The Economic and Financial Affairs Council of the European Union — comprising finance ministers of all member states — has given the green light to the highly-anticipated Markets in Crypto-Assets (MiCA) regulation after a vote on May 16.
Finance ministers from 27 member states voted in favor of the MiCA bill, and amendments to several regulations and directives relating to the new legislation.
Two more pieces of legislation, including regulation on information accompanying transfers of funds and certain crypto assets, were also adopted by the European Parliament in conjunction with MiCA’s adoption.
Related: Industry leaders and policymakers react to passage of MiCA in EU
The European Parliament formally adopted the MiCA legislation on April 20, paving the way for final approval by the European Council before the regulatory parameters take effect.
The legislation sets down clear regulatory guidelines and requirements for using cryptocurrencies and related services and activities across the European Union. The scope of the legislation covers a range of cryptocurrencies, digital assets, utility tokens and stablecoins.
This is a developing story, and further information will be added as it becomes available.