Regulation of cryptos: the terrible MiCA Law validated by the European Council
Crypto-disaster announced in Europe – If we exclude the bans pure and simple cryptocurrencies by certain authoritarian countries, the crypto-regulation which is announced in the European Union promises to be one of the most severe in the world. The MiCA Law (Markets in Crypto-Assets) has unfortunately just taken one more step before its implementation.
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The MiCA Law about to be definitively adopted?
According to a document official published this October 5, 2022, the Committee of Permanent Representatives of the Council of the European Union has approved the text of the MiCA Law. This should frame Bitcoin (BTC) and crypto-assets.
The next two (and last) legislative stages for this regulation of cryptocurrencies will first have to be submitted to the final vote of Economic Affairs Committee of the European Parliament (ECON), normally this Monday 10 October. The new regulation will then have to be approved by the European Parliament. in plenary session.
If the MiCA Law is passed, it will be published in the Official Journal of the EU and should come into force from the beginning of the year 2024. Digital Asset Service Providers (DSPs) will then have a 18 additional months to comply with the new regulations.
The text being rendered audience (380 pages…), it will be able to be dissected in detail to assess the damage that is sure to cause the European crypto sector. The latter should lose in innovation and competitiveness because of imposed hyper-surveillance constraints by MiCA.
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