EU authorities unanimously vote in favor of adopting the Markets in Crypto-assets, MICA regulation. all the information
The European Union’s Council for Economic and Financial Affairs, which is made up of finance ministers from all member states, gave the green light to the long-awaited Markets in Crypto-Assets (MiCA) regulation after a vote on Tuesday, May 16. ,
Finance ministers of 27 member states voted in favor of the MICA bill and amendments to various rules and directives related to the new law.
In addition to adopting MICA, The European Parliament also approved two other pieces of legislationAmong them regulation on the transfer of funds and the information that comes with certain crypto assets.
European Parliament formally adopts MICA law April 20 and wide The manner of its final approval by the European Council before the regulatory parameters come into force.
They Approve MICA Regulation on Cryptocurrencies
The law sets out clear regulatory guidelines and requirements for the use of cryptocurrencies, related services and activities throughout the European Union. The scope of the law includes many cryptocurrencies, digital assets, utility tokens and stable coins.
The next step in the long process of MiCA becoming EU law requires the bill to be published in the Official Journal of the EU.
EU Finance Ministers Approve MICA Regulation On Cryptocurrencies
MiCA law will come into force within a yearWhich means the rules will eventually become law in mid-2024.
The European Commission first proposed the MiCA law September 2020But many hurdles and delays were encountered in the way of the legislative process.
The legislation was welcomed by both cryptocurrency service providers and supporters alike, as it creates a single market environment across Europe with regard to regulatory requirements and operational procedures.
Key components of the MiCA legislation include registration and authorization requirements for cryptocurrency issuers, exchanges and wallet providers.
Stablecoin issuers must meet certain security and risk mitigation requirements, while cryptocurrency custody services must ensure adequate safety and security measures to deal with potential cyber security and operational failures.
The law also provides a framework to prevent market abuse, insider trading and manipulative behavior in the cryptocurrency space.
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