French authorities “sprint” to finalize the regulatory framework for cryptocurrencies

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2022-06-30 17:20:49

France’s term at the European Council ends at midnight tomorrow. The country’s leaders are sprinting to make MiCA “win” as an “accomplishment” this term.

French authorities “sprint” to complete the regulatory framework for cryptocurrencies

Two sources close to the European Parliament, Council and Commission say that France is likely to “fix” the latest version of MiCA and see it as a major achievement of its term before tomorrow night.

The Czech Republic will assume the presidency in early July, but most of the EU will stop working during the transition period. Therefore, if the MiCA agreement is still not reached by tomorrow, it is possible that any relevant negotiations will be pushed back to September.

MiCA acts as a crypto-specific regulatory framework across the European Union, which has been in development for many years, but was not released until March of this year. European Parliament passedHowever, there is still a lot of controversy surrounding the ban on the use of the Proof-of-Work consensus algorithm.

Currently, French authorities are still focusing on the issue of regulation for crypto service providers (CASP). They are still wondering whether the European Securities and Markets Authority (ESMA) will regulate the CASP directly or the market regulators of individual countries will take care of this.

There are also efforts to exempt the NFT from some or all of the requirements of other crypto markets, which will potentially save NFT issuers or platforms from having to register as a CASP. Details will be revealed tomorrow.

At the same time, the EU is considering the Money Transfer Regulation, or TFR for short, which is similar passed the European Parliament in March and reached an agreement last night. Also last night, EU has finalized draft anti-money laundering law for crypto wallets.

In other words, the Council of Europe has moderated many of the aspects of the crypto regulatory framework that the industry is most uncomfortable with. Furthermore, the final version of MiCA and TFR will still need several months of refinement before being adopted.

Since leaving the European Parliament, France has openly opened up its efforts towards becoming a blockchain hub, for example, the proposal deploying blockchain ticketing for the 2024 Olympics in Paris was submitted to the French Prime Minister in mid-June. Just yesterday, French President Emmanuel Macron gave Two U.S. regulatory agencies are closely associated with cryptocurrencies with the awarding of the French National Order of Merit.

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