Different parts of the world, either in clusters or individually, are collaborating on binding the majorly independent crypto sector into legal frameworks in order to protect the environment. The MiCA draft was first proposed in September 2020 and aims to enact a standard legal cryptocurrency framework for all 27 EU states.
After two years of review and deliberation, ECON has finally approved the MiCA proposal. Stefan Berger, a 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: https://t.co/z73pkZMYvO
The implementation and tuning of crypto policies may take place starting in 2024.
It is important to ensure that the [European] Union''s financial services legislation is compatible with the digital age and contributes to a future-ready economy that works for the people, including by allowing the use of innovative technologies, according to MiCA.
The MiCA framework for Markets in Crypto Assets focuses primarily on consumer protection, as well as prevention of market manipulation and financial crimes in the crypto industry.
In March this year, the ECON had updated the MiCA legislation by introducing a minimum environmental sustainability standard for cryptocurrency.
Despite the fact that the MiCA crypto laws will come into effect, other organizations are working to develop general legislation to eradicate the risk factor from the digital asset business.
- G20 Members to Review Anti-Evasion Crypto Tax Framework Drafted by OECD
In the near future, the Organisation for Economic Cooperation and Development (OCDE) intends to distribute a taxation framework around the crypto industry to members of 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 also working on drafting legislation to protect its investment community.
India, for example, has recently called for a global help in regulating cryptocurrency.
On July 18, Indian finance minister Nirmala Sitharaman told parliament that the RBI is favorable to prohibiting cryptocurrency.
The development came in the midst of tax laws on virtual digital assets went live in India, slashing trade volumes on Indian exchanges. At this point, India is still awaiting its laws on the cryptocurrency sector, and Sitharaman has called for a worldwide consensus.