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Several lawmakers from the European Union\u2019s leading political groups voiced support for the Markets in Crypto Assets bill or MiCa ahead of a vote on Thursday that will decide whether the crypto regulation is passed into law or not. <\/p>\n\n\n\n
EU legislators debated the licensing law during a session on Wednesday. The outcome suggested that Thursday’s vote could back the MiCa policy and push the bill toward widespread implementation across markets in the European Union. <\/p>\n\n\n\n
The watershed legislation would lay the groundwork for licensing digital asset service providers interested in offering their services across the EU in a regulated manner. Also, stablecoin issuers like Circle and Tether would have to hold large reserves to cover excess token redemptions. <\/p>\n\n\n\n
Lawmakers from the European People\u2019s Party, Socialists and Democrats, Renew Europe, and European Conservatives and Reformists – the bloc’s biggest political groups – hailed<\/a> MiCa for supporting innovation while maintaining strict rules to prevent the sort of crashes that plagued 2022.<\/p>\n\n\n\n Spanish MEP Ernest Urtasun opined that the policy should “mark the end of the wild west era<\/a> for the unregulated world of crypto assets”. The European Commission\u2019s Mairead McGuinness echoed Urtasun’s comments and added that “stringent rules and supervision are very much needed” after implosions in the industry in recent months. <\/p>\n\n\n\n Mica would “restore the trust that was damaged by the FTX case,\u201d German lawmaker Stefan Berger said. Berger further noted that the bill would solidify the EU “at the forefront of the token economy\u201d, a sentiment shared by the EPP’s L\u00eddia Pereira who said, “Europe can be proud of the step we’re taking today”. <\/p>\n\n\n\nPolicy Vote And Implementation<\/h2>\n\n\n\n