The Council of the EU approves the text of the MiCA, the proposal is submitted to the vote of the Parliament
The chairman of the Council's Permanent Representatives Committee has confirmed that the MiCA framework will be adopted "if the European Parliament adopts its position at first reading" .
New
Representatives of a European Council committee have made progress on regulating digital assets in the European Union through the Crypto-Asset Markets Framework, or MiCA, sending the finalized text to parliament for a vote .
According to an October 5 briefing note, the European Council's Committee of Permanent Representatives approved the text of the MiCA and forwarded it to the chairman of the European Parliament's Economic and Monetary Affairs Committee. Edita Hrdá, Chair of the Committee of Permanent Representatives, confirmed that the crypto framework proposal would be enacted "if the European Parliament adopts its position at first reading" in the same wording.
The MiCA proposal, first presented to the European Commission in September 2020, aims to create a consistent regulatory framework for cryptocurrencies between member states of the European Union. If the parliamentary committee approves the text, the policies could come into effect from 2024. The next meeting of the committee is scheduled for October 10.
“It is important to ensure that EU [European] financial services legislation is fit for the digital age and contributes to a future-ready economy that works for citizens, in particular by enabling the use of innovative technologies,” the most recent MiCA text said. "The absence of a comprehensive Union framework for crypto-assets may lead to a lack of user confidence in these assets, which could significantly hamper the development of a market for these assets."
Update on MiCA: The text was approved today in the Council of the EU and is now public!
Next steps:-ECON vote in EP on 10 October-Lawyer/linguist checks-Plenary vote in EP-Publication in EU Official Journal
MiCA text: https://t.co/7Er0dDJwxX
— Patrick Hansen (@paddi_hansen) October 5, 2022Rel...
The chairman of the Council's Permanent Representatives Committee has confirmed that the MiCA framework will be adopted "if the European Parliament adopts its position at first reading" .
New
Representatives of a European Council committee have made progress on regulating digital assets in the European Union through the Crypto-Asset Markets Framework, or MiCA, sending the finalized text to parliament for a vote .
According to an October 5 briefing note, the European Council's Committee of Permanent Representatives approved the text of the MiCA and forwarded it to the chairman of the European Parliament's Economic and Monetary Affairs Committee. Edita Hrdá, Chair of the Committee of Permanent Representatives, confirmed that the crypto framework proposal would be enacted "if the European Parliament adopts its position at first reading" in the same wording.
The MiCA proposal, first presented to the European Commission in September 2020, aims to create a consistent regulatory framework for cryptocurrencies between member states of the European Union. If the parliamentary committee approves the text, the policies could come into effect from 2024. The next meeting of the committee is scheduled for October 10.
“It is important to ensure that EU [European] financial services legislation is fit for the digital age and contributes to a future-ready economy that works for citizens, in particular by enabling the use of innovative technologies,” the most recent MiCA text said. "The absence of a comprehensive Union framework for crypto-assets may lead to a lack of user confidence in these assets, which could significantly hamper the development of a market for these assets."
Update on MiCA: The text was approved today in the Council of the EU and is now public!
Next steps:-ECON vote in EP on 10 October-Lawyer/linguist checks-Plenary vote in EP-Publication in EU Official Journal
MiCA text: https://t.co/7Er0dDJwxX
— Patrick Hansen (@paddi_hansen) October 5, 2022Rel...
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