ECB to issue warning to eurozone over aligning crypto laws
Following the European Central Bank (ECB) president’s calls for greater oversight in cryptocurrency staking and lending, as well as the finalization of the Regulation on Markets in Crypto-Assets (MiCA) rules, the regulator’s concern continues and it is expected that it will issue a warning.
Indeed, the ECB plans to send out a stern warning to eurozone countries this week about the dangers of national regulators potentially getting ahead of the MiCA law that isn’t expected to come into full effect before 2024, Laura Noonan of Financial Times reported on July 4.
As a matter of fact, the MiCA rules are set to become law in 2023, and their full implementation is planned over the subsequent 18 months. Reportedly, their primary role is to protect investors’ and consumers’ interests in the crypto market and its key assets, such as Bitcoin (BTC), which have been suffering heavy losses.
According to the people familiar with the discussions, the warning will be issued at a meeting of the ECB’s supervisory board on July 5 and will call for harmonization of different rules before the EU-wide agreement becomes law.
https://finbold.com/ecb-to-issue-warning-to-eurozone-over-aligning-crypto-laws/