European Parliament approves MiCA cryptocurrency regulation bill
The European Parliament has approved a bill to regulate the cryptocurrency industry within the European Union MiCA
MEPs voted to introduce new rules for the digital asset industry within the European Union
MEPs voted in favor of a bill to regulate cryptocurrency Markets in Crypto-Assets (MiCA).
The MiCA draft, the main provisions of which were agreed upon last year, will allow cryptocurrency exchanges and cryptocurrency storage companies to offer their products legally in the EU. The document also establishes rules for stablecoin issuers.
Once the law enters into force, cryptocurrency companies will have to obtain registration in one of the bloc's member states, which will allow them to operate across the EU.
The law will come into force in July, after being formally approved by the bloc's 27 member states, expects European Commissioner Mairid McGuinness, Bloomberg reported. Thus separate provisions of the act will come into force gradually: for example, the rules regulating stablecoin will be applied in July 2024.
European Banking Authority (EBA) and European Securities and Markets Authority (ESMA) will ensure that cryptocurrency platforms comply with the rules and use the necessary risk management processes.
Separately, MEPs voted in favor of a law to regulate transfers.
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