Lawmakers overwhelmingly back EU crypto MiCA law in committee vote

European Union (EU) lawmakers on Monday voted 28 to 1 in favor of landmark new crypto laws, all but ensuring passage of the legislation that was approved by the bloc. national governments last week.

The Crypto Asset Markets (MiCA) Regulations allow providers of crypto wallets and other crypto services to trade across the bloc, if they register with national authorities and meet minimum safeguards designed to protect investors and maintain stability.

Monday’s vote by the Economic and Monetary Affairs Committee, based on an agreement reached privately with EU member states who meet in a body known as the Council, went proceeded without further discussion, paving the way for approval by the full European Parliament before the end of this year.

Lawmaker Stefan Berger, who led the talks for parliament, called the move “good newsin a tweet welcoming the vote.

The European crypto industry has widely welcomed the regulatory recognition, although there are some qualms about the restrictions it imposes on the use of stablecoins, crypto assets that seek to maintain their value against fiat currencies. , as well as uncertainties about whether the rules will apply to non-fungible tokens (NFTs).

The law will come into force between 12 and 18 months after it is published in the bloc’s official gazette, which is expected to take place next spring.

Read more: Industry offers cautious welcome to landmark EU crypto law MiCA

Shortly after the MiCA vote, lawmakers also supported a separate law to identify participants in crypto transactions in an effort to combat crypto money laundering. The Funds Transfer Regulationswhich previously drew criticism in the industry for threatening to regulate the use of private wallets, was jointly agreed with Parliament’s Civil Liberties Committee.

UPDATE (October 10, 2022, 4:53 PM UTC): Adds details about the transfer of funds by-law vote.

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