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The Economic and Financial Affairs Council of the European Union unanimously endorsed the Markets in Crypto-Assets (MiCA) regulation during a voting process on May 16, 2023.
Finance ministers of 27 member states allowed The MiCA bill including amendments to several regulations related to the new crypto law.
EU Council approves MICA Bill
The approval from the EU Council comes less than a month after the MiCA bill was accepted by the EU Parliament. On April 20, EU lawmakers voted 517-38 in favor of a new crypto licensing policy.
The new law, which sets out comprehensive regulatory guidelines for crypto assets and related services across the EU, covers a wide range of digital assets, including utility tokens and stable coins.
First proposed to the European Commission in 2020, the MiCA bill has emerged as one of the first comprehensive regulatory frameworks for the crypto industry. The law seeks to regulate issuers of cryptocurrencies, exchanges and wallet providers by specifying registration and authorization requirements.
Stablecoin issuers will also need to meet specific criteria such as security and risk mitigation strategies. At the same time, crypto custody service providers must implement security and safety measures to handle potential cyber security and operational failures. The European Union believes that the MICA bill will help prevent market abuse, manipulative tactics and insider trading in the crypto space.
MiCA will go live in 2025
As the EU Parliament and Council have given the green light to the MiCA policy, the next step will be to publish it in the Journal of the European Union. The rules for stablecoins are expected to come mid-way through 2024, while the broader rules on crypto service providers could go live as early as January 2025.
Alongside the MiCA, the EU intends to implement travel rule guidelines from January 2025. The rule will address crypto transactions, which require customers to provide information on the source and beneficiary of the assets. The travel policy, which will apply to transfers of value above €1,000 (about $1,100) from crypto wallet addresses of private users, will not apply to person-to-person transactions.
Meanwhile, several industry leaders have praised the new regulations, stating that they encourage innovation in the crypto sector while protecting consumers. Some have even urged the US authorities to introduce clearer regulations for the crypto industry to prevent the outflow of businesses and talent.
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The Economic and Financial Affairs Council of the European Union unanimously endorsed the Markets in Crypto-Assets (MiCA) regulation during a voting process on May 16, 2023.
Finance ministers of 27 member states allowed The MiCA bill including amendments to several regulations related to the new crypto law.
EU Council approves MICA Bill
The approval from the EU Council comes less than a month after the MiCA bill was accepted by the EU Parliament. On April 20, EU lawmakers voted 517-38 in favor of a new crypto licensing policy.
The new law, which sets out comprehensive regulatory guidelines for crypto assets and related services across the EU, covers a wide range of digital assets, including utility tokens and stable coins.
First proposed to the European Commission in 2020, the MiCA bill has emerged as one of the first comprehensive regulatory frameworks for the crypto industry. The law seeks to regulate issuers of cryptocurrencies, exchanges and wallet providers by specifying registration and authorization requirements.
Stablecoin issuers will also need to meet specific criteria such as security and risk mitigation strategies. At the same time, crypto custody service providers must implement security and safety measures to handle potential cyber security and operational failures. The European Union believes that the MICA bill will help prevent market abuse, manipulative tactics and insider trading in the crypto space.
MiCA will go live in 2025
As the EU Parliament and Council have given the green light to the MiCA policy, the next step will be to publish it in the Journal of the European Union. The rules for stablecoins are expected to come mid-way through 2024, while the broader rules on crypto service providers could go live as early as January 2025.
Alongside the MiCA, the EU intends to implement travel rule guidelines from January 2025. The rule will address crypto transactions, which require customers to provide information on the source and beneficiary of the assets. The travel policy, which will apply to transfers of value above €1,000 (about $1,100) from crypto wallet addresses of private users, will not apply to person-to-person transactions.
Meanwhile, several industry leaders have praised the new regulations, stating that they encourage innovation in the crypto sector while protecting consumers. Some have even urged the US authorities to introduce clearer regulations for the crypto industry to prevent the outflow of businesses and talent.
Binance Free $100 (Exclusive): Use this link to register and get $100 free and 10% off on Binance Futures for the first month. (terms).
PrimeXBT SPECIAL OFFER: Use this link to register and enter the code CRYPTOPOTATO50 to receive up to $7,000 on your deposit.
