EU agrees on text of the first-ever regulatory Bitcoin framework
The European Union has reached an agreement on the Markets in Crypto Assets Regulation (MiCA) framework that spells out how the region should approach the crypto sector. Officials from countries in the bloc signed the framework text into law without any further deliberation, the Council of European Union said in a statement released on October 5.
MiCA is a culmination of political outlines set out in June seeking to have a comprehensive crypto legislative text covering the region. Notably, the framework is guided by the goal of protecting consumers and fighting crypto-related crimes like money laundering. Some of the specific clauses in the draft laws require entities in the industry to reveal the identity of consumers making crypto payments using assets like Bitcoin (BTC). Furthermore, MiCA outlines the regulation of crypto wallets and exchanges.
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