EU Passes Landmark Crypto Regulation Framework.

The European Parliament has passed the Markets in Crypto Assets (MiCA) legislation, which will bring in new rules for the cryptocurrency industry across the 27-country bloc. The legislation means that the EU will have a unified approach to crypto asset regulation across all 27 member states, making it possible for firms approved in one country to “passport” their business into others with minimal additional paperwork. To achieve initial approval, firms will face much higher standards of disclosure, including the preparation of a detailed white paper for each asset offered. Stablecoin issuers, meanwhile, are subject to even tighter rules, including holding sufficient cash to back up customer funds.