KEY POINTS
  • In a vote Thursday, the EU Parliament voted 517 in favor and 38 against to pass the Markets in Crypto Act, or MiCA.
  • The rules will impose a number of requirements on crypto platforms, token issuers and traders around transparency, disclosure, authorization, and supervision of transactions.
  • MiCA is the most comprehensive regulatory framework for digital assets to date.
  • The parliamentary blessing paves the way for MiCA to become law in 2024, putting the EU a step ahead of the U.S. and U.K.
Markets in Crypto-Assets (MiCA) is the first attempt at creating comprehensive regulation for digital assets in the EU.

Lawmakers in the European Parliament have approved the world's first comprehensive package of rules aimed at regulating the cryptocurrency industry.

In a vote Thursday, the EU Parliament voted 517 in favor and 38 against to pass the Markets in Crypto Act, or MiCA. The legislation, which seeks to reduce risks for consumers buying crypto assets, will mean providers can become liable if they lose investors' crypto-assets.