In a recent letter, Mairead McGuinness appealed for an early vote on the crypto laws.
The urgency to implement crypto regulatory laws has gained momentum in the last few months. The European Union is the latest to emphasize the same, with EU Commissioner Mairead McGuinness wanting to accelerate the vote on the crypto laws the EU had deliberated upon. The vote had been postponed for certain reasons, but the focus is on implementing them. The EU joined the list of countries that have put into action crypto regulatory plans and laws after the bankruptcy of a prominent exchange in November.
“Recent events have highlighted once again the importance of having adequate regulation of crypto markets”, said McGuinness in her letter. She further wrote, “I would ask you to do your utmost to ensure a rapid vote and subsequent publication of the MiCA and TFR (transfer of funds) regulations.” McGuinness, the European Union’s commissioner for financial services, addressed the letter to the Chairwoman of the European Parliament’s Economic and Monetary Affairs Committee, Irene Tinagli and Zbyněk Stanjura, the Czech Finance minister and Chairman of the EU’s Council of Economy and Finance Ministers.
The European Union’s policy makers had agreed on the crypto laws and formulated the Markets in Crypto Assets (MiCA) framework in mid-2022. The parliament’s vote had been postponed to February 2023, with appeals for an early implementation of the law.