Almost a dozen Congressional aides well-versed in cryptocurrency and financial technology will soon be jetting over to Europe on behalf of the United States. Members of the Congress will be educated on MiCA, the European Union’s new crypto market regulatory framework.
According to those familiar with the visit, U.S. Congress members will meet with EU officials, regulators, and crypto sector lobbyists. Meetings with members of the EU parliament and regulators such as the European Banking Authority and the European Securities and Markets Authority are on the agenda.
Faustine Fleuret, head of French crypto trade group Adan, and one of those meeting the delegation was quoted saying:
MiCA will provide legal certainty to companies having or wishing to launch activities in the EU. Although it will not be perfect, we will know what the rules are.
The MiCA law is widely regarded as the primary crypto regulation in the EU, with the goal of providing safety and protection for crypto investors. But, regulators are still concerned about DeFi and its potential effects on the conventional market. The final vote on MiCA has been postponed until April because of problems in translating the 400-page regulation.
Moreover, the MiCA implementation process will take some time to complete, with full implementation not occurring until 2024. On the contrary, the crypto framework is largely seen as a major milestone for the crypto industry.
In the meantime, the global Basel Committee of banking regulators from the world’s main financial centers has stated that Europe must speed up the implementation of strict capital regulations for banks that handle crypto assets in the forthcoming banking law if it hopes to fulfill a globally agreed-upon deadline.
According to a report published on February 20, the Basel Committee has set a deadline of January 2025 for the implementation of capital requirements for banks that hold crypto assets, such as Bitcoin and stablecoins.
