Announced on the European Parliament’s website, a discussion on the Markets in Crypto Assets Regulation (MiCA), also known as the European Union’s crypto licensing regime, will take place on April 18th. This signifies the final formal agreement of the landmark law, with the final vote scheduled to take place on April 19 under normal Parliament procedures. The outlines of the law were finalized in June 2022, but the process of agreeing on a legal framework has been delayed due to the requirement for translation into all of the EU’s 24 nations official languages.
Following the MiCA debate on the 18th, discussions of another law, the transfer of funds regulation, will take place. This regulation will require crypto providers to verify all customers’ identity and was also provisionally agreed upon in June. Most larger centralised crypto exchanges (CEX) already require customer verification using identity documents for customers to have full access on accounts
In October of last year, members of the Parliament’s Economic and Monetary Affairs Committee voted 28-1 in favor of the new MiCA laws, and national diplomats have moved forward to endorse the plan. If approved, the legislation will provide crypto exchanges such as Coinbase and Binance with a license to operate across the bloc in exchange for meeting governance and consumer-protection norms. Additionally, it introduces reserve requirements for stablecoins. Once approved, the law will be published in the EU’s official journal and will take effect one to three years later.
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