The European Union plans to ban cryptocurrency platforms from paying interest on stablecoin deposits.
According to Patrick Hansen, head of strategy at Unstoppable Finance DeFi, EU proxies will set important regulatory requirements for algorithmic stablecoins, with no exceptions. The decision will be announced after the meeting of the representatives of the European Parliament, the European Commission and the Council of the European Union on 30 June.
The meeting marks the latest in a series of sessions on the MiCA (Markets in Crypto Assets) bill on the regulation of cryptocurrencies. According to Hansen, only minor points need to be clarified as the main issues go through all the stages of the deal.
Hansen also expressed that the EU Commission is ready to introduce new rules regarding NFTs. The purpose of this regulation will be to require NFT platforms to purchase special licenses.
Hansen emphasized that the Bitcoin ban is currently not being considered. However, the EU plans to impose specific conditions for each digital asset. Although the DeFi sector is not under evaluation yet, the European Commission plans to publish a separate report on the subject. A pilot project to control DeFi is on the agenda in 2023.
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