The European Union institutions are at the forefront of tech industry regulation proposals, and the cryptocurrency revolution won't escape their scrutiny, it seems. Speaking before the ECB Forum on Banking Supervision, the European Finance Commissioner Mairead McGuinness said they "urge" the member states and the European Parliament to agree on the so-called Markets in Crypto Assets (MiCA) legislation "this autumn."
As you can see at the 44:45 mark in the ECB forum video below, Mrs. McGuiness is adamant that it's their "duty as policymakers to put sound rules as quickly as possible" because "crypto assets are evolving fast." Depending on the finalized draft agreement, the MiCA legislation could be a boon for cryptocurrency players since it would grant them a license to operate and innovate within the framework of the whole European Union, rather than deal with a patchwork of country rules and regulations. Moreover, the European Central Bank hopes that this new crypto finance legislation can walk the tightrope between innovation and regulation, all the while it protects both institutional and retail investors from fraud.
That's precisely why Eva Maydell of the Parliament's Committee on Industry, Research and Energy says members will need more time to agree on common goals for MiCA. According to her, a desirable outcome would be to synchronize them with the White House's ideas on crypto regulation, too. The result would ideally be a framework that "rewards those in the market who are trustworthy and who are also innovative," she adds, inferring that an "autumn" crypto legislation agreement schedule for a European Parliament vote may be overly optimistic.