European Central Bank President Urges Approval Of New Board Crypto Regulation

The geopolitical scenery in which we’re living today is showing more and more the strength and resilience of crypto compared to fiat. Crypto regulation becomes a necessity and more nations understand this.

According to the latest reports, the vote on proposed crypto regulation for the European Union is being delayed just days after the head of the European Central Bank (ECB) urged the legislation’s passage.

At an informal meeting last week, it’s been revealed that the ECB President Christine Lagarde said it is “critically important” that European Parliament passes its Markets in Crypto-Assets (MiCA) regulation “as quickly as possible.”

Daily Hodl notes that MiCA aims to regulate crypto throughout the EU by establishing financial stability safeguards and investor protections.

Stefan Berger who is a German member of the European Parliament, said just recently on Twitter that a MiCA vote scheduled for Monday was canceled.

Here is what the lawmaker in a translated tweet said:

“As a rapporteur, it is crucial for me that the MiCA report is not misinterpreted as a de facto Bitcoin ban. The discussion about MiCA indicates that individual passages of the draft report can be misinterpreted & understood as a PoW [Proof-of-work] ban. It would be fatal if the EU Parliament sent the wrong signal with a vote under these circumstances.”

He also said this:

“In this context, I see the urgent need to resume talks and negotiations with the parliamentary groups on this subject and to create clear facts on the question of PoW.”

He explained the following as well:

“I will make another attempt with all stakeholders to reach a compromise that provides crypto assets with a proper legal framework but does not challenge PoW.”

Crypto regulation becomes vital these days and more important players are making efforts to get it done.