EU Passes Uniform Legal Framework for Crypto-Assets Across the Blocby Fintechnews Switzerland October 13, 2022
The European Union’s (EU) Economic and Monetary Affairs Committee voted 28 to 1 in favour of the Markets in Crypto Assets regulation (MiCA), a uniform legal framework for crypto-assets in the EU.
Under the MiCA, entities issuing and trading crypto-assets will be subject to transparency, disclosure, authorisation and transaction rules to ensure consumer protection.
The framework will also regulate public offers of crypto-assets and crypto-assets not covered by existing financial services legislation, though NFTs offered to the public at a fixed price will be exempted.
Crypto-assets service providers (CASPs) will be required to disclose their energy consumption, and a public register for non-compliant CASPs providing services in the EU without authorisation will be set up.
The text of the MiCA was first finalised in mid-2022 and is expected to enter into force in 2024.
“MiCA is a European success. We are the first continent to have a crypto-asset regulation. In the Wild West of the crypto-world, MiCA will be a global standard setter,”
said Stefan Berger, Member of the European Parliament.