European Union lawmakers have shown continued support for the Markets in Crypto Assets regulation (MiCA) in a Wednesday debate, signaling that the licensing law will easily pass a vote due Thursday. MiCA would allow crypto exchanges and wallet companies to offer regulated services across the bloc and requires stablecoin issuers to hold sufficient reserves. The law is expected to gain the majority needed in a vote scheduled for Thursday. The legislation aims to protect consumers, avoid market abuse, and curb money laundering. MiCA should restore trust and bring stability to the sector, according to German center-right lawmaker Stefan Berger. The rules will take effect 12 to 18 months after the legislation is published in the bloc's Official Journal, which is likely to happen in June, potentially making the EU the first major jurisdiction with a wide-reaching crypto law.
(By Jack Schickler)
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