European crypto law MiCA is coming! We cannot escape this in the Netherlands either, as is evident from the message from our Minister of Finance Sigrid Kaag. She writes on social media that the Council of Ministers yesterday approved the submission of the bill to the State Council.
Europe chooses the glass half full
Almost all regulatory bodies choose to regulate cryptocurrencies rather than ban them. If you look at it this way, you have a glass half full. You can also approach the issue differently and say that the authorities should not get involved at all. This is a rather empty and somewhat naive approach.
Europe wants the entire EU to have the same basis for legislation and consumer protection around crypto. The Cryptoasset Markets Regulation (MiCA) was created for this purpose.
It is a European regulation that regulates trading in cryptographic assets in the European Union (EU). The regulation was drawn up by the European Commission and approved by the European Parliament and the European Council in July 2022.
The Netherlands supports MiCA
Sigrid Kaag announced yesterday that the Netherlands supports MiCA.
She says:
“Demands will be imposed on crypto companies to protect consumers.” Misleading advertising will soon be banned and crypto providers will have to clearly inform buyers about the risks. Crypto companies also have to deal with additional rules to combat money laundering and the financing of terrorism.”
“If you, as a customer, lose your money due to fraud or scams, there are no specific laws or regulations that protect consumers.” This will change with the introduction of the “Markets in Cryptoassets Regulation” (MiCA), which establishes European legislation. “Today the Council of Ministers approved the submission of the bill to the State Council.”
What happens now?
The ministers gave permission to submit the proposal to the State Council. The content will not be shared publicly, we will have to wait a while for that. The State Council deliberates on all bills submitted to the Chamber of Deputies and the Senate. As long as the bill is in the Council of State, it will be secret.
If the proposal is viable and approved by the State Council, it goes back to the minister. The additional advice from the State Council is not binding. Minister Kaag (or her successor) must indicate how she will integrate the Council into the bill.
If the project is not changed, it will go to the Chamber of Deputies. The House of Representatives discusses the bill and decides whether to adopt or reject it.
Source: BTC Direct
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Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
