The world’s first comprehensive set of laws to govern the cryptocurrency sector was passed by the EU Parliament on Thursday, April 20, 2023, to combat money laundering and enhance oversight, and consumer protection. The Markets in Crypto-Assets (MiCA) rules, which were approved by a vote of 529 to 29 and will begin to take effect in stages in 2024, are the most significant effort by governments throughout the world to control the expanding market for digital assets. In a statement, the European Union expressed its hope that the new legislation will serve as a benchmark for other countries.
MiCA, which was first proposed in 2020, marks progress in a regulatory area where the United States has slipped behind. Last year, President Joe Biden issued an executive order directing federal agencies to research the effects of the sector on the economy. That was prior to the cryptocurrency crash, which…
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