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HomeLaw & PoliticsEU Council approves Markets in Cryptocurrency Assets (MiCA) Legislation

EU Council approves Markets in Cryptocurrency Assets (MiCA) Legislation

According to a document issued by the Council of the European Union following a meeting on October 5, the Committee of Permanent Representatives (COREPER) has given its approval to the final version of the Markets in Crypto Assets (MiCA) legislation. The group is made up of the heads of mission that represent each of the member states of the EU in Brussels.

COREPER is able to make certain procedural decisions and is responsible for preparing the agenda for the ministerial sessions that are held by the Council. The support was brought to the attention of the European Parliament via written communication sent to the Committee on Economic and Monetary Affairs (ECON), which is scheduled to meet and vote the following week.

The legislation aims to regulate the activity of crypto asset issuers

In a letter, the Chairwoman of COREPER, Edita Hrda, confirms that “should the European Union adopt its position at first reading… the Council would, in accordance with Article 294, paragraph 4 of the Treaty, approve the European Parliament’s position and the act shall be adopted in the wording which corresponds to the European Parliament’s position.”

The approval of the proposal MiCA package by the committee comes after the three main institutions in the complex legislative process of the EU – the Parliament, Council, and Commission – came to an agreement earlier this year on the text of the comprehensive proposal to regulate the bloc’s crypto economy. These institutions are the Parliament, the Council, and the Commission. They also came to an agreement on a set of guidelines to prevent the use of crypto assets in illegal money laundering activities.

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Jeewan Singh is CryptoShrypto’s content writer and a seasoned writer with over two years of experience in writing about Indian Securities Market. Jeewan's participation in Blockchain and Cryptocurrency started in late 2020, and he hasn't looked back since. The technical and economic outcomes of cryptocurrency are what spark his curiosity, and he keeps one eye on the market.
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