The European Union has approved the Markets in Crypto-Assets (MiCA) regulation, which is the first comprehensive set of rules to regulate crypto assets. This decision puts pressure on other countries, such as the United States and Britain, to follow suit. The MiCA rules require firms to obtain a license if they want to issue, trade, and safeguard crypto assets, tokenized assets, and stablecoins in the 27-country bloc. The legislation aims to increase transparency, establish a comprehensive framework for issuers and service providers, and protect investors while fostering innovation in the crypto-asset sector. The rules will come into effect midway through 2024.