The EU Council, one of the European Union’s legislative bodies, has approved a draft regulatory framework for the European cryptocurrency space. It will be up to European parliamentarians to approve the cryptocurrency market package before final adoption.
Comprehensive Crypto Regulation Moves Closer to Adoption in EU
According to a document released by the European Union Council after its October 5 meeting, the Committee of Permanent Representatives (COREPER) has approved the final version of the law on the crypto-asset market (MiCA). The Commission is made up of those responsible for her EU Member State Mission in Brussels.
The Coreper prepares agendas for Council Ministerial meetings and has the power to make some procedural decisions. The European Parliament was informed of the approval in correspondence with the Economic and Monetary Affairs Committee (ECON), which is scheduled to meet and vote next week.
In a letter, COREPER Chair Edita Hrda confirms that “should the European Union adopt its position at first reading… the Council would, in accordance with Article 294, paragraph 4 of the Treaty, approve the European Parliament’s position and the act shall be adopted in the wording which corresponds to the European Parliament’s position.”
The approval of the draft MiCA package by the Commission means that the three main bodies in the EU’s complex legislative process – the Parliament, the Council and the Commission – have announced earlier this year the text of sweeping proposals to regulate the block’s crypto economy. This was done after reaching agreement on They also agreed on a set of anti-money laundering rules for cryptocurrency trading.
After completing the approval process and publication in the Official Journal of the European Union, MiCA is expected to enter into force at the end of 2022. However, many of its provisions will come into force in late 2023 or mid-2024.
This law aims to regulate the activities of issuers of crypto assets and providers of related services while protecting customers and investors throughout the European Union. Previous attempts in parliament to overhaul it, including a controversial proposal to ban the provision of cryptocurrency services that rely on energy-intensive mining methods like Bitcoin, have spurred the growth of the Old Continent’s crypto industry and communities.
This week, MEPs called for the introduction of effective and consistent tax rules for crypto assets across member states. The non-binding resolution passed by a majority vote of European lawmakers also proposes to use blockchain technology in the fight against tax evasion and provide a simplified tax regime for small and casual crypto traders. Did.
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