Pan-European crypto regulation is almost here: Law Decoded, Apr 17–24
Last week, the Markets in Crypto-Assets Act, also known as MiCA, was finally passed by the European Parliament. While MiCA technically still has to be approved by the European Council, there’s little doubt that the world’s first comprehensive crypto framework will become a reality by 2024 or 2025.
Despite its flaws, the regulation will establish guidelines for the operation, structure and governance of digital-asset issuers. MiCA is “a milestone for the crypto asset industry,” as its rapporteur, Member of the European Parliament Stefan Berger, put it.
The crypto community welcomed the news, with Binance CEO Changpeng Zhao pledging his readiness to comply with the “pragmatic” regulation, while Gemini co-founder Tyler Winklevoss noted the lack of similar legislation in the United States.
Speaking with Cointelegraph, Patrick Hansen, director of EU strategy and policy at stablecoin issuer Circle, said that MiCA will enable European crypto firms to scale and grow faster, allowing licensed companies to offer their services throughout the world’s largest single market, representing roughly 450 million people.
It’s yet to be seen whether the United States will take a cue from MiCA or continue regulating through enforcement. At least one country has already promised to adopt MiCA nationally: The deputy chairman of Ukraine’s parliamentary Tax Committee, Yaroslav Zheleznyak, revealed that his colleagues were already working on implementing “some provisions from MiCA.”
United States Representative Warren Davidson announced his intention to remove Securities and Exchange Commission Chair Gary Gensler from his role after the SEC’s latest announcement that it would revisit a proposed redefinition of an “exchange.” Davidson intends to
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