Europe’s ambition for cryptocurrencies is not going to be affected by recent election results, according to industry advocates. The European Union has been focused on implementing the Markets in Crypto Assets legislation this year, and this will continue despite the changes in power due to recent elections.
The European Parliament elections that recently took place across the EU are not expected to impact the crypto legislation at the national level. The EU has seen significant changes in leadership over the past month, with countries like France, Austria, and Germany planning their own elections in the coming months.
The Markets in Crypto Assets legislation (MiCA) was passed into law last year and is set to take effect this year. The stablecoin measures within this legislation will come into force on June 30, with the rest of the rules becoming effective in December. Despite the political changes in the EU, this legislation will continue to move forward as planned.
While the European elections may not directly influence the implementation of MiCA, individual countries are responsible for creating licensing regimes that align with the EU’s requirements for crypto companies. Most nations are prepared for the implementation of MiCA, and regulators are working to attract more digital asset firms to their jurisdictions.
Looking ahead, more general elections are expected to take place in various EU countries. France is set to hold a parliamentary election on June 30 and July 7, which is not expected to impact the existing crypto legislation. Austria will have a general election on September 29, and Germany will hold its national Bundestag election next year.
The crypto community in Europe is eager for blockchain regulations to be established, but the responsibility for creating new legislation lies with the EU Commission. The current president, Ursula von der Leyen, is likely to be re-elected, and the EU Parliament will have the final say on this decision. The EU’s stance on crypto may be influenced by the priorities set out by the commissioners later this year.
In conclusion, despite recent political changes in the EU, the ambition for cryptocurrencies remains strong. The implementation of the Markets in Crypto Assets legislation will continue as planned, and individual countries are working to attract more digital asset firms. The upcoming general elections across Europe are not expected to have a significant impact on the existing crypto legislation. The focus now shifts to the EU Commission and the priorities they will set regarding blockchain regulations.