The European Council has approved the Markets in Crypto-Assets (MiCA) regulations, which will establish a comprehensive regulatory framework for cryptocurrencies within the EU. The regulations aim to improve transparency, preserve financial stability, and increase consumer protection while fostering innovation. MiCA will require crypto service providers to obtain licenses, conduct customer due diligence, and manage risks, while stablecoin issuers must have sufficient reserves to back their fiat-pegged coins. The framework has been welcomed by some in the crypto industry and may serve as a model for the United States. Additionally, the European Council will vote on tax regulations to combat tax evasion from EU residents who own over 1 million euros in high-yield assets.
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EU Approves Comprehensive Regulatory Framework for Cryptocurrencies in MiCA Legislation
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