The crypto community is abuzz with excitement as the Markets in Crypto Assets (MiCA) bill moves forward in the European Union.
On April 20th, the European Parliament voted in favor of the MiCA bill after it faced several delays since November 2022.
The bill's objective is to establish a uniform regulatory framework for crypto assets across all EU member states.
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However, before becoming law, the European Council must approve MiCA, and EU lawmakers need to conduct legal and linguistic checks and publish the bill in the EU journal. If all goes well, MiCA could come into effect as early as 2024.
Industry leaders and policymakers have applauded the bill's progress. Changpeng "CZ" Zhao, CEO of crypto exchange Binance, indicated that the company would start implementing changes to the crypto exchange within the next 12 to 18 months to comply with the potential new framework.
Some leaders pointed out that the United States seems to be lagging in digital asset regulation, which may push companies to the EU with the introduction of MiCA. One of those individuals is crypto exchange Gemini co-founder Tyler Winklevoss, who stated:
While US regulators have been busy infighting and refusing to provide the most basic of clarity for the crypto industry, the European Union just approved the MiCA regulation, which provides a comprehensive regulatory framework for crypto in Europe. It's sad to see the US being left behind on such an important technology and its promise.
Crypto exchange Coinbase also claimed that MiCA will "give crypto organizations the confidence to invest and grow in the region."
Crypto investors also celebrated the news, commenting on the EU Finance Twitter post that it is "a great step towards financial inclusion for everyone."
The advancement of the MiCA bill has generated positive reactions from the crypto community, reflecting the industry's eagerness for a consistent and clear regulatory framework in the European Union.
