HomeCryptocurrenciesEU Parliament Vote in Favor of Uniform Legal Framework for Crypto

EU Parliament Vote in Favor of Uniform Legal Framework for Crypto

EU Parliament has backed the Markets in Crypto Act (MiCA), which aims to regulate crypto assets and the cryptocurrency market. MiCA represents the world’s first uniform legal framework focused on regulating the crypto industry.

By placing rules in place, European Union intends to limit the risk for customers who are obtaining crypto assets. It introduces “key provisions” for crypto exchanges and covers “transparency, disclosure, authorization, and supervision of transactions.” Issuers and traders of crypto assets will also be required to give their customers better information “about the risks, costs and charges linked to their operations.”

The Markets in Crypto Act is expected to be officially put in place at some point in 2024.

“This puts the EU at the forefront of the token economy with 10 000 different crypto assets,” said Stefan Berger, lead MEP for the MiCA regulation. “Consumers will be protected against deception and fraud, and the sector that was damaged by the FTX collapse can regain trust.”

After the news came out, Binance CEO Changpeng Zhao said on social media that the world’s largest crypto exchange is ready to make adjustments that will ensure they are in compliance with EU rules when they roll out.

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