The European Union Council — the financial arm of the EU — approved the Markets in Crypto-Assets (MiCA) regulations on May 16, a landmark piece of legislation that will establish a comprehensive regulatory framework for cryptocurrencies within the borders of the EU.

The Council has just adopted the first-ever EU rules on markets in crypto-assets and services.

The new regulation aims to improve transparency, preserve financial stability and increase consumer protection while fostering innovation. #DigitalFinanceEU #MiCA

— EU Council (@EUCouncil) May 16, 2023

The MiCA frameworks were first proposed by the European Commission in 2020, with the legislation being formally adopted by the European Parliament in April 2023. After debates and negotiations between EU member states and stakeholders in the crypto industry, the final text of the regulations was agreed upon by all members of the European Council on May 16, 2023.

Scheduled to be implemented in 2024, MiCA will establish a number of requirements for crypto service providers such as licensing, customer due diligence and risk managem

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Author: Emily Tonelli

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