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Cryptocurrencies get first Europe-wide regulation

April 21, 2023


Markets in Crypto-Assets (MiCA) rules, which go into effect in phases starting in 2024 and passed by a vote of 529-29, represent the most significant attempt by global governments to regulate the growing market for digital assets. The EU said in a statement that it hopes that the new law will be a “global standard-setter” for other jurisdictions.1

First proposed in 2020, MiCa represents a step forward on a regulatory front where the U.S. lags. President Joe Biden signed an executive order last year for government agencies to study the impact on the industry.

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