EU Parliament Approves Landmark Crypto Regulations: MiCA and Transfer of Funds Rules

The European Union (EU) Parliament has taken a significant step towards regulating cryptocurrencies by approving new crypto licensing and transfer of funds rules. With 517 votes in favor and only 38 against, the parliament’s decision is a groundbreaking move for the global crypto industry, making the EU the first major jurisdiction to introduce comprehensive crypto laws. The new regulation, known as the Markets in Crypto-Assets (MiCA), will take effect in 2024, paving the way for EU-wide crypto licensing.

The European Parliament also voted in favor of a separate law known as the Transfer of Funds regulation. This law requires crypto operators to identify their customers to prevent money laundering and other illegal activities. With 529 votes in favor and only 29 against, the law was widely supported by lawmakers during Wednesday’s debate. These regulations are a significant step forward in protecting consumers, safeguarding financial stability and market integrity in the crypto industry.

The new rules will require crypto wallet providers and exchanges to seek a license to operate across the EU. They will also require issuers of stablecoins tied to the value of other assets to maintain sufficient reserves. These provisions aim to ensure that the industry is regulated and consumers are protected from fraudulent activities. Moreover, it is expected that the new regulations will put the EU at the forefront of the token economy, giving the European crypto-asset industry regulatory clarity that does not exist in other countries like the US.

Stefan Berger, the lawmaker who led the negotiations on the law, said that the rules would help the crypto-asset industry regain trust, which was damaged by the FTX collapse. In his statement, Berger highlighted that the new rules would provide regulatory clarity, and the sector would be able to operate with confidence.

The EU’s Mairead McGuinness also expressed her support for the new rules, calling the vote a “world first” for crypto regulations. McGuinness said that the EU is committed to protecting consumers and safeguarding financial stability and market integrity, and the rules would start applying from next year.

The European Securities and Markets Authority (ESMA) also welcomed the vote, saying it would announce its timetable for drafting secondary legislation under MiCA. However, ESMA still warns consumers that investing in crypto assets is a risky endeavor with limited safeguards at this stage.

The EU’s decision to approve crypto licensing and transfer of funds rules is a significant step forward in regulating the crypto industry. The new regulations will help protect consumers, promote financial stability, and give the crypto industry much-needed regulatory clarity. As the crypto industry continues to grow, it is expected that other jurisdictions will follow the EU’s lead and introduce similar regulations to protect investors and promote market integrity.

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