The European Union has taken a major step towards regulating the crypto industry by approving new rules on crypto assets. The EU Council approved the Markets in Crypto Assets regulation (MiCA) which will require crypto firms to obtain a license to operate in the EU and impose rules on stablecoin issuers. The new rules aim to better protect investors, prevent money laundering and fraud. The EU finance ministers also agreed on new measures to force crypto firms to disclose customer information to tax authorities in order to combat tax evasion. If approved by the European Parliament, the new laws and tax rules will take effect in mid-2023 and represent the first comprehensive crypto regulatory framework for a major jurisdiction.