The final #MiCA text is here!

After a false alarm on Thursday, when pre-trilogue amendments were mistaken for a new version, we can now take a look at the text that will be voted on by the @Europarl_EN on 20/4

TL;DR - No changes for DeFi, NFTs & stablecoins' caps

A quick 🧵 MiCA will NOT apply to "crypto-asset services provided in a fully decentralised manner without any intermediary"

The @EU_Commission will produce a report in 18 months assessing the "necessity and feasibility of regulating #DeFi"

Today, we attended the #FTX hearing by the @EP_Economics in the @Europarl_EN.

It was an interesting discussion, with the underlying question being

"Would #MiCA have prevented the FTX collapse? Will the new rules be enough to address those issues?"

A🧵with key quotes:

1/9 Speakers underlined this is not a #crypto issue, but a human one

"The lack of segregation of user data in the #FTXscandal demonstrates the legislative need for the #EU to apply existing data protection rules to the #crypto market"

MEP @itinagli, Chair of @EP_Economics

2/9

#MiCA was not the only proposal completed last week, as 🇪🇺 institutions also finalised the Transfers-of-Funds Regulation (TFR).

The #TFR is meant to implement the @FATFWatch's #travelrule for transfers of #cryptoassets in the EU.

As always, check our 🧵for details:

1/18 First, a bit of #context:

The original Transfers-of-Funds Regulation was established in 2015 and introduced the requirement for financial institutions to accompany each #transfer of funds with verified information about the originator and beneficiary of the transfer.

2/18

📢#MiCA is complete!

The landmark #crypto regulation sets out uniform 🇪🇺 requirements for offerors of #cryptoassets and service providers (#CASPs) to apply for authorisation in the Single Market.

👀🧵for a full dive on #MiCA and what it means for the #cryptoindustry.

1/22 Even though a better agreement was close last week, 🇫🇷 vetoed it during the 🇪🇺 MS intervention period & raised concerns on USD-denominated #stablecoins used as a "means of #exchange", suggesting a return to their restriction when used for #settlement purposes ❗️

2/22

Latest UPDATE on the #TFR (Travel Rule) trilogue:

EU institutions are working to finalise the #TFR text to implement the #travelrule in Europe. Please find below the latest details. The aimed-for deadline for conclusion is still the first week of June.

1/9 Key issues on table:

The provisions introduced by the @Europarl_EN requiring #verification of information for each transfer of assets, the additional requirements applied to transfers to #unhosted wallets and the #blacklist of non-compliant entities.

2/9