The European regulator called for amendments to the MiCA provisions
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Johny Smith
2024/10/19
3 mins read
In Europe, the MiCA regulation operates, which is designed to provide a regulatory framework for the effective regulation of the cryptocurrency segment. However, the European Securities and Markets Authority (ESMA) has taken an initiative: it is necessary to quickly amend the regulatory document.
Representatives of the department also called on the European Commission to continue work on the previously proposed update of several aspects of the structure of the document. “ESMA recognizes all legal restrictions put forward by the European Commission. However, it is worth considering the importance of the policy objectives that formed the basis for the development of MiCA,” the European Securities and Markets Authority said in an official press release.
In the corresponding conclusion, the regulator considered a number of amendments proposed to 2 regulatory technical standards (RTS). They primarily relate to issues of disclosing data on the intention to provide services in the digital assets segment. The standards also regulate the mechanism for applying for an appropriate license as a service provider.
In parallel with this, information appeared that the Italian authorities are planning to increase taxation in the cryptocurrency segment. The point is that profits received as a result of trading or investing in digital assets will be taxed at a rate of 42% per annum.
A similar initiative was put forward by the Vice Minister of Economic Development of Italy, Maurizio Leo. This happened during the discussion on the adoption of the national budget for the coming year.
Also, a new regulation was recently adopted, according to which cryptocurrency income in excess of €2,000 must be taxed. It is reported that such a step is aimed at systematically increasing the national budget and supporting local businesses.
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