While the crypto-focused regulatory framework still needs approval from the European Council before final adoption, many in the space have reacted positively to the advancement of the Markets in Cryptoassets (MiCA) bill.
On April 20, the European Parliament voted to adopt MiCA after two delays from November 2022. The bill aims to create a consistent regulatory framework for crypto assets across EU member states. The policy could come into force as early as 2024, depending on how European Council votes, although EU lawmakers still need to carry out legal and linguistic checks on MiCA and publish the bill in the EU Journal. Many cryptocurrency industry leaders and policymakers largely praised the bill's approval.
Binance CEO Changpeng Zhao "CZ" has suggested that he will start making changes to the exchange within the next 12 to 18 months to comply with the potential new framework. Others blamed the US for appearing to be lagging behind in digital asset regulation a move that could push companies toward the EU by implementing MiCA. "Overall, we see this as a pragmatic solution to the challenges we all face," CZ said. "There are now clear rules of the game for cryptocurrency exchanges operating in the EU."
Ahead of the vote in the European Parliament, EU Financial Stability Commissioner Mairead McGuinness told lawmakers that they are “ahead of many other jurisdictions” when it comes to crypto regulation. More than 500 MPs ultimately voted for MiCA. One of the key votes on the Crypto framework came as many lawmakers around the world called for regulatory clarity after the crypto market crashed and high-profile companies went bankrupt. ECB President Christine Lagarde also suggested that policy makers need to implement a broader framework to deal with Fsuggesting TX "MiCA II" will be launched in the future.
