Following final approval from finance ministers, European Union officials signed the Markets in Crypto-Assets, or MiCA, bill into law. On May 31, Sweden’s minister for rural affairs, Peter Kullgren, and European Parliament President Roberta Metsola signed the long-awaited cryptocurrency regulatory framework, approximately three years after the European Commission proposed it.
Before gaining ultimate approval in 2023, European Union legislators moved the MiCA framework from legislative body to legislative body, with different sections of the law subject to dispute.
MiCA aims to establish a standard regulatory framework for crypto assets throughout European Union (EU) member states. upon today’s signing ceremony, the framework is set to take into force upon publication in the Official Journal of the European Union, with many of MiCA’s cryptocurrency-related laws likely to begin in 2024. Because MiCA was first proposed in 2020, several EU legislators have stated that a broader framework was required in the aftermath of the 2022 crypto market crash and high-profile bankruptcies such as FTX, BlockFi, and Celsius.