ALTWOW LOGO ALTWOW LOGO
  • HOME
  • PR
  • ALTCOINS
  • AIRDROP
  • DEFI
  • NEWS
    • Bitcoin News
    • Blockchain News
    • Exchange News
    • ICO News
    • Mining News
    • Regulations News
  • EXCHANGE
  • CASINO
  • MORE
    • Advertising
    • ICO
    • Web Hosting
    • Affiliate Program
    • Wallet
    • Apps
    • BOTS
    • Cards
    • MINING
Reading: Hit the road as soon as next year! EU Passes World’s First Cryptocurrency Regulation Act “MiCA”
Share
Ad image
Altwow Blogging WowAltwow Blogging Wow
Font ResizerAa
  • ABOUT
  • TOS
  • Cookie Policy
  • Comment Policy
  • Disclaimer
  • Privacy Policy
  • Advertisement
  • Submit Guest Post
  • Sitemap
Search
  • HOME
  • PR
  • ALTCOINS
  • AIRDROP
  • DEFI
  • NEWS
    • Bitcoin News
    • Blockchain News
    • Exchange News
    • ICO News
    • Mining News
    • Regulations News
  • EXCHANGE
  • CASINO
  • MORE
    • Advertising
    • ICO
    • Web Hosting
    • Affiliate Program
    • Wallet
    • Apps
    • BOTS
    • Cards
    • MINING
Have an existing account? Sign In
Follow US

Home - Hit the road as soon as next year! EU Passes World’s First Cryptocurrency Regulation Act “MiCA”

Crypto News

Hit the road as soon as next year! EU Passes World’s First Cryptocurrency Regulation Act “MiCA”

Wow News
Last updated: 21/04/2023 9:38 pm
Wow News
Published: 21/04/2023
Share
Hit the road as soon as next year! EU Passes World's First Cryptocurrency Regulation Act "MiCA"
SHARE

The European Parliament’s landmark Crypto-Asset Markets Regulation Act (MiCA) paved the way for Europe-wide cryptocurrency regulation and made the EU the first major jurisdiction to fully introduce a crypto-asset regulatory framework, ahead of the UK and US.

Contents
  • Effective 2024 at the earliest
  • Effective 2024 at the earliest

EU lawmakers passed the bill on April 4 by 20 votes in favor, 517 against and 38 abstentions, heralding the coming of the era when the crypto asset market is uniformly regulated in Europe. Since MiCA is a Regulation in the EU legislative hierarchy and has direct legal effect on EU member states, it will replace all regulatory provisions for crypto assets within EU member states.

The vote follows Wednesday’s debate, in which EU lawmakers advocated for the introduction of licensing for wallet providers and exchanges, and required stablecoin issuers to maintain ample reserves.

Effective 2024 at the earliest

The Crypto Asset Market Regulation Act (MiCA) was first proposed by the European Commission in 2020, and although it has now been passed by the European Parliament, it must still be approved by the European Council before it can officially become EU law.

- Advertisement -

The main provisions of the bill will be published in the Official Journal of the European Union, and the provisions for stablecoins will enter into force by July 2024 at the earliest, while other regulations will not be on the road until January 7.

In a Twitter post, EU Financial Stability Commissioner Mairead McGuinness described MiCA as the world’s first comprehensive regulatory framework for crypto assets. She said

The European Parliament’s landmark Crypto-Asset Markets Regulation Act (MiCA) paved the way for Europe-wide cryptocurrency regulation and made the EU the first major jurisdiction to fully introduce a crypto-asset regulatory framework, ahead of the UK and US.

EU lawmakers passed the bill on April 4 by 20 votes in favor, 517 against and 38 abstentions, heralding the coming of the era when the crypto asset market is uniformly regulated in Europe. Since MiCA is a Regulation in the EU legislative hierarchy and has direct legal effect on EU member states, it will replace all regulatory provisions for crypto assets within EU member states.

The vote follows Wednesday’s debate, in which EU lawmakers advocated for the introduction of licensing for wallet providers and exchanges, and required stablecoin issuers to maintain ample reserves.

- Advertisement -

Effective 2024 at the earliest

The Crypto Asset Market Regulation Act (MiCA) was first proposed by the European Commission in 2020, and although it has now been passed by the European Parliament, it must still be approved by the European Council before it can officially become EU law.

The main provisions of the bill will be published in the Official Journal of the European Union, and the provisions for stablecoins will enter into force by July 2024 at the earliest, while other regulations will not be on the road until January 7.

In a Twitter post, EU Financial Stability Commissioner Mairead McGuinness described MiCA as the world’s first comprehensive regulatory framework for crypto assets. She said

- Advertisement -

In a statement released by the European Parliament, Stetfan Berger, the lawmaker who led the negotiation of the law, said the rules would put the EU at the forefront of the token economy. He noted:

Regulatory clarity on the crypto asset industry in Europe is non-existent in countries such as the US, and industries damaged by the FTX crash can now regain trust.

Regulatory clarity on the crypto asset industry in Europe is non-existent in countries such as the US, and industries damaged by the FTX crash can now regain trust.

Share This Article
Facebook Email Print
How to Build a Crypto Mining Rig: Step-by-Step Guide for Beginners
How to Build a Crypto Mining Rig: Step-by-Step Guide for Beginners
Uncategorized
How to Download Cudo Miner: Step-by-Step Guide
How to Download Cudo Miner: Step-by-Step Guide
Guide
How to Pay Taxes on Crypto Staking Rewards: Step-by-Step Guide
How to Pay Taxes on Crypto Staking Rewards: Step-by-Step Guide
Guide
Where Is Bitcoin Mined? Discover Top Crypto Mining Locations
Where Is Bitcoin Mined? Discover Top Crypto Mining Locations
Guide
ALTWOW LOGO

Altwow.com is your reliable source for the latest crypto news, exchange reviews, and blockchain insights. We provide accurate information on DeFi projects, trading platforms, and digital assets to help investors stay ahead in the fast-moving world of cryptocurrency.

[mc4wp_form]

Qucik Menu

  • ABOUT
  • TOS
  • Cookie Policy
  • Comment Policy
  • Disclaimer
  • Privacy Policy
  • Advertisement
  • Submit Guest Post
  • Sitemap

Quick Link

© ICURE Network. ICURE Design Company. All Rights Reserved.

Follow US on Socials

Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?