EU finance ministers approve MiCA crypto regulation

on April 20, paving the way for final approval by the European Council before the regulatory parameters take effect.for using cryptocurrencies and related services and activities across the European Union. The scope of the legislation covers a range of cryptocurrencies, digital assets, utility tokens and stablecoins.

The next step in the long process for MiCA policy to become law across Europe requires the bill to be published in the EU journal. MiCA will come into effect within a year, meaning the regulations will finally become law midway through 2024. MiCA was first proposed to the European Commission in September 2020 and has faced numerous hurdles and

Two more pieces of legislation, including regulation on information accompanying transfers of funds and certain crypto assets, were also adopted by the European Parliament in conjunction with MiCA’s adoption.

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