A near final leaked text of Europe's landmark Markets in Crypto Assets legislation is fuzzy on NFTs, and could strangle the stablecoin market, some worry, but despite that the overall reception to the bill appears to be positive. jackschickler reports
The European Union’s Markets in Crypto Assets Regulation could prove transformative, CoinDesk has been told, even if some in the industry query whether it will meet its goals of offering a single, clear rulebook for the 27-nation bloc.
“Legal certainty was one of the main reasons why we need MiCA,” said Stefan Berger, the lawmaker who negotiated the law for the European Parliament, in a written interview. “We now have a legal framework that can be relied on as an investor but also as an issuer and offeror … order is created in the Wild West of the crypto world.”
“Overall, I would say, MiCA is positive,” she added. “It’s unifying Europe, and we're going to have mostly the same rules for all service providers.” EU governments wanted NFTs to be exempted from the regulation entirely – but lawmakers at the European Parliament argued that, in reality, many so-called NFTs on the market were in fact traded like financial products, and capable of similar kinds of mis-selling and market abuse.
A compromise deal that would see the use of many stablecoins limited to 1 million transactions per day is “quite a good end result,” because it will only capture real-world payments rather than trading activity, Patrick Hansen, Crypto Venture Advisor at Presight Capital, told CoinDesk in an online interview. That view may still change, since the scope of the cap is what France objected to.
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