MEP Berger: 'The EU needs a crypto representative'

The Markets in Crypto-Assets Regulation (MiCA) establishes uniform rules for crypto-assets within the EU. It mandates that service providers obtain authorization and ensure consumer wallet protection, holding them liable if investors' crypto assets are lost. MiCA aims to enhance consumer protection in the crypto market through provisions on transparency, disclosure, and supervision for crypto-asset issuers and traders. Berger played a significant role in developing MiCA during his tenure as MEP, addressing market integrity, financial stability, and consumer protection.

Bybit, a cryptocurrency exchange, has announced it will cease offering withdrawal and custody services to users in France starting January 8, 2025. This decision is prompted by changes in regulatory frameworks within the country, necessitating adjustments to evolving EU regulations.

Coinbase has also revealed plans to delist specific stablecoins in the European Economic Area by the end of 2024. This move is a response to MiCA regulation requirements that stablecoin issuers comply with standards for transparency, liquidity, and consumer protection, according to Reuters.

Berger represents North Rhine-Westphalia as an MEP for the Christian Democratic Union (CDU), covering regions such as Lower Rhine, Düsseldorf, and Mettmann since 2019. He serves on the Committee on Economic and Monetary Affairs (ECON), focusing on competition, digitalization, innovation, and crypto assets. Berger is one of MiCA's creators and serves as its rapporteur.