The European Union (EU) has voted in favor of the MiCA crypto legislation, making it the first major jurisdiction to introduce a comprehensive crypto law.
The legislation aims to protect consumers, safeguard financial stability and market integrity, and provide regulatory clarity for the crypto-asset industry.
In addition, the Transfer of Funds regulation was also approved, requiring crypto operators to identify their customers to prevent money laundering.
Finally, the EU’s actions will come into effect next year.