The European Crypto Asset Markets (MICA) regulation, which constitutes the status of Bitcoin (BTC) and cryptocurrencies in Europe and the main framework of the regulations that may be encountered in the future, was approved by the EU parliament on April 20.
Finally, MICA, which is waiting for the approval of the European Council, has been approved by the European Council, which represents 27 member states.
According to the news of Coindesk, MICA has been unanimously approved by the European Council, making it the first major regulation in the world for the crypto industry.
Apart from MICA, the council also approved anti-money laundering rules on crypto money transfers.
The Swedish Ministry of Finance made the following statements regarding the approval of MICA:
“I am very happy that today we are delivering on our promise to start regulating the crypto-asset sector.
Recent events have confirmed the urgent need to implement rules that better protect Europeans investing in cryptocurrencies and prevent the crypto industry from being misused for money laundering and terrorist financing.”
Valdis Dombrovskis, Vice President of Labor Economics of the Council of Europe, made the following statements in his statement:
“Cryptocurrencies and e-money have great potential to drive economic activity and innovation.
But they also run the risk of reducing transparency and enabling tax evasion or fraud.
Updating our tax rules to address these issues will help national governments collect taxes more efficiently.
Keep up with emerging technology as Europe moves through the digital transition."
Having received all the necessary approvals, MICA is expected to enter into force next June or July.
MICA was first introduced by the EU on 24 September 2020. The EU said that MICA was created to ensure financial stability and consumer protection.