He EU has scheduled a discussion on April 18 in the European Parliament for the Regulation of Markets in Cryptoactives (Mica).
On April 18, 2023, the European Union will debate MiCA and engage in talks about a controversial law known as "funds transfer regulation," which requires cryptocurrency providers to verify the identities of their customers. When it comes to MiCA, lawmakers on parliament's Economic and Monetary Affairs Committee voted 28-1 in favor of the legislation in October 2022, followed by an endorsement from national diplomats. Under normal parliamentary procedures, the final vote on MiCA will take place just one day after these consultations, on April 19.
Under MiCA, crypto businesses such as wallets and exchanges will receive a license to operate as long as they comply with certain governance and consumer protection regulations. The legislation also introduces reserve requirements for stablecoins. Once approved, the law will be published in the official journal of the EU and will enter into force between one and three years later.
The final MiCA vote was previously postponed
In June 2022, the European Council and the European Parliament reached a provisional agreement on MiCA, marking the first comprehensive EU position on cryptocurrencies. The move came a day after the European Council, the European Parliament and the European Securities and Markets Authority (ESMA) finalized measures designed to minimize money laundering in cryptocurrencies.
The bill was initially supposed to go to a final vote in November 2022, but the vote was pushed back to February due to a number of translation issues. In the EU, legal acts such as MiCA must be available in all the official languages โโof the bloc. Translating the nearly 400-page archive into the bloc's 24 official languages โโproved difficult, which is why the vote has been postponed once againthis time until April 2023.
By postponing the vote, EU officials also brought forward the deadline for the implementation of MiCA, as the European Securities and Markets Authority and the European Banking Authority have 12 to 18 months to draft technical standards after they have been approved. approved the bill. This means that the first MiCA legislation could go into effect in April 2024.
However, before it can have any real impact, the law must be approved by the legislators and national governments that make up the EU's Governing Council. Once approved, national regulators will have a say in interpreting and implementing the law.
