EU Official Says Parliament Is Working On A Resolution On NFTs!

EU Official Says Parliament Is Working On A Resolution For NFTs!

Although the European Union’s Markets in Crypto Assets law, also known as MiCA, has been seeing recent progress, this law in itself has left a lot regarding NFTs uncertain and in the dark. Despite this, EU officials say further clarity on policies on NFTs could be on their way!

Issues On MiCA & NFTs

Officials have argued that for the most part, MiCA’s frameworks are difficult to apply to NFTs. The MiCA legislation reportedly “has a very peculiar sentence in there which says that, if an NFT is part of a large series or a collection that’s an indicator that it’s fungible, which is actually incorrect,” Peter Kerstens, head of the European Commission’s financial technology task force said.

Related: Reddit NFTs Trading Volumes Surge As They Take Over OpenSea!

Gabriel Cumenge, a deputy assistant secretary at the French Ministry of Economy also agreed with this sentiment, saying: “We haven’t seen a case where existing NFTs in the market would fall into MiCA.

Possible Resolution

Despite this however, some officials have claimed to have some very positive outlooks on the future of policies for NFTs in the EU, saying that further legislation specifically for NFTs could soon be made.

The parliament is working on a resolution on NFTs,” Peter Kerstens said.

If there is a strong political indication or wish for an initiative, that may move the Commission into presenting it. If we don’t act on it, we’ll have a lot of explaining to do, and I think we’ll end up having an unhappy parliament. We don’t like an unhappy parliament,” he further explains.

Related: Monetary Authority of Singapore (MAS) Proposes Strict Measures On Crypto Trading

With this in mind, it may be possible that EU lawmakers may make further developments or legislations to better fit NFTs  outside of the MiCA law before the law is expected to take effect sometime in 2024.

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