All 27 EU countries may soon create one cryptocurrency framework, according to MiCA

All 27 EU countries may soon create one cryptocurrency framework, according to MiCA ...

Different regions around the world, either in clusters or individually, are working on binding the majorly independent crypto sector into legal frameworks in order to protect the environment. The MiCA draft, which was first approved in September 2020, aims to create a universal legal crypto framework for all 27 EU states.

After two years of reviewing and deliberation, ECON has finally approved the MiCA proposal. Stefan Berger, the member of ECON, has confirmed the development on Twitter.

Wieder einen Schritt weiterDas Ergebnis der Trilog-Verhandlung zu #MiCA wurde von der ECON-Ausschuss angenommen. Gute Nachrichten:+1::skin-tone-3:

The use and execution of crypto policies might come to an end in 2024.

It is important to ensure that the financial services legislation in the [European] Union meets the digital age and assists in forming a future-ready economy that works for the citizens, including by enabling the use of innovative technologies, according to MiCA.

The MiCA framework for Markets in Crypto Assets (MiCA) focuses primarily on consumer protection as well as the prevention of market manipulation and financial fraud in the crypto sector.

In March this year, the ECON revised the MiCA bill by imposing a minimum environmental sustainability standard for cryptocurrency.

Despite the fact that the MiCA crypto laws will come into force, other organizations are also collaborating to develop general laws to eradicate the danger factor in the digital asset sector.

  • G20 Members to Review Anti-Evasion Crypto Tax Framework Drafted by OECD

In the next days, the Organisation for Economic Cooperation and Development (OCDE) plans to introduce a taxation taxation framework for the crypto sector to the G20 nations.

Over the next months, the OECD will continue to work on legal and operational instruments to facilitate the international exchange of information collected from the CARF.

Several nations are working on legislation in the crypto space in order to protect its investor community.

India, for example, has recently demanded that there be a worldwide support for crypto regulation.

On July 18, Indian finance minister Nirmala Sitharaman told the parliament that the RBI is favorable to prohibiting cryptocurrency mining.

The development came amid the fact that tax laws on virtual digital assets were introduced in India, slashing trade volumes on Indian exchanges. At this point, India has still awaits its regulations on the crypto industry, and Sitharaman has demanded a global consensus.