The European Union has voted in favor of a comprehensive crypto law, the Markets in Crypto Assets regulation (MiCA), with 517-38 in favor, making it the first major jurisdiction to introduce such a law. The EU has also voted in favor of the Transfer of Funds regulation, which requires crypto operators to identify their customers to halt money laundering. The MiCA law requires crypto wallet providers and exchanges to seek a license to operate across the bloc and requires issuers of stablecoins tied to the value of other assets to maintain sufficient reserves. The law was first proposed by the European Commission in 2020 and must be approved by the EU's Council before its provisions start to apply, likely in June.
(By Jack Schickler)
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