EU member nations are already jostling to hold the crypto crown as the bloc becomes the first major global jurisdiction to regulate the sector.
Proponents of the European Union’s forthcoming Markets in Crypto Assets (MiCA) regulation say it will have an effect beyond its limited scope – and the race to seize the bloc’s crypto crown has begun even before a final vote on the law.
After several years of consultation and lawmaker haggling, a final text of MiCA is set to be voted on by the European Parliament later this month. The law would likely then enter into force in July, with major provisions kicking in between 12 and 18 months later.
On paper, MiCA sets out to regulate those issuing crypto assets, ensuring white papers of investor information are honest. Providers of linked services – like crypto custodians, advisors or exchanges – will have to apply to one of 27 national authorities to get a license to operate across the whole bloc.
Source : [High Hopes for EU’s MiCA Law With Final Vote Imminent](www.coindesk.com/policy/2023/04/13/high-hopes-for-eus-mica-law-with-final-vote-imminent/?utm_medium=referral&utm_source=feedly&utm_campaign=headlines) by Jack Schickler - CoinDesk by Jack Schickler / April 13, 2023