EU Parliaments To Vote On Crypto Rules; Here’s What To Expect


Crypto Regulation News: The European Parliament is set to vote on the adoption of a new regulation on crypto-assets markets (MiCA) on September 25. The landmark legislation marks the most advanced set of crypto-specific rules in the world, while the US authorities have yet to create a clear roadmap for crypto regulation. The EU Regulation seeks to provide legal certainty to crypto assets that are not covered by existing EU legislation.

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The EU’s upcoming vote is for formal adoption of the MiCA framework, which is believed to be the most comprehensive set of rules for crypto assets. The plenary sessions that will lead up to the vote will continue until Thursday. The MiCA text, which covers assets of three different types, was approved in late 2022 and was originally planned to be voted on in 2023. However, technical issues have delayed the vote.

EU Vote On Crypto Rules

The US regulators’ approach to the crypto market has been clouded by the tumultuous year, while the EU’s efforts to create a unified framework are seen as a step in the right direction. The MiCA Regulation “promotes innovation and use of crypto assets,” in contrast to the SEC Chair Gary Gensler during Tuesday’s House Financial Services Committee Hearing on SEC Oversight.

The exact date of when MiCA will come into effect for crypto-businesses remains unknown, with industry insiders estimating it will take up to 18 months for the regulation to be fully implemented. Crypto Asset Services Providers (CASP) will be among those affected.

It remains to be seen how the new regulation will impact the crypto regulatory landscape.

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