With the Markets in Crypto-Assets bill being discussed since 2020, its ascent as a law is a major landmark for the crypto industry worldwide.
With the European Union finally looking at concrete crypto regulation in the form of the Markets in Crypto-Assets (MiCA) law, governments and regulatory authorities worldwide could move ahead by deriving motivation from it. While being in discussion since 2020, the MiCA regulatory framework was finally made into law recently.
The Markets in Crypto-Assets framework was finally assigned as a law on May 31, when Sweden’s minister Peter Kullgren, and president of the European parliament Roberta Metsola.
The journey for the bill since 2020 has been full of ups and downs, with stringent discussions in parliament and around the world. Leaders of the European Union have also touched upon the MiCA framework several times while deliberating on the crypto space.
Once the Markets in Crypto-Assets (MiCA) law is published in the European Union’s official journal, it will formally come into effect in the European Union.
The Markets in Crypto-Assets (MiCA) regulatory bill has come under debate several times in the past, especially after several debacles in the crypto industry in 2022. After many crypto firms were stressed, leaders voiced support to bring changes to MiCA accordingly.
Christine Lagarde, heading the European Central Bank (ECB), had also batted for regulation for crypto lending and staking, referring to a ‘MiCA II.’ She was quoted saying, “Innovations in these unexplored and uncharted territories put consumers at risk, where the lack of regulation is often covering fraud, completely illegitimate claims about valuation, and very often speculation as well as criminal dealings.”