The European Union plans to ban exchanges from charging interest on stablecoin deposits. – Latest News

According to the Patrick Hansenthe European Union is preparing to ban interest payments on stablecoin deposits. Discussions will continue until June 30. The EU is then expected to announce its final decision at a meeting of representatives of the European Parliament, the European Commission and the Council of the European Union.

Prohibit interest payments on stablecoin deposits.

The European Union (EU) is about to finalize its crypto regulatory guidelines. Regulation includes crypto asset markets (Mica) and the regulation of remittances (TFR)which should be completed by the end of this month. One of the latest regulations being discussed in the EU is the prohibition of deposits of interest-bearing stable coins.

According to Patrick’s tweet Hansenregulators will impose strict regulatory requirements on issuers of all types of stablecoins. Also, algorithmic issuers are no exception. The decision will be announced on June 30 at a meeting of representatives of the European Parliament, the European Commission and the Council of the European Union.

Indeed, the main issues have already gone through all the stages of the agreement. However, only minor points remain to be clarified, according to Hansen. He noted that the European Commission is also ready to introduce rules governing tokens NFT. The aim is to protect consumers by requiring that platforms NFT obtain special licenses.

Bonus: The Central Bank of Morocco is developing a regulatory framework on cryptocurrencies.

Focus on the MiCa

Mica is a proposed crypto regulation under EU law. First launched on September 24, 2020, it aims to transform the European economy for decades to come. the Mica will understand 168 pages focused on rules governing types of crypto assets, currently inaccessible. This includes the stablecoins and crypto asset service providers (PSAP).

Furthermore, once adopted, the Mica will apply to all Member States of the European Union (EU). It will provide clear regulatory guidance crypto assets. It will also protect customers and allow crypto businesses to benefit from the European internal market for financial services.

See also: SEC Chairman says Bitcoin is a commodity and must be regulated by the CFTC.

So far, no bitcoin bans have been considered.

At the same time, the expert pointed out that legislators were not currently considering banning Bitcoin. However, the EU plans to introduce special conditions for each individual digital asset. industry Challenge has not yet considered the issue, but the European Commission plans to publish a separate report on the subject. Then it will launch a pilot project to oversee Challenge in 2023.

In April, the European Parliament approved new anti-money laundering provisions in a related bill. He would create a new agency with a list of tasks including overseeing cryptocurrency transactions. Not only does the bill prohibit anonymous cryptocurrency transactions, but it also requires large cryptocurrency companies to register their operations in Europe and obtain a license.

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The European Union plans to ban exchanges from charging interest on stablecoin deposits. – Latest News


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