The European Parliament approves the first EU-wide cryptocurrency regulation, MiCA

ChainCatcher news, according to Bloomberg, the European Parliament has approved the EU Crypto Assets Market (MiCA). European Financial Services Commissioner Mairead McGuinness stated on Wednesday that she expects the legislation to come into effect in July after formal approval by the 27 EU member states. Specific requirements will be phased in, for example, rules governing stablecoins will apply starting July 2024.

Once implemented, MiCA will require any company providing crypto-related services in the EU to obtain registration in one member state, allowing them to operate across the entire EU. The European Banking Authority and the European Securities and Markets Authority will be responsible for ensuring that crypto platforms comply with the rules, including having adequate risk management and governance processes. (Source link)