European Union finance ministers vote unanimously to adopt the bloc’s Markets in Crypto-Assets regulation.
EU finance ministers approve MiCA crypto regulation
On May 16, the European Union Council members finalized the approval of the highly-anticipated Markets in Crypto-Assets (MiCA) legislation.
A total of 27 finance ministers representing EU member states voted in favor of passing the MiCA bill, along with amendments to several related regulations and directives.
Additionally, two other pieces of legislation, addressing information accompanying fund transfers and specific crypto-assets, were adopted by the EU parliament in conjunction with MiCA.
The European Parliament had already formally adopted the MiCA legislation on April 20, clearing the path for final approval by the European Council.
Once in effect, MiCA will establish clear regulatory guidelines and requirements for the utilization of cryptocurrencies, digital assets, utility tokens, and stablecoins within the European Union.
The legislation's scope covers a wide range of crypto-related services and activities.