April 21 (Cointime) - The European Parliament passed MiCA on April 20, a crypto framework aims to establish a unified regulatory framework for crypto assets across the European Union member states.
Although legal and linguistic checks are still pending for MiCA, and the bill must be published in the EU journal, the policy could potentially take effect as early as 2024, subject to the European Council vote. The approval of the bill has received praise from many crypto industry leaders and policymakers.
Binance CEO Changpeng Zhao tweeted that he plans to make changes to the exchange within the next 12 to 18 months to adhere to the potential new framework.
The European Parliament voted for MiCA to be implemented.
— CZ 🔶 Binance (@cz_binance) April 20, 2023
This means one of the world’s largest markets is introducing tailored regulations for crypto to protect users and support innovation.
The fine details will matter, but overall we think this is a pragmatic solution to…
EU Commissioner for Financial Stability Mairead McGuinness says he "welcome the European Parliament’s vote today to approve comprehensive EU rules on crypto: a world first."
✅ I welcome the European Parliament’s vote today to approve comprehensive EU rules on crypto: a world first.
— Mairead McGuinness (@McGuinnessEU) April 20, 2023
The rules will start applying from next year. We’re protecting consumers and safeguarding financial stability and market integrity. pic.twitter.com/cdn58rb9FA
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