The landmark Markets in Crypto Assets bill (MiCA) has scaled another hurdle and is one step away from being law as the European Union lawmakers sign off on the bill that will regulate the digital asset space within member countries.
According to reports by the Economic Committee Press, the European Parliamentary officials voted massively in support of the bill recording 28 votes to 1. This, therefore, means the bill has completed the tripartite deal needed for the implementation.
With the landslide vote in support of the bill, it could become a law governing the 27 member countries within the union at the start of 2024 at the earliest.
Following this approval from the parliament, MiCA can now be published in over 20 languages of the EU before it is adopted for enforcement. The MiCA bill provides a 12-18 months period for players to be familiar with the provisions of the new law.
Recall that the European Council through the representatives of the government of the bloc’s members recently approved the MiCA bill’s text. As earlier reported by TheCoinRise, the EU first agreed on the law that guides the crypto industry back in July with many praising the development of the MiCA regulation.
According to the provisions of the bill, it will regulate crypto-related activities in the region. It will also bring stringent oversight for crypto-asset service providers (CASPs).
The bill which was first introduced by the European Commission two years ago will also harmonize an otherwise fragmented legislative landscape. It will also address portions of the crypto industry that are currently exempted from relevant laws.
Although the EU is working tirelessly towards having a harmonized law for the union with MiCA, a July report shows that the European Banking Authority (EBA) lacks crypto experts on its team. This might result in complications as regards the implementation of the bill.
Should MiCA finally become law, it will be a turning point for Europe’s crypto industry with a focus on the issuance of cryptocurrencies.