EU Council approves MiCA for clear crypto regulation

European Union Council members have given the final green light on the highly-anticipated Markets in Crypto-Assets (MiCA) legislation following a voting process on May 16.

27 Finance ministers representing the EU’s member states voted in favor of passing the MiCA bill as well as amendments to a number of regulations and directives relating to the new legislation.

Two more pieces of legislation, including regulation on information accompanying transfers of funds and certain crypto-assets, were also adopted by the EU parliament in conjunction with MiCA’s adoption.

Related: Industry leaders and policymakers react to passage of MiCA in EU

The European Parliament formally adopted the MiCA legislation on April 20, paving the way for final approval by the European Council before the regulatory parameters take effect.

The legislation sets down clear regulatory guidelines and requirements for the use of cryptocurrencies and related services and activities across the European Union. The scope of the legislation covers a range of cryptocurrencies, digital assets, utility tokens and stablecoins.

This is a developing story, and further information will be added as it becomes available.