The European Council approves the MiCA Proposal

Following months of consultations, discussions and proposals, the final version of the proposed Markets in Crypto Assets Regulation (“MiCA”) was approved by the European Council on the 5th of October 2022, confirmed by the Council’s Permanent Representatives Committee Chair.

This approval follows the European Council and European Parliament’s provisional agreement on the MiCA proposal entered in June 2022, and is a step forward towards regulating digital assets throughout the European Union. The Council’s approval of the final version confirms that the MiCA proposal will be adopted should the European Parliament approve its position at first reading.

First introduced back in September of 2020, the MiCA Proposal is part of the European Commission’s Digital Finance Package, aiming to regulate, in a uniform and consistent regulatory framework, cryptocurrencies throughout the EU by 2024. As is provided in the MiCA proposal itself, its purpose is ‘to provide a fully harmonised framework for crypto-assets that currently fall outside existing financial services legislation’.

Feel free to contact us for assistance or more information on the above.