European Union Passes New Markets in Crypto-Assets (MiCA) Regulation

In August 2024, the European Union officially passed the Markets in Crypto-Assets (MiCA) Regulation, marking the world's first comprehensive regulatory framework for crypto assets. MiCA aims to regulate the issuance, trading, and custody of crypto assets, as well as the operations of related service providers, offering greater protection for investors while promoting financial innovation and market integration within the EU. Under the new regulation, Crypto Asset Service Providers (CASPs) must obtain a license to operate within the EU and comply with strict capital requirements and anti-money laundering (AML) rules. This regulation ushers in a new era of standardization and transparency for the crypto industry, significantly impacting its future trajectory.