The European Central Bank is looking for changes in the European Union markets in crypto assets legislation (MICA) only months after the regulation entered into force because US support is worried about cryptography could cause economic damage in the 27 nations block, Politician said Tuesday.
The bank demands a Rewriting of Mica, whose provisions of Stablecoin entered into force last June and had full effect at the end of last year, a position that controls it in conflict with the European Commission, Politico reported, citing a policy document. Neither the ECB nor the Commission responded to a request for comments from Coindesk.
The Central Bank is concerned about US legislation that currently works in Congress, such as the transparency of Stablecoin and the responsibility of a Better Ledger Economics Law (stable) and the National Innovation Law of National Innovation for the United States (Genius) could see the influence of the stagnas backed by dollars. The Stablecoin sector could increase 10 times to reach $ 2 billion within three years after the approval of the legislation, standing prognosis.
At a meeting of April 14 with the senior officials of the EU governments to discuss the support of the United States to the cryptography, the ECB distributed a document that argued that Mica needed a serious repetitive, said Political, citing two diplomats and an EU official who were not identified. It was not a popular position.
“Not many [countries] supported the idea that we should now jump the weapon and start making quick changes in [the rules] Based only on this, ”said one of the diplomats.
The Commission argued that it was still “too soon” to judge the effect that the environment of the US cryptographic. UU. It would have on the financial stability of the EU and only a global stable has been authorized under the new rules. Circle, a USDC issuer, the second largest Stablecoin, hooked the first Mica Stablecoin license in July last year.
“The risks derived from such stable global seem exaggerated and are manageable under the existing legal framework,” said the commission in a document distributed at the meeting.
Read more: the restrictive rules of EU stablecoin enter into force soon and the emitters are running out of time
