The European Parliament has voted through landmark legislation on cryptocurrency which will bring in new rules for the industry across the 27-country bloc. 

Markets in Crypto Assets (MiCA) passed with 517 votes in favor and 38 against, with 18 abstentions, at a meeting in Strasbourg today. 

Crypto firms including Binance, Coinbase and Kraken welcomed the passing of the landmark legislation, while Stefan Berger, the MEP who led the bill’s creation, said in an emailed statement that Europe is now the “first continent with comprehensive regulation for crypto assets.”

“In order for new coins to be approved in the EU, it must be ensured in future that their business model will not endanger our currency stability,” he said, writing in German. “The new supervisory structures will also be a bulwark against Lehman Brothers moments like the crypto exchange FTX.”

The MiCA legislation means that the EU will have a unified approach to crypto asset regulation across all 27 member states, making it possible for firms approved in one country to “passport” their business into others with minimal additional paperwork.

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Author: Alys Key

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