a total of 44 countries are under the member position in the EU and also following the single laws to remain fully confident toward the development and growth with other states. Interestingly, the EU’s crypto regulatory body MiCA proposed some particular crypto assets associated activities ban citing environmental health but huge controversy dragged the regulatory body back to favorable steps for the crypto industry.
According to the latest reports, 27 member states reached an agreement with the Markets in Crypto-Assets (MiCA), the crypto regulatory body of the EU, to bring crypto & blockchain adaptive regulatory framework.
The currently proposed crypto regulation consensus of MiCA will bring a high-level crypto regulation framework, which will regulate all activities associated with cryptocurrencies in the whole EU.
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Reports suggested that 27 member states will sign the bill by this month and after that, all these states will adopt the single regulatory framework in which there will be room for the crypto industry to evolve.
However, here not everything is fully finalized because negotiators will raise questions and suggestions for the same. But it is confirmed that the discussion about the crypto transaction size backed by dollar value has been completed.
Some state members are working on a framework to prohibit money laundering associated with crypto transactions to add to the proposed regulatory framework of MiCA.
Further meetings will be held regarding the crypto regulation framework-related negotiators on June 14 and June 30. So here we can expect that MiCA may announce officially its provisionally final version of its crypto regulatory framework in July of this year but still it will be a matter of time.
Read also: NewYork Mayor seeks to reject Bitcoin mining ban law
EU member states reached an agreement to adopt the crypto industry
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