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EXCLUSIVE. MiCA: the crypto industry calls on European governments

EXCLUSIVE. MiCA: the crypto industry calls on European governments

In a letter to the EU's 27 finance ministers, the industry expresses its concern about the consequences of future legislation.

Web3's response didn't take long. Less than a month after two amendments were proposed to the European Parliament toughening legislation on cryptos (one of which was adopted), 46 bosses and organisations representing Web3 sent a letter to the 27 EU finance ministers to question them about their consequences. The Big Whale has obtained an exclusive copy 😎

In the two-page document, the crypto lobby calls on the EU not to impose rules that go beyond the recommendations of the Financial Action Task Force (FATF), the intergovernmental body that fights money laundering and the financing of terrorism. Such a prospect would penalise Europe vis-à-vis the United States and Asia.

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Objective: Preserve citizens' privacy, innovation, growth and job creation by introducing  European laws favourable to Web3 and the Internet

On behalf of the European Web3 community and businesses, we would like to express our deep concern about recent proposals for European laws that threaten individuals' privacy as well as innovation, growth and jobs in Europe.

We welcome the EU's efforts to support and frame the Web3 industry with the Regulation on Markets in Crypto-Assets ("MiCA") and Money Transfers ("TFR"). Governments, the European Commission and the Web3 industry are aligned on the objective of successfully fighting crime while protecting privacy and promoting consumer protection, financial stability and equal access to the Internet for citizens. However, the latest proposals adopted by the European Parliament risk wiping out years of work and jeopardising the economic future of European Web3.

The European Parliament's proposals, which make public disclosure of all digital asset portfolio transactions and addresses mandatory, will put every digital asset owner at risk. These proposals, if finally adopted, will make Web3 far too restrictive for European citizens and will hamper the development of this nascent industry. To avoid this situation, we strongly encourage you to actively support the following proposals:

  • Do not go beyond the FATF recommendations on record-keeping and auditing requirements for service providers, in order to safeguard the privacy of EU citizens, ensure a level playing field for European businesses and maintain the EU's competitiveness ;
  • Favour the growth of decentralised technologies in Europe by exempting them from the registration and operating obligations of traditional organisations;
  • Ensure that the EU applies the same standards to crypto-assets as those laid down by the FATF, rather than imposing new ones;
  • Exempt algorithmic and other decentralised stablecoins from the definition of digital asset laid down in MiCA.

The signatories of this text are counting on you to make MiCA and the TFR an opportunity for the European Web3 industry. Otherwise, Europe would run the risk of losing competitiveness, and would compromise its ability to innovate and create jobs.

Let's build a Europe that is conducive to the development of Web3.

We would be delighted to meet you and discuss this more directly.

Executives signing : Pascal Gauthier (Ledger), Diana Biggs (CSO), Jean-Marie Mognetti (CoinShares), Stani Kulechov (Aave), Rene Reinsberg (Cela Foundation), Ambre Soubiran (Kaiko), Robby Yung (Animoca Brands), Jean-Baptiste Graftieau (Bitstamp Europe), Oliver von Landsberg-Sadie (BCB Group), Emin Gün Sirer (Ava Labs), Lane Kasselman (Blockchain.com), Frank Schuil (Safello), Anthony Foy (Qredo), Mike Cahill (Jump Crypto), Johanna Thornblad (HIVE Blockchain), Viktor Fischer (Rockaway), Philipp Pieper (Swarm Markets), Torbjørn Bull Jenssen (Arcane Crypto), Tommy Fransson (Valour), Kristina Walcker-Mayer (Nuri, ex-Bitwala), Richard Muirhead (Fabric Ventures), Jacob Lindberg (Vinter), Dr. Christian Nagel (Earlybird, Earlybird Europe), Emin Gün Sirer (Ava Labs). Christian Nagel (Earlybird), Max Kordek (Lisk Foundation), Peter Grosskopf (Unstoppable Finance), Dr. Catherine Mulligan (ERA Chair, Blockchain University of Lisbon), Jonathan Herscovici (StackinSat), Julien Bouteloup (StakeDAO), Dr. Markus Franke (CLabs GmbH), Julien Bouteloup (StakeDAO). Markus Franke (CLabs GmbH), Nicolas Granatino (Novaquark), Max Stöckl (DOGAMÍ), Benjamin Charbit (Darewise), Oliver Yates (SheeldMarket), Bilal El Alamy (PyratzLabs), Dan Beasley (Viker), Domenic Carosa (EU Internet Ventures), Alexander Lange (Inflection VC), Edouard Steegmann (Spot), Pablo Veyrat (Angle), Laszlo Szabo (SkillZ), Adan, Michael Amar (Paris Blockchain Week Summit), The EU Crypto Initiative (EUCI), Blockchain for Europe, Blockchain Ireland.

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