Bitcoin Price News: The European Parliament voted on Thursday to approve MiCA, the first comprehensive rules for digital crypto asset service providers. This includes all kinds of crypto assets and stablecoins. Bitcoin (BTC), the world’s largest crypto price, is down more than 2% in the past 24 hours.

Also Read: Collapsed Crypto Exchange Thodex Boss Detained in Turkey

EU votes for MiCA

According to reports, EU lawmakers voted 517 in favor of MiCA, while it received 38 votes against the set of rules. This is the first time governments came together to oversee the emerging crypto industry. However, this development takes off as the market saw the terrible collapse of several crypto exchanges and projects.

Bloomberg reported that Mairead McGuinness, European Commissioner for Financial Services, said she expects the law to take effect in July. However, it must be approved by the bloc’s 27 member states.

First presented by the Commission in September 2020, MiCA was part of the wider digital finance package. This included DORA (Digital Operational Resilience Act) and DLR pilot regime for wholesale use. The implication of MiCA allows the market participants to enter without navigating through 27 sets of different national rules and regulations.

The stablecoin-related provisions are expected to come into effect in July 2024. This will come into effect after 12 months of the entry into force of the regulations.

Ashish believes in decentralization and has a keen interest in the development of Blockchain technology, the cryptocurrency ecosystem and NFTs. He aims to create awareness around the growing crypto industry through his writings and analysis. When he is not writing, he is playing video games, watching a thriller or exercising outside. Reach me [email protected]

The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication is not responsible for your personal financial loss.

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