After two consecutive delays, the European Parliament has given its final vote on the Crypto Assets Markets Act, known as MiCA. The legislation, first introduced in 2020, now needs approval from the European Council to become effective regulation.
Immediately after the vote closed on April 20, MiCA's rapporteur and member of the European Parliament, Stefan Verger, called MiCA “a milestone for the cryptoasset industry.” With MiCA, European policymakers aim to develop standard regulations for crypto-U levels at E develop uniform rules, thereby providing legal certainty to the crypto industry and investors. The regulation will set out guidelines for the operations, structure and governance of issuers of digital asset tokens. It will also provide rules on transparency and disclosure requirements for issuing and trading transactions .
According to Chainalysis, specific provisions of the MiCA related to stablecoins will come into effect in July 2024, while other provisions, including those on crypto asset service providers, will take effect in January 2025. The rule is mostly viewed with cautious optimism. There are many problems with the 400-page document. Current drafts generally make no mention of decentralized finance (DeFi), fail to address the growing crypto lending and staking industry, and fail to specify any rules for non-fungible tokens.
Janet Ho, EU policy lead at Chainalysis, said during a recent panel discussion during Paris Blockchain Week 2023 that the success of MiCA will depend on strong feedback and revisions to some parts of the document. He was joined by Nadia Filali, director of blockchain projects at Caisse des Dépôts Group, who emphasized the importance of governments, regulators and industry players working together to develop regulations.
However, EU officials have stressed that investor safety is MiCA's main mission. As Joachim Schwerin, one of the leading economists at the European Commission, said in a recent interview with Cointelegraph, MiCA should minimize the negative impact of future events TX bank such as the Fcy .
