EU votes in MiCA

On the 20th April 2023, the European Parliament voted strongly in favour of the world’s first cross-border regulation on crypto, Markets in Crypto Assets, or MiCA. Following the implementation of national laws by individual member states, such as Malta in 2018, this is the first major jurisdiction to introduce a comprehensive regulatory framework.

European lawmakers also voted to approve a separate law called the Transfer of Funds regulation, another shot from the EU in the fight against money laundering. This makes it mandatory for those operating crypto businesses to identify their customers in a manner similar to operators in the traditional financial services arena. We answer a few key aspects here