On 10th October 2022, the ECON Committee voted on the provisional agreement resulting from interinstitutional negotiations (trilogues) on the Markets in Crypto-assets (MiCA) Regulation.

The provisional agreement was overwhelmingly adopted with 28 votes in favour and 1 vote against. In terms of next steps, the text adopted needs now to be approved by the European Parliament in a plenary session. The date for the plenary session is still to be determined. After the plenary vote, the text will be published in the Official Journal of the European Union.

Compared to early versions of the proposal, the final draft of the text carries several improvements for the European crypto industry. Many of these improvements directly reflect the demands of the Blockchain and Virtual Currencies Working Group (BVC WG).

Key improvements include changes to Article 67(8) on custody and administration of crypto-assets on behalf of third parties, Article 68(8) on operation of a trading platform for crypto-assets and Article 69(3) covering the exchange of crypto-assets against fiat currency or exchange of crypto-assets against other crypto-assets.

The text of MICA can be found here.