European Parliament will vote on the MiCA text.

Following EU Council approval, the European Parliament will vote on the MiCA text.

For a long time, the European Union has prioritized crypto regulation, and one of the most essential components is the Markets in Crypto Assets framework, often known as the MiCA framework.

Crypto regulations are increasing by financial watchdogs and governments around the world, which, of course, means that more investors will be interested in the space as more regulations will make crypto a trusted security. Get the financial liberation it offers through information and education from experts that will put you ahead of the competition.

Following the European Council's decision to go forward with crypto legislation, it is getting closer to being a reality in Europe.

According to a statement issued on Wednesday, the European Council representatives committee agreed and forwarded the MiCA text to the Parliamentary Committee on Economic and Monetary Affairs.

According to the chair of the permanent representative's committee, the Mica framework will become a reality "should the Parliament approve its stance at first reading."

The MiCA framework, which was first announced in 2020, has been fraught with controversy, but it ultimately boils down to having a consistent structure through cryptocurrency regulation.

The MiCA framework's acceptance is justified by;

“The lack of an overall Union framework for crypto-assets can lead to a lack of users’ confidence in those assets, which could significantly hinder the development of a market in those assets.”

The next meeting is slated for October 10, and if MiCA is approved by Parliament, the framework will go into force in 2024.

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