07.10.2022

European Council agreed upon a draft regulation for cryptocurrency in the European Union

European Council agreed upon a draft regulation for cryptocurrency in the European Union

National representatives of the EU member states approved the text of the document. The next step comes on October 10, when the European Parliament will vote on the proposal. If the draft document is approved, it will be translated into the EU member states’ official languages and published in the Official Journal of the European Union; only legal acts published in this gazette are binding.

The proposal creates an institutional regulatory framework for cryptocurrency issuance and establishes a unified legal regime for crypto-asset service providers in the territory of the European Union. The document provides for an adaptation period of 12 to 18 months, since preparations for the new regulations’ entry into force should be made. The policies will not come into effect at least until early 2024.

In a meeting between the European Parliament, European Commission and European Council, held back in June, representatives of the EU institutions reached a political agreement on MiCA, after which technical details of the regulation were negotiated. Once the regulation is officially published early next year, details on how to implement the rules for crypto-asset service providers will be ironed out by the European supervisory bodies.

In late September, the International Monetary Fund (IMF) released a report on digital assets, in which it called for recognizing the Financial Stability Board (FSB) as the leader in coordinating and establishing uniform standards for cryptocurrency regulation.


https://www.rbc.ru/crypto/news/633da66a9a7947203c2a877f