European Union Granted Final Approval to Bitcoin Law! When Will It Take Effect?

Bitcoin (BTC) And cryptocurrencies It constitutes the main framework of its status in Europe and the regulations that may be encountered in the future. European Crypto Asset Markets (MICA) The regulation was approved by the EU parliament on 20 April.

Finally EU Councilwaiting for approval MICA It was approved today by the European Council, which represents 27 member states.

According to the news of Coindesk, MICA has been unanimously approved by the European Council, making it the first major regulation in the world for the crypto industry.

Apart from MICA, the council also approved anti-money laundering rules on crypto money transfers.

Swedish Ministry of Finance He made the following statements about the approval of MICA:

“I am very happy that today we have fulfilled our promise to start regulating the crypto-asset sector.

Recent events have confirmed the urgent need to implement rules that will better protect Europeans investing in cryptocurrencies and prevent the crypto industry from being misused for money laundering and terrorist financing.”

Valdis Dombrovskis, Vice President for Labor Economics at the Council of Europe whereas In his statement he made the following statements:

“Cryptocurrencies and e-money have great potential to drive economic activity and innovation.

But they also run the risk of reducing transparency and enabling tax evasion or fraud.

Updating our tax rules to address these issues will help national governments collect taxes more efficiently.

Keep up with emerging technology as Europe moves through the digital transition.”

Having received all the necessary approvals, MICA is expected to enter into force next June or July.

MICA It was first submitted by the EU on 24 September 2020. The EU said that MICA was created to ensure financial stability and consumer protection.

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