German Member of European Parliament Leads the World’s First Cryptoregulation
On April 20, the European Parliament passed the Markets in Crypto Assets (MiCA) regulation. MiCA is praised as the world’s first comprehensive crypto law for a major jurisdiction.
I welcome the European Parliament’s vote today to approve comprehensive [European Union] rules on crypto: a world first.
The rules will start applying from next year. We’re protecting consumers and safeguarding financial stability and market integrity.
—Mairead McGuinness, commissioner for Financial Services, Financial Stability and Capital Markets Union
Order in the ‘Wild West’ of crypto: Legislators say the new law will bring order in the “Wild West” of the cryptoworld. It regulates the supervision, consumer protection, and environmental safeguards of cryptoassets across the EU. MiCA requires issuers of cryptoassets to be authorized and supervised. The regulation also addresses the environmental impact of cryptomining.
Regulation made in Germany: The driving force behind the new regulations is German European Parliament lawmaker Stefan Berger.
This puts the EU at the forefront of the token economy with 10,000 different cryptoassets. Consumers will be protected against deception and fraud, and the sector that was damaged by the ftx collapse can regain trust. Consumers will have all the information they need, and all underlying risks around cryptoassets will have to be monitored. We secured that the environmental impact disclosure will be taken into account by investors in cryptoassets. This regulation brings a competitive advantage for the EU. The European cryptoasset industry has regulatory clarity that does not exist in countries like the U.S.
A regulation leader: The EU is becoming a leader in regulation. The EU’s General Data Protection Regulation (gdpr), which regulates the processing of personal data of individuals in the EU, has had a major impact on companies around the world. It even inspired similar regulation in California. MiCA could have a similar impact in the cryptoworld.
A necessity, an opportunity: To many, the cryptomarket is seen as a safe haven for criminals. Regulating the market seems wise—but beware the motives of the regulators. The EU is experimenting with its own digital currency; regulation could make competitors less attractive and prevent anyone from escaping its watchful eyes.
Trumpet editor in chief Gerald Flurry explained the prophetic significance of gdpr and Germany’s desire to regulate the Internet.
Through various pieces of legislation, the EU now has extraordinary influence in the homes of Internet users and within every corporation and government on Earth. The EU is waging a campaign of technological imperialism, and most people don’t even know it! …
Germany’s ambitions for the Internet should concern everyone, even those who don’t have a computer. The EU’s behavior on this issue exposes the dictatorial nature of this German-dominated entity. Really, we are witnessing the manifestation of the spirit of the Holy Roman Empire in the tech world. The biblically prophesied seventh and final resurrection of this empire wants to control the Internet!
—Gerald Flurry, “Germany Is Taking Control of the Internet”