Post
Topic
Board Legal
Re: Is the Bitcoin Lightning Network banned in Europe?
by
zasad@
on 01/12/2023, 14:30:31 UTC

They don't care about LN and they won't!

First any amendments major to MICA would need again all the legal steps and since it's an general financial regulation it would need this time not just an majority in the EU parliament and Council but it will require all those to go through the Commission, and here each country had a veto right.

Second, why would they care, the law covers the entry point and the exit point of LN, since no financial institution that deals with fiat can have its business only on LN, it makes little sense to have it targeted once the gateway is regulated.
Thanks for the answer. I did not manage to study the entire MICA law, but I am sure from my own experience that one law is not enough. In my country, questions always arise during the work of laws and instructions, recommendations, clarifications, methodological instructions, and so on appear. One law becomes the reason for many regulatory documents, and after a couple of years of work, judicial practice is added.
So, will all additional documents be done centrally or is the law so ideal that this will not be required? Or will each country have its own views on controversial issues?