EU Officials Seal the Deal: Markets in Crypto-Assets Framework Becomes Law
After receiving final approval from finance ministers, EU officials have officially enacted the Markets in Crypto-Assets (MiCA) bill.
On May 31, Peter Kullgren, the Minister for Rural Affairs of Sweden, and Roberta Metsola, the President of the European Parliament, signed the long-awaited regulatory framework for cryptocurrencies into law.
This milestone comes approximately three years after the European Commission initially introduced the measure. The MiCA framework underwent extensive discussions among EU lawmakers, with various aspects of the bill being debated before reaching its final approval in 2023.
MiCA’s primary objective is to establish a consistent regulatory framework for crypto assets across EU member states. Following today’s signing ceremony, the framework is expected to become effective upon publication in the Official Journal of the European Union.
Many of MiCA’s regulations pertaining to crypto firms are anticipated to commence in 2024.
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Due to MiCA’s original drafting in 2020, some EU lawmakers have proposed the need for a broader framework in response to the 2022 crypto market crash and notable bankruptcies, such as FTX, BlockFi, and Celsius.
European Central Bank President Christine Lagarde has put forth a proposal for “MiCA II,” which aims to build upon the achievements of the initial framework.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
