On April 20, European Union (EU) lawmakers voted 517 to 38 (18 abstentions) to pass the Markets in Crypto-Assets Act (MiCA), a new crypto-asset licensing regime. It will introduce the world’s first comprehensive crypto asset regulation law.
The European Parliament also passed, 529 to 29 (14 abstentions), another law known as the “Money Transfer Regulation”, which requires cryptocurrency operators to identify their customers to prevent money laundering.
The vote follows deliberations held on the 19th, in which lawmakers called on crypto wallet providers and exchanges to obtain licenses to operate across the EU bloc, pegging the value of other assets. He supported plans to require stablecoin issuers to maintain sufficient reserves.
The regulation of the crypto-asset market was first proposed by the European Commission in 2020 and is subject to approval by the European Parliament and the EU Council, which represents EU member states. The provisions will come into force about 12 months after they are published in the Official Journal of the EU.
｜Translation: coindesk JAPAN
｜Editing: Toshihiko Inoue
｜Original: EU Parliament Approves Crypto Licensing, Funds Transfer Rules