Members of the European Council’s Markets in Crypto-Assets (MiCA) committee have sent the finalized framework for regulating digital assets in the European Union (EU) to the parliament for approval. MiCA Proposal Statements The MiCA document was accepted by the EU’s Permanent Representatives Committee and delivered to the head of the Economic and Monetary Affairs Committee of the European Parliament, based on a resource statement from October 5. The chair of the Permanent Representatives Committee, Edita Hrdá, stated that the cryptocurrency framework idea would be adopted should the European Parliament approve its stance at the first reading. The MiCA proposal, initially presented to the European Commission in September 2020, proposes to establish a uniform regulatory regime for cryptocurrencies throughout EU member states. If the parliamentary committee approves the document, the policies might go into force in 2024. The next committee meeting will take place on October 10. 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 EU MiCA text: https://t.co/7Er0dDJwxX — Patrick Hansen (@paddi_hansen) October 5, 2022 Effects of Proposal The most recent version of the MiCA text stressed the importance of ensuring that the European Union’s financial services regulation ...
