coinspress.com
After receiving final approval from finance ministers, EU officials have officially enacted the Markets in Crypto-Assets (MiCA) bill.
On May 31, Peter Kullgren, the Minister for Rural Affairs of Sweden, and Roberta Metsola, the President of the European Parliament, signed the long-awaited regulatory framework for cryptocurrencies into law.
This milestone comes approximately three years after the European Commission initially introduced the measure. The MiCA framework underwent extensive discussions among EU lawmakers, with various aspects of the bill being debated before reaching its final approval in 2023.
MiCA’s primary objective is to establish a consistent regulatory framework for crypto assets across EU member states. Following today’s signing ceremony, the framework is expected to become effective upon publication in the Official Journal of the European Union.
Many of MiCA’s regulations pertaining to crypto firms are anticipated to commence in 2024.
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Due to MiCA’s original drafting in 2020, some EU lawmakers have proposed the need for a broader framework in response to the 2022 crypto market crash and notable bankruptcies, such as FTX, BlockFi, and Celsius.
European Central Bank President Christine Lagarde has put forth a proposal for “MiCA II,” which aims to build upon the achievements of the initial framework.