Finance ministers from the 27 countries that make up the European Union have unanimously supported the draft law on regulation of cryptocurrencies (MiCA) and amendments to a number of rules and directives concerning the new legislation.
According to an official statement released by the European Council, the new law introduces a “single, hormonized regulatory framework” across the European Union.
“MiCA will protect investors, increase transparency and enforce anti-money laundering rules.
New rules apply to issuers of service tokens, tokenized assets and stabelcoins.
It also applies to service providers, such as trading floors and providers of cryptocurrency wallets where crypto-assets are stored,” the council said in a statement.
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According to lawmakers, MiCA will allow participants in the EU crypto market to avoid contradictions caused by national crypto regulations.
Earlier, US Securities and Exchange Commission (SEC) Commissioner Hester Peirce said that the recently passed EU cryptocurrency regulation bill could be a good model for oversight of the industry in the US.