The European legislative body is now very close to establishing its crypto regulatory framework for the continent. The European Union’s Markets in Crypto Assets (MiCA) bill has been one long haul and the industry is earnestly waiting for it.
However, while the European Parliament seems set to rubber-stamp new crypto licensing laws next week, according to a recent document, only a single, expected amendment has been tabled to the law ahead of a crunch final vote.
In addition, an anonymous official briefed a media house about the internal talks on the topic. He said that it was likely that the scheduled vote will most likely be delayed for a day as part of a routine reshuffling of the schedule.
This implies that the debate which was previously scheduled for 18th April will be pushed to Wednesday, April 19, followed by a subsequent vote on Thursday, April 20. However, the official asked not to be named as the decision has not been made official yet.
The EU’s MiCA mandates providers of crypto services like wallets and exchanges to seek a license from the national regulators. It also requires these entities to strictly abide by the standards and prescribed procedures for meeting governance and consumer protection norms and also introduces reserve requirements for stablecoins.
Notably, the lawmakers and European Union member states, who meet in a separate body known as the Council of the EU, have already agreed to an outline of the law last year. The lawmakers have agreed on the MiCA alongside parallel anti-money laundering rules known as the Transfer of Funds Regulation (TFR) which obliges identity checks on those making crypto payments.
Sources reveal that after months of drafting, translation, and numerous delays, the deadline for proposing further changes to the MiCA text has now expired. The documents now published by the parliament imply that the agreed changes are the only ones that will be put up for discussion; however, the previous strong support for the law indicates it is likely to pass.
The world has set its eyes on Europe as it makes its way through the crypto industry via its landmark MiCA legislation. While the executives have appeared to be largely in favor of the legislation, some have also expressed their counter opinion suggesting additions, etc, or highlighting its inadequacy.