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EU Agrees On Crypto MiCA Bill Text – Bitcoin Magazine



The European Union (EU) has agreed on a regulatory framework for bitcoin and cryptocurrencies known as the Market in Crypto Asset Regulation (MiCA), according to a report from CoinDesk.

The bill was signed on Wednesday by members of the EU Council and includes a regulatory framework that was set up earlier in June, with reportedly no further development since.

MiCA establishes licensing requirements for exchanges and wallet providers across the EU’s 27 member states, including the need for user identity checks. In addition, the law imposes capital requirements on the aforementioned service providers. Capital requirements are expected to prevent dependency events as seen with the collapse of Terra ecosystem, as well as prevent other major liquidity problems.

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