Today the European Parliament voted resoundingly to introduce the Markets for Crypto Assets Regulations (MiCAR), with 517 voting in favor, 38 against and 18 abstentions. Additionally, legislation implementing the anti-money laundering (AML) travel rule for crypto-assets was also voted in, with even fewer MPs opposing it.
Commissioner Mairead McGuinness welcomed the vote saying on Twitter, “We’re protecting consumers and safeguarding financial stability and market integrity.” During yesterday’s debate, she urged international cooperation and hoped other nations would follow suite.
Yesterday she also clarified the timing. The MiCA legislation is expected to come into force around July this year, with provisions relating to stablecoins applying from July 2024. The sections regarding other types of crypto-assets and the provisions relating to service providers and the travel rule will be effective from January 2025.
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