EU and US Cryptocurrency Laws May Be Approved On This Date!

Cryptocurrency: Patrick Hansen, a cryptocurrency startup advisor and European policy expert, made predictions about the timeline of two key EU crypto laws.

Cryptocurrency regulations may be approved on this date

Hansen reveals that the two landmark crypto regulations, Markets in Crypto Assets (MiCA) and Funds Transfer Regulation (TFR), will pass between December 2022 and January 2023. On the other hand, the rapid regulation of the EU is causing concern among US regulators. Hansen says the scope and speed of these regulations are of interest to the United States and may force them to act more quickly.

EU

Cryptocurrency regulations in Europe

MiCA aims to protect customers and investors of crypto companies. It also sets liabilities for issuers if users lose cryptocurrencies. MiCA also focuses on stablecoin regulations. Accordingly, issuers must maintain appropriate reserves and meet liquidity requirements at the time of withdrawal. TFR, on the other hand, creates money laundering regulations. It also addresses cryptocurrency laundering issues.

Hansen reveals that the European Union is currently working on other crypto initiatives with high impact. These include more money laundering regulations, DeFi report, NFT report, DeFi audit pilot and Digital Euro Legislation.

Intense pressure for cryptocurrency regulations in the US

In recent developments from the US, the CFTC has introduced a bill to become the primary regulatory body for cryptocurrencies. Thus, cryptocurrency exchanges and consumers will be directly responsible for their risks. According to Jake Chervinsky, head of policy at the Blockchain Association, the bill defines crypto exchanges as “digital commodity platforms.” This definition directly contradicts statements used by SEC chairman Gary Gensler. Gensler also recently forced crypto exchanges to register with the SEC.

On the other hand, Europe’s new cryptocurrency rules focus on transparency. The new MiCA rules require crypto players to inform consumers about the risks, costs and fees associated with crypto.

Disclaimer: The articles and articles on AmkNews do not constitute investment advice. AmkNews.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is AmkNews an investment advisor. For this reason, AmkNews and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, assets or services in this article.

Warning: Citing the news content of AmkNews and quoting by giving a link is subject to the permission of AmkNews. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of AmkNews in violation of intellectual property law and relevant legislation.

Larry Brown

I graduated from Yale University, Department of Television. I have been a professional news writer for 3 years. I am continuing my career here by establishing amknews.com site 3 months ago.