European Union (EU) officials have finally put pen to paper and signed the Markets in Crypto-Assets (MiCA) Bill into law after receiving the final approval from finance ministers of the region.

Sweden’s minister for rural affairs, Peter Kullgren, and European Parliament President Roberta Metsola signed the long-anticipated cryptocurrency regulatory framework into law on May 31, which represents a timespan of nearly three years following the initial introduction of the measure by the European Commission.

The MiCA initiative, first introduced in 2020, aims to form a consistent regulatory framework for crypto assets among the European Union member states. The bill is expected to become effective sometime in 2024 according to the Official Journal of the European Union, as many of MiCA’s regulations on crypto companies will become effective in the next year.

A celebration for crypto fanatics, MiCA is a ‘comprehensive’ rulebook which explores more than one side of the crypto game, including the possession, utility and trade of digital and crypto assets. While criticized by some, the framework can represent the first step towards robust cryptocurrency regulation.

Sources:

https://cointelegraph.com/news/eu-officials-sign-markets-in-crypto-assets-framework-into-law

https://www.globalcompliancenews.com/2023/05/26/https-insightplus-bakermckenzie-com-bm-financial-institutions_1-european-union-eu-mica-final-approval-europe-adopts-comprehensive-crypto-legal-framework_05222023/

https://www.coindesk.com/policy/2023/05/31/eu-formally-signs-new-crypto-licensing-money-laundering-rules-into-law/

https://twitter.com/sweden2023eu/status/1663924814002749442