{"id":4105,"date":"2022-05-13T11:10:49","date_gmt":"2022-05-13T11:10:49","guid":{"rendered":"http:\/\/cryptoheretostay.com\/?p=4105"},"modified":"2022-05-13T11:10:50","modified_gmt":"2022-05-13T11:10:50","slug":"european-commission-has-serious-doubts-about-markets-in-crypto-assets-draft-report-reveals","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=4105","title":{"rendered":"European Commission Has \u2018Serious Doubts\u2019 About Markets in Crypto Assets Draft, Report Reveals"},"content":{"rendered":"<p> <script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<\/p>\n<p><strong>The European Commission disagrees with some provisions in the crypto regulatory proposal approved recently by the European Parliament. The executive arm in Brussels is unhappy with certain anti-money laundering measures, according to a media report quoting unofficial correspondence.<\/strong><\/p>\n<h2>European Commission Working on Compromise Proposal for EU Crypto Rules<\/h2>\n<p>Europe\u2019s upcoming Markets in Crypto Assets (MiCA) legislation is facing challenges in the trilogue stage, less than two months after the European Parliament voted on the draft. Since then, discussions have been underway with the other two parties in the European Union\u2019s legislative process \u2014 the Council of the EU and the European Commission (EC).<\/p>\n<p>An unofficial letter seen by the German crypto news portal BTC Echo has indicated that the Commission does not agree with some points in the texts approved by the lawmakers and is preparing amendments. The executive body expresses concerns specifically about certain measures aimed at combating money laundering and the financing of terrorism.<\/p>\n<p>With these provisions, found in Article 4 of MiCA, the Parliament wants to prevent the EU licensing of crypto asset service providers (CASPs) that are based in non-compliant jurisdictions or \u201chigh-risk areas,\u201d or registered in countries that do not levy corporate tax. There is no similar ban in other legal acts, the Commission points out. What\u2019s more, such a prohibition would violate the rules of the World Trade Organization.<\/p>\n<p>The EC elaborates that it is unclear why such a measure should apply to crypto providers in particular. These platforms are subject to other EU directives on combating money laundering and terrorist financing, which the Commission insists offer strong enough protection in the case of operators originating from third countries in high-risk areas. The new regulation would only increase the burden on EU authorities.<\/p>\n<p>The European Parliament also proposes the establishment of a register for non-compliant CASPs, maintained by the European Securities and Markets Authority (ESMA). However, the Commission\u2019s letter reveals it has \u201cserious doubts\u201d about the feasibility of this proposal. It also believes that if there is a need to do that at all, it should be part of the general anti-money laundering regulations that affect all financial market participants.<\/p>\n<p>The European Commission also criticizes the adopted criteria for non-compliance, saying they are unclear. It\u2019s demanding improvements from European Parliament in this regard and intends to put forward a compromise proposal before the next round of the trilogue talks scheduled for Wednesday, May 18.<\/p>\n<p>Tags in this story<\/p>\n<p>commission, Council of EU, Crypto, crypto assets, Cryptocurrencies, Cryptocurrency, draft, EU, Europe, european, european commission, European Parliament, European Union, parliament, proposal, Regulation, Regulations<\/p>\n<p><em><strong>Do you expect European legislators to take into account the concerns expressed by the EU Commission regarding MiCA? Tell us in the comments section below. <\/strong><\/em><\/p>\n<p>Lubomir Tassev <\/p>\n<p class=\"article__body__author__info__about\">\nLubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens\u2019s quote: \u201cBeing a writer is what I am, rather than what I do.\u201d Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.<\/p>\n<p><i class=\"td-icon-font td-icon-mail-1\"\/><\/p>\n<p class=\"images_credits\"><em>Image Credits: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n<p><strong>Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<p>More Popular NewsIn Case You Missed It<\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/news.bitcoin.com\/european-commission-has-serious-doubts-about-markets-in-crypto-assets-draft-report-reveals\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The European Commission disagrees with some provisions in the crypto regulatory proposal approved recently by the European Parliament. The executive arm in Brussels is unhappy with certain anti-money laundering measures, according to a media report quoting unofficial correspondence. European Commission Working on Compromise Proposal for EU Crypto Rules Europe\u2019s upcoming Markets in Crypto Assets (MiCA) [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":4106,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[1],"tags":[],"class_list":["post-4105","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-updates"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/4105","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=4105"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/4105\/revisions"}],"predecessor-version":[{"id":4107,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/4105\/revisions\/4107"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/4106"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4105"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4105"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4105"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}