2023-05-16 17:34:47
The European Parliament has approved the long-awaited cryptocurrency regulation, adopted the so-called Markets in Crypto Assets (MiCA) package of regulations on April 20, 2023. And recently the package approved also the Economic and Financial Council of the European Union. It is one of the oldest organizations of the Council of the European Union, which consists of the economic and finance ministers of the 27 member states of the European Union. During the approval on May 16, some amendments were made to the regulation.
MiCA regulation still has a long way to go
Two additional texts were included as a result of the May amendments, which are related to the movement of certain crypto-assets and resources. We have already written a lot regarding the MiCA regulation, aims to provide clear and standard regulation for the trading and use of cryptocurrencies in the European Union. It also applies to cryptocurrencies, digital assets, stablecoins and other tokens. But not only this is regulated by MiCA, but also, for example, the registration and operation of crypto-exchanges, as well as the issuance of new cryptocurrencies. It is now clear what risk and security requirements must be met by the issuer of, say, a stablecoin.
For the MiCA to become actual EU law, it must be published in the Official Journal of the European Union. It will then be enacted into law, which will happen sometime in mid-2024. Overall, the regulatory package has come a long way since it was first proposed for introduction in 2020. At the beginning, the responses were not very positive, but today there are voices in the crypto markets that say MiCA might be an opportunity. As the regulatory environment will be less uncertain, it will be much easier to operate throughout the European Union without obstacles or fear of legal sanctions.
Published on the BitcoinBázis page.
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