European crypto regulations

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As U.S. regulators and lawmakers quibble about how to properly oversee the infamously tumultuous digital asset industry, the European Union (EU) on Thursday (April 20) became one of the first jurisdictions in the world to introduce a comprehensive set of rules regarding crypto assets and their use.

EU lawmakers voted 517-38 in favor of a crypto licensing framework, Markets in Crypto-Assets (MiCA), paving the way for the introduction of bespoke regulations for the crypto industry. cryptography, focused on protecting users and supporting innovation, in one of the worlds largest and most important. most mature market economies.

EU Commissioner for Financial Services, Financial Stability and Capital Markets Union Mairead McGuinness called it a world first in a tweet.

Related: Translation Issues Delay Vote on EU Crypto Law

The texts will now have to be formally approved by the Council before publication in the Official Journal of the EU. They will come into force 20 days later and will come into force over the next two years, according to a statement announcing that the MiCA had authorized its final vote in Parliament.

This puts the EU at the forefront of the token economy, said Stefan Berger, MEP responsible for the MiCA regulation. Consumers will be protected from deception and fraud, and the industry that was damaged by the FTX collapse will be able to regain confidence.

This regulation brings a competitive advantage to the EU. The European crypto-asset industry has a regulatory clarity that does not exist in countries like the United States, he added.

MiCA’s unified regulatory framework for the 27-nation bloc will likely make the group of European nations more attractive to digital asset firms, and pressure other jurisdictions to adopt their own equivalent safeguards.

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