Europe is one step further on its way to regulating the crypto industry.
European Union lawmakers today signed off the Markets in Crypto Assets Regulation (MiCA)—landmark legislation that hopes to regulate the digital asset space within the union.
European Parliament officials voted 28 to 1 in favor of the legislation, which will, if passed in the next vote, require stricter rules for crypto companies.
MEPs from @EP_Economics voted to confirm w/ 28/1 provisional deal on markets in crypto assets #MICA @DrStefanBerger ahead of the final plenary vote
30 June deal details https://t.co/zFPKaTxki9
— ECON Committee Press (@EP_Economics) October 10, 2022
The MiCA bill asks those issuing crypto to publish a “crypto-asset white paper” containing information about their project.
It also asks stablecoin companies to meet capital requirements: such entities will be restricted on how many tokens they can issue if they are not denominated in euros or other currencies used by E.U. member states.
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