EU’s MiCA Crypto Law Debate Scheduled for April 18

The European Union’s Markets in Crypto Assets Regulation (MiCA) has been tabled for an April 18 discussion in the European Parliament, heralding final formal agreement of the landmark law that brings in a crypto licensing regime across the bloc, according to an agenda published on the parliament’s website.

The law’s political outlines were finalized in June, but there have been multiple delays in definitively agreeing on a legal text, which must be translated into the EU’s 24 official languages.

The MiCA debate will be followed by discussions on a further law known as the transfer of funds regulation, which controversially requires crypto providers to verify customers’ identity and which was also provisionally agreed back in June.

Lawmakers on the parliament’s Economic and Monetary Affairs Committee voted 28-1 in favor of the MiCA legislation in October, and national diplomats have also endorsed the plan.

The legislation offers crypto companies such as wallets and exchanges a license for operating across the bloc in exchange for meeting governance and consumer protection norms, and also introduces reserve requirements for stablecoins. If approved, it will be published in the EU’s official journal and takes effect between one and three years later.

Read more: MiCA at the Door: How European Crypto Firms Are Getting Ready for Sweeping Legislation