The Economic and Financial Affairs Council of the European Union, comprised of finance ministers from member states, has approved the long-awaited Markets in Crypto-Assets (MiCA) regulation following a decisive vote held on May 16.
The approval also included amendments to various regulations and directives linked to the new legislation.
A unanimous decision
In an unanimous decision, finance ministers from all 27 member voted in favor of the Markets in Crypto-Assets (MiCA) bill.
Following the formal adoption of the MiCA legislation by the European Parliament on April 20, the final step towards implementation involves receiving approval from the European Council.
Once this approval is granted, the regulatory parameters outlined in the legislation will come into effect.
The MiCA legislation is designed to establish clear regulatory guidelines and requirements for using cryptocurrencies, related services, and associated activities throughout the European Union. Its scope covers a wide range of digital assets, including cryptocurrencies, utility tokens, and stablecoins.
To complete its journey towards becoming E.U. law, the Markets in Crypto-Assets (MiCA) bill is now poised for publication in the Official Journal of the European Union. The countdown begins as MiCA is set to take effect within a year, with the regulations officially becoming law in the middle of 2024.
Simultaneously, the European Parliament has passed two additional pieces of legislation.
These encompass regulations concerning the information accompanying funds transfers and certain types of crypto assets. These legislative developments occurred alongside the adoption of MiCA, emphasizing a comprehensive approach to regulatory oversight.
A unified market environment
The impending implementation of the MiCA has garnered response from both cryptocurrency service providers and advocates. This legislation is set to create a unified market environment across Europe, ensuring fairness for all participants in the industry.
The stance taken by the European Union on crypto regulation is attracting global attention, with other jurisdictions observing the implementation of MiCA legislation and its outcomes.
As the E.U. pushes forward with a comprehensive crypto licensing regime, the regulation could serve as a blueprint for countries worldwide seeking to establish inclusive frameworks to govern the burgeoning crypto industry.
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