The European Central Bank is looking for changes in the European Union markets in Crypto (MICA) Act (MICA) law just months after the regulation because US support for crypto may lead to economic damage to the 27-country bloc, Politico reported on Tuesday.
The bank demands a rewrite of MICA, whose provisions of Stablecoin began last June and which has been completely at the end of last year, a position that brings to the conflict with the European Commission, Politico reportedciting a paper policy. Neither the ECB or the Commission responded to a CoinDesk request for comment.
Central Bank is concerned with US law currently employed by Congress, such as Stablecoin’s transparency and liability and liability for a Better Ledger Economy Act (Stable) and the guide and establishment of national innovation for the US Stablecoins Act (Genius) may see the influence of the dollar supported by the dollar that is still growing. The stablecoin The sector may progress 10-fold to reach $ 2 trillion in three years following the passage of law, usually chartered forecast.
At an April 14 meeting with top officials from the EU governments to discuss US support for crypto, the ECB spread a document that argued that Mica needed a serious thought, Politico said, citing two diplomats and an EU official who was unknown. This is not a popular position.
“Not too many (countries) supported the idea that we should jump the gun now and start making a quick change in (policies) based on the one,” said one of the diplomats.
The commission argued “too early” to judge the impact of the US crypto environment on EU finance stability and only a global stablecoin was allowed under new policies. The Circle, gave the USDC, the second largest stablecoin, nags the first stablecoin license under Mica In July of last year.
“The risks derived from such global stablecoins seem to be overstated and manageable under the existing legal framework,” the commission said in a document distributed at the meeting.
