The European Commission’s financial commissioner Mairead McGuinness called for a rapid resolution of the passage of the region’s proposed digital asset law, which is called the Markets in Crypto Assets (MiCA) framework. McGuinness believes that this will not only protect investors, but also allow the committee to better enforce sanctions against Russia.
In a speech at the ECON Committee Structured Dialogue, McGuinness admitted that the face of currency is changing, and digital currencies and the upcoming digital euro will dominate this field in the near future. In addition to strengthening network security, McGinnis believes that the committee must also pay attention to regulatory issues.
MiCA is a set of rules first proposed in 2020 to bring digital assets under the jurisdiction of European regulators. The framework establishes uniform regulations across the region and addresses some of the most urgent issues, including investor protection at a time when billions of dollars are being washed away in outright scams and dubious projects like UST and LUNA.
When the European Commission first proposed MiCA in 2020, it was just a way for the commission to take proactive actions before investors were taken advantage of. However, according to McGuinness, since then, a number of events have occurred that have made the framework critical. She singled out Russia’s war on Ukraine, the collapse of Terra’s LUNA and UST tokens, and the recent suspension of withdrawals by digital asset lender Celsius as key moments requiring MiCA guidance.
Bloomberg reports that the committee is likely to finally pass MiCA this month. Citing people familiar with the matter, the media reported that the remaining issues currently hindering the framework will be resolved at two meetings this month, one on June 14 and the another on June 30.