European Parliament finally adopts MiCA bill.
The European Parliament has adopted the long-awaited MiCA (Markets in Crypto-Assets) regulation, which introduces a new licensing regime for cryptocurrencies. The law was supported by 517 members of the European Parliament.
MiCA is the world’s first comprehensive regulation of the cryptocurrency sector, requiring companies in the industry to obtain a license and comply with anti-money laundering and counter-terrorism financing rules.
The European Commission’s Directorate-General for Financial Stability, Financial Services and Capital Markets Union has called this day historic. The department noted that the “green light” for MiCA will establish comprehensive rules for crypto-assets, protect consumer rights, and ensure financial stability and innovation.
MiCA will be implemented gradually, starting in the summer of 2024.