– The European Union (EU) will take major strides in regulating the crypto industry when it finalizes two major crypto-focused regulations by the end of the month.
– The regulations in question are Markets in Crypto-Assets (MiCA) and Transfer of Funds Regulation (TFR).
– MiCa is the comprehensive bill designed to regulate most of the crypto industry activities among EU states.
– The final meeting between the three main EU institutions on the bill will take place on June 30.
– According to Hansen, discussions will include whether non-fungible tokens should be within the scope of MiCA.
– The likely compromise is that NFT issuers would be exempted. But the companies providing services for third-party NFTs will be within the scope of regulation.
– Additionally, there will be talks about stablecoins which have become a burning issue since the crash of Terra.
– Although the main aspects have been finalized, there are still a few open aspects.
– For the TFR, there are still several open topics and negotiations are expected to be contentious.