MiCA, the European Union’s (EU) cryptocurrency regulation bill, was approved by 517 votes today. Now, it is expected to pass the approval of the Council of Europe. The bill, which proposes harmonized rules for cryptocurrencies, also received support from Binance CEO CZ. Here are the descriptions…
Binance CEO comments on Europe’s hot MiCA bill
cryptocoin.com In this article, we have included the regulations that are expected to enter into force in the EU region together with MiCA. The bill, which aims to establish a standard regulation to create harmonized rules for cryptocurrencies, has not yet touched the areas of DeFi, NFT, lending and staking.
The legislation, known as MiCA, was passed in the European Parliament today after a series of delays. Binance CEO CZ, who has been under the scrutiny of US regulators recently, announced that they will act in line with MiCA…
Shortly after MiCA’s rapporteur and Member of the European Parliament Stefan Berger announced that the bill had been approved, CZ wrote on Twitter:
The European Parliament voted on the implementation of MiCA. The approval means that one of the world’s largest markets has introduced special regulations for crypto to protect users and support innovation. The finer details will be important, but overall we think this is a pragmatic solution to the challenges we face collectively.
“We are ready to adapt”
CZ later stated that with the approved bill, they will act in line with MiCA in their activities in the EU. The new rules are scheduled to be published in the EU’s official journal in June and will be implemented in 2024. Binance CEO, as the first crypto representative to comment on the hot development, says they will act according to the new rules:
There are now clear rules of the game for crypto exchanges to operate in the EU. We are ready to make adjustments to our business over the next 12-18 months to be in a fully compliant position.
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