On May 16, the finance ministers of the EU member states voted to approve the MiCA regulation, a key step for the crypto-asset market.

The MiCA regulation aims to provide a clear and harmonized framework for crypto-asset issuers and service providers in the EU.

Several rules and directives related to the new law were modified as part of the approval.

Finance ministers from all 27 of the member nations cast unanimous votes in favor of the Markets in Crypto-Assets (MiCA) bill.

The European Council’s assent is required for the MiCA Act to be put into effect after the European Parliament officially adopted it on April 20.