According to a Bloomberg report of June 10, European Union nations are close to reaching an agreement on the Markets in Crypto-Assets (MiCA) regulatory framework.
Before reaching an agreement, negotiators must still iron out several details. The NFTs and stablecoins were always a contentious subject for implementing regulation. Now, Regulators are considering restricting the amount of transactions using dollar-backed cryptocurrency.
Member states are also contemplating the development of a slew of anti-money laundering laws that must be included into the regulatory framework.
The EU also intends to implement climate-related disclosures in order to monitor Bitcoin’s environmental effect. Specific regulations for cryptocurrency service providers are being discussed by negotiators.
A number of modifications have been suggested to restrict the use of proof-of-work. Following protests from members of the crypto community, the European Parliament chose not to include a de facto ban on Bitcoin mining in the MiCA framework.
EU legislators also agreed a restriction on anonymous cryptocurrency transfers in March. Trialogue talks are currently taking place on the draft measure.
France, which now heads the European Union’s Council, is presiding over the continuing deliberations.
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