The European Parliament, on the crypto-asset markets (MiCA) is preparing to vote on the relevant regulations. Voting is expected to begin tomorrow. The landmark new legislation will be a pioneer in the market at a time when US officials present regulatory uncertainties.
European Union regulation aims to set EU-level harmonized rules for crypto assets. This regulatory framework will thus provide a legal basis for crypto assets not covered by current EU legislation.
Promoted as the most comprehensive regulatory framework for crypto, MiCA is awaiting final vote to be officially adopted. The text of the law covering three types of cryptoassets was approved in late 2022. A legislative vote was previously scheduled for January 2023 but was delayed due to technical issues. The ongoing EU plenary session will also vote on the Fund Transfer Regulation (TFR).
European Parliament to Vote MiCA Legislation
As we have reported as Koinfinans.com, USA cryptocurrency It has not been able to agree on a clear legal legislation on the subject. The fact that MiCA will be completed much earlier, in addition to the fact that markets are closely following the decisions in the US, turned things around. The legislation is allegedly drafted with a ton to encourage the innovation and use of crypto assets.
It is yet to be determined when the MiCA law will go into effect for crypto businesses. Industry experts say it will take approximately 18 months for effective regulation for Crypto Asset Services Providers (CASP) to take effect. predicts.
Entry into force in 1-2 months, entry into application in 12 months after that for stablecoin issuers, 18 months for CASPs.
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However, it is not yet clear whether the regulation will create a change in the global crypto regulatory space.
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