EU adopts common rules for all countries to regulate cryptocurrencies
EU countries unanimously approved the adoption of common regulations for the crypto industry MiCA
The Council of Europe announced the adoption of new legal rules for the digital asset industry in the European Union
The Council of Europe announced the adoption of rules to regulate digital assets Markets in Crypto-Assets (MiCA). The 27 EU member states unanimously supported the bill. The document introduces institutional regulation of cryptocurrency issuance and establishes a uniform legal regime for crypto companies in the European Union.
The new rules cover the activities of issuers of stablecoins, requiring them to provide the issued tokens with appropriate reserves, as well as the mandatory registration of crypto platforms, such as exchanges and wallets, in one of the member countries of the bloc.
The European Commission unveiled the draft MiCA in September 2020. After numerous discussions, including public debates, and the adoption of various amendments and revisions, the European Parliament approved the MiCA crypto-regulation bill in April 2023. The official adoption of the regulation on May 16 was the final step in the legislative process.
The law is expected to take effect in July, but certain provisions of the act will come into effect gradually. For example, the rules governing stablecoins will go into effect in July 2024.