European lawmakers endorse Markets in Crypto Assets legislation.
The legislators also backed the introduction of mechanisms allowing the tracing of cryptocurrency transactions which will also apply to private crypto wallets above a certain threshold.Europe’s new common rules for the crypto space were given the final green light by the European Union’s legislature. The set, known as Markets in Crypto Assets , was passed with 517 votes in favor, 38 against, and 18 abstentions, the EU Parliament’s press service announced Thursday.
MiCA introduces licensing for crypto service providers operating in the bloc and provides for the establishment of a register for non-compliant companies, with the stated goal of countering risks of market manipulation, money laundering, and terrorist financing. It also aims to reduce the carbon footprint of cryptocurrencies, obliging larger service providers to disclose their energy consumption.
Berger pointed out that the crypto industry in the European Union will have regulatory clarity that does not exist in other jurisdictions like the United States. MiCA will enter into force once formally endorsed by the Council and 20 days after its publication in the EU Official Journal.In a separate vote, a majority of 529 members of the Parliament approved additional legislation authorizing the tracing of crypto transactions.
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