EU Council approves MiCA for clearer crypto regulation

Members of the European Union Council have given the final green light on the much-anticipated Markets in Crypto-Assets (MiCA) legislation following a voting process on 16 May.

27 finance ministers representing the member states of the European Union voted In favor of passing the MICA Bill as well as amending several rules and instructions related to the new law.

Two further pieces of legislation were also adopted by the EU Parliament in conjunction with the adoption of MiCA, including regulation on the transfer of funds and information with certain crypto-assets.

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The European Parliament formally adopted the MICA law on 20 April, paving the way for final approval by the European Council before the regulatory parameters take effect.

The law sets out clear regulatory guidelines and requirements for the use of cryptocurrencies and related services and activities throughout the European Union. The scope of the law includes a wide range of cryptocurrencies, digital assets, utility tokens and stablecoins.

This is a developing story, and further information will be added as it becomes available.