EU economic committee adopts report on MiCA regulation
The Economic and Monetary Affairs Committee of the European Parliament (the "ECON") adopted on March 14th, 2022 the report of the responsible rapporteur Stefan Berger on Markets-in-Crypto-Assets (the "MiCA") regulation and aims to make the European Union the leading continent for crypto-assets.
ECON has rejected a ban on cryptocurrencies by a majority vote. According to the ECON report, cryptocurrencies can now be included in the EU sustainability taxonomy.
The MiCA Regulation is intended to create uniform rules for crypto-asset and service providers. In the future, crypto-asset service providers (the "CASPs") as well as crypto-trading platform providers are to be allowed to offer crypto-assets only after being approved by national supervisory authorities. So-called "significant crypto-asset service providers" are also to be supervised by the European Securities and Markets Authority (the "ESMA").
The MiCA regulation is an important building block for the regulation of crypto service providers and trading platforms and significantly improves transparency and market integrity.
The next step is for the European Parliament to adopt the report in plenary, after which the trilogue negotiations with the Council can begin.