European Union finance ministers have approved the Markets in Crypto-Assets (MiCA) regulation after a vote on May 16. MiCA was formally adopted by the European Parliament on April 20 and now requires publication in the Official Journal of the European Union before it can come into effect within a year. The legislation aims to create a single market environment across Europe regarding regulatory requirements and operating procedures for cryptocurrencies, digital assets, utility tokens, and stablecoins. Key components of MiCA legislation include registration and authorization requirements for issuers of cryptocurrencies, exchanges, and wallet providers. The legislation also provides a framework to prevent market abuse, insider trading, and manipulative behavior in the cryptocurrency space. Stablecoin issuers must meet certain security and risk mitigation requirements, while cryptocurrency custody services must ensure sufficient security and safety measures to address potential cybersecurity and operational failures.
About the author - J-S Tremblay
I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...
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