Landmark MiCA Law Officially Signed By EU Policymakers Summar | Bitcoin Networks

Landmark MiCA Law Officially Signed By EU Policymakers

Summary:

European Union lawmakers officially signed the bloc’s Markets in Crypto Assets (MiCA) bill meant to standardize digital asset businesses across 27 member nations.The bill is accompanied by new anti-money laundering rules that require exchanges and crypto providers to verify users’ identities.The EU is another step closer to implementing crypto standards and rules roughly three years after the bill was introduced, making the bloc the first major jurisdiction to provide clear rules for the nascent industry.The Markets in Crypto Assets (MiCA) bill developed to create standard rules for crypto businesses operating in EU states was officially signed on Wednesday, May 31, and marks a watershed moment for the broader crypto industry.

MiCA’s policies which introduce a licensing framework are accompanied by new anti-money laundering rules that require exchanges and crypto providers to verify users’ identities. The bill was first proposed in 2020, surviving endless parliamentary debates and revisions.