Yugocean
Valued Contributor
Efforts are underway to find a consensus among the EU's 27 member states on how to regulate cryptocurrencies uniformly across the continent. A meeting between the representatives of the member countries is expected to take place between June 14 and June 30 to discuss this.
The meeting will include important recommendations on stablecoin legislation, control of crypto-asset service providers, anti-money laundering measures, the environmental impact of PoW mining, and NFTs.
Each problem, however, is contentious due to the differing approaches taken by different countries. For example, in Germany, cryptocurrency is treated as private money and taxed as such; in France, cryptocurrency is treated as digital assets and taxed as such; while in Portugal, cryptocurrency is not taxed at all.
However, events following the collapse of the Terra Blockchain have intensified the need for mass deregulation. Previously, the "Markets in Crypto-assets" (MiCA) was submitted in 2020 and adopted in March 2022 for unified regulation in the European Union, but member countries yet have to agree on this.
The meeting will include important recommendations on stablecoin legislation, control of crypto-asset service providers, anti-money laundering measures, the environmental impact of PoW mining, and NFTs.
Each problem, however, is contentious due to the differing approaches taken by different countries. For example, in Germany, cryptocurrency is treated as private money and taxed as such; in France, cryptocurrency is treated as digital assets and taxed as such; while in Portugal, cryptocurrency is not taxed at all.
However, events following the collapse of the Terra Blockchain have intensified the need for mass deregulation. Previously, the "Markets in Crypto-assets" (MiCA) was submitted in 2020 and adopted in March 2022 for unified regulation in the European Union, but member countries yet have to agree on this.
