The EU Parliament approved a new crypto licensing regime (MiCA) and a separate set of rules governing the transfer of funds.
Lawmakers in the European Union (EU) recently voted in favour of the region’s landmark Markets in Crypto-Assets regulation (MiCA), making it the first major jurisdiction to introduce a comprehensive crypto regulatory framework. The latest vote clears the way for MiCA to take effect in 2024.
MiCA will be enacted to reduce the risks for consumers purchasing crypto assets. The rules mean crypto asset providers may become liable should they lose investors’ funds.
The EU Parliament said in a statement that MiCA would impose several requirements on crypto platforms, token issuers and traders around the transparency, disclosure, authorization and supervision of crypto transactions.
MiCA also introduces rules regarding stablecoins. For instance, Tether (USDT) and Circle’s USDC will be required to maintain a sufficient reserve should a mass withdrawal occur.
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