European Parliament to Vote on MiCA Text Following EU Council Approval

EU to Ban Crypto

October 6, 2022

Reading Time: 2 minutes

For a while, crypto regulation has been one of the main focuses of the European Union and one of the important aspects is the Markets in Crypto Assets framework, otherwise known as the MiCA framework.

Crypto regulations are on the rise by financial watchdogs and governments of different regions of the world, this, of course, is an indication that more investors will be getting interested in the space as more regulations will render crypto a trusted securities, get the financial liberation it offers through the information and education from experts that will propel you ahead of others.

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MiCA Text Gets Approval 

Crypto regulation in Europe is getting close to becoming a reality following the European Council’s decision to move forward with it.

According to a Wednesday note, the European Council representatives committee has approved and sent the MiCA text to the Parliament Committee on Economic and Monetary Affairs.

The Mica framework will become a reality “should the Parliament adopt its position at first reading” as per a statement by the chair of the permanent representative’s committee.

First introduced in 2020, the MiCA framework has met with a lot of controversies but in all, it focuses on having a uniform structure through regulation for cryptocurrency.

The approval of the MiCA framework is justified by;

“The lack of an overall Union framework for crypto-assets can lead to a lack of users’ confidence in those assets, which could significantly hinder the development of a market in those assets.”

The next meeting is scheduled for October 10, should the Parliament approve MiCA, the framework will be implemented and take effect from 2024.

Also earlier this week, there was a vote in the EU Parliament on a nonbinding resolution that will make cryptos a taxable asset. After passing with more than 90% votes, the framework has been approved by the Parliament.

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