The European Union’s Crypto Asset Markets (MiCA) law has been approved by the European Parliament.
In the vote made by the parliament, 28 votes were in favor, while only one voted against. Final approval of the law is scheduled for the end of this month.
European Parliament Approves MiCA Legislation
The European Parliament has approved the digital asset legislation, which has been studied for nearly two years.
With the approval of the legislation, crypto service providers will need to register with national authorities. The regulations aim to ensure stability while protecting investors.
The crypto industry in Europe is happy with the official regulation of cryptos, although it has expressed reservations that legislation restricts the use of stablecoins.
Along with the MiCA, members of parliament are also voting on the Funds Transfer Arrangement, an anti-money laundering bill that must contain data related to crypto transfers. The ratification of this law is awaited.
Both regulations are expected to be approved and enacted by the Parliament. Once the final approval process is complete, a 12- to 18-month law-making process will begin, with guidelines for the implementation of new laws regarding stablecoin and cryptocurrency exchanges to be completed in 2024.
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