MacManus welcomes EU Parliament support for crypto regulation

Sinn Féin MEP Chris MacManus has welcomed the overwhelming support in the EU Parliament’s’ powerful Economic and Monetary Affairs Committee for EU level regulation of so-called “crypto-currencies” or “crypto-assets”.  The legislation, the “Markets in Crypto-Assets (MiCA) Regulation” will now proceed to final vote in plenary session before coming into force.

MacManus, who was a key member of the Parliament’s negotiating team on the file said:

“I warmly welcome the very broad support given this week by the ECON Committee to the deal hammered out with the EU Council.  MiCA will be a game changer in the regulation of crypto-assets and will help to tame what the ECB has called the “wild west” of cryptos.

“The new rules will bring a level of transparency and regulation. This has been sorely lacking and has left consumers vulnerable when dabbling in crypto-assets especially in the trading of crypto currencies.”

“MiCA also compels companies trading in crypto-assets to disclose the environmental impact of the processes behind the creation of that crypto-asset. As we know, some of these use very environmentally wasteful processes. The deal hammered out here is unfortunately weaker than what I sought, and indeed weaker than what was originally agreed by the EU Parliament in this important area, but it still represents progress in making sure crypto-assets are monitored to check their environmental impact.”

MacManus concluded, “This Regulation will ultimately improve consumer protection, financial stability and transparency. The Regulation must be brought into force as soon as possible so that consumers are protected, and investors and others are protected like consumers in any other area of finance.” ENDS