Not long ago, Live Bitcoin News published an article discussing the new crypto regulations that the European Union (EU) was implementing. Now, we get a chance to meet the man responsible for bringing those regulations to the forefront. His name is Stefan Berger, and he’s a member of the European Parliament (MEP).
Stefan Berger Wrote the Regulations
Known as Market in Crypto Assets (MICA), the EU has implemented what many believe will be the ultimate legislation for crypto. Berger was not only responsible for drafting the document, but he’s also behind the implementation of any upcoming resolutions and/ or amendments.
In a recent interview, Berger explained:
It was important that in the end Parliament, the Commission, and the Council took together the path of innovation and technology openness instead of a ban.
The EU was adamant that the crypto regulation allows for innovation, and nobody in the organization ever expressed interest in banning assets or the technology that supports them. However, members clearly felt that due to ongoing scams and the recent crypto crash, laws were required to ensure traders could remain safe throughout their investing ordeals.
Berger is confident that MICA will set the stage for other countries to implement their own regulatory protocols. He said:
MICA is a European success story. Europe is the first continent to launch crypto asset regulation and it will be a global role model. As a reporter this is a great feeling. We set clear rules for a harmonized market that will provide legal certainty for crypto asset issuers, guarantee a level playing field for service providers, and ensure high standards for consumers and investors.
He also expressed his enthusiasm for the new regulations on Twitter, explaining:
MICA Trilogue ‘Breakthrough!’ Europe is the first continent with crypto asset regulation. Parliament, Commission, & Council have agreed on balanced #MiCA. For me as a reporter, it was important that there is no ban on technologies like #PoW.
A press release explaining MICA mentioned the following:
Actors in the crypto assets market will be required to declare information on their environmental and climate footprint… Within two years, the European Commission will have to provide a report on the environmental impact of crypto assets and the introduction of mandatory minimum sustainability standards for consensus mechanisms including the proof of work.
No Ban, Just Control
Regarding stable currencies, the press release also mentions:
Every so-called ‘stable coin’ holder will be offered a claim at any time free of charge by the issuer, and the rules governing the operation of the reserve will also provide for an adequate minimum liquidity. Furthermore, all so-called ‘stable coins’ will be supervised by the European Banking Authority (EBA), with a presence of the issuer in the EU being a precondition for any issuance.