The European Council has approved the MiCA (Crypto Asset Markets Act) legislation regarding the legal regulations to be brought to the crypto money market.
Cryptocurrencies of the European Union, which has been going on since February this year, MiCA, which determines the regulations on legislation by the Council of Europe. approved today.
The law, which is expected to enter into force in 2024 at the earliest, must also be approved by the European Parliament for full approval. The European Parliament’s Committee on Economic Affairs He will vote on October 10.
The Council of Europe, which is one of the parts that make up the EU, has previously tried to prevent tax evasion on cryptocurrencies. had passed the law.
Among the laws that make up MiCA terra events such as the collapse to companies that provide stablecoin services so that it does not happen reserve liability will bring matter is located. Also, in the bill, on money transfers There are also rules. To wallet providers to reduce money laundering if MiCA is approved, customers are required to check their information.
The article on the prohibition of cryptocurrencies operating with the Proof of Work (PoW) mechanism in MiCA was removed as a result of the voting. The EU, which has veto power, did not veto the removal of this article and the article was completely deleted from MiCA.