MiCA Framework Signed into Law by EU Officials

banner-image

🚀 Stay Ahead with AltcoinDaily.co! 🌐

As per the recent updates, the Markets in Crypto-Assets (MiCA) bill was officially signed into law by representatives of the European Union following final clearance from finance ministers.

MiCA Finally Arrives in the EU

Approximately three years after the European Commission proposed the legislation, Sweden’s minister for rural affairs, Peter Kullgren, and the president of the European Parliament, Roberta Metsola, inked the long-awaited crypto legal framework into legislation on May 31. 

Three Years into Making

Before receiving ultimate approval in 2023, legislators in the EU had passed the MiCA framework from parliament to the legislative body while debating various components of the measure. Through MiCA, the EU member states will have a uniform regulatory structure for crypto assets.

  🌟 Unlock Crypto Insights with AltcoinDaily.co! 💰

The framework is anticipated to take effect after the ceremony of signing and be published in the EU Official Journal. Many of the MiCA’s rules on cryptocurrency enterprises are anticipated to commence around 2024.

Suggestions for a “MiCA II” Draft

Given that MiCA started out in 2020, some EU MPs have argued that a more comprehensive structure was required in the months following the events of the 2022 crypto market crisis and high-profile failures like FTX, BlockFi, and Celsius. 

Christine Lagarde, president of the European Central Bank, has suggested a “MiCA II” that builds on the achievements of the original framework.

 🦂 AltcoinDaily.co is your trusted source for the latest in crypto news and insights. 🚀

In an interview with The Block in November last year, MEP Ondrej Kovarik stated that MiCA would not have totally averted or avoided the repercussions, despite improving transparency and investor protection standards.

Crypto Firms Eye European Market

Meanwhile, a number of businesses are looking to expand into Europe. Gemini, the Winklevoss Twins’ exchange platform, has decided to base its European operations in Dublin, Ireland, as reported by TheCoinRise

Gemini anticipates expanding its staff after the EU approved the new Markets in Crypto-Assets rules (MiCA), which went into effect on May 16. Additionally, the Berlin-based neobank N26 has increased the number of branches in five European nations: Germany, Ireland, Switzerland, Belgium, and Portugal.

 🔍 Your Crypto News Hub: AltcoinDaily.co! 🌐

December 10, 2024

Missed Out on Floki Inu’s Millionaire Rally? Don’t Sleep on BTFD..

December 10, 2024

Best Cryptos to Invest in Today: Explore Qubetics’ 10% Weekly Price..

December 10, 2024

BlackRock’s iShares Bitcoin Trust ETF (IBIT) has recorded a sizable drop..

ads-image ads-image
features-presales-thunder

Stay ahead in crypto with AltcoinDaily.co! Get the latest news, expert analysis, and blockchain insights. Your trusted source for all things cryptocurrency. 🚀💰

Join Now