EU poised to pass MiCA regulations aimed at ending crypto “wild west” era

European Union lawmakers are on the verge of voting on the Markets in Crypto Assets (MiCA) regulation, which aims to bring cryptocurrency under regulatory oversight and restore trust in the industry following several high-profile collapses. The vote comes after a debate among parliamentarians in Strasbourg, with some hailing the proposal as a major step forward and others expressing concerns about the potential impact on decentralized finance and financial surveillance. Supporters of MiCA argue that it will end the “wild west” era of unregulated crypto assets, while critics compare the industry to a financial market bubble. If passed, the regulation will come into force in July 2024 for stablecoins, and later for other requirements.

Clever Robot News Desk 20^th April 2023