Nightmare on Bitcoin – MiCA and TFR voted in the European Parliament
The cage is getting closer – All countries in the world now take Bitcoin (BTC) and cryptocurrencies very seriously. Of the regulations are preparing to supervise them (bring them into line?), particularly in the European Union. the MiCA regulation issueand the even more disturbing transfer regulation funds (TFR) have both been approved definitively by the ECON Commission.
MiCA approved by the ECON Commission, remains the European Parliament
As we mentioned at the end of last week, the regulations Mica (Markets in crypto assets) has been approved by the Council of the European Union on October 5, 2022. A new step was taken on Monday, October 10, with the vote overwhelmingly in favor of Economic and Monetary Affairs Committee (ECON).
The members of this committee were 28 to 1 approved this very strict future regulation of cryptocurrencies. It’s’European Securities and Markets Authority (ESMA) who will be in charge of this supervision. Now all that’s missing is the vote in plenary session of the European Parliament to endorse MiCA.
“MiCA is a European success story. We are the first continent to have cryptocurrency regulations. (…) MiCA will ensure a harmonized market, provide legal clarity for cryptocurrency issuers, ensure a level playing field for service providers, and ensure high standards for consumer protection. »
Stefan Berger, MEP, rapporteur for the MiCA regulation
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The TFR anti-money laundering text requires the monitoring of exchanges from 1 satoshi
As the precise in particular Blockworks, another text concerning crypto-assets has been approved the same day (10 October) by the Committee on Economic and Monetary Affairs. it’s about the remittance regulation (Transfer of Funds Regulationor TFR).
This anti-money laundering (AML) regulation will impose a surveillance at all times to Digital Asset Service Providers (PSAN) towards their customers.
The TFR promises to be a real Gaz factory which will eliminate all the small crypto players, who will not be able to apply these heavy compliance standards. Not to mention the private life crypto-enthusiasts, which is going to be undermined once again.
The European Parliament, if it approves these 2 regulations, will succeed in totally paralyze the cryptocurrency sector in the EU. He will transform the speedthe easeand the low costs blockchain networks decentralized in good old obsolete traditional finance: centralized, slow, ultra-complex and expensive. Killing innovation with laws.
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