September 23, 2023

EU Finance Ministers Unanimously Support MiCA Crypto Regulation Rules

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EU Finance Ministers Unanimously Support MiCA Crypto Regulation Rules

On Tuesday, May 16, the European Council completed the procedure for harmonizing legislation on the regulation of the crypto-assets market in the EU countries.

The finance ministers of the 27 EU member states have unanimously supported the Cryptocurrency Regulation Bill (MiCA) and amendments to a number of rules and directives regarding new legislation.

According to an official statement released by the European Council, the new law introduces a "single harmonized regulatory framework" across the EU.

“MiCA will protect investors, increase transparency andensure compliance with anti-money laundering regulations. The new rules apply to issuers of utility tokens, tokenized assets, and stablecoins. It also applies to service providers such as marketplaces and cryptocurrency wallet providers where cryptoassets are stored,” the council said in a statement.

According to legislators, MiCA will allow participants in the EU crypto market to avoid contradictions caused by national crypto regulation.

Formerly Commissioner of the Securities and Exchange CommissionUS Exchange Commissioner (SEC) Hester Peirce said that the recently adopted bill in the European Union to regulate cryptocurrencies could be a good model for oversight of the industry in the US.