EU Council approves MiCA text, proposal moves to Parliament for vote
Representatives from a committee with the European Council have moved forward with regulating digital assets in the EU through the Markets in Crypto-Assets, or MiCA, framework, sending the finalized text to parliament for a vote.
According to an information note on Oct. 5, the European Council’s Permanent Representatives’ Committee approved the MiCA text and sent it to the chair of the European Parliament Committee on Economic and Monetary Affairs. Edita Hrdá, chair of the Permanent Representatives Committee, confirmed that the crypto framework proposal would be enacted “should the European Parliament adopt its position at first reading” in the same wording.
The MiCA proposal, first introduced to the European Commission in September 2020, aims to create a consistent regulatory framework for cryptocurrencies among European Union member states. Should the parliamentary committee approve the text, the policies could go into effect starting in 2024. The committee was scheduled to next meet on Oct. 10.
“It is important to ensure that the [European] Union’s financial services legislation is fit for the digital age, and contributes to a future-ready economy that works for the people, including by enabling the use of innovative technologies,” said the most recent MiCA text. “The lack of an overall Union framework for crypto-assets can lead to a lack of users’ confidence in those assets, which could significantly hinder the development of a market in those assets.”
Update on MiCA: The text was approved today in the Council of the EU and is now public!Next steps: -ECON vote in the EP on Oct 10-lawyer/linguist checks-plenary vote in the EP-publication in the official journal of the EUMiCA text: https://t.co/7Er0dDJwxX
Related: Europea
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