A committee of MEPs approved on October 10 the framework or draft of the Cryptoasset Markets Act, popularly known as "MiCa" in a vote of 28 in favor and one against. The approval of this Act will soon be discussed in the Parliament of the European Union.
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The approval was announced by Stefan Berger, Member of the European Parliament's Committee on Economic and Monetary Affairs (ECON), who confirmed that the Commission has accepted the MICA legislation following trilogue negotiations between the European Commission, the Council of the European Union and the European Parliament.
The Markets in Crypto-Assets Act (MiCa) proposal was first submitted to the European Commission in September 2020 and aims to create a coherent regulatory framework for cryptocurrencies across the 27 Member States of the European Union. The final version of the MiCa text could be approved and published in the EU's official journal next year after the necessary checks and debates have been carried out, meaning that these crypto policies are expected to come into force around 2024.
The aim of this regulation, quoting the text contained in MiCa itself, is to "ensure that the European Union's financial services legislation adapts to the digital age and contributes to a future-proof economy that works for citizens by enabling the use of innovative technologies."
