NFT, Private Wallet Fates Hang on EU Crypto Talks This Week
Officials could this week finalize controversial privacy and licensing rules for the sector – once they decide how to treat NFTs and unhosted wallets.
European Union (EU) negotiators meet this week for a last-ditch attempt to hammer out anti-money-laundering rules and a new authorization regime for crypto service providers.
Meetings on Wednesday and Thursday could determine the bloc’s crypto legal framework for years to come – but major questions still hang over the treatment of non-fungible tokens (NFTs), the energy impact of Bitcoin and the private use of unhosted wallets.
First will come talks on a controversial transfer-of-funds law, which would require wallet providers to identify the participants in crypto transactions. On June 29, EU officials gather to hammer out final details of those plans at a closed-door meeting.
Talks on the related law known as the Markets in Crypto Assets Regulation (MiCA), continue the subsequent day, June 30.
MiCA is the EU’s landmark crypto assets law, making issuers register, prepare white papers of information for prospective investors and keep sufficient reserves for large-scale stablecoins. It’s been broadly welcomed by the industry because it would mean crypto firms can easily access the bloc’s large internal market of 450 million consumers.
The French government is hopeful the Thursday meeting could also be the last, it said in an internal paper seen by CoinDesk. It’s certainly the last chance for France to claim credit for finalizing the law – since, on July 1, it cedes the chair of the council to Czechia.
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