Lawmakers in the European Union on Thursday voted 517-38 in favor of a new crypto licensing regime, Markets in Crypto-Assets (MiCA), with 18 absentions, making it the first major jurisdiction in the world to introduce a comprehensive crypto law. The European Parliament also voted 529-29 in favor of a separate law known as the Transfer of Funds regulation, which requires crypto operators to identify their customers in a bid to halt money laundering, with 14 abstentions. Meanwhile in the U.S. House Financial Services committee held another hearing on stablecoin regulations where results weren't very promising.
PBN Research
MICA Passed
https://twitter.com/paddi_hansen/status/1649014582009110533
Metropolitan Bank Almost Done Exiting Crypto
https://www.coindesk.com/business/2023/04/20/metropolitan-banks-exit-from-crypto-almost-complete/
Metropolitan Bank served four crypto clients which accounted for around 1.5% of its total revenue, around $1 million, and 6% of its total deposits which amounted to $342 million, according to the firm’s Q3 2022 results.
In fact, another bank - Provident Bancorp - blamed the crypto winter as the primary cause for the recent banking crisis. Some of the domestic banks, including BNY Mellon, who are still servicing crypto-related clients, said they are taking a slower approach to taking on newer digital asset-exposed clients.
Will MICA Stifle Stablecoins
https://www.ledgerinsights.com/caixabank-nft-plastic-recycling/
EU has dropped the de minimis threshold of €1,000, meaning every single transaction involving a CASP will require the AML travel rule data to be passed along. The draft law has a clause that excludes transactions where “the transfers constitute person-to-person transfers of crypto-assets carried out without the involvement of a crypto-asset service provider.”