The Economic and Financial Affairs Council of the European Union granted final approval to the Markets in Crypto-Assets (MiCA) legislation on May 16, 2023, following unanimous support from the finance ministers of all 27 member states.
In addition to the approval of MiCA, the European Council also approved two other pieces of legislation. One focuses on the information accompanying transfers of funds, while the other addresses specific crypto assets. These combined efforts represent an important milestone in the regulation of the crypto industry within the European Union.
Elisabeth Svantesson, Minister for Finance of Sweden, stated:
“I am very pleased that today we are delivering on our promise to start regulating the crypto-assets sector.”
Svantesson further emphasized that recent developments have underscored the urgent requirement to establish regulations that offer enhanced safeguards for European investors involved in these assets and counteract the illicit exploitation of the crypto industry, specifically targeting money laundering and the financing of terrorism.
On April 20, 2023, the MiCA legislation was officially adopted by the European Parliament after two consecutive delays. This paved the way for the legislation’s approval by the European Council and the subsequent implementation of its guidelines.
MiCA is the world’s first comprehensive regulatory framework for digital assets. It establishes clear regulatory guidelines and requirements for the use of cryptocurrencies, as well as associated services and activities, throughout the European Union. The legislation also covers various types of cryptocurrencies, digital assets, utility tokens, and stablecoins.
According to a report by DeFi Planet, Ukraine is expected to be one of the early adopters in integrating the MiCA into its national legislation. The Ukrainian Financial Regulator, the National Securities And Stock Market Commission, released a statement stating it was actively working on launching a digital asset market in the country, and MiCA will be the cornerstone legislation of the market.
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