The European Parliament voted in favour of the Markets in Crypto Act, otherwise known as MiCA. In the works for three years, it is considered the world’s most robust framework for crypto assets thus far. (Bloomberg)
Talking point: Under MiCA, crypto platforms, token issuers and traders face more requirements around transparency, disclosure, authorization and the supervision of transactions. It’s set to become law in 2024, putting the EU ahead of Canada, the U.S. and U.K. in legislating around crypto. In Canada, regulators, not lawmakers, have been on the front lines. In a world-first last fall, they approved Canadian crypto-trading platforms to offer staking, a process that lets token holders lock up digital assets in exchange for rewards. More recently, they’ve been looking at the trading of stablecoins.
