Legal Update
In the last days, a number of new legal acts have been adopted at EU level:
- MiCA: Last week on June 30 the Council presidency and the EU Parliament reached a provisional agreement on the proposal on markets in crypto-assets (MiCA) . Thus, for the first time, the EU brings crypto-assets, crypto-assets issuers and crypto-asset service providers under a regulatory framework.
More information: https://www.consilium.europa.eu/en/press/press-releases/2022/06/30/digital-finance-agreement-reached-on-european-crypto-assets-regulation-mica/ - DLT Pilot Regime: Furthermore, the DLT Pilot Regime was adopted on June 2. It provides a legal framework for the trading and settlement of transactions in DLT financial instruments. Thereby, EU regulators opted for a “sandbox” approach.
- TFR: Finally, a provisional agreement on the Transfer of Funds Regulation (TFR) was reached on June 29. The proposal is part of a larger package of four legislative proposals to achieve a more coherent AML regulatory and institutional framework within the EU. It extends the so-called “travel rule” to transfers of crypto-assets following the recommendation of FATF.
More information: https://www.consilium.europa.eu/en/press/press-releases/2022/06/29/anti-money-laundering-provisional-agreement-reached-on-transparency-of-crypto-asset-transfers/