EU Aims To Clinch Deal on Landmark Crypto Law This Month

The European Union is nearing an agreement on key legislation to regulate the cryptocurrency sector that would set common rules across the 27 member states, Bloomberg reported Friday, citing people familiar with the matter. From a report: France, which currently chairs the EU, and the European Parliament are optimistic about resolving remaining issues holding up the Markets in Crypto-Assets (MiCA) package and reaching a deal this month, according to the people. Negotiators are expected to meet on June 14 and June 30. MiCA, first presented in 2020, will put European regulators at the forefront of supervising cryptocurrencies by creating unified rules across the $17 trillion economy. Addressing issues such as investor protection and crypto's impact on financial stability has taken on added urgency after last month's collapse of the TerraUSD algorithmic stablecoin.

Member states and the parliament still disagree on several key aspects of MiCA. According to the people, areas of disagreement include:
Whether to include nonfungible tokens in the new set of rules
How to regulate significant stablecoins
Supervision of the largest crypto-asset service providers, or CASPs

Both sides are also discussing how to limit the use of stablecoins as a payment method by introducing a ceiling, in particular for transactions not denominated in euros, the people said, asking not to be identified discussing confidential information.

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