The European Union Council has approved the text of the MiCA, sending the proposal to the European Parliament for a vote

The head of the Permanent Representatives Committee of the Council affirmed that the MiCA framework will pass if the European Parliament adopts its stance in the first reading.

Representatives from a European Council committee have advanced regulation of digital assets in the European Union through the Markets in Crypto-Assets, or MiCA, framework, submitting the finished text to parliament for a vote.

The Permanent Representatives Committee of the European Council accepted the MiCA draught on October 5 and sent it to the head of the European Parliament Committee on Economic and Monetary Affairs. Edita Hrdá, head of the Permanent Representatives Committee, said that the crypto framework proposal will be adopted “should the European Parliament take the same stance in first reading.”

The MiCA proposal, which was presented to the European Commission for the first time in September 2020, proposes to establish a uniform regulatory framework for cryptocurrencies throughout the member states of the European Union. If the legislative committee approves the text, the measures might be implemented in 2024. The next committee meeting is set for 10 October.

The most current MiCA text said, “It is essential to guarantee that the [European] Union’s financial services law is appropriate for the digital era and helps to a future-ready economy that works for the people, particularly by facilitating the use of new technology.” “The absence of a comprehensive Union framework for crypto-assets might result in a lack of user trust in these assets, which could considerably impede the growth of a market for these assets.”

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