European Union’s Crypto Regulation is Approved by Parliament

After the approval of the European Parliament, the Markets in Crypto Assets (MiCA) regulation has been officially adopted by the European Union.

With the aim of setting a worldwide standard and attracting digital asset companies, this legislation has been a source of debate between the crypto market and regulatory entities.

MiCA’s main objective is to create more control over the centralized points of the crypto industry, providing more clarity on the scope and definitions of the regulation.

Under MiCA, Crypto Asset Service Providers now have more clearness, as firms that have a license in one EU member state have access to the whole European market.

Additionally, traditional financial institutions can pick their licensed partners to collaborate with when building their crypto services.