The European Council approved the Markets in Crypto Assets Regulation (MiCA), the first step towards establishing a licensing system for cryptocurrency exchanges and assets.
- European Parliament lawmakers must still agree on the full legal text formally. In 2024, the regulation is expected to take effect.
- “Registration in the Union is required for asset-referenced token issuers to be able to supervise and monitor public offerings,” according to the proposal.
- According to the proposal, stablecoins and cryptocurrencies are subject to regulations regardless of how they are designed.
- Crypto assets could also benefit retail investors and market participants, according to the proposal.
- The European Commission first received the MiCA proposal in September 2020.