New Crypto Rule: EU Council Unanimously Approved MiCA and Anti-Money Laundering Measures
On May 16, the European Union Council unanimously gave a go signal for approving the region’s Market in Crypto Asset (MiCA) regulations and anti-money laundering rules.
Each member state’s finance ministers signed off the bloc’s new cryptocurrency measures earlier in the day.
This decision makes the EU the first primary jurisdiction in the world with a crypto licensing policy and anti-money laundering measures on digital asset fund transfers, CoinDesk reported.
Several crypto analysts and investors expected the outcome following the ambassadors’ green light to the tax rules and MiCA last week.
According to the EU Council, MiCA aims to oblige cryptocurrency companies, including wallet providers and exchanges, to pursue a license to operate across the region. It also requires stablecoin issuers to confine appropriate reserves.
In June 2022, finance ministers politically agreed on its main feature. Yet, it has been subjected to administrative delay.
After more than a year, MiCA’s major provisions took effect after it was published in the EU’s official journal. Decrypt said it would likely become law in July 2023, with some of its mandates taking effect in July 2024 and January 2025.
Aside from its recent approval, the council also consented to new rules to compel digital asset providers to vouchsafe details of their patrons’ holdings to tax regulators, which would be disclosed with the bloc to circumvent stashing funds in obscure international wallets.
In December 2022, the European Commission proposed this new tax regulation, known as DAC8, from the Organization for Economic Cooperation and Development (OECD) model.
On May 12, its latest draft was released, and Law360 reported that it won’t be passed into law yet since the European Parliament has not issued its non-binding assessment.
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