In Stefan Berger's words, “One step further... The result of the trilogue negotiation on #MiCA was accepted by the ECON committee...”
European Union lawmakers have approved the landmark legislation of the Markets in Crypto Assets Regulation (MiCA), which aims to regulate the crypto space within the union.
Officials in the European Parliament supported the bill massively, voting 28 to 1 in its favor. It will ensure stricter rules for cryptocurrency companies if passed in the next vote.
According to ECON Committee Press:
“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.”
The MiCA bill requires cryptocurrency issuers to publish a "crypto-asset white paper" that includes details of their project.
It also requires stablecoin firms to meet capital requirements. Such firms will be limited in the number of tokens they can issue if they are not denominated in Euros or other currencies used by European Union member states.
Furthermore, MiCA seeks to regulate cryptocurrency mining. It requires large crypto companies to disclose their power usage. It could also classify non-fungible tokens (NFTs) as securities in the new law.
In a tweet applauding the voting outcome, lawmaker Stefan Berger, who oversaw dialogue for the parliament, referred to the development as "good news."
In his words:
“One step further... The result of the trilogue negotiation on #MiCA was accepted by the ECON committee. good news.”
Although there are some reservations about the limitations the law places on the use of stablecoins, as well as the ambiguity on whether the regulations will apply to NFTs, the European cryptocurrency industry generally accepted the regulatory developments.
