The European Union has officially signed the Markets in Crypto Assets (MiCA) bill, which aims to standardize digital asset businesses across its 27 member nations. The bill includes new anti-money laundering rules that require exchanges and crypto providers to verify users' identities. The MiCA bill was first proposed in 2020 and survived parliamentary debates and revisions, making the EU the first major jurisdiction to provide clear rules for the nascent industry. MiCA's policies introduce a licensing framework, and stablecoin issuers like Tether and Circle must hold sufficient reserves if they wish to operate in any of the bloc's member states. The rules will not take full effect until 12-18 months after appearing in the Official Journal, giving policymakers and crypto businesses time to adjust to the new status quo.