Crypto Updates

Industry leaders and policymakers react to passage of MiCA in EU

Industry leaders and policymakers react to passage of MiCA in EU


Though a crypto-focused regulatory framework still needs approval from the European Council before final passage, many in the space have reacted positively to the Markets in Crypto Assets, or MiCA, bill moving forward.

On April 20, the European Parliament voted to pass MiCA after two delays starting in November 2022. The crypto framework aims to create a consistent regulatory framework for crypto assets among the European Union member states.

Though EU lawmakers still need to conduct legal and linguistic checks for MiCA as well as publish the bill in the EU journal, the policy could go into effect as early as 2024, depending on the European Council vote. Many crypto industry leaders and policymakers largely lauded the bill’s approval.

Changpeng Zhao, CEO of Binance, suggested he would begin implementing changes to the exchange in the next 12 to 18 months in order to be in compliance with the potential new framework. Others targeted the United States for seemingly falling behind in digital asset regulation — a move that could drive companies to the EU with the implementation of MiCA.

“Overall we think this is a pragmatic solution to the challenges we collectively face,” said CZ. “There are now clear rules of the game for crypto exchanges to operate in the EU.”

Prior to the European Parliament vote, EU Commissioner for Financial Stability Mairead McGuinness told lawmakers they were “ahead of many other jurisdictions” in regards to crypto regulation. More than 500 members of parliament ended up voting in favor of MiCA.

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