EU steps forward with MiCA and travel rule regimes
On 18 April 2023, the European Parliament will be debating the Markets in Crypto Assets Regulation (MiCA), which is set to establish a harmonized set of rules for crypto-assets and related activities and services across the European Union (EU). Should the European Parliament approve the proposal, under the ordinary legislative procedure, it will be put to a vote before the Council of the EU before its publication in the Official Journal of the EU.
Following the MiCA debate, the European Parliament will also debate the proposed regulation on information accompanying transfers of funds and certain crypto-assets (Travel Rule Regulation), which is largely associated with the extension of the so-called “travel rule” to crypto-asset transfers.
MiCA and the Travel Rule Regulation are part of a wider digital finance package that includes the Digital Ledger Technology (DLT) Pilot Regime Regulation, the Digital Operational Resilience Act (DORA) and other proposed crypto-asset specific rules as part of the European Commission AML Action Plan and the proposed 8th Directive for Administrative Cooperation in the field of taxation (DAC8).
The European Parliament’s draft Agenda for the week commencing 17 April 2023 can be found here.
