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The European Union has officially voted on the Markets in Crypto-Assets Act (MiCA) to set a standard regulatory infrastructure for cryptocurrencies. The legislation now needs approval from the European Council before going into the process of becoming standard regulation.
After the vote was cast, member of the European Parliament Stefan Verger reported:
“The EU Parliament has adopted the regulation. A milestone for the #cryptoasset industry. Thanks to all colleagues and to the community for all the support here!”
Habemus MiCA! Das EU-Parlament hat die #Regulierung angenommen. Ein Meilenstein für die #Krypto-Asset-Industrie. Danke an alle Kollegen und auch für den ganzen Support der Community hier! #MiCA 🎉 @btcecho @DECointelegraph pic.twitter.com/avPmOE2Vl0
— Stefan Berger (@DrStefanBerger) April 20, 2023
With the crypto-assets Act, regulators and policymakers will work towards establishing a standard set of regulations for cryptocurrency assets at a wide European Union level. This will eradicate any uncertainty for both investors and institutions acting in the industry. The Act will help dictate guidelines, creating infrastructure for the industry which will create policies for operations and issuance of digital assets.
When will MiCA be in effect?
According to a thread by Chainalysis, the Act which was first introduced in 2020 will likely have some regulations come into effect in 2024, such as those pertinent to stablecoins. Others will come in at the beginning of 2025.
THREAD: [1/6] Today, the EU Parliament voted to pass MiCA – the first comprehensive, EU-wide rules for crypto asset service providers and different crypto assets (including stablecoins).
— Chainalysis (@chainalysis) April 20, 2023
“With MiCA, market participants will no longer have to navigate 27 sets of different national rules, simplifying the authorisation process for service providers – or CASPs – operating in the EU single market… While national competent authorities will continue to supervise CASPs, the European Securities and Markets Authority will have new responsibility for the significant CASPs (e.g. those serving a daily average of more than 15 million active users in a year).”