The European Union has already implemented constructive legislation for the crypto industry, but the sector has many moving parts. To ensure that all of these parts are properly regulated, the EU is reportedly working on new rules.
The EU is working on better crypto supervision
CoinDesk claims this based on an informal document that EU officials allegedly shared among themselves. This would set out what the Financial Services Committee (FSC) will discuss at a meeting in April. According to this document, cryptocurrency regulation is also on the agenda.
The FSC consists of representatives from the 27 different EU member states and the European Commission and focuses primarily on general financial issues and on policy coordination between all member states. The organization should not be confused with the US organization of the same name. They have the same purpose but are completely separate from each other.
According to the crypto newspaper, “Digital Finance” is at the top of the list in April. This also includes the crypto and blockchain industry. The document mentions various laws and draft laws, including the already passed Markets in Crypto-Assets Regulation (MiCA). This law will be introduced in parts, with the final part taking effect from the end of 2024.
Crypto regulation will change rapidly in 2023
Other regulations and draft laws will also be discussed. In addition to MiCA, the EU has also approved DAC8, for example. This law is much stricter than MiCA and requires companies to share customer information with the various European tax authorities. It is unclear whether this regulation will also be discussed. The document talks about “strengthening supervision”, which could mean expanding DAC8 legislation.
Governments around the world are busy setting rules for the crypto sector. US Treasury Secretary Janet Yellen called for more regulation last week. This applied to countries around the world in 2023; Not just for the European Union.
A lot has also changed in favor of crypto in the United Kingdom and Hong Kong. Cryptocurrencies have also been legal to own in China since the end of last year; previously there was a strict ban.