New Delhi: Lawmakers in the European Union Parliament on Thursday voted to allow and implement a new crypto licensing law Markets in Crypto-Assets (MiCA) with 517-38 votes in favour and 18 abstentions.
After the votes, MiCA regulations can be implemented in 2024. With this, the EU becomes the first major region in the world to bring such a comprehensive legislation on cryptocurrency. Meanwhile, the EU also conducted votes with 529-29 in favour of the Transfer of Funds regulation, which is a different law.
According to the Transfer of Funds regulation law, crypto operators will be mandatorily required to identify their customers in order to prevent money laundering cases, reported CoinDesk.
During the ongoing debate on the matter, lawmakers extended their support for the plans to ensure that the wallet providers and exchanges get a license to function all over the bloc. It also said, as reported by CoinDesk, that the ones issuing stablecoins be associated with the value of different other assets in order to maintain adequate reserves.
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