EU’s landmark digital asset legislation passes committee vote in European Parliament

Quick Take

  • The Markets in Crypto-Assets regulation gets a green light from committee, teeing it up for a final vote before the entire European Parliament later this month. 

The highly-anticipated Markets in Crypto-Assets legislation passed the European Parliament on Monday, after a two-year long debate and drafting process.

The final vote tallied up to 28 in favor and 1 against. The entire European Parliament will vote on final approval of the legislation later in October. 

Alongside MiCA, the Members of the European Parliament are also voting on the Transfer of Funds Regulation, an anti-money laundering bill that obliges transfers made in crypto to include data on the payer and payee. The measure is expected to pass as well. 


Keep up with the latest news, trends, charts and views on crypto and DeFi with a new biweekly newsletter from The Block's Frank Chaparro

By signing-up you agree to our Terms of Service and Privacy Policy
By signing-up you agree to our Terms of Service and Privacy Policy

Both texts are anticipated to be approved by the entire European Parliament and become law. Once the adoption process is finalized, as expected, a 12-to-18-month rulemaking process starts with guidelines on implementation of the new laws around stablecoins and crypto exchanges set to be completed sometime in 2024.

© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

About Author

Inbar is a reporter covering crypto policy and regulation with a focus on Europe. Before The Block, she worked with several publications in Brussels including The Parliament Magazine and Are We Europe. Inbar holds a bachelor's degree in international relations from University College Utrecht and a master's degree in international politics from KU Leuven.