The Council of Europe has announced the adoption of Markets in Crypto-Assets (MiCA) regulations for digital assets. According to RBC, 27 EU member states unanimously supported the bill.
The document introduces institutional regulation of the issuance of cryptocurrencies and establishes a uniform legal regime for crypto companies in the EU.
The new rules cover the activities of stablecoin issuers, 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 block.
This regulatory framework aims to protect investors and maintain financial stability, while allowing for innovation and increasing the attractiveness of the crypto asset sector, according to a press release from the Council of Europe.
The European Commission submitted the MiCA project in September 2020. After numerous discussions, including public ones, the adoption of various amendments and improvements, in April 2023, the European Parliament approved the MiCA crypto regulation bill. The formal adoption of the regulation on May 16 was the final step in the legislative process.
It is expected that the law will come into force in July, but certain provisions of the act will come into effect gradually. So, for example, the rules governing stablecoins will work from July 2024.
Source: Rosbalt
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