Will European Parliament approve EU Council's MiCA bill?

October 11, 2022 08:19 PM AEDT | By Manu Shankar

Google News:

Will European Parliament approve EU Council's MiCA bill? — Image source: © Avictorero | Megapixl.com

Recent News

Iron Ore Weakness Weighs on ASX200 as Fortescue Sees Steep Drop

ASX 200 and All Ordinaries Growth Stocks: Cybersecurity and Green Ener...

ASX200-Linked Startup Kiki Exits NYC After Regulatory Crackdown

ASX300 Market Movers: Top Winners & Losers on June 17 – ASX300

Highlights

The landmark MiCA bill on 10 October got the nod of the European Parliament Committee.

It is believed that approximately 28 parliamentary committee members voted in favour of the crypto framework, while others voted against it.

Once the European Parliamentary clears the bill, we may see the crypto rules in 2024.

The landmark Markets in Crypto Assets (MiCA) bill on 10 October may have taken a big step towards crypto regulations after the European Parliament Committee gave its nod to the bill. The policymakers, in unison, approved the MiCA framework following a vote from the European Council. In a tweet, Stefan Berger confirmed the development that the committee recognized the MiCA legislation.

The confirmation comes after the EU council, The EU commission and the European Parliament nod to the framework. It is believed that approximately 28 parliamentary committee members voted in favour of the crypto framework, while others voted against it. The final decision is expected during a full European Parliament session.

The final outcome of MiCA keenly waited

If passed in the European Parliament as well, then Europe may well be the first region to have a full-fledged region which follows crypto regulations. Besides, it may also provide a template for other countries or regions to set rules in their area.

Once the European Parliamentary clears the bill, we may see the crypto rules effect in 2024. In fact, the discussions on the MiCA bill have been taking rounds since September 2020, and so far, it has undergone several voting and revisions.

So, is it a done deal?

Not at the moment. The MiCA proceedings will still have to undergo the usual proceedings of another round of voting. Unless there are further changes, the MiCA bill could ensure more oversight of crypto asset providers. The asset providers would not only have to give their details but also ensure that they can recover clients' crypto assets in case of a crash.

All in all, MiCA bill discussions have ensured that momentum has been building positively. The regulatory guidelines may have a big role as it may be the first documented piece of dos and don't from an authority.

Risk Disclosure: Trading in cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory, or political events. The laws that apply to crypto products (and how a particular crypto product is regulated) may change. Before deciding to trade in financial instruments or cryptocurrencies, you should be fully informed of the risks and costs associated with trading in the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed. Kalkine Media cannot and does not represent or guarantee that any of the information/data available here is accurate, reliable, current, complete, or appropriate for your needs. Kalkine Media will not accept liability for any loss or damage as a result of your trading or your reliance on the information shared on this website

Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Pty Ltd (Kalkine Media, we or us), ACN 629 651 672 and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated as or found to be necessary.