Coinbase introduces KYC rules for its Netherland users to comply with local legislation

Europe is increasing its regulatory pace.

The Markets in Crypto Assets Regulation (MiCA) proposed in 2020 is the EU’s response to the need for an encompassing regulation for digital assets. The increased market volatility has heightened calls for a regulatory framework for digital assets.

The tripartite of the European Commission, the European Parliament, and the 27 member states constitute the bodies negotiating the MiCA. According to a report by Bloomberg, the negotiators recently met in June and are expected to meet again by  June 30 to get the rule ready in time for France’s six-month rotation in the presidency.

The European Commissioner Mairead McGuiness has also called for hastened negotiation and compromise on the rules. She stated that the TerraUST crash and Russia’s alleged use of crypto assets to evade sanctions have made the rules more urgent.

Likewise, Verena Ross, the head of the European Securities and Markets Authority, made a similar call in May. She appealed for the quick completion of the crypto rules, which she said she was waiting for “with great impatience.”