Key points:
- On October 5, the European Council approved the Markets in Crypto-Assets (MiCA) bill, which contains a complete set of rules for the cryptocurrency market
- The vote for the approval of the bill by the European Parliament was scheduled for yesterday October 10
- The bill will come into effect in 2024 therefore all crypto entities will have up to 18 months to prepare themselves for the changes
Cryptocurrency regulation is a highly debated topic nowadays, therefore the European Union (EU) has decided to proceed with regulating cryptocurrency. On October 5 the European Council approved comprehensive Markets in Crypto-Assets (MiCA) regulation. This action indicates another significant step taken by European authorities to make sure that the crypto market plays by their rule. The vote for the approval of the bill by the European Parliament was scheduled for yesterday October 10.
Once approved, the bill is likely to have huge impact on the crypto market due to its broad reach. This regulation addresses topics such as consumer protection, the prevention of money laundering, the environmental impact of the industry and stable coins, as well as the accountability of crypto companies.
The controversial MiCA law will lead to a crypto industry debate. This bill may also be just the first in a series of changes coming to the global crypto market. The European regulation may lead to the new era in operations for the major crypto entities.
Stay tuned for the vote results!
