Council of the European Union endorses sweeping crypto legislation.
MiCA should come into force following the completion of the approval process and its publication in the European Union’s Official Journal, expected towards the end of 2022. However, many of its provisions will become applicable in late 2023 or by mid-2024.
The legislation aims to regulate the activities of issuers of crypto assets and providers of related services while protecting customers and investors across the Union. Previous attempts to revise it in the Parliament, including ato ban the provision of services for cryptocurrencies relying on energy-intensive mining methods like Bitcoin, sparked reactions in the crypto industry and community on the Old Continent.
This week, the members of the European Parliament called for introducing effective and uniform taxation rules of crypto assets in the member states. A non-binding resolution adopted with the votes of a large majority of European lawmakers also suggested to employ blockchain technology in the fight against tax evasion and to offer small and occasional crypto traders a simplified tax treatment.
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