On Thursday, the European Commission’s Markets in Crypto Assets regulation or MiCA received overwhelming among EU lawmakers.
517 legislators voted in favor of the new broad crypto licensing regime that will allow crypto service providers to operate regulated digital asset businesses across the EU.
38 lawmakers opposed the bill while 18 legislators abstained from declaring support as Europe becomes the first “major” jurisdiction to publish crypto regulations.
On Thursday, Legislators from the European Union voted in support of the Markets in Crypto Assets regulation or MiCA , a crypto licensing policy first introduced in 2020 by the European Commission.
517 EU lawmakers threw their voting power behind the MiCA bill, pushing the bill into law. The bill will be actively implemented 12-18 months after lawmakers publish the regulations in the EU’s Official Journal. This is only possible after the EU’s council and the parliament both approve MiCA.
Thursday’s vote followed a Wednesday parliamentary debate where several legislators voiced support for the bill ahead of the vote on Thursday. Rhetoric from lawmakers like EPP’s Lídia Pereira, MEP Ernest Urtasun, and lawmaker Stefan Berger stressed the benefits of allowing crypto exchanges and wallet providers to operate under a regulated licensing framework.
Lawmakers also backed requiring stablecoin issuers to maintain sufficient reserves for their tokens.
MiCA faced opposition from 38 lawmakers during today’s vote. 18 legislators abstained from declaring support as Europe becomes the first “major” jurisdiction to publish crypto regulations.
“We’re protecting consumers and safeguarding financial stability and market integrity,” the European Commission’s Mairead McGuinness said, saluting the decision as a “world first”.
AML Regulation Shadows MiCA Vote
Lawmakers in the European Parliament voted for a separate law aimed at beefing up anti-money laundering systems. Under the Transfer of Funds regulation, crypto businesses must implement thorough know-your-customer checks. 529 lawmakers voted for the bill while 29 voted against the policy. 14 legislators abstained.