EU Parliament approves MICA legislation in landmark vote


EU lawmakers voted 517-38 in favour of the Markets in Crypto-Assets (MiCA) legislation, making in the first crypto law to be introduced by a major jurisdiction.

According to CoinDesk, the European Parliament also voted 529-29 in favour of a separate law known as the Transfer of Funds regulation, which requires crypto operators to identify their customers in a bid to halt money laundering, with 14 abstentions.

The European Commission’s Mairead McGuinness said, “We’re protecting consumers and safeguarding financial stability and market integrity. The rules will start applying from next year.”

Stefan Berger, the lawmaker who led negotiations on the law – said that the rules put the EU at the forefront of the token economy.

He said, “The European crypto-asset industry has regulatory clarity that does not exist in countries like the U.S. The sector that was damaged by the FTX collapse can regain trust.”

The ESMA also remarked in a tweet that it will announce in due time its timetable for drafting secondary legislation under MiCA.

“ESMA still warns consumers that investing in cryptoassets is a risky endeavour with limited safeguards at this stage,” it added.

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