The next step towards a formal adoption of the legislation will take place on October 10, when the European Parliament''s economic affairs committee will also vote on the proposal.
The text will then be translated into more than 20 official languages in the EU. MiCA includes a 12-18 month adaptation period to prepare for the new legislation.
The European Council isn''t the only regulatory body to keep track of stablecoins and the expanding cryptocurrency space this year, and it has made its biggest move yet in terms of regulating the nascent sector last month, releasing the first framework for regulating cryptocurrency assets in the United States.
After President Biden signed an executive order on "Ensuring Responsible Development of Digital Assets," the paper outlines how the US government is thinking about crypto regulation, urging agencies like the Treasury and the Securities and Exchange Commission (SEC) to continue monitoring the space in the coming months.
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