It seems that the MiCA journey is far from the end and there may be more hurdles along the way. Nevertheless, Europe is still a global leader in crypto regulation, and has certainly provided clarity to businesses on how to operate in the single market. With MiCA, businesses will no longer have to navigate 27 different crypto regulatory frameworks.

The European Parliament has approved the first-ever EU legislation for tracking crypto-asset transfers, aiming to deter money laundering and establish standard supervision and consumer protection guidelines. Crypto transfers will now be subject to the “travel rule,” mandating transaction information, including the source and recipient of the asset, be documented and stored on both ends of the transfer. Transactions over €1000 involving self-hosted wallets interacting with hosted wallets overseen by crypto-asset service providers will also be affected. The Parliament has also approved common rules concerning the supervision, protection of consumers, and environmental safeguards of crypto-assets under the MiCA framework, covering crypto-assets not regulated by existing financial services laws. The legislation includes specific measures to combat money laundering and other illicit or criminal activities, with the European Securities and Markets Authority creating a public register of non-compliant crypto-asset service providers operating within the EU without proper authorization. Major service providers must also disclose their energy consumption to address the “high carbon footprint” of cryptocurrencies. The legislation will now proceed to the Council for formal endorsement before being published in the EU Official Journal and entering into force 20 days later.

In a major development for the crypto industry, the European Parliament has approved the first comprehensive set of rules for the market, while U.S. financial regulators continue to struggle with providing clear regulations. Ripple Labs, which has been seeking clarity in the U.S., has praised the EU's move and expressed their intention to build and grow in the European marketplace. The new set of rules, known as MiCA, was approved by 517 European lawmakers, with 38 against it. The rules aim to reduce risks for market participants and hold providers liable if they lose investors' digital crypto assets. This progressive approach to crypto regulation has been hailed by Ripple's International Policy Counsel as a sensible and positive step forward.

The European Union Parliament has approved the Market in Cryptoassets (MiCA) regulatory framework, which aims to set clear standards in the cryptocurrency industry and protect investors from failures such as the FTX collapse. The MiCA legislation includes a "travel rule" that will cover cryptocurrency transactions and require digital asset operators to identify their clients about any transfer of their funds to prevent money laundering. The rules on stablecoins are expected to come into effect from July 2024, while the broader rules on crypto providers should become live from January 2025. Industry leaders, including the CEO of Binance, have praised the move, arguing it gives more protection to consumers and fosters innovation in the asset class. (cryptopotato)

Binance CEO Changpeng Zhao tweeted that he plans to make changes to the exchange within the next 12 to 18 months to adhere to the potential new framework.

The introduction of tailored crypto regulations in the EU is a significant step forward for the industry, providing a framework for legal certainty and addressing concerns around consumer protection and market integrity.

Ethereum's gas fees have reached a new multi-month high due to a growing memecoin frenzy, resulting in a surge in daily revenue for the network.

The European Union has voted in favor of a comprehensive crypto law, the Markets in Crypto Assets regulation (MiCA), with 517-38 in favor, making it the first major jurisdiction to introduce such a law. The EU has also voted in favor of the Transfer of Funds regulation, which requires crypto operators to identify their customers to halt money laundering. The MiCA law requires crypto wallet providers and exchanges to seek a license to operate across the bloc and requires issuers of stablecoins tied to the value of other assets to maintain sufficient reserves. The law was first proposed by the European Commission in 2020 and must be approved by the EU's Council before its provisions start to apply, likely in June.

The European Union is set to vote on new regulations for cryptocurrency, known as Markets in Crypto Assets (MiCA), which lawmakers say will end the industry's "wild west" era and restore trust following high-profile collapses last year.

Fetch.ai aims to facilitate peer-to-peer trading between DeFi users using AI-powered software "agents."