The law on cryptocurrency regulation is finally agreed by the EU

European Union lawmakers have agreed on the final wording of the historic MiCA cryptocurrency law, which will pave the way for a pan-European regulatory policy on digital assets.

According to the information provided by the Czech representative to the EU, Edita Hrda, the full text of the Regulation on Cryptocurrency Markets (MiCA) was approved at a meeting of EU ambassadors on Wednesday. It is worth noting that politicians have reached a common decision on the MiCA rules after two years of active discussions and disputes. «The adoption of the draft law marks the end of a heated but necessary discussion among EU lawmakers that lasted more than two years,» said a statement released by the Brussels-based European Crypto Initiative (EUCI).

The legislative text will now be submitted to the European Parliament, and if approved, the law will be published in the Official Journal of the European Union in early 2023. As for the MiCA rules, they will come into force in 2024. «MiCA creates a completely new set of rules for crypto projects — those that will change the current position of cryptocurrencies as „outsiders“ and make them a full participant in the EU financial services space,» said EUCI co-founder Marina Markezic.

Earlier it became known that the law on cryptocurrency regulation does not include control over DeFi (decentralized financial systems). The MiCA contains provisions on cryptocurrencies, NFTs, and stablecoins — the latter will be subject to a transaction limit of up to EUR 200 million per day. It is worth noting that the limit will not apply to stablecoins used to purchase cryptocurrencies. However, it can be used for spot trading in assets on cryptocurrency exchanges.