The European Union’s Economic and Financial Affairs Council has approved the MiCA regulations following a May 16th vote on the matter. The Council consists of every member state’s finance minister. MiCA stands for Markets in Crypto-Assets and it has been eagerly anticipated for quite some time.
The Details Of MiCA Regulations
27 member countries and their finance ministers voted to approve the bill containing the MiCA Regulations. The voting also included matters regarding amendments to several other regulations as well as directives related to the latest MiCA regulation.
2 more legislative pieces were also up for approval in the Parliament of Europe along with the matter of the MiCA regulations. They received approval for adoption as well. They include regulations related to information regarding funds transfer as well as specific crypto assets.
The Parliament of Europe formally adopted these regulations on April 20th. This was the first step to receiving the ultimate approval from the Council of Europe before the parameters of regulations can be enforced and effective.
The legislation contains clear requirements and guidelines regarding regulation for the usage of cryptocurrencies and services and activities related to it throughout the Union of Europe. The legislation’s scope includes a wide variety of stablecoins, utility tokens, digital assets, as well as cryptocurrencies.
After this step, the lengthy process that will see MiCA regulations become law for the EU will need the bill to get published in an issue of the Official Journal of the European Union. After that, within the year of the publication date, MiCA will become effective. Thus, the regulations are expected to become certain laws somewhere in the middle of 2024. In September 2020, MiCA was first proposed by the Commission of Europe.
