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EU Finance Ministers Give Final Go-ahead to MiCA

Words by Alys Key

Avg. 1 Min read

EcoFin passed the Europe-wide regulation unanimously, meaning the new crypto rules will become law this summer.

The European Union’s landmark crypto regulation has passed its final legislative hurdle, with the unanimous approval of European finance ministers.

Members of the EU’s Economic and Financial Affairs Council (EcoFin) adopted the Markets in Crypto Assets (MiCA) with no objections in a meeting on Tuesday.

“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 crypto industry for the purposes of money laundering and financing of terrorism,” she said.

MiCA, which creates a uniform approach to crypto across the European bloc, was passed by members of the European Parliament last month in Strasbourg.

With today’s nod from finance ministers, the regulation is on track to become law this summer, when it will be entered into the EU’s official journal.

. . .

Reacting to today’s approval, Billy Sebell, executive director of blockchain project XDC Foundation said the EU was “placing a positive marker on blockchain technology.”

“By enacting this legislation, the EU is lowering the barrier to entry for individuals and entities to benefit from blockchain technology—the underlying engine for crypto assets and many other projects,” he told Decrypt in a prepared statement.

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