Cryptocurrency Legality in Europe: Insights from WhiteBIT Exchange
November 16th, 2022 by Catherine Marqueses
The European Union has taken a new step towards the general regulation of cryptocurrencies by adopting a law on the market for crypto-assets, known as the MICA law, by the Commission on European Parliament’s Committee on Economic and Monetary Affairs. In this article, we will talk about what it is, how the digital coin industry will change after its adoption, and how crypto rates reacted to this initiative.
With 28 votes in favour and only one against, the regulation is ready to be tested by lawyers and linguists, after which it will be submitted to the plenary session of the European Parliament. If this process passes, it will be published in the Official Journal of the European Union, after which it will enter into force in 20 days. An adaptation period of 18 months is set for companies, so its actual application will begin no earlier than 2024. By the way, coin prices crypto almost did not react to the adoption of the MICA law.
Briefly about MICA
The purpose of this law, according to the European Commission, is to “ensure that the European Union embraces and leads the digital revolution with innovative European companies at the forefront so that the benefits of digital finance are within reach to all consumers and businesses in Europe”.
Regulated Crypto Platforms In EU
One of the top regulated exchanges on the cryptocurrency exchange is the WhiteBIT platform. It presents the most popular coins. Here you can track the cryptocurrency live chart and buy tokens with the lowest commissions. There are several trading options available on the site:
Cryptocurrency rates can be tracked on charts in real time.
Experts believe the MICA law is good for the cryptocurrency market and will allow mass entry into the consumer market and improve their image in society. And one of the most popular and convenient regulated exchanges in the EU market is WhiteBIT.