European Union officials have signed the Markets in Crypto-Assets, or MiCA, bill following final approval by finance ministers.
On May 31, the Swedish Minister for Rural Affairs, Peter Kullgren, and the President of the European Parliament, Roberta Metsola, they signed the long-awaited regulatory framework for cryptocurrencies, roughly three years after the measure was introduced by the European Commission. EU lawmakers had taken the MiCA framework from one legislative body to another, with different aspects of the bill being debated, before reaching final approval in 2023.
EU news
MiCA has been officially signed into law today by the European Parliament President Roberta Metsola and Swedish Rural Affairs Minister Peter Kullgren (Sweden holds the presidency of the Council of the EU atm).
Next steps:
1) Publication in the official journal of… pic.twitter.com/qY8QPnEZ9A—Patrick Hansen (@paddi_hansen) May 31, 2023
The goal of the MiCA framework is to create a coherent regulatory framework for crypto assets across EU Member States. Following today’s signing ceremony, the framework is expected to enter into force upon publication in the Official Journal of the European Union, with many of the MiCA regulations on crypto companies likely from 2024.
Since MiCA was first drafted in 2020, some EU lawmakers have suggested that a broader framework was necessary following the 2022 cryptocurrency market crash and high-profile bankruptcies, including those of FTX, BlockFi and Celsius. European Central Bank President Christine Lagarde has proposed a “MiCA II” bill based on the work of the first framework.
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