The members of the Council of the European Union have given the final green light to the highly anticipated Crypto Asset Markets (Mica) legislation after a voting process on May 16.
27 finance ministers representing EU member states voted in favor of passing the MiCA bill, as well as amendments to a number of regulations and directives related to the new legislation.
The EU parliament also adopted two more laws, including the regulation on information accompanying transfers of funds and certain crypto assets, along with the adoption of MiCA.
Related: Industry leaders and policymakers react to MiCA approval in the EU
the european parliament formally adopted MiCA legislation on April 20, paving the way for final approval by the European Council before the regulatory parameters take effect.
The legislation clearly establishes regulatory guidelines and requirements for the use of cryptocurrencies and related services and activities throughout the European Union. The scope of the legislation covers a variety of cryptocurrencies, digital assets, utility tokens, and stablecoins.
This is a developing story, and more information will be added as it becomes available.
