The EU Parliament recently passed one of the most significant pieces of legislation for crypto. The MiCA framework aims to provide regulatory clarity and consistency for crypto businesses in the EU. Find out more about the potential impacts ⤵️
Markets in Crypto-Assets has been on the crypto industry’s radar for a long time. Years after its conception, the ruling has finally been passed. The legislative proposal was approved by the European Parliament on April 20, 2023 with 517 votes for, 38 against, and 18 abstentions.
Crypto asset service providers will have an 18-month transitional period to adapt to MiCA's new regulatory regime, obtain licensing, and ensure compliance with its requirements. Once licensed, CASPs can operate across the entire EU, providing services to users in all member states. This streamlined approach replaces the previously fragmented and costly supervision process, offering a more accessible environment for Web3 businesses to thrive in.
The new law is designed to achieve critical policy objectives, such as consumer protection and market efficiency, while also capitalizing on blockchain innovation. The unified framework will reduce the regulatory burden for companies operating in multiple EU member states, requiring them to comply with a single set of regulations. It will also create a level playing field for all crypto companies operating in the EU, regardless of their country of origin.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Why the EU Has MiCA and the U.S. Has Securities Law ConfusionThe European Union's crypto rules, which weaken financial privacy for the sake of consumer protection and national security, could set the global standard. Why haven't U.S. authorities been so effective? Opinion for 'The Node' newsletter by danielgkuhn
Read more »
What’s next for EU’s crypto industry as European Parliament passes MiCA?MiCA could make the EU more competitive and open up the unified market to crypto and blockchain businesses.
Read more »
EU Vote Finalizes Agreement on Landmark MiCA RegulationEurope is set to become the first major jurisdiction in the world to introduce a comprehensive crypto law called MiCA, which stands for Markets in Crypto Assets. The vote clears the way for the landmark regulation to take effect in 2024. CoinDesk Regulatory Reporter Jack Schickler discusses what this means for crypto exchanges and digital-wallet companies.
Read more »
EU Crypto Industry Applauds MiCA – But Looks to What’s NextThe crypto industry has applauded a final EU vote on the landmark licensing law MiCA – but it's not over yet. jackschickler reports.
Read more »
With MiCA Past the Finish Line, UK's Crypto Industry Calls for Rules of Its OwnThe U.K. crypto industry is ramping up pressure on local lawmakers to draft crypto regulations now that the European Union's landmark MiCA bill has been approved. camomileshumba dives in.
Read more »
George Clooney: Johnny Depp and Mark Wahlberg 'Regret' passing on Ocean's ElevenThe two problematic actors were not keen on joining the hit movie's cast
Read more »