On 1 July 2022, the European Commission published a press release to welcome the political agreement reached between the European Parliament and the Council on the Commission’s MiCA proposal. The press release explains that:
- The EU is among the first major jurisdictions worldwide to design a comprehensive regulatory framework for crypto-assets;
- In terms of scope, MiCA covers crypto-assets that are not already regulated by other EU financial legislation. For “stablecoins”, the agreement sets out strict requirements on establishment, authorisation and reserve management, including EU supervision for significant “stablecoins” that are systemically important;
- The Commission also welcomes the political agreement reached by co-legislators on its proposal to amend the Transfer of Funds Regulation (TFR). The agreement provides for an obligation for all crypto-asset service providers (CASPs) involved in crypto transfers to collect data on the originators and beneficiaries of the crypto-assets transfers they operate, and make them available to the competent authorities in charge of the fight against money laundering and terrorism financing.