Not way back, Reside Bitcoin Information printed an article discussing the brand new crypto laws that the European Union (EU) was implementing. Now, we get an opportunity to fulfill the person answerable for bringing these laws to the forefront. His identify is Stefan Berger, and he’s a member of the European Parliament (MEP).
Stefan Berger Wrote the Rules
Referred to as Market in Crypto Belongings (MICA), the EU has carried out what many imagine would be the final laws for crypto. Berger was not solely answerable for drafting the doc, however he’s additionally behind the implementation of any upcoming resolutions and/ or amendments.
In a latest interview, Berger defined:
It was vital that ultimately Parliament, the Fee, and the Council took collectively the trail of innovation and know-how openness as an alternative of a ban.
The EU was adamant that the crypto regulation permits for innovation, and no one within the group ever expressed curiosity in banning belongings or the know-how that helps them. Nonetheless, members clearly felt that attributable to ongoing scams and the latest crypto crash, legal guidelines had been required to make sure merchants might stay protected all through their investing ordeals.
Berger is assured that MICA will set the stage for different international locations to implement their very own regulatory protocols. He mentioned:
MICA is a European success story. Europe is the primary continent to launch crypto asset regulation and it will likely be a worldwide function mannequin. As a reporter this can be a nice feeling. We set clear guidelines for a harmonized market that can present authorized certainty for crypto asset issuers, assure a stage taking part in discipline for service suppliers, and guarantee excessive requirements for customers and traders.
He additionally expressed his enthusiasm for the brand new laws on Twitter, explaining:
MICA Trilogue ‘Breakthrough!’ Europe is the primary continent with crypto asset regulation. Parliament, Fee, & Council have agreed on balanced #MiCA. For me as a reporter, it was vital that there isn’t a ban on applied sciences like #PoW.
A press launch explaining MICA talked about the next:
Actors within the crypto belongings market will probably be required to declare data on their environmental and local weather footprint… Inside two years, the European Fee must present a report on the environmental affect of crypto belongings and the introduction of obligatory minimal sustainability requirements for consensus mechanisms together with the proof of labor.
No Ban, Simply Management
Relating to secure currencies, the press launch additionally mentions:
Each so-called ‘secure coin’ holder will probably be supplied a declare at any time freed from cost by the issuer, and the principles governing the operation of the reserve may even present for an sufficient minimal liquidity. Moreover, all so-called ‘secure cash’ will probably be supervised by the European Banking Authority (EBA), with a presence of the issuer within the EU being a precondition for any issuance.