EU Council Approves Crypto Asset Market (MiCA) Law – Regulation Bitcoin News

The EU Council, one of the European Union’s legislative bodies, has approved a draft regulatory framework for the European cryptocurrency space. It will be up to European parliamentarians to approve the market for crypto-asset packages before final adoption.

Comprehensive Crypto Regulation Moves Closer to EU Adoption

The Committee of Permanent Representatives (COREPER) has approved the final version of the Crypto-Asset Market (MiCA) Law, according to a document issued by the European Union Council after its October 5 meeting. Head of the EU Member State Mission in Brussels.

COREPER is empowered to prepare the agenda for the Council’s Ministerial Meetings and to make some procedural decisions. The European Parliament was notified of the approval in response to the Economic and Monetary Affairs Committee (ECON), which is scheduled to meet and vote next week.

COREPER Chair Edita Hrda confirmed in a letter: Wording corresponding to the position of the European Parliament. ”

The Commission’s approval of the draft MiCA package means that the three main bodies of the EU’s complex legislative process – the Parliament, the Council and the Commission – will discuss the text of sweeping proposals to regulate the block’s crypto economy this year. It will take place after the initial agreement is reached. They also agreed on a set of anti-money laundering rules for transactions involving crypto assets.

The MiCA will enter into force after the approval process is completed and publication in the Official Journal of the European Union expected towards the end of 2022. However, many of its provisions are expected to take effect by late 2023 or mid-2024.

The law aims to regulate the activities of issuers of crypto assets and providers of related services while protecting customers and investors across the EU. Previous attempts to fix it in parliament, including a controversial proposal to ban the provision of cryptocurrencies that rely on energy-intensive mining methods like bitcoin, have slammed the crypto industry and communities of the Old Continent. caused a reaction of

This week, members of the European Parliament called for the introduction of effective and uniform taxation rules for crypto assets in member states. A non-binding resolution adopted by a majority vote of European lawmakers adopts blockchain technology in the fight against tax evasion and offers simplified tax treatment for small and occasional cryptocurrency traders. also suggested.

What impact do you expect the MiCA legislation to have on the European crypto space? Share your thoughts on the matter in the comments section below.

Lubomir Tasev

Lubomir Tasev, a tech-savvy journalist from Eastern Europe, loves what Hitchens says. In addition to cryptocurrencies, blockchain, and fintech, international politics and economics are sources of inspiration.