EU Parliament Approved Proposed Legislative By Majority Vote

The EU parliament approved the proposed legislation, the Markets in Crypto Asset regulation by a majority vote and technically voted against a bitcoin ban so let’s read furhter in today’s latest cryptocurrency news today.

The EU parliament approved and passed the MiCA legislative package which aims to coordinate the EU regulatory approach for the crypto industry. The legislation doesn’t include language about the ban on PoW mining which was seen as a de-facto Bitcoin ban. The legislation passed an ECON vote with a majority vote of 31-23.

The top priority of the legislation is ensuring that the EU financial services regulatory framework is innovation-friendly and won’t pose any more obstacles to the application of new technologies. The legislative package also took aim at four general and related objectives but also achieved a legal certainty for the industry. The legislation outlines:

“For crypto-asset markets to develop within the EU, there is a need for a sound legal framework, clearly defining the regulatory treatment of all crypto-asset that are not covered by existing financial services legislation.”

The final point about financial stability is directly related to the stablecoin market. MiCA’s authors don’t believe that the crypto marekt poses a threat to financial stability today but they do believe this can soon change because of the stablecoins:

“This may change with the advent of ‘global stablecoins,’ which seek wider adoption by incorporating features aimed at stabilizing their value by exploiting the network effects from the firms promoting these assets.”

In some ways, the MiCA legislative package reads like Biden’s order on crypto which was a call for action for regulators and agencies to come together and protect customers.

As recently reported, Some regulatory bodies across the world are becoming quite hostile and oppressive against BTC and digital assets which were spiked by the Russian invasion of Ukraine, with policymakers thinking that the former will start using crypto to avoid sanctions. Michael Saylor who welcomed some regulations added that BTC is a digital property and the most cost-efficient method that we have discovered for converting energy into prosperity is still Bitcoin. Microstrategy is still the biggest corporate holder of BTC and has about 125,051 coins worth $4.8 billion. Mining operations saw major migration from China to North America in the past few years and there could be even more to come.