The EU unanimously adopted the main cryptocurrency law MiCA

The European Union’s Economic and Financial Affairs Council, which includes the finance ministers of all member states, has given the green light to the long-awaited Cryptocurrency Markets Regulation Act (MiCA) after voting on May 16.

Finance ministers from 27 countries voted in favor of the MiCA draft law and amendments to several regulations and directives related to the new legislation. The MiCA establishes clear regulatory principles and requirements for the use of cryptocurrencies and related services and activities in the European Union. The legislation covers a range of cryptocurrencies, digital assets, utility tokens, and stablecoins.

The MISA proposes that crypto companies, including crypto wallet manufacturers, obtain a license to operate in the European Union. Exchanges will also be required to comply with all governance and consumer protection regulations in force in the EU. The MiCA will come into force one year after its official approval, which is expected to happen this summer.

The issue of regulating the cryptocurrency industry is acute not only in the eurozone but also around the world. This is due to the collapse of Terra (LUNA) and the bankruptcy of the FTX exchange, which in 2022 caused the rates of all leading cryptocurrencies to fall.