The parliamentary blessing paves the way for MiCA to become law in 2024, putting the EU a step ahead of the U.S. and U.K.
Highlights
- Markets in Crypto-Assets (MiCA) is the first attempt at creating comprehensive regulation for digital assets in the EU.
- The EU Parliament voted 517 in favor and 38 against to pass the legislation.
- MiCA will impose a number of requirements on crypto platforms, token issuers and traders.
- Platforms will be required to inform consumers about the risks associated with their operations, while sales of new tokens will also come under regulation.
- The European Securities and Markets Authority will be given powers to step in and ban or restrict crypto platforms if they are seen to not properly protect investors, or threaten market integrity or financial stability.
- The legislation also addresses environmental concerns surrounding crypto.
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