The European Union has inched closer to adopting a bill that seeks to regulate crypto assets and establish financial safeguards in the region.
According to ECON Committee Press, lawmakers have green-lighted the provisional agreements on the Markets in Crypto Assets Regulation (MiCA).
In June, negotiators from the Council of the EU and ECON struck provisional agreements on the MiCA, which include matters involving the transparency, authorization and disclosure of crypto transactions as well as measures against financial crimes.
“The new legal framework will support market integrity and financial stability by regulating public offers of crypto-assets. Finally, the agreed text includes measures against market manipulation and preventing money laundering, terrorist financing and other criminal activities.”
After the approval by the Economic and Monetary Affairs Committee of the proposed crypto legislation, the final vote with the Parliament will follow.
Lead member of European Parliament Stefan Berger said,
“MiCA is a European success. We are the first continent to have a crypto-asset regulation. In the Wild West of the crypto-world, MiCA will be a global standard setter. MiCA will ensure a harmonised market, provide legal certainty for crypto-asset issuers, guarantee a level playing field for service providers and ensure high standards for costumer protection.
Tokenization will be as groundbreaking for the financial world as the introduction of the joint market was in the 17th century. With the MiCA regulation, reliable authorisation and supervisory structures for new tokens are now being created for the first time.”
During an informal meeting of the Economic and Financial Affairs Council (ECOFIN) in Paris early this year, President of the European Central Bank Christine Lagarde said it was critically important to pass MiCA as quickly as possible.
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