US Congress Sends a Team to Europe to Study MiCA Regulation

02/20/2023 12:33 • Metaverse Matters • 86 views

It is reported that the United States Congress will send a team consisting of more than ten people (mainly encryption and financial technology experts) to Brussels and Paris to study the EU MiCA regulatory act. Six people familiar with the trip said that they would meet with EU officials and regulators, as well as encryption industry lobbyists from EU enterprises and trade groups.

The US Congress has sent a team to the EU to study the MiCA regulatory act

Analysis based on this information:

The European Union’s Markets in Crypto Assets (MiCA) regulatory framework has gained the attention of the United States Congress. The recent report suggests that a team of over ten experts in encryption and financial technology will be sent to Brussels and Paris to study the MiCA regulation. The team comprises mainly of members with deep knowledge and expertise on encryption and will interact with EU legislators, regulators, and also encryption industry lobbyists from EU entities and trade groups.

MiCA came into existence in September 2020, and it provides a comprehensive framework to regulate crypto assets, related businesses, and service providers in the European Union. The regulation aims to harmonize the rules and regulations for all types of digital asset service providers, either centralized or decentralized. The main objective is to provide investors with better consumer protection, safeguard market integrity, and maintain financial stability. With such an impact on the crypto market, the US feels the need to understand the advantages and disadvantages of this regulation to make informed decisions for its own regulatory framework.

The team sent by the US Congress’ intention is to understand MiCA in detail and evaluate the regulatory impact it can have in the US. The team will consist of a mix of experts with knowledge of encryption technology and financial regulations. The team intends to meet EU officials and regulators to understand how the regulation works and why it was necessary to introduce it. Furthermore, they will hold discussions with crypto-enthusiasts from different industry organizations, potential service providers, and crypto-related businesses.

It is evident that the US is keen to develop its own regulatory framework in the financial technology sector. They aim to create a transparent and secure market, providing consumers with adequate consumer protection levels similar to MiCA. The move by the US congress signifies their intent to evaluate the benefits and limitations of MiCA and create its own set of rules and regulations.

In conclusion, the US Congress sending an expert team to Europe to study MiCA regulation gives the impression that the United States considers creating their own regulatory framework for the crypto market. The move shows a proactive rather than reactive stance on the regulation of emerging financial technologies, and it will eventually benefit the US and the financial ecosystem worldwide.

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