The European Council has approved the Markets in Crypto Assets (MiCA) law and published the current version, but that’s not the final step. The Council mainly consists of the heads of state of the member countries. The European Parliament still needs to have its final say.
The Parliamentary Economics Committee next meets on October 10, when a vote is expected. After that, it will go to the rest of the Parliament.
MiCA divides crypto-assets into e-money (stablecoins), asset referenced tokens which include stablecoins backed by other assets, and everything else. The e-money and asset-referenced token legislation come into force 12 months after the bill is approved. And everything else applies 18 months later. So that means stablecoins in early 2024 and the rest mid-2024.
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