Patrick Hansen: All the Big Issues of the Two EU Cryptocurrency Regulations Are Agreed

The last meeting of the two most important EU cryptocurrency regulations, MiCA (PoW ban) and TFR (non-custodial wallets), will take place next Thursday, June 30, Patrick Hansen, a crypto venture capital advisor at Presight Capital, said on social media.

Almost all of the big issues are now agreed, but there are still some open issues.
like:

1. NFTs should they be in or out of the scope of MiCA? The Commission wanted to include it for consumer protection reasons, which the Council/Parliament initially objected to but now appears to have accepted the Commission’s compromise proposal. The likely outcome is a compromise where NFT issuers are mostly exempt, but companies that provide services on top of third-party NFTs (marketplaces, etc.) are not.
2. There are no exemptions for algorithmic stablecoins. Among them, there are high regulatory requirements for the issuers of EMT and ART. In addition, stablecoins are not allowed to have CASP interest.
3. DeFi will be excluded from the scope of MiCA after a long negotiation. The committee will publish a separate report in 2023 and launch a dedicated pilot project for new forms of embedded DeFi regulation.
4. The environmental impact of encryption Contrary to what some media claim, fortunately a Bitcoin ban is no longer on the table. But there will be comprehensive disclosure requirements (mandated by ESMA) for each crypto asset (such as BTC) that CASP provides services for.