The Markets in Crypto Act (MiCA), popularly called the “world’s most  sweeping cryptocurrency rules,” has been passed by the EU Parliament.

According to the EU Parliament, the law would impose a variety of  obligations on cryptocurrency platforms, token issuers, and dealers  including transparency, disclosure, authorization, and supervision of  transactions, with a focus on lowering risks for consumers.

The regulations will apply to crypto assets, such as digital money like  Bitcoin and Ethereum, as well as tradeable tokens like NFTs, whose value  is secured by blockchain technology.

The Transfer of Funds legislation was approved by the European  Parliament by a vote of 529 – 29 with 14 abstentions. This distinct rule  demands cryptocurrency providers identify their consumers to prevent  money laundering.