The European Parliament, Council, and Commission will now examine the ground-breaking Markets in Crypto Assets legal framework.
On Thursday, the next round of discussions on the European Union’s (EU) major Markets in Crypto Assets (MiCA) regulatory package is scheduled to begin.
MiCA will now be the topic of informal tripartite conversations (dubbed trilogues) between the EU’s three houses of government — the Commission, the Parliament, and the Council.
Stefan Berger, the politician in charge of the framework’s passage through the parliamentary procedure, confirmed to CoinDesk that the trilogues would begin on Thursday as scheduled.
The MiCA framework, which went into effect in 2020, intends to streamline the spread of crypto firms throughout the EU’s 27 member states by including a broad range of standards applicable to crypto issuers and service providers. Additionally, it contains additional legal rules for stablecoins, which are cryptocurrencies tethered to other assets, such as the US dollar.
The framework recently passed the European Parliament following several tense weeks during which lawmakers debated whether to include provisions effectively banning popular cryptocurrencies such as bitcoin (BTC) and ether (ETH) in the EU due to concerns that the networks that support these currencies consume too much energy.
Following a tight vote earlier this month in Parliament’s Economic and Monetary Affairs Committee, the draught dropped the disputed provision and is now proceeding unopposed to the next level of negotiations.
Trilogue agreements are informal and must be officially authorised by each of the organisations concerned. Although significant changes are rarely adopted during this phase, legislators may still need to finalise a number of details, including the agencies that will be responsible for overseeing the crypto space and whether decentralised finance (DeFi) or non-fungible tokens (NFT) should be included in the framework’s scope.
Also Read: 53% of Americans Believe Crypto Is the Way Forward
