The date of publication of the European law on cryptocurrencies has been announced

Members of the German Blockchain Association discussed the introduction of regulations for cryptocurrency markets (MiCA) — the final text of the regulations will be published in the next 4−6 weeks.

@bundesblock panel discussion of #MiCAR with @DrStefanBerger, @SchildtMoritz, @paddi_hansen, moderated by Alireza Siadat. Key take aways: final text of MiCAR available in 4−6 weeks, MiCAR fully applicable as of 2024, #NFTs & existing stable coins not covered but #CASP in scope. pic.twitter.com/18wQDn2n5o

— Nina Siedler (@ninsie3) September 1, 2022

It is worth noting that EU lawmakers have agreed to all the rules of the MiSA, as the MiSA will allow Europe to become the first part of the world to have clear rules for digital assets. However, the law on cryptocurrency regulation will not include control over DeFi (decentralized financial systems). In 2023, the European Commission plans to publish a separate report on this issue and launch a pilot project for «DeFi supervision».

Interestingly, the MiCA rules will cover only cryptocurrencies, while the issue of non-fungible tokens and stablecoins remains open. However, it was previously reported that the European Commission is ready to add rules to MiCA that will regulate the circulation of non-fungible tokens and consider the environmental impact of cryptocurrencies based on the PoW (Proof-of-work) algorithm.