European Parliament Passes Markets in Crypto Assets MiCA Legislation

April 20, 2023

By a vote of 517 in favor, 38 opposed, and 18 abstentions, the European Parliament has passed the Markets in Crypto Assets (MiCA) legislation.

The European Parliament describes that the aim is to “ensure that crypto transfers, as is the case with any other financial operation, can always be traced and suspicious transactions blocked,” and will “cover transactions above €1000 from so-called self-hosted wallets (a crypto-asset wallet address of a private user) when they interact with hosted wallets managed by crypto-assets service providers. The rules do not apply to person-to-person transfers conducted without a provider or among providers acting on their own behalf.”

The full European Parliament press release can be accessed here.

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