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The European Parliament has given its approval to the legislative framework for cryptocurrency throughout the European market.
Once implemented, the Markets in Crypto Assets (MiCA) framework will require digital asset companies to register with one of the EU's national authorities. This will enable them to operate throughout the bloc.
According to a statement from the EU Parliament on Thursday, companies that offer crypto platforms, issue tokens, and trade them will be required to comply with new rules related to transaction transparency, disclosure, authorization, and supervision. The European Securities and Markets Authority (ESMA) will act as the primary watchdog, with the power to either ban or restrict companies that do not comply with the regulations.
Albert Isola, the Minister for Digital and Financial Services at HM Government of Gibraltar, stated that "introducing new crypto-specific laws will allow for greater transparency, better protection for retail investors, and, in general, a far more stable and secure market." Isola also expects the regulations to increase economic activity in the EU since the current rules, which differ between countries, make it difficult for businesses to operate across borders.
The bill passed after two consecutive delays and extended debates regarding its specifics. A total of 517 members voted in favor, with only 38 voting against. The next step is for the European Council to approve the MiCA before it becomes effective regulation. European Financial Services Commissioner Mairead McGuinness expects the legislation to come into force in July after formal approval from the bloc's 27 member states.
MiCA is expected to be fully enforced by 2024, with rules on stablecoins anticipated in July 2024, and other provisions by January 2025. A single, targeted regulatory framework on such a massive scale is unprecedented and may serve as a model for other countries, such as the United Kingdom and India, seeking to follow suit.
