European Parliament Committee Approves The MiCA Crypto Framework

MiCA-Following a vote by the European Council, decision-makers of the European Parliament Committee on Economic and Monetary Affairs, or ECON, have approved the Markets in Crypto-Assets framework.

As a consequence of trilogue negotiations between the EU Council, the European Commission, and the European Parliament, ECON member Stefan Berger revealed in a tweet on October 10 that the committee has approved the MiCA law. The European Parliament’s plenary session is soon set to hold a final vote on the crypto framework policy, with 28 members voting in favor and one voting against.

A uniform regulatory framework for cryptocurrencies across the 27 member states of the European Union is what the MiCA proposal, which was initially presented to the European Commission in September 2020, wants to achieve. The crypto regulations might start to take effect in 2024 after passing legal and linguistic scrutiny, Parliament’s approval of the most recent version of the document, and publication in the official EU journal.

“It is important to ensure that the [European] Union’s financial services legislation is fit for the digital age, and contributes to a future-ready economy that works for the people, including by enabling the use of innovative technologies,” said the MiCA text as of Oct. 5.

Following the MiCA decision

The EU Parliament unanimously endorsed a temporary agreement on the Transfer of Funds Regulation, which establishes compliance requirements for crypto assets in a bid to combat money laundering. If given final approval, the two legislative frameworks would apply to EU member states but would also serve as a model for other countries’ legislators considering cryptocurrencies.

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