EU Parliament Approves MiCA Regulation, Expected to Come into Force in July

The European Parliament approved the EU Market for Cryptoassets (MiCA), according to Bloomberg, and European Financial Services Commissioner Mairead McGuinness said on Wednesday that she expects the legislation to come into force in July after it is formally ratified by the 27 EU member states. Specific requirements will come into effect gradually, for example, rules governing stablecoins will apply from July 2024. Once implemented, MiCA will require any company offering encryption-related services in the EU to be registered in one of the EU's member states, which will then allow them to operate across the EU. The European Banking Authority and the European Securities and Markets Authority will be responsible for ensuring that crypto platforms comply with the rules, including having adequate risk management and governance processes.