BREAKING: The European Parliament europarl_EN just voted 517-38 in favor of MiCA, signaling final consent to the landmark crypto licensing law. jackschickler reports.
Explore the policy fallout from the 2022 market crash, the advance of CBDCs and more.Lawmakers in the European Union on Thursday voted 517-38 in favor of a new crypto licensing regime, MiCA, with 18 absentions, making it the first major jurisdiction in the world to introduce a comprehensive crypto law.
The European Parliament also voted 529-29 in favor of a separate law known as the Transfer of Funds regulation, which requires crypto operators to identify their customers in a bid to halt money laundering, with 14 abstentions.to make crypto wallet providers and exchanges seek a license to operate across the bloc, and require issuers of stablecoins tied to the value of other assets to maintain sufficient reserves.
The Markets in Crypto Assets regulation was first proposed by the European Commission in 2020, and to pass into law has to be approved by the parliament and the EU’s Council, which represents the bloc’s member states. Its main provisions start to apply just over 12 months after publication in the EU’s official journal, likely in June.
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