Europe is making major steps forward in harmonising the legal, regulatory and policy frameworks of the EU Member States on crypto assets. On 24 September 2020, the European Commission published a proposal for a “Regulation of the European Parliament and of the Council on Markets in Crypto-Assets”, commonly referred to as the MiCA proposal. This proposal is part of the Digital Finance package, which is a holistic package of measures to further enable and support the potential of digital finance in terms of innovation and competition while mitigating the risks. The European Parliament voted a draft of the proposed MiCA framework on 14 March 2022 that has now moved into the next phase of discussions between European Parliament, European Council and European Commission. The proposal remains a major challenge for the EU as the debate on how crypto should be regulated is strong and ongoing.