The European Council has approved a proposal for the cryptocurrency regulation Markets in Crypto Assets Regulation (MiCA).
The EU Council’s Permanent Representatives Committee approved the proposal on Wednesday, October 5.
The proposal was sent to the chair of the European Parliament Committee on Economic and Monetary Affairs and confirmed by the chair of the Permanent Representatives Committee Edita Hrdá.
Hrdá said the crypto framework proposal would be put in motion “should the European Parliament adopt its position at first reading”.
All lawmakers are required to formally agree on the full legal text, according to the Proposal for a Regulation of the European Parliament and the Council on Markets in Crypto-assets.
This is the first step in establishing a licensing procedure for operating crypto exchanges and assets in Europe and is expected to commence in 2024.
The proposal stated that “to ensure the proper supervision and monitoring of offers to the public, issuers of asset-referenced tokens should have a registered office in the Union”.
Since it was first introduced in September 2020, the MiCA proposal aims to create a stable regulatory framework for the use of cryptocurrencies in Europe.
If the proposal is approved, the use of crypto assets is expected to bring the possibility of “significant benefits” towards market participants and retail investors.
Looking for your next crypto casino? Check out: Bitcasino or FortuneJack.