The European Council unanimously approved the landmark Crypto Asset Markets (MiCA) regulation and new anti-money laundering measures for crypto transfers.
The new crypto rules were signed by the finance ministers of the European Union (EU) on May 16. Representing the EU’s 27 member states, the council ratified the Crypto Asset Markets (MiCA) regulation, making the European Union the first major jurisdiction in the world with a crypto licensing regime.
Anti-Money Laundering Measures Also Admitted
Alongside these, new anti-money laundering measures regarding crypto fund transfers were also adopted.
Legislative agreement was largely expected after ambassadors gave the green light to both MiCA and tax measures last week. MiCA requires crypto firms such as wallet providers and exchanges to obtain a license to operate across the European Union, and stablecoin issuers have appropriate reserves.
MiCA’s core features were politically acknowledged in June. But it was subject to administrative delays. The key provisions will come into effect a little over a year after they are published in the official journal of the European Union, which will likely fall in June or July.
Finance ministers will also formalize their approval of new measures by tax authorities on Tuesday that will allow people to share data on crypto assets.
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