EU Countries Officially Approve MiCA Crypto Regulation Rules – Here's What You Need to Know

May 16, 2023

By Khashayar Abbasi | @khashayar

On May 16, the European Union states gave the final nod to the world's first comprehensive set of rules to regulate crypto assets, known as the Markets in Crypto-Assets (MiCA) regulation. 

This decision is adding pressure on countries such as Britain and the United States to follow suit. 

The rules, expected to be implemented from 2024, require firms that want to issue, trade, and safeguard crypto assets, tokenized assets, and stablecoins in the 27-country bloc to obtain a license.

Elisabeth Svantesson, finance minister for Sweden, which holds the EU presidency, said, "Recent events have confirmed the urgent need for imposing rules which will better protect Europeans who have invested in these assets, and prevent the misuse of the crypto industry for the purposes of money laundering and financing of terrorism."

Broad Scope of MiCA

The MiCA rules are set to increase transparency and establish a comprehensive framework for issuers and service providers, including compliance with anti-money laundering rules. 

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