EU has approved MiCA crypto regulation
The EU has adopted the Markets in Crypto-Assets (MiCA) regulation. This week, the Council of the European Union completed the procedure of approving the regulation on crypto-asset markets in the EU countries.
All EU member states voted unanimously to adopt this project. The document defines the principles of regulating the issuance of cryptocurrencies and establishes a unified legal regime for companies working with digital assets in the territory of the European Union.
These rules regulate the activities of issuers of stablecoins, requiring them to provide the issued assets with the necessary reserves, and also prescribe crypto platforms to register in one of the EU countries.
According to the statement of the Council of the European Union, the rules aim to protect investors and preserve economic stability. They also promote the introduction of innovative technologies in the field of crypto assets.
Moreover, according to the legislators, MiCA will help the participants of the EU crypto market to avoid problems caused by the standarts of crypto regulation of different countries.
The MiCA project was first presented by the European Commission in September of 2020. In April 2023, the European Parliament adopted the MiCA Crypto Regulation after many discussions, including public ones, as well as numerous amendments and improvements.
The enactment of the law is scheduled for July, but some regulations will be applied gradually. For example, the rules that will regulate the field of stablecoins will come into effect in 2024.