The European Union is getting closer to the adoption of Comprehensive Markets for Crypto Assets (MiCA) regulation as the European Council has approved the framework by voting on Wednesday.

Considered a historic step towards a regulated future in the European Union, the approval of the guidelines by the Council leaves the European Parliament as the only bridge to the final approval of the bill before the planned implementation begins. Parliament is scheduled to meet on October 10, where the body’s economic affairs committee is expected to vote on the proposals.

If the Parliament approves the proposals, the next official step will be to integrate them into the official journal of the European Union to begin the process of their application.

As noted, many details will still be discussed as EU officials work out additional focal points in the proposal. Once resolved, these additional statutes will be made known to the corresponding interested parties.

The EU has been quite fragmented regarding the approach towards digital currencies, with most member countries issuing licenses and allowing crypto based on the approach and guidelines that their officials know best. The trend will change with the arrival of MiCA, as all EU member states will be guided by the common laws enshrined in the bill.

It is billed that the entire branch of the digital currency ecosystem will be affected by the proposal in MiCA. There are concerns bordering on the adequacy of the bill’s provisions regarding non-euro stablecoins. The bill puts a cap that could impose significant systemic censorship on transactions conducted through the non-euro-backed stablecoin.

The clause remains a volatile topic of discourse and French officials are especially keen to maintain the status quo to help bolster the euro’s sovereignty.

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