European Regulators Suggest Adjustments to EU Crypto Assets Law

Financial regulatory bodies in Italy, France, and Austria have jointly submitted proposals to refine the Markets in Crypto-Assets (MiCA) regulations within the European Union. These suggestions are designed to enhance oversight of the digital asset sector and offer improved safeguards for investors. The proposed amendments address various facets of the law, including licensing prerequisites for entities operating in the crypto space, anti-money laundering protocols, and the supervision of stablecoin issuers. A central proposition emphasizes granting national supervisory authorities broader authority to intervene in the operations of companies failing to adhere to the regulations. Regulators also aim to clarify specific aspects of the law deemed ambiguous, such as the categorization of certain types of crypto assets. These proposals are anticipated to undergo substantial debate among EU member states before final approval.