EU officials enact Crypto-Assets Markets framework

Officials from the European Union have signed the Markets in Crypto-Assets (MiCA) bill into law after receiving final approval from finance ministers. On May 31, the President of the European Parliament, Roberta Metsola, and Sweden’s minister for rural affairs, Peter Kullgren, signed the MiCA cryptocurrency regulatory framework into law, three years after it was introduced by the European Commission. The MiCA framework had been subject to debate and scrutiny by lawmakers in the EU before finally being approved in 2023.

The European Parliament President, Roberta Metsola, and Swedish Rural Affairs Minister, Peter Kullgren, have officially signed MiCA into law today. Next steps: 1) Publication in the official journal of… pic.twitter.com/qY8QPnEZ9A

— Patrick Hansen (@paddi_hansen) May 31, 2023

MiCA aims to create a uniform regulatory framework for crypto assets among EU member states. After the signing ceremony, the framework is expected to go into effect upon publication in the Official Journal of the European Union, with many of MiCA’s regulations on crypto firms likely starting in 2024.

Related: 3 takeaways from the European Union’s MiCA regulation

Since MiCA was first drafted in 2020, some EU lawmakers have suggested that a more comprehensive framework was needed following the 2022 crypto market crash and high-profile bankruptcies involving companies such as FTX, BlockFi, and Celsius. European Central Bank President Christine Lagarde has proposed a “MiCA II” to build on the work of the first framework.

Magazine: Crypto City Guide to Prague: Bitcoin in the heart of Europe

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