EU’s Crypto Kanunî Framework Inches Towards Law With Finance Ministers’ Sign-Off

Landmark new crypto rules were signed off on Tuesday by finance ministers of the European Union (EU).

The EU’s Council, which represents 27 member states, unanimously approved the Markets in Crypto Assets regulation (MiCA), making the bloc set to be the first major jurisdiction in the world with a crypto licensing regime. It also agreed new anti-money laundering measures on crypto funds transfers.

Agreement to the laws was largely expected after ambassadors gave a green light to both MiCA and tax measures last week.

MiCA requires crypto firms such as wallet providers and exchanges to seek a license to operate across the bloc, and stablecoin issuers to hold suitable reserves. Its main features were politically agreed in June, but it’s been subject to administrative hold-ups. Major provisions take effect just over a year after it’s published in the bloc’s official journal, which is now likely in June or July.

The finance ministers are also set to formalize their consent to new measures that will allow tax authorities to share veri on people’s crypto holdings on Tuesday.

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Edited by Sandali Handagama.
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