EU: MiCA crypto regulation approved by member states

Adopted by the Parliament in April, the EU framework MiCA aimed at regulate the crypto industry has just been approved by the Ministers of Finance of theEU.

Previously adopted by the European Council in the fall of 2022 and then by the Parliament last month, Markets in Crypto-Assets (MiCA) is a new legal framework common focused on digital assetsincluding crypto-currencies like Bitcoin.

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This Tuesday in Brussels, members of the Council for Economic and Financial Affairs (ECOFIN) unanimously approved the regulation, which aims to protect investors by establishing a “global framework” for token issuers and digital asset service providers.

Recent events have confirmed the urgent need for rules that will better protect Europeans who have invested in these assets and prevent the misuse of the cryptocurrency industry for money laundering and terrorist financing,” said Elisabeth Svantesson, Sweden’s finance minister.

MiCAwhose gradual application should start at best in 2024, is seen as a major step forward in terms of regulation by several crypto giants including Binance and Coinbase. The latter is currently blaming the U.S. regulators for a lack of clarity regarding the rules surrounding digital assets.

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