Following a meeting of the European Union’s Economic and Financial Affairs Council, ECB President Christine Lagarde said it’s “critically important” for crypto regulation to be pushed through as soon as possible.
The Markets in Crypto Assets (MiCA) legislation is the result of years of work and aims to provide a structure for broadly regulating the cryptocurrency market. The bill was supposed to come to a vote on Monday February 28, however got suspended indefinitely following criticism.
It is said that the bill could be too strict or even ban the energy-intensive proof-of-work process that safeguards the Bitcoin (BTC) network.
With financial sanctions imposed on Russia by the EU and U.S. following its expedition in Ukraine, many wonder if Russia will be making use of cryptocurrency markets to bypass these measures. Acknoleding the urgency of the matter, Lagarde commented:
“There are always criminal ways to try to circumvent a prohibition, which is why it’s so critically important that MiCA is pushed through as quickly as possible so we have a regulatory framework.”
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Source: Igaming
