The process of MiCA legislation appears to come to an end.
The European Parliament will soon vote on a new crypto licensing legislation known as Markets in Crypto Assets (MiCA).
According to the documents published on April 12th, only one amendment has been submitted for MiCA's legislation.
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An anonymous official familiar with European Parliament's internal discussions claimed that the vote, initially planned for next week, will likely be postponed by one day due to routine schedule adjustments.
Therefore, it can be assumed that the debate will be held on April 19th, followed by the vote on April 20th. However, the person familiar with the matter revealed that no final decision had been made.
It is worth noting that last year, the Council of the EU and other lawmakers have already agreed upon the outline of the law and anti-money laundering rules, dubbed the Transfer of Funds Regulation.
The MiCA regulation mandates crypto service providers such as wallets and crypto exchanges to obtain licenses from national regulators. On the other hand, the Transfer of Funds Regulation orders crypto investors to pass identity verification before making crypto payments.
Following several delays and months of drafting and translation, the deadline for proposing additional modifications to the MiCA text has passed.
Documents recently published by the European Parliament suggest that the agreed changes are the only ones to be considered for discussion. Given the previous strong support from the lawmakers, MiCA is expected to pass.
MiCA has been a popular subject among crypto industry players and experts. During Paris Blockchain Week 2023, experts claimed that the success of MiCA will dependent on how the regulator can incorporate robust feedback from industry participants.
This development signifies a significant step forward in regulating the cryptocurrency industry within the European Union.
