EU Crypto Firms Make Efforts to Alter EU Policies

EU Crypto Firms Make Efforts to Alter EU Policies
  • EU crypto firms and organizations urged policymakers to make sure the regulations don’t exceed the guidelines.
  • They seek that the EU will not require DeFi to register as legal entities.
  • In addition, stablecoins must not be affected by the MICA regulatory framework.

According to a report from Reuters, a total of forty-six European crypto businesses and organizations have sent a letter to twenty-seven EU finance ministers. The letter, as Reuters mentioned that they’ve seen it, is in regards to the disclosure requirements for crypto transactions.

Inside the letter, dated April 13, the businesses and organizations urged EU policymakers to make sure that the regulations do not exceed the general guidelines that are placed under the standards set by the Financial Action Task Force (FATF).

They became wary of the guidelines requiring crypto companies to acquire information on groups involved in digital currency transfers. In detail, they seek that the EU allow decentralized projects. These include decentralized finance (DeFi), not registering as legal entities based on their guidelines. 

They also mentioned that particular decentralized stablecoins must not be affected by Markets in Crypto Assets (MICA) regulatory framework. Last month, the European Parliament presented MICA to control all crypto issuers and service providers in the region. 

They said the motion leading to public disclosure of transaction details and addresses will pose risks to crypto owners. This means that this act will decrease holders of cryptocurrencies’ privacy and safety.

Coinshares CEO Jean-Marie Mognetti, one of the organizers of the letter, said that Europe presently had more complicated crypto regulations than other regions. He emphasized that it discourages businesses from diversifying in Europe.

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Bryan is a gamer who became genuinely interested in crypto after his initial exposure to Play-to-Earn games like Axie Infinity and Pegaxy. He has basic knowledge of technical analysis and is keeping an eye out for interesting developments in the metaverse and GameFi space.