Cryptocurrency regulation: in the face of the Earth Crash and Celsius instability, the EU accelerates the MiCA

Bitcoin soon on the leash? – The market of Bitcoin (BTC) and cryptocurrencies are more weakened that never. With its euro opponents to the downside, now is the perfect time for the European Union to inflict a regulatory knock out to the emerging sector, with the law Not. the Terra disaster (LUNA) and its UST stablecoin they were part of the discussions of the Brussels technocrats.

Terra is used as an alibi for enforcing MiCA regulations

This Tuesday, June 14, a trialogue on the future was held MiCA regulation (Cryptocurrency markets) of European Union. The riots in the cryptosphere in recent months have not gone unnoticed. Of course they will also serve as pretexts to speed up regulation.

In view of this trilogue, the European Commissioner Mairead McGuinness sighted and mentioned “Two events, or even three” in the cryptocurrency market. They would justify cryptocurrency regulation as soon as possible.

First of all the economic sanctions against Russia. Cryptocurrencies are in fact part of the forbidden means of exchange against some Russian banks. Therefore, according to the Commissioner, if all cryptocurrency service providers were already regulated entities e “Subjected to effective control”this would have “facilitated” the sanctions.

Then is the terrible descent into hell of the stablecoin TerraUSD (FSO) of Land which has invited itself to the debates. Always to better prepare the ground for MiCA regulations.

“(…) the collapse of Earth – a cryptocurrency that should have relied on an algorithm to stabilize its value [ndlr : il s’agit en fait de l’UST] – certainly raised many questions and concerns on many levels.

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Also identified the Celsius shrinkage block

The latest strong bearish move in Bitcoin and the cryptocurrency market started after the centralized service of loan from Celsius announced that it is blocking all cryptocurrency withdrawals. And again, the event is cited as an example by Commissioner McGuinness.

“(…) Celsius Network is in the news for having suspended all transfers and withdrawals [de cryptomonnaies], citing extreme market conditions. “

Thus, all these “recent developments” mentioned by the European official justify, for her, an adoption “so urgent” of the MiCA regulation.

The cryptosphere has already seen several examples of extreme danger what do these hasty laws against the sector represent? Let us remember that in mid-March last year you could simply vote do not allow consent from Proof of Work (PoW)and therefore bitcoin – within the EU. Another vote, at the end of March, passed and foresees a monitoring of all cryptocurrency transfersfrom 1 satoshi (no minimum value).

The MiCA regulation will be adopted shortly. Nobody knows how restrictive it will be for players and users of the cryptosphere. Don’t wait any longer, register on FTX, the reference cryptographic platform. Plus, enjoy a lifetime reduction on your trading fees (affiliate link, see conditions on the site).

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