EU officials sign MiCA framework into law for crypto-assets markets.

The European Union has signed into law its new regulatory framework for cryptocurrencies, known as Markets in Crypto-Assets (MiCA) rules. The legislation was signed by European Parliament President Roberta Metsola and Swedish Rural Affairs Minister Peter Kullgren, after it passed a vote in April. The signing was accompanied by a separate law that aims to prevent money laundering by banning anonymous crypto transactions over €1,000 ($1,070). The new law will only take effect 20 days after being published in the official EU journal, and stablecoin issuers will have 12 months to ensure compliance, while other crypto issuers and crypto asset service providers (CASPs) will have 18 months to prepare. The EU will be the first major jurisdiction to have a regulatory framework for crypto, offering clarity to the industry. Major crypto companies, such as Binance, have praised the EU’s initiative, with CEO Changpeng Zhao calling it “a pragmatic solution to the challenges we collectively face.”

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