The Economic and Monetary Affairs Committee (ECON) of the European Parliament has approved a legislative package aimed at regulating the cryptocurrency industry.
The package aims to coordinate the EU's regulatory approach to the cryptocurrency industry. The legislation was passed by a 31-23 majority, with four abstentions.
One of the main priorities of the legislation is to "ensure that the EU financial services regulatory framework is innovation-friendly and does not impede the application of new technologies".
The package also aims at four “general and related objectives”, including achieving legal certainty for the sector.
“For crypto asset markets to develop in the EU, a solid legal framework is needed, clearly defining the regulatory treatment of all crypto assets that are not covered by existing financial services legislation,” the legislation reads.
The final point about financial stability is also linked to the stablecoin market. The authors of MiCA do not believe that the cryptocurrency market poses a threat to financial stability today, but believe that this could soon change due to stablecoins.