The European Union’s finance ministers have approved the Markets in Crypto Assets (MiCA) regulation.
MiCA is a comprehensive piece of legislation that will regulate the issuance, trading, and custody of cryptocurrencies. It will also create a framework for the supervision of crypto-asset service providers.
The approval of MiCA is a major step forward for the regulation of cryptocurrencies. It will help to protect investors, promote innovation, and ensure the stability of the financial system.
MiCA will come into force in 2024. It will apply to all crypto-asset service providers operating in the EU, regardless of where they are headquartered.
The regulation will require crypto-asset service providers to obtain a license from a national regulator. They will also be subject to a number of other requirements, such as customer due diligence and risk management.
MiCA includes a number of provisions to protect investors. For example, it will require crypto-asset service providers to provide clear information to investors about the risks involved in investing in cryptocurrencies.
MiCA will also promote innovation in the crypto sector. It will allow for the development of new products and services, while ensuring that they are subject to appropriate regulation.
The approval of MiCA is a major step forward for the regulation of cryptocurrencies. It will help to protect investors, promote innovation, and ensure the stability of the financial system.
