EU Council approves MiCA text, proposal moves to Parliament for a vote

Following the Permanent Representatives’ Committee meeting of 5 October 2022 which endorsed the final compromise text with a view to agreement, the Chair of the Committee (Edita Hrd) has written a letter and Proposal for a Regulation of the European Parliament and of the Council on Markets in Crypto-assets, and amending Directive (EU) 2019/1937 (MiCA) to the Chair of the Committee on Economic and Monetary Affairs (Irene TINAGLI) saying:

"that, should the European Parliament adopt its position at first reading, in accordance with Article 294 paragraph 3 of the Treaty, in the form set out in the compromise package contained in the Annex to this letter (subject to revision by the legal linguists of both institutions), the Council would, in accordance with Article 294. paragraph 4 of the Treaty, approve the European Parliament's position and the act shall be adopted in the wording which corresponds to the European Parliament's position."

The full legal text of the landmark legislation known as the Markets in Crypto Assets Regulation (MiCA), alongside a further law to reveal the identity of those making crypto payments.
At a Wednesday meeting (5th October 2022), diplomats representing the bloc's member governments in the EU's Council signed off on the text of laws (see link above) which were the subject of political deals struck in June.

MiCA introduces the first-ever licensing regime for crypto wallets and exchanges to operate across the bloc and imposes reserve requirements on stablecoins that are intended to avoid Terra-style collapses. A separate law on funds transfers requires wallet providers to check their customer's identity, in a bid to cut money laundering.
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See also CoinDesk Article here