The ECB was concerned about possible regulatory overlap between the respective EU central banks and companies handling cryptocurrencies, as officials prepare to implement the Markets in Crypto Assets framework, or MiCA.
The European Parliament, the European Commission, and the European Council reached an agreement on June 30 to bring cryptocurrency issuers and service providers within their jurisdictional control under a single regulatory framework.
It seems that the European Central Bank, or ECB, is preparing to apply a new law warning the member states of the European Union about the need to harmonize regulations for cryptocurrencies.
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The law will require asset service providers to adhere to certain requirements aimed at protecting investors, as well as warning clients of the potential risk of investing in the volatile cryptocurrency market.
EU officials will also have an 18-month review period to assess the proposed regulatory framework and determine whether it includes other cryptocurrency-related products, such as non fungible tokens, or NFT.
Regulators from 19 EU member countries are supposed to attend a supervisory board meeting in July to discuss MiCA and its possible adoption.
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