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.
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.