Lead Lawmaker: EU's MiCA Crypto Law Text Could Be Ready Within 6 Weeks

The text for the European Union’s landmark Markets in Crypto Assets (MiCA) Regulation could be ready within six weeks, leading lawmaker Stefan Berger said. Lawmakers and governments had reached agreement on the main outline of the legislation, which requires crypto asset providers to register with regulators in to offer services across the bloc, on June 30. But in the absence of a final legal text there is still considerable uncertainty on the law's finer points, such as whether the rules will apply to NFT, which offer proof of ownership of assets such as artworks using distributed ledger technology. The law is set to create parameters for how each of the European Union's member nations regulates crypto. It's expected to create a common licensing regime, making it easier for companies operating in one member nation to launch in the others, as well as define rules for issues such as stablecoin issuance.