The Council of Europe has agreed on a bill on cryptocurrency regulation in the European Union
The last step before the final adoption of the document will be its consideration by the European Parliament on October 10
The Council of Europe has agreed on the text of a bill on the regulation of cryptocurrencies in the European Union Markets in Crypto-Assets (MiCA), reports The Block. National representatives of the Union's member states in the European Council voted in favor of adopting the document. If approved, the document will be translated into the official languages of the EU member states and published in the Official Journal of the European Union (only legal acts published in this bulletin are binding).
The bill introduces institutional regulation of cryptocurrency issuance and establishes a uniform legal regime for providers of cryptocurrency services in the European Union. The document provides for an adaptation period of 12-18 months to prepare for the introduction of new laws. The earliest the provisions will come into force is early 2024.
European institutions agreed on the political aspects of the MiCA project back in June at a meeting of representatives of the European Parliament, European Commission and Council of the European Union, followed by work on the technical details of the regulation. Details on how the rules for crypto-asset service providers will be agreed upon by European supervisors when the law is officially published early next year.
In late September, the International Monetary Fund (IMF) released a report on digital assets that called for the Financial Stability Board (FSB) to be recognized as a global leader in coordinating and establishing uniform standards for cryptocurrency regulation.