EU Council formally endorses Markets in Crypto Assets regulation (MiCA)

May 17, 2023 05:19 AM AEST | By Invezz

EU Council formally endorses Markets in Crypto Assets regulation (MiCA) — Image source: Invezz

First-of-its-kind crypto regulation

The adoption of this legislation is in response to citizens’ anticipations to set safeguards and standards for the use of blockchain technology as articulated in Proposal 35(8) of the conclusions of the Conference on the Future of Europe.

The MiCA marks the start of a new era to officially regulate crypto operators in Europe.

Today’s vote expectedly passed after rising support for the bill among EU lawmakers and ministers alike. The bill had to get support and pass official votes from two sides of the EU bloc – the EU’s parliament and council. While in the parliament the bill had some members who were against it, the bill has received an overwhelming 27 members’ support in the council.

Today’s vote means that Europe is the first major jurisdiction around the globe to implement standard crypto rules and install a standard licensing policy just as stressed by the co-founder of Ethereum-based DeFi platform Swarm, Philipp Pieper, in April.

The post EU Council formally endorses Markets in Crypto Assets regulation (MiCA) appeared first on Invezz.

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