EU finance ministers approve MiCA cryptocurrency legislation

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.

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

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

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

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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.

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