The European Parliament has scheduled a discussion on April 18 to finalize the MiCA Crypto Law, also known as the Markets in Crypto Assets Regulation, which will establish a cryptocurrency licensing regime across the EU. Despite the political outlines of the law being made final in June of last year, delays have occurred due to the need to translate the legal text into all 24 official EU languages. The final vote is expected to occur on April 19, following normal parliamentary procedures.
The MiCA debate will be followed by talks on the transfer-of-funds regulation, which requires crypto providers to verify customers’ identity. The MiCA legislation was endorsed by members of the Parliament’s Economic and Monetary Affairs Committee in October and has been backed by national diplomats. It offers crypto companies a license to operate across the bloc by complying with governance and consumer protection standards and introduces reserve requirements for stablecoins. The law is expected to take effect within one to three years after it is published in the EU’s official journal, pending approval.