The EU’s new regulatory framework for crypto, known as MiCA, is expected to be debated in the European Parliament on Tuesday or Wednesday next week, with a final vote expected a day later.
The new regulatory framework covers a number of issues within the crypto sector, including rules for companies issuing crypto assets and providers of related services, so-called crypto asset service providers (CASPs).
Among the affected companies will be crypto exchanges, custody providers, investment advisors, stablecoin issuers and many others that operate in the European market.
The upcoming debate on the MiCA bill was announced in the European Parliament’s draft work schedule for next week.
According to the document, the discussion is set for Tuesday, although a CoinDesk reportsCiting an unnamed source, it has been suggested that it may be pushed back by a day.
The law will come into force in July
The law is likely to come into force in July this year after it is voted on in the European Parliament, with some of the most important provisions expected to take effect 12 to 18 months later.
Although the bill was drafted and finalized by julyThe MiCA has still not entered into law due to several delays related to discussions on the legal text, which must be translated into more than 20 official languages of the EU.
According to supporters of MiCA, the new bill will help attract companies to the crypto sector to Europe, while establishing clear regulations for how these companies should operate.
As anyone who has followed the crypto industry for a while can attest, regulatory clarity is probably the most important thing for cryptocurrency companies when choosing a jurisdiction to operate in.
Among those who have applauded the new law in the past is Rebecca Rettig, a board member of the now-defunct crypto-focused bank Silvergate, who tweeted Said The rules “provide clarity to the crypto space” while also noting that “more work remains to be done.”
MiCA stands for Markets in Crypto Assets, and is a comprehensive regulatory framework for the crypto sector in the European Union.
Law passed a vote in the European Council In October last year.
