Final steps towards the Markets in Crypto Assets Regulation Bill (MiCA) have been taken for legalization. In accordance with the document shared on 5 October 2022, the Permanent Representatives Committee of the Council of Europe approved the MiCA text. If the European Parliament also accepts the text, MiCA is expected to enter into force within the first quarter of 2023.
The main goal of the European Union (EU) in developing MiCA, is to promote technological developments. It also aims to protect market integrity and financial stability by regulating financial stability, transparency, control, energy consumption, consumer protection, and the public offering of crypto assets…