In the future, crypto platforms, like banks, will have to collect information on senders and recipients of transactions and share it with the authorities.
(Photo: Reuters)
Frankfurt It took three years, now it’s official: The EU is getting uniform crypto regulation, called “Markets in Crypto Assets” (MiCA for short). The EU Parliament passed the regulation on Thursday with 517 votes in favor, 38 against and 18 abstentions. It is to be formally adopted this Friday.
MiCA is designed to protect investors and prevent misuse of cryptocurrencies. At the same time, regulation should continue to enable innovations in the sector.
With the MiCA regulation, the EU is creating uniform regulations for all actors, said Bernd Oppold, partner at KPMG. “The regulation will establish a binding legal framework for crypto assets across Europe that have not been regulated or only regulated at national level,” says Oppold.
Janet Ho, who is responsible for regulatory requirements in Europe at the analysis company Chainanalysis, confirms: “With the adoption of MiCA by the European Parliament, companies will no longer have to deal with 27 different crypto regulatory frameworks in Europe.”
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