On October 5th, the EU Council’s Committee of Permanent Representatives endorsed the final compromise texts of the Markets in Cryptoassets Regulation (MiCA) and the recast Regulation on information accompanying transfers of funds and certain cryptoassets. This is the next step in finalising the legislative procedure for the regulation.
The next steps are formal approval by, first the EU Parliament plenary and then by the Council before they can be published in the Official Journal.
The steps in the legislative process can be found here
https://lnkd.in/eXJNUz3g
 
MiCA establishes a framework that regulates the work of issuers of unbacked crypto assets, stablecoins, trading platforms, and wallets in which crypto assets are held. MiCA regulates issuers and service providers of crypto-assets, as well as it features rules with regard to market abuse. It is intended to harmonize the EU market, create regulatory certainty, improve customer protection and strengthen financial stability. The Transfer of Funds Regulation (TFR) is part of a package of legislative proposals to strengthen the EU’s anti-money laundering and countering terrorism financing (AML/CFT) rules, presented by the Commission on 20 July 2021, and will become applicable once MiCA does. The TFR compliments MiCA by adding an anti-money-laundering layer to the user protection offering of the MiCA proposal.