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European Council Votes In Favor of MiCA Crypto Regulation

The European Council has voted in favor of the MiCA regulation.

By Finst News
• 3 min read
European Council Votes In Favor of MiCA Crypto Regulation

The European Council has voted in favor of the MiCA regulation. There is one last step before the law is adopted.

Heads of State and Government Vote on the Regulation

The EU Heads of State and Government panel voted on Wednesday, October 5, in favor of the comprehensive MiCA regulation. This comes from meeting documents from the committee. The regulation would be the first uniform crypto framework in the European Union. The only remaining step is the vote in the European Parliament next week.

Implementation of the New Guidelines

The guidelines are expected to take effect in early 2024. In addition to regulating cryptos like Bitcoin and Ethereum, questions about stablecoins and the role of crypto service providers also need to be clarified. In general, experts view the EU's regulatory approach positively. Especially in the previously fragmented legal landscape, it should bring more order in this regard.

Binance Joins the New Regulation

Binance founder Changpeng Zhao even believes he will see a global standard for crypto regulation in the upcoming rules. Still, there have been controversial proposals in the editorial process. For example the bitcoin ban discussed in parliament or a cap on non-euro stablecoin transactions.

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