The European Union will put the Crypto Asset Markets (MiCA) bill to a vote today.
European Union politicians discussed the Crypto Asset Markets regulation ahead of the vote on Thursday, April 20. Lawmakers say they will reallocate trust, which was lost after last year’s bankruptcies, thanks to new regulations.
Voting will take place in the European Parliament
The Crypto Asset Markets (MiCA) bill will be voted on at the European Parliament in Strasbourg on Thursday, April 20.
European Union deputies expressed their positive and negative opinions before the draft law to be voted. Spanish EP Member Ernest Urtasun, one of the members in charge of drafting the bill, expressed his views on the subject. Urtasun: “MiCA marks the end of the wild west era for the unregulated world of cryptoassets. More than a decade of lack of regulation has resulted in huge losses for many first-time investors. “MiCA represents an important and necessary first step in bringing the industry under regulatory oversight.”
German EP member Stefan Berger, who is the chief architect of the regulation, stated that the new regulation will put the EU at the forefront of the token economy.
There were politicians who expressed their support for the proposal, as well as those who expressed their concerns about the bill. Irish MEP Chris MacManus said he supports MiCA for its emphasis on transparency and consumer protection, but his own view of crypto is not positive. MacManus stated that he is not interested in promoting the use of crypto assets and that they are just pyramid schemes.
Dutch MP Paul Tang likened crypto to the historical tulip mania in his home country.
Tang said in a statement: “The bubble burst. Savers, speculators and investors fell into ruin. The similarities between crypto and the tulip bubble are clear. Nobody knows what to use them for, but they are the next popular thing.”
In addition, many members of parliament mentioned that the regulation should be kept up-to-date and technological developments should not be lagged behind.
If the MiCA bill passes parliament, it must receive one more final approval from the Council of Europe in May before it can be officially published.
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