European Parliament committee backs MiCA bill

Members of the European Parliament’s Committee on Economic and Monetary Affairs, in a vote on 10 October, backed the MiCA bill regulating cryptocurrencies MiCA.

MEPs from @EP_Economics voted to confirm w/ 28/1 provisional deal on markets in crypto assets #MICA @DrStefanBerger ahead of the final plenary vote
30 June deal details ⬇️⬇️🗒️https://t.co/zFPKaTxki9

— ECON Committee Press (@EP_Economics) October 10, 2022

They passed the document with 28 votes in favour and 1 against. Deputy Stefan Berger called the results “good news”.

Wieder einen Schritt weiter…Das Ergebnis der Trilog-Verhandlung zu #MiCA wurde vom ECON-Ausschuss angenommen. Gute Nachrichten 👍🏼 https://t.co/z73pkZMYvO

— Stefan Berger (@DrStefanBerger) October 10, 2022

The final approval by the European Parliament is expected by the end of October. The document will be published in the Official Journal of the EU at the start of next year, before it takes effect in 2024.

On 5 October, the Council of the EU signed the draft text of the bill regulating digital assets without further discussion. MiCA includes rules that apply to issuers of unbacked crypto assets, issuers of stablecoins, trading and custodial platforms.

Crypto-asset service providers will be required to adhere to strict consumer-protection requirements, and trading platforms will be required to provide a white paper.

In July, the European Parliament and the Council of the European Union agreed on a provisional version of MiCA. The draft law did not affect NFTs, though related provisions could be added later.

In September it emerged that representatives of Germany, Italy and the Netherlands insisted on preserving the provision regarding a daily limit of €200 million on transactions of stablecoins backed by assets other than the euro.

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