The EU encryption market regulation will be submitted to Parliament for discussion on April 18th

It is reported that the EU’s crypto asset market regulation (MiCA) has been submitted to the European Parliament for discussion and will be discussed on April 18th. The political outline of the law was finalized in June, but there have been several delays in agreeing that it must be translated into the 24 official languages of the European Union. After the MiCA debate, another law, known as money transfer regulation, will be discussed, which controversially requires cryptocurrency providers to verify the identity of customers, and was provisionally agreed in June.

Interpretation of this information:

The EU’s crypto asset market regulation (MiCA) is finally making progress after being submitted to the European Parliament for discussion on April 18th. The law’s political outline was finalized in June, but there have been delays in translating it into the 24 official languages of the EU. The MiCA debate will be followed by discussions on another controversial law known as the money transfer regulation, which requires cryptocurrency providers to verify the identity of their customers.

This news highlights the European Union’s efforts to regulate the rapidly growing cryptocurrency market, which has raised concerns about money laundering and terrorist financing. By requiring crypto providers to verify the identity of their customers, the EU hopes to prevent criminals from using digital currencies to launder money.

However, this move has been met with mixed reactions. Crypto enthusiasts argue that requiring customer identification goes against the decentralized and anonymous nature of digital currencies, which is one of their main attractions. On the other hand, lawmakers argue that regulation is necessary to ensure the legitimacy and stability of the cryptocurrency market.

The delay in translating the MiCA law into all official EU languages also indicates the complex regulatory landscape around cryptocurrency. The EU is composed of multiple countries, each with its own laws and regulations, making it difficult to create a coherent and comprehensive regulatory framework.

In summary, the EU’s crypto asset market regulation (MiCA) has been submitted to the European Parliament for discussion. This move is part of the EU’s efforts to regulate the rapidly growing cryptocurrency market and prevent money laundering and terrorist financing. The MiCA debate will be followed by discussions on another controversial law that requires customer identification for crypto providers. The delay in translating the MiCA law into all official EU languages indicates the complex regulatory landscape around cryptocurrency.