Home Regulation European Parliament finally adopts the Markets in Crypto-Assets Act, MiCA

European Parliament finally adopts the Markets in Crypto-Assets Act, MiCA

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  • The MiCA Act was first introduced in 2020.
  • The European Parliament had previously postponed the vote on the bill twice in a row.
  • The MiCA Act is currently awaiting European Council approval to be published as a valid regulation.

After two consecutive postponements to the vote since the Markets in Crypto-Assets Act, known as MiCA, was introduced in 2020, the European Parliament has now voted to adopt the bill. The law will move to the next step of being approved by the European Council before being adopted as law.

The MiCA rapporteur and members of the European Parliament posted a tweet announcing the adoption of the bill shortly after the April 20 vote.

Unified European Crypto Rules

European policymakers aim to use the MiCA law to set a standard set of harmonized cryptocurrency rules and provide legal certainty for EU crypto assets.

This law provides guidelines for the operation, structure and governance of digital asset issuers. It also provides rules on disclosure and transparency requirements for cryptocurrency issuance and trading.

However, while MiCA is seen as a major step towards EU crypto regulation, there are still many issues that some crypto stakeholders disagree with the 400-page document. For example, the current draft does not mention decentralized finance (DeFi), cryptocurrency lending, or cryptocurrency staking, nor does it provide rules for non-fungible tokens (NFTs). .

Chainalysis’s head of EU policy recently pointed out that MiCA’s success hinges on correcting certain parts of the document and strong feedback from players. Nadia Filali, Blockchain Program Director at Caisse des Dépôts Group and others stressed the importance of regulators, governments and industry players working together to develop rules.

However, EU officials have stressed that the safety of cryptocurrency investors is MiCA’s primary objective.

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