The post EU Parliament Approves Commissioners To Oversee Over Cryptocurrency appeared on BitcoinEthereumNews.com.

In the latest developments, the European Parliament has approved the new batch of commissioners, a major step in implementing regulation around cryptocurrencies and other digital assets.  However, there is no specific role dedicated solely to cryptocurrency; several commissioners will oversee various aspects of digital assets. The new slate will ensure compliance with the EU’s landmark Markets in Crypto Assets (MiCA) legislation. MiCA, the world’s first comprehensive crypto regulatory framework, became effective for stablecoins in June. The full suite for regulations will be enforced by December, Mark Foster, EU policy lead at the Crypto Council for Innovation noted that while no major new blockchain legislation is expected soon, the priority is ensuring consistent global standards.  “The industry wants the EU to collaborate with international partners to create interoperable and consistent rules,” Foster stated.  Marcel Haag, Director of Horizontal Policies at the European Commission, explained the upcoming tasks for the commissioners. These include evaluating the need for further regulations on decentralized finance (DeFi), crypto lending, and non-fungible tokens (NFTs). Additionally, they will decide whether to extend the Distributed Ledger Technology pilot program or make it permanent. Another critical initiative involves assessing the member of states’ readiness for financial asset tokenization.     The development will not only shape just EU’s digital asset landscape but also influence global standards in this rapidly evolving sector. Also Read: Japan’s FSA Proposes Lighter Regulations for Crypto Brokerages Source: https://www.cryptonewsz.com/eu-parliament-approves-commissioners-to-oversee-over-cryptocurrency/

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Filed under: News - @ November 27, 2024 7:27 pm