The European Union Parliament has approved the Market in Cryptoassets (MiCA) regulatory framework, which aims to set clear standards in the cryptocurrency industry and protect investors from failures such as the FTX collapse. The MiCA legislation includes a "travel rule" that will cover cryptocurrency transactions and require digital asset operators to identify their clients about any transfer of their funds to prevent money laundering. The rules on stablecoins are expected to come into effect from July 2024, while the broader rules on crypto providers should become live from January 2025. Industry leaders, including the CEO of Binance, have praised the move, arguing it gives more protection to consumers and fosters innovation in the asset class. (cryptopotato)