The EU’s new Markets in Crypto-Assets (MICA) regulations were signed into law by European authorities on Wednesday.
The signing into law of a new and comprehensive regulatory framework for crypto was followed by European Parliament President Roberta Metsola and Swedish Rural Affairs Minister Peter Kullgren. passed a vote in the European Parliament In April.
It was signed with a separate law that aims to Prevent crypto from being used for money laundering Banning anonymous crypto transactions above €1,000 ($1,070), among other things.
News of the signing was shared on Twitter by Patrick Hansen, EU director of strategy and policy usdc-Issuing Circle, who noted that the new law will come into force only 20 days after it is published in the Official EU Journal.
Stablecoin issuers, who will face much stricter regulations under the new law, will have 12 months to ensure they are law compliant, while other crypto issuers and so-called crypto asset service providers (CASPs) will have to prepare. Will be 18 months.
The new law will make the EU the first major jurisdiction to have a regulatory framework for crypto, thus providing the clarity that many firms in the industry have sought.
Already, major crypto companies such as Binance Praises European Initiative As for regulating crypto, CEO Changpeng Zhao (CZ) called it “a practical solution to the challenges faced holistically”.
“There are now clear rules of the game for crypto exchanges to operate in the European Union. We stand ready to make adjustments to our business over the next 12-18 months to be in a state of full compliance,” according to the legislation passed by the European Parliament. But CZ said.