In Europe, people are busy working on new rules for bitcoin and especially the industry around it. The so-called European crypto asset regulation (MiCA) has now been sent to the European Parliament.
So the European Commission has forwarded the bill to the next governing body. But that does not mean everything is now fixed. It is to be expected that some adjustments still need to be made.
And that’s not surprising. Because the MiCA is a plan to make all 27 EU member states equal when it comes to crypto rules.
The proposal first emerged in September of 2020. The goal is clear: there should be a legal framework for bitcoin and especially the industry. This should then happen by 2024.
A quote directly from the regulation: “It is important to ensure that [European] Union financial services legislation is fit for the digital age and contributes to a forward-looking economy that works for people, including by enabling the use of innovative technologies,” according to the latest MiCA text. “The absence of a general Union framework for crypto assets may lead to a lack of user confidence in those assets, which could significantly hinder the development of a market for those assets.”
It seems a matter of time until the MiCA is in place. And how that then plays out next. This plan is the first of its kind. Rules will continue to vary (slightly) from one European country to another, but many issues will be decided at the European level.
Update on MiCA: The text was approved today in the Council of the EU and is now public!
Next steps:
-ECON vote in the EP on Oct 10
-lawyer/linguist checks
-plenary vote in the EP
-publication in the official journal of the EUMiCA text: https://t.co/7Er0dDJwxX
— Patrick Hansen (@paddi_hansen) October 5, 2022
