European Parliament Approves MiCA LawThe new law means that the EU will have a unified approach to crypto asset regulation across all 27 member states.The European Parliament has voted through landmark legislation on cryptocurrency. The Markets in Crypto Assets (MiCA) law passed with 517 votes in favor and 38 against, with 18 abstentions.
The MiCA legislation means that the EU will have a unified approach to crypto asset regulation across all 27 member states. The law focuses on companies known as crypto-asset service providers (CASPs), including firms operating trading platforms or marketing crypto assets.
The Parliament also passed a separate law, the Transfer of Funds regulation, with 529 in favor, 29 against and 14 abstentions. The regulation will require crypto operators to identify customers in a bid to curb money laundering.
MiCA will not come into effect immediately; it will need to be approved by the European Council before officially becoming law.
