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.
