MiCA: European Union’s Attempt at Unified Regulation

On April 20, 2023, lawmakers in the European Union (EU) voted 517-38 in favor of a new crypto licensing regime, Markets in Crypto-Assets (MiCA), making it the first major jurisdiction in the world to introduce a comprehensive crypto regulatory framework. MiCA regulations will likely be implemented in the next 12-18 months

MiCA is a comprehensive regulatory framework to create a harmonized legal structure for crypto assets across the European Union. Introduced in September 2020 by the European Commission, the EU executive branch responsible for proposing and enforcing laws, the MiCA framework is part of a larger Digital Finance Strategy that aims to adapt Europe to the digital age. It outlines rules for various aspects of crypto assets and crypto service providers to ensure consumer protection and market integrity.