July 21, 2024
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EPRS Urges Tighter Global Cryptocurrency Oversight as Mica Act Nears Implementation

The European Parliamentary Research Service (EPRS) has emphasized the necessity for increased oversight from regulators outside the European Union to ensure greater stability and growth in the global cryptocurrency market.

With the Markets in Crypto-Assets Regulation (Mica) Act progressing towards implementation by December 2024, the EPRS report has called for the establishment of a more stringent regulatory framework in non-EU jurisdictions. Several avenues still exist through which the EU’s financial system and autonomy are vulnerable, given its reliance on policy actions taken by non-EU countries in the context where Mica applies.

The report’s authors primarily expressed concerns about potential consequences related to financial stability, reduced market attractiveness, and the mainstream adoption of stable coins. According to the report, the United States has a fragmented regulatory landscape involving various state-level and federal entities, indirectly affecting legal clarity and regulatory certainty. Additionally, the report underscored the impact of the United Kingdom’s Financial Services and Markets Act and a study commissioned for the European Parliament, which anticipates a significant divergence in the coming years between the UK and the EU in terms of how crypto-assets are categorized.

On September 18, the Malta Financial Services Authority (MFSA) initiated a public consultation regarding revisions to its crypto regulations to align with the forthcoming Mica regulations. The updated rulebook proposes modifications to regulations governing exchanges, custodians, and portfolio managers to conform with the EU’s Mica regulations.

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