EU seeks deal on ground-breaking rules to regulate crypto

A source involved with the talks said three issues remained: non-fungible tokens , supervision, and energy consumption.

A deal is likely to focus on including only token-like NFTs in the scope of MiCA, with authorisation and supervision of crypto firms at member state level. The European Commission would assess the energy footprint of crypto assets, the source said. Firms operating in an EU state would have 18 months after the start date to get a MiCA licence without disruption to service.

Crypto assets came under pressure after the collapse of TerraUSD and luna tokens last month, with major U.S. cryptocurrency lending company Celsius Network this month freezing withdrawals and transfers. Bitcoin collapsed this month to around $17,600, and is currently trading around $20,100, well below its late March level of $48,200, leaving investors nursing losses.

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