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.

Payward Europe Solutions, an Irish subsidiary of Kraken registered in Dublin, was awarded virtual asset service provider (VASP) authorization from the Central Bank of Ireland on April 18.

Polygon Labs and Ledger have jointly written an open letter urging EU lawmakers to amend Article 30 of the Data Act related to rules for smart contracts. The companies argue that the current version will inhibit innovation and economic growth in the European crypto industry as it does not account for the intricacies of permissionless smart contract systems.

The European Union's regulatory framework called Markets in Crypto-Assets (MiCA) has been finalized and is set for a final vote on April 19, 2023. The MiCA regulations provide guidelines for handling cryptocurrencies and consumer protection, and divide crypto assets into different sectors, each subject to specific rules. Joachim Schwerin, principal economist at the Digital Transformation of Industry unit within the European Commission’s Directorate General for the Internal Market, Industry, Entrepreneurship and SMEs (DG GROW), sees the benefit of blockchain technology primarily in applications for the real economy. Schwerin does not share the European Central Bank's view that stablecoins pose a threat to financial stability and believes that society needs stablecoins in many different forms. The MiCA regulation could become a global regulatory standard, and Schwerin sees great interest from other countries, especially the United States.

The European Parliament is expected to approve new crypto licensing laws next week, with only one expected amendment having been tabled to the law ahead of a final vote. Lawmakers and European Union member states agreed to the Markets in Crypto Assets regulation (MiCA) last year, requiring crypto service providers to seek a license from national regulators, and the Transfer of Funds regulation, which obliges identity checks on those making crypto payments. The deadline for proposing further changes to the MiCA text has now expired, and documents published by the parliament suggest that the agreed changes are the only ones that will be discussed. The law is expected to pass.

The forthcoming Markets in Crypto Assets (MiCA) regulation in the European Union is expected to have a significant impact beyond its limited scope. The final text of MiCA is set to be voted on by the European Parliament later this month, and the law would likely enter into force in July. The MiCA regulation sets out to regulate those issuing crypto assets and ensure that investor information is honest. Providers of linked services will have to apply for a license to operate across the whole bloc. Stablecoin operators are also upbeat about the new regulation. The benefits of MiCA could be felt widely, as it provides a stable framework for the sector. EU member countries are currently in a race to see which of them can become the crypto hub of choice. Currently, France is the clear leader, with its existing regime known as PSAN having already registered some 66 crypto companies, including Binance, eToro, and Societe Generale. Other countries, such as Portugal, are urged to anticipate the impacts of MiCA, or they could lose the race to become a crypto hub.

Crypto companies in the UK are facing difficulty accessing banking services as banks request more documentation and information about monitoring client transactions. This is going against Prime Minister Rishi Sunak's plans to make the UK a global crypto hub. Venture capital investment in digital asset companies reportedly dropped 94% to $55 million in the UK so far in 2023, with crypto companies turning to payment service providers to maintain business operations.

New EU legislation aiming to regulate data sharing by IoT devices and services sets impossible compliance standards for smart contracts, making Web3 developers uneasy.

The next G7 meeting might bring a push from the seven biggest democracies for tougher regulations on cryptocurrencies around the world, Kyoto news agency reports on March 25.

The European Banking Authority (EBA) is hiring crypto-skilled staff as it seeks to prepare for duties under the European Union’s forthcoming Markets in Crypto Assets regulation (MiCA), according to a vacancy notice published on Wednesday.