European Parliament ratifies the MiCA framework for regulating the crypto market
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Answer European Parliament ratifies the MiCA framework for regulating the crypto market
At long last, the regulation of the cryptocurrency market (MiCA) was considered by the European Parliament as MPs voted massively in favor of the bill.
The bill got vote In a 28:1 ratio, completing the three-way bargain needed to push the bill into its next implementation phase.
The European Parliament vote comes after the European Council also approved the bill, which was voted on last week.
As it stands, the EU will now focus more on perfecting the details of the bill to add it to the EU Gazette, where the formal implementation process will begin.
Quoting from the MiCA framework for regulating the crypto market:
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It is important to ensure that the financial services legislation in the union [الأوروبي] Suitable for the digital age and contribute to a future-ready economy that works for people, including enabling the use of innovative technologies.
In the past, the MiCA project to organize the public and private crypto market was the talk of the crypto arena.
Now, with Parliament’s approval, the bill is one step closer to its implementation.
Regulating the crypto market:
Despite the passage of the MiCA bill, each EU body is conducting further studies in the industry.
Accordingly, the European Commission has issued an invitation to participate in a trial in which it seeks to provide more in-depth monitoring of the Ethereum protocol and the Decentralized Finance (DeFi) activities operating on it.
According to the European Commission document, the agency’s biggest focus through this trial/study hinges on collecting automated supervisory data directly from the blockchain to test technical capabilities for supervisory monitoring of DeFi activity in real time.
The world of DeFi is very advanced, and the industry is more expressive of the Ethereum blockchain.
Notably, the European Commission’s move will help tame the growing industry and ensure comprehensive oversight of the industry.
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The invitation to participate in the trial is valid, and submissions are expected until December 1.
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